[Originally published in CPMC Foundation’s newsletter Prime Scene, May 2008]
A Retired Teacher Supports Her Community with Charitable Annuities
Miss Josephine Markovich employs what she considers a win-win solution for supplementing her retirement income. And while doing so, she is extending her support of California Pacific Medical Center, and other charities, beyond her lifetime through charitable gift annuities. Since 2000, Miss Markovich has created a record eight gift annuities with California Pacific Medical Center Foundation.
A Fulfilling Career
As a lifelong San Franciscan, Miss Markovich has made a difference in the lives of countless children in addition to supporting many local organizations. She had a career in teaching special education, working with severely handicapped children who had multiple disabilities. After first planning to teach high school art, and then elementary school, Miss Markovich discovered through student teaching that she enjoyed working with slow learners.
“It was always a thrill to all of us when they ‘got’ something, and we really celebrated their small victories,” she recalls. “The kids were great and they loved coming to school.”
A Personal Connection
Miss Markovich began supporting California Pacific because her doctors are connected to the Medical Center and that is where she has been a patient. “It’s nice to know I’m doing something to help someplace I believe in,” she says. “If I’m sick, that’s where I’ll go.”
Miss Markovich has funded her annuities with some of her high-yielding bonds that were recalled. She says she gets a better return than if she were to reinvest in bonds as part of her fixed-income planning. Miss Markovich designated her gifts for several purposes, including cancer research, which is very important to her because all her relatives have died from different forms of cancer. She also consistently supports the Medical Education Fund in gratitude to one of her long-time physicians, Dr. Allan Pont.
An Advantageous Way to Give
Miss Markovich says being single with no heirs gives her freedom to support many worthwhile organizations. “I have designated planned gifts for several organizations that I’ve appreciated in my lifetime and that have provided great enjoyment for me,” she says. “The annuities offer me financial advantages as well, so I’m very happy with this method of charitable giving. I tell people it is not that I am ‘Mother Goodness’ — these gift annuities are good for me and the organizations that I support.”
Besides assigning the remainder of her annuities to support areas meaningful to her life, Miss Markovich has also apportioned a percentage of her estate to California Pacific. As a former teacher, inclined to promote the well-being of others, she has found her own way to give back while retaining a secure income.