The School of Agricultural Sciences and Technology at California State University, Fresno today announced a gift valuing $945,000 donated by a south Valley farmer and his wife.
The donation of two parcels of range land and an agricultural processing plant was made anonymously through Tom Hungerford CPA in Fresno and will be sold and placed into a trust for 15 years.
“Because the donor made the gift through a charitable remainder trust, he and his wife will receive an income stream for 15 years,” said Hungerford.
Hungerford said the couple, former Fresno State students in agriculture and education, have farmed for more than 30 years and wanted their gift earmarked for agriculture. “They were successful and wanted to invest some of their profits back into education,” he said.
According to Hungerford, when the trust expires the assets will be given to the AG ONE Foundation at Fresno State to establish an endowment. He said that the donors benefit by making a gift through a charitable remainder trust through current year income tax savings and estate tax savings that also will benefit their heirs.
“Fifty percent of the yearly net income will be used to award
scholarships to students from the San Joaquin Valley who are pursuing a degree in plant science,” said Alcidia Freitas Gomes, executive director of AG ONE and school development director. “The other 50 percent is earmarked for the dean’s discretion to be used where the need is greatest.”
“This is an outstanding gesture on the part of some special alumni to reinvest in our school to provide resources for future students and programs,” said Dr. Daniel Bartell, dean of the school. “We are pleased that we made a difference in their lives; now they will make a difference for countless others.”