Office of Gift Planning
M—F, 8:30 a.m.—5 p.m. PST
Lone Mountain Rossi,
San Francisco, CA 94117-1080
Frank '53 and Carol Spiller have enjoyed the benefits of their San Francisco upbringing and Frank's University of San Francisco education. They've made a special gift that benefits USF and themselves—a charitable gift annuity. Here's how and why they did it.
Q: Frank, why did you attend USF, and how did that affect you as a student?
A: I graduated from St. Ignatius High School (then at Stanyan and Turk streets) and lived with my family in the Sunset district. My family and those of my classmates had middle-class or blue-collar incomes, so we never thought about going away to college. I was proud to continue my Jesuit education next door at USF. I enjoyed studying and participating in student activities with SI and USF friends. Most important, I met my wife, Carol, at a USF Valentine's Day dance!
Q: What aspects of your education at USF have been useful to you personally and professionally?
A: The solid moral education at USF has served me well as Carol and I raised four sons and a niece. As parents, we were the first to teach them right from wrong. The great upbringing by my parents reinforced by my education at USF made serving as role models for our children that much easier. Professionally, I held positions as vice president and comptroller of Pacific Telesis and Pacific Bell. I would not have had the tremendous business opportunities I enjoyed but for my Jesuit education. As a decision maker, I was able to apply moral values to decisions affecting an entire corporation and the communities it served. It was not always easy, but I was usually able to discern the right path to follow.
Q: Why did you decide to begin donating to USF?
A: Proud of my USF degree, I wanted to give something back. I began making modest annual gifts, which became employer-matched, multiyear pledges during a USF capital campaign. Serving on the boards of the Oakland Ballet and the San Francisco Girls Chorus, I came to better understand fundraising and the need for both short- and long-term contributions. After discussions with USF's planned giving staff, I finally decided to make a long-term commitment to USF.
Q: What made you decide to make a gift to USF via a charitable gift annuity for Carol's benefit?
A: That decision is what I call a no-brainer. The benefits to Carol, our family and to USF are unbeatable!
We chose to make a gift of highly appreciated stock purchased many years ago. Had we sold the stock and either gifted, spent or re-invested the cash proceeds, we would have owed capital gains tax. Instead, we worked with USF to enter into a charitable gift annuity (CGA) contract. We transferred the stock to USF, who sold it and transferred the proceeds to a CGA. The CGA immediately began paying Carol 6.8 percent of the original gift amount annually. These payments are fixed and reliable and will continue for the remainder of Carol's life. Further, a portion of each payment will be tax-free for many years, capital gains taxes are deferred and we received a large income tax charitable deduction for our gift—effectively increasing the CGA payout rate to 10.1 percent! At the end of Carol's life, the funds remaining in the CGA—an estimated 50 percent or more of the original gift—will be distributed to USF.
Q: What do you hope to accomplish with your donations to USF? A: We chose a CGA not only to provide reliable extra cash to Carol, but also to contribute what remains in the CGA account at Carol's demise to a fund established years ago by my USF graduating class—the Endowed Scholarship Fund of the Class of 1953. This fund currently allows students to receive the same high-quality Jesuit education that I received at USF. Our eventual addition to the fund will make more scholarships available to more students. Carol and I both feel great about our ability to benefit students and help carry on the USF Jesuit tradition well into the future!
We provide this information to illustrate the potential financial benefits of supporting USF. These illustrations should not be viewed as legal, accounting or other professional advice. We encourage our alumni and friends to consult with their own legal and tax advisors before completing a gift.