When Jim DeMarco established the Loretta DeMarco Adolescent Fund in memory of his daughter, he started what has become decades of giving to Akron Children’s Hospital and supporting programs that are near to his heart – educational programs for adolescents and healthcare providers.
After Loretta passed away due to lupus when she was not yet 13, Jim began the fund to cover initiatives that would support adolescent care. As a former nursing director for Akron Children’s, and as the father of a patient, he had insight into the special needs of adolescents.
“Teenagers need a special kind of care. They’re not adults, but they’re not kids either,” said Jim. “They want to be part of their own care, and the nurses at Akron Children’s work closely with them and help them understand their treatment process.”
Jim established the “Loretta” fund with a charitable gift annuity (CGA) and has made other annual contributions to the fund as well.
A CGA not only serves to support valuable programs, it also provides Jim and his wife, Lucille, with a secure income. The DeMarco family receives fixed payments for life and reaps tax advantages as well.
A CGA is a simple contract between Akron Children’s and a donor. With a CGA, the donor agrees to make a charitable contribution and Akron Children’s agrees to pay the donor (and someone else if desired) a fixed amount each year for the rest of their life. At the end of the contract, the remaining funds support a program or area of interest of the donor’s choosing at Akron Children’s.
“A charitable gift annuity is better than buying bonds; it’s very valuable,” said Jim. “Once you have established it, your percentage of return remains the same.”
Would Jim recommend the gift-giving vehicle to others?
“Absolutely,” he said.
Lucille said Jim has always had a heart for giving back.
“It’s just him. It’s just part of his DNA,” said Lucille. “He always said he wants to help no matter what the situation.”
Click here for more information on supporting Akron Children’s through a charitable gift annuity or another type of planned gift, or contact Maureen Katanic at email@example.com or 330-543-8343.