For more than two decades, Penn State alumni Gail and Dennis Jackman called a 1930s-style bungalow in Washington, D.C., home. Their first home, in fact. Recently, by gifting a portion of the property to the University, the Jackmans have parlayed the home into an investment in Penn State faculty.

The couple purchased the keys to their D.C. home in 1986 and devoted years of sweat equity to making it just right. It served as home base for their lives and D.C.-based corporate careers. They fell in love with the local dining establishments and found an extended family in their neighbors.

Eventually, job changes turned the home into a comfortable getaway and base for business trips to D.C. from their new home in the Main Line outside Philadelphia.

When Gail and Dennis recently decided to put their D.C. house on the market, they realized that its significantly appreciated value—coupled with the fact that it was now a secondary residence—would mean a hefty capital gains tax liability. Enter their love for Penn State.

By gifting a portion of the property to a charitable remainder trust with Penn State in advance of the sale, they learned, they could cut the capital gains tax burden proportionately and receive an income for life. After their lifetimes, the principal of the trust would be directed to the Penn State program of their choosing, enabling them to fulfill a key philanthropic goal at the University.

"Rather than seeing all the proceeds from the home go through the tax system and have a substantial portion taken off the top, gifting part of the home to the University was a way to make its value go further—and support an institution that has always been a top philanthropic priority," Gail said.

The Jackmans' gift has endowed the Jackman-McCourtney Professorship in the College of the Liberal Arts. The gift leveraged a 1:1 match from fellow Liberal Arts supporters Tracy and Ted McCourtney and will support faculty within the new master of public policy graduate program, set to welcome its first cohort of students in 2019. Because the McCourtneys provided an immediate 1:1 match, the professorship will be endowed right away, even before their deferred gift has been realized. After their lifetimes, the principal of the Jackmans' charitable remainder trust will transfer into their professorship.

While parting with their first home was bittersweet, the Jackmans are thrilled to support Penn State faculty and, by extension, students.

"We remember how important faculty were to our experiences as students, so we're delighted to invest in great faculty who will continue to inspire the next generation of leaders," Dennis said. "And we are so grateful to Ted and Tracy McCourtney for providing a 1:1 match, which was instrumental to our ability to fund this professorship. It feels really good to partner with fellow Penn Staters to support such a worthwhile cause."

Penn State relies on supporters like the Jackmans and McCourtneys to invest in the future of our students, faculty, and researchers. If you have already made a gift to Penn State and not yet told us, please contact The Office of Gift Planning at 888-800-9170 (toll free) so we can recognize your generosity with membership in The Atherton Society.