A Gift for Tomorrow

Hal and Marie Gadd, Planned Giving Donors

Hal and Marie Gadd of American Fork, Utah are investing in the future of education without a major change in income.

Originally from Orem and Provo, the couple lived 30 years in Southern California before returning to Utah after Hal’s retirement. As the founder of Far West Steel, Hal worked as a manufacturer’s agent representing eastern manufacturers of steel-building products from the time he was 25 years old. Marie was at his side raising their three sons and one daughter.

It was with the support of their children that the Gadds established a charitable remainder trust with UVSC last year through the donation of some rental properties to the trust. The money from the sale of the property was put into a trust and invested in securities. The Gadds receive an annuity from the investment.

We received an up front tax break and will get income on the money invested until we die, then UVSC will get whatever remains of the trust money to use for education, said Hal. It’s an absolute win-win situation as far as I’m concerned. Long-term it’s good for the school and right now it’s good for us because of the tax advantages and guaranteed income.

When the Gadds graduated from high school, a low percentage of people attended college. Now, they consider education essential. Both agree that UVSC is answering a great need in the Utah community.

The Foundation staff has responsibility for five areas: board relations, finance, communications, research, and alumni/development information services.

I think it’s always a wonderful thing to have a college. It gives the area a higher-class feel because it’s here, said Marie. We want to help someone pursue an education at UVSC where they can get a really good job and further the goals of society.

According to Hal, UVSC is doing a marvelous job of spending money wisely so that it’s used efficiently. It’s more affordable to members of the community who want the educational opportunity.

Although the Gadds admit a big motivational factor for establishing a charitable remainder trust with UVSC was the tax benefit, they were also excited that the remainder of the trust will go to the College in support of education.

Our investment is going to help some students that maybe wouldn’t have an opportunity to be educated otherwise, said Marie, and we’re in favor of that.

As with all charitable remainder trusts established at UVSC, the Gadds enjoyed the choice they were given of where the charitable contribution remaining should be put after they are gone. They chose to support the College’s academic programs that result in a practical vocation or education where students can readily be employed.

With the establishment of a charitable remainder trust, the Gadds continue to live their lives while enjoying the positive effects of the investment. They continue to invest time in their passion for traveling. Their gracious legacy continues to grow with 17 grandchildren and seven great-grandchildren.

Printed in the UVSC Annual Report 2000-2001