Yale gave us our start. This just felt right.
Stephen M.D. ’67 and Carol Schimpff enjoyed their home of almost 40 years in Columbia, Maryland. Nestled among trees and near a lake, it is located about halfway between Washington and Baltimore, where Dr. Schimpff served as COO of the University of Maryland Medical System and later as CEO of its flagship medical center.
It was a great home—a mid-century design with upgrades by Carol, a retired architect—and the Schimpffs thought it would sell fast when the time came. But when they decided to move to a nearby retirement community in 2015, their first call was not to a realtor but to Yale.
After talking it over as a family (including their daughter, Elizabeth, a chartered financial analyst living with her family in Los Angeles), they decided to make a gift of the home to Yale School of Medicine. Scott Hunter, director of special assets in Yale’s Office of Planned Giving, visited the property and helped devise a plan that converted the home’s value into a charitable gift annuity, one that pays the Schimpffs a fixed sum each year for as long as they live. Eventually this gift, and several others that preceded it, will create the Carol R. and Stephen C. Schimpff Scholarship Fund.
Steve is a 1967 graduate of the medical school. During his schooling and residency, Carol worked as a research assistant for Alvan Feinstein, M.D., in the Department of Medicine. Both enjoyed those years in New Haven. “Carol and I wanted to do something for Yale and at the same time have the benefit of a tax deduction and lifetime income from the annuity,” says Dr. Schimpff. “Perhaps we could have done better financially investing the sale proceeds, but Yale provided a great education in a supportive setting; it gave us our start. This just felt right.”
And their assumption about the house was correct. The property fetched its asking price in just two days. Steve, an author since quasi-retirement of four medically related books for the general public, and Carol, now an active watercolor artist, are relaxing in their new home with an added source of regular income from Yale.