Carole and Doug Gelfeld
“It’s a win-win-win,” says Doug Gelfeld, ’60, of funding a charitable gift annuity. “The university wins, we win, and our sons win.” For Doug and Carole Gelfeld, philanthropy is a reflection of core values they have shared with their three sons. Carole explains, “When you make this kind of gift – or any estate gift – you are modeling behavior for your children and showing them that this is what you need to do to give back. It’s important for our sons to know this.”
Doug was a “day dodger” in the late 1950s, a full-time student and ROTC member, all while working four days a week to pay tuition. Thirty-nine years ago he and Carole, a William & Mary graduate, were married in the University of Maryland Memorial Chapel.
Two busy careers, three sons, and several decades forged a hiatus between the Gelfelds and the University of Maryland, until they returned for Doug’s 50th Class Reunion where he was honored as a Golden Terp at 2010 Commencement. “It brought me back to my roots at Maryland,” says Doug. The occasion not only reconnected Doug with fellow 1960 graduates, but shed light on the experiences of the current student body.
Doug and Carole were particularly moved when learning about the financial struggles forcing some students to drop out. “Most students who stop don’t go back,” explains Doug. Doug and Carole decided to support Keep Me Maryland, the scholarship fund that meets the most urgent financial needs of students affected by the economic downturn. After exploring their giving options, the Gelfelds funded a deferred charitable gift annuity, which will provide them with annual income for life starting on a future date of their choosing. After their lifetimes, the remainder will support Keep Me Maryland.
Doug, recently retired from the finance industry, and Carole, an estate planning attorney, understood the financial benefits of the deferred charitable gift annuity. “In these times, the charitable gift annuity makes sense, because even if the economy gets worse you can count on the annuity,” explains Carole. “And if we don’t need the money in the future we can give it back and make more donations to the university.”
Through their support, the Gelfelds will enjoy annual income and the confidence of knowing their gifts will help shape the future of the University of Maryland.
© Pentera, Inc. Planned giving content. All rights reserved.