YOUR GIFT MATTERS
From left to right: Ryan DePalo, Ashley Rosenbaum-DePalo, Bryce Rosenbaum ’13, Sherie Rosenbaum, and Mike Rosenbaum ’68 take time out for a family photo at the wedding of Alex Roth ’13, where Bryce, along with classmates Simon Noling ’13 and Chris Hart ’13 were all groomsmen.
Donor Profile: Mike ’68 and Sherie Rosenbaum Mike ’68 and Sherie Rosenbaum are busy. Between owning and operating Mike’s law practice in Northeast Portland and their restaurant, the Stone Cliff Restaurant in Carver, and spending time with their children, Bryce ’13 and Ashley, and their two grandchildren, their lives are rich and full with work, family, and giving back to their community. One of the ways in which the Rosenbaums give back is through their support of Central Catholic. Several years ago Mike was a member of the LINK campaign committee (The LINK campaign raised money for scholarships as well as for capital improvements to Central Catholic. The “LINK building,” i.e. the Monsignor Tim Murphy Center, features the Joseph E. Weston ‘56 Commons, the Haglund Family Academic Wing, the Sanders Family Weight Room, the Walsh Family Counseling Center, and the Gloria Henry Dakin Music Center). When it came time to make a contribution to the LINK campaign, Mike and Sherie made a gift of real estate. Here, they tell us why they made the gift and why donating real estate makes sense. They also talk about what Central Catholic has meant to their family, while reflecting on current events, friendship, and the Stone Cliff Restaurant. CCM: Tell us about your gift of property. MR: So, it was really easy to do. We had purchased a rental house years ago that came with an adjoining tax lot. We weren’t using the lot, but we knew it had value because it was connected to utilities, and was located in an urban area. The more we looked into it, the more we realized that a gift of the lot made sense. It also provided a significant tax benefit for us. 8 | Central Catholic Magazine
Most people don’t realize that donating land (or anything you can sell for which you would otherwise have to pay capital gains, such as stocks or valuable paintings, etc.), avoids capital gains tax, while giving you a deduction for its current value. It has to meet certain criteria— make sure you check with your tax accountant on the criteria—and you will probably have to have it appraised, but in the end, you get this major benefit for your charitable contribution. If you bought it 30 years ago and if you sold now, you’d likely have to pay a huge amount in capital gains taxes. But if you’ve held the property for at least a year, at the end, when you donate it, you get to deduct it for the full current appraised value, not what you paid for it 30 years ago when you got it cheap! CCM: What has been the most satisfying thing about this gift, or any gift you’ve made to Central Catholic? MR: Central Catholic is comprised of kids from all walks of life and all income levels. There are a lot of poor kids, like me when I went there, who want to go to Central Catholic but can’t afford it. It’s nice that you can designate your gift to help kids who otherwise wouldn’t be able to afford a Central Catholic education. Or, if you want to use it for scholarships, you can do that knowing that there are kids from all walks of life who will really benefit. If you can make it happen for those kids, then that’s great! CCM: Tell us about your experience working on the LINK campaign.
