Return on investment
June Duran Stock already had a long and strong connection to Community Hospital by 1995, when the relationship experienced a "first." Stock became the very first person to establish a charitable gift annuity with the hospital.
The annuity works this way: A donor transfers money, or some other asset, to the hospital. In return, the hospital makes payments to the donor, usually at a higher rate than if the gift were earning interest in a savings account or certificate of deposit. The donor also receives an income tax deduction for a portion of the gift amount.
"I had been on the hospital board and really admired the fine work and cooperation among the different groups of people there," says Stock. "When the idea of the charitable gift came up, I bought into it because it seemed to me it satisfied both the desire to have the pleasure of giving a gift to a worthwhile organization and at the same time retaining some of the money as an investment."
Tom Tonkin, president of Community Hospital at the time, sent her a thank you letter with a gold star.
"It's not a parade or a standing ovation," he wrote, "but it's the least we can do for you. Your generous support of the hospital over the years has been vital in the quality of care we are able to offer our community."
Stock served on the Community Hospital Board of Trustees for six years and has been on various hospital committees. She and her family have given generously to many institutions, organizations, and causes. Her groundbreaking annuity with the hospital worked out so well that she has duplicated it elsewhere. She says she also was the first to set one up with California State University Monterey Bay.
"It's kind of a pleasant thing to be first in," she says.