 Switching focus from defense to research, appointing a planning committee and setting aside $25,000 for establishing a Research Fund in 1950, the society proceeded to establish a $50,000 educational fund and awarded its first scholarships in 1951.In 1960, the Society changed its name to The American Society of Tool and Manufacturing Engineers and in 1970 it became the Society of Manufacturing Engineers.However, since 2013 only the abbreviation SME has been used as the official name.