AMA Foundation
IT WOULD BE NICE IF YOUR NAME LIVED ON ...
By Bud Layne, AMA Foundation Chairman | bud_layne@spantechllc.com
Form an endowment inside your estate and put your name on it; it will then be known as the [Your Name] Endowment for [Someone Else’s Name]. Your name will forever be set in stone.
Twenty-four years ago, the state of Kentucky came out with a program to fund professorships with endowments. At that time, it took approximately $1 million to fund one. As an incentive, the state offered to put up half, with the donor putting up the other half.
My family has always been a supporter of our local college, Western Kentucky University. I am a graduate with a degree in mechanical engineering, and our family business is engineering-based. We have a long-term need for interns and graduates, so an endowment was formed. The fund withdrew $42,000 each year for funding one professorship. This took place 22 years ago; salaries were much lower then.
So, where is the fund at now?
Total fund balance (end of 2024): $1,121,308
Earnings from investments (2024): $129,795
Payout: $42,000
Fund Balance: $1,208,303
Pretty cool, right? On and on it goes. I’m really proud of how this has worked out, and my family’s name will be on the “Layne Professorship Endowment” forever.
Give AMA Foundation Director Steve Haston a call at (765) 287-1256, ext. 279, or email the foundation at foundation@modelaircraft.org. Let’s get your name set into perpetuity.
