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Curtis '38 and Loraine Reed

In this Section
Combining Financial and Philanthropic Planning
Spring 2002

"The question is, why didn't we do this sooner?"

That was the reaction recently from Curtis Reed ’38 when asked why he created a gift annuity at Clarkson. Curtis and his wife, Loraine, have been entrepreneurs all their lives. As the head of several business ventures during his career, Curt knows well how to evaluate risk while maintaining a solid financial foundation. "It’s important to have a portion of your assets providing a fixed return, especially as you get older. This gift annuity not only does that, and at a great rate of return, but it also allows us to plan a gift to Clarkson at the same time."

"Clarkson prepared me well to meet the challenges I faced in my career," continued Curt. "Loraine and I wanted to do something to say thanks, to give back to Clarkson and to help provide a Clarkson education to students in the future."

After reviewing their estate plan, Curtis and Loraine chose an asset that was returning a few percent and created a gift annuity that guarantees income each year based on the value of their gift. "My income from the asset immediately tripled, and it’s guaranteed into the future," said Curt. "Working with the gift planner at Clarkson was very easy, and he helped us document our wishes for the ultimate use of our gift."

Curt Reed is originally from Potsdam. He remembers well the faces and places in his hometown, and the hard work that was necessary to access a Clarkson education. Those experiences laid the foundation for the second part of their plan. "Loraine and I wanted to create a scholarship endowment that will help other students from Potsdam go to Clarkson. Someday, the proceeds from this gift annuity will help generations of Potsdam natives attend Clarkson. It’s a wonderful sense of satisfaction to outline our wishes and know they will be met," says Curt. "We should have done this sooner!"

Footnote: Curt Reed passed away in 2006. Loraine passed in 2013. This article is published with thanks and admiration to a loyal Clarkson couple.