Chiefs is the largest collegiate marching band in the world, composed of students from almost every academic department within the university. The success of the Marching Chiefs is due, in part, to generous contributions from former members and alumni. Two such former members are Mike and Judy Pate. Mike, a 1968 graduate of the College of Business, met Judy, a 1967 graduate of the College of Music, during his undergraduate days at Florida State. That initial meeting was made possible because of their membership in the Marching Chiefs.
In addition to their generous contributions to the FSU Marching Chiefs, Mike and Judy helped co-found the FSU Band Alumni Association in 1970. Judy is still involved with the College of Music, and Mike is currently a member of the FSU Foundation Board of Trustees. Mike, a fourth-generation journalist, is also the former publisher of the Tallahassee Democrat. Presently, he serves as the Program Director for the Knight Foundation in Tallahassee, Fla.
Recently, Mike and Judy established a charitable remainder trust to benefit FSU. In talks with investment officers and the Office of Planned Giving at the FSU Foundation, they decided that the variable "unitrust" charitable remainder trust was the most attractive. It provides benefits to both them and FSU because of its tax benefits and return on investment. The charitable remainder trust allows for a return of income, either for a period of years or for the remainder of the donor's lifetime, and varies based on the amount of the principal, which is revalued annually.
In remembrance of how they met, Mike and Judy designated the proceeds of their charitable remainder trust for two student members of the FSU Marching Chiefs: one majoring in music and the other majoring in business. This gift ensures that future students will have the opportunity to follow in Mike and Judy's footsteps by pursuing a meaningful education and expressing a unique passion for music as members of the FSU Marching Chiefs.
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.