Sanford Jones and Carol Ewing were familiar with Clark College, had been Clark Theatre ticket holders but had no other direct link since they had grown up and worked in other areas of the country. They moved to the Vancouver area after retirement and became involved with various groups, even founding the Northwest Wine & Food Society. They also owned numerous business and rental properties around the region and beyond.

As they considered how to simplify their retirement without losing income, they turned to Clark College Foundation to establish a charitable remainder trust (CRT) to be funded, over time, from the sale of their real estate. Charitable remainder trusts allow individuals to give to charity, while saving taxes. For Jones and Ewing, a CRT made sense because it supported their belief in higher education and skill training while giving others the opportunities for success like they have had in their lives.

Both couples started by having a conversation with a planned giving specialist at Clark College Foundation. The discussions focused on their family and personal needs, their financial goals and their philanthropic intentions. In both cases, setting up a simple, legal agreement, a charitable remainder trust (CRT), was the solution. It allowed for the transfer of the deed into the CRT, at which time the property was sold and the funds invested.

The key for both couples is the CRT allowed for a:

  • significant tax deduction immediately
  • a fixed rate income to them annually for their lives
  • significant reduction in capital gain taxes that would be paid out over years rather than as a lump payment
  • gave them a legacy of education for future Clark College students.

Their stories are similar to other alumni and community members who made the decision to start a conversation with Clark College Foundation. They could see what was possible, to learn some things they didn’t know, and it helped set them up for their current and future needs while creating a lasting testament to their belief in education at Clark College.