Your Legacy, the SSCI, and Their Future

The future success of the SSCI

Your association with the SSCI is evidence of your commitment to clinical research and medical education. Thank you. You know well that success of both endeavors and progress in medical science itself depends on the discoveries of each new generation of researchers. The unique combination of mentoring, skills training, and a collegial environment provided by the SSCI to future medical scientists is a rare gift. You know from your own experience how important the SSCI has been in so many careers.

What has been done to ensure the future success the SSCI?

Obviously, the activity of SSCI members in the organization is the most important factor for its continuing success. Financial stability is also very important secure the future of the SSCI, an endowment has been established to provide continued support for travel awards, mentoring programs, pilot grant funding, and the annual meeting. The need to develop such an endowment comes not only from changes in industry support for medical organizations but from the growth of the SSCI at an unpresented rate.

In 2010, SSCI leadership realized that the continuing success of our effort was challenged by limitations and restrictions on previously available industry support. If we were to keep meeting costs down and provide travel and other support for trainees and junior faculty, we would have to secure our financial future as an organization. After extensive consultation, an endowment fund was established in 2012 using lead gifts from SSCI leadership. Endowment funds were and continue to be invested in mutual funds using a financial advisor. All financial transactions are audited on an annual basis, reviewed by the Council, and reported to the IRS. Funds dispersed from the endowment are limited to earned interest and support travel scholarships and our newly launched pilot grant program. Building the endowment fund through memorial, personal or honorary naming of certain components of the annual meeting to include lectures, sessions awards, grants and events has to date been successful.

To promote membership participation, the SSCI has revised our membership criteria to target academicians earlier in their career as well as continue the honorary status of the SSCI's traditional membership. We now have Member, Fellow, and Emeritus status. In this way, we hope to attract talented younger members and retain their participation and support through their Fellows and Emeritus status. The Fellow and Emeritus categories represent the organization's commitment to ongoing involvement by our senior members and a welcome that continues as long as they wish to participate.

Will you help in this effort?

There are many ways you can help perpetuate the efforts of the SSCI to position health professionals to contribute to medical science. First and foremost is your continuing involvement in the SSCI. Next is helping sustain the financial viability of the organization how and when you are able.

Your financial support of the SSCI endowment is important. The SSCI has established a variety of options to provide support at various times in your career and as you are able. These include annual monthly contributions of any amount which, if desired, can come from automatic bank drafts, annual gifts, and legacy gifts at time of retirement or death. You may also want to lead an effort to develop a named or anonymous gift in honor of a personal mentor or colleague. Certain tax advantages also accrue with monetary gifts to the SSCI as our organization is a tax-exempt organization. The SSCI is now seeking gifts and pledges in each of these categories so that long term planning for our continued success can commence.

The options below allow donors to direct their estate assets to charitable programs and organizations important to them, allowing them to leave a legacy for the future.

• Gifts of appreciated securities may also be gifted to the SSCI endowment in such a way as to fund a life income gift and provide an income tax deduction for the full fair market value of securities held for more than one year.
• A Charitable Gift Annuity can provide supplemental income payments for lifetime (and/or lifetime of another individual) while offering tax deduction at the time of the gift. This option serves as both an income stream and charitable gift. Charitable Remainder Trusts enable donors to make a substantial gift to SSCI and receive an income for life or a term of years as well as a current tax deduction. Donors may receive a fixed dollar amount payment (Annuity Trust) or payments based on a fixed percentage of the Dec 31 market value (Unitrust). Donors receive immediate charitable tax deduction equal to the present value of the gift as determined by life expectancy tables; assets in trust as removed from donor's estate.
• Charitable Lead Trusts enable donors to fund SSCI needs while transferring sizeable assets to heirs with significant tax benefits. SSCI would receive annual payments either fixed or variable, for a predetermined amount of time after which the remaining assets go the beneficiary(ies). Donor receives chartable tax deductions equal to the present value of payments to SSCI based on the time value of money. Donors are taxed with net income and capital gain produced within the Trust but can deduct gifts made to SSCI.
• Donors may assign ownership of life insurance to the SSCI or may purchase a new policy and name the SSCI as the owner of the beneficiary. Premium payments made on policies owned by SSCI are charitable deductions. This allows donors to make a substantial deferred charitable gift at a relatively low cost.
• Donors may make bequests in his/her will or living trust. The gift can be a specific dollar amount, a specific asset or percentage of the estate. A charitable tax deduction is applied to the estate in the amount of the bequest.

All charitable giving tools should be discussed with trusted financial and or legal advisors.

What next?

If you need further information or are ready to contribute to the SSCI endowment, please contact Joan Kemp, Executive Director, at jkemp5@tulane.edu or feel free to call at 205-566-6090. Again, we thank you for your participation and support of the SSCI and hope you will continue your involvement.