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Legacy Club Founders Continue to Give Back

Mike Nugent

Mike ’73, Megan ’01, Dave Light, Laura ’02, Sharon, Dan ’04, and Patrick ’13

Jesuit High School’s transition to coeducation 30 years ago ushered in a new era of tremendous growth. The transformation required years of planning and fundraising, led by President Bill Hayes, S.J., and the Board of Trustees. Mike Nugent ’73 was an instrumental member of that board and served on the Building Committee to construct the Knight Center, the Arrupe Academic building, and the renovation of other buildings on campus to accommodate a growing, co-ed student body.

Mike and his wife, Sharon, were also among the founding participants of the school’s Fr. William Hayes, S.J. Legacy Club. The Legacy Club was established in the early ’90s to help ensure future financial stability. Currently counting 307 members, the Legacy Club owes much of its success to early contributors like the Nugents.

Despite having modest means at the time and a young family to support, “Sharon and I knew it was important to participate in the Legacy Club as founders, so we donated a small life insurance policy,” said Mike.

Jesuit roots run deep for the Nugent family. He first encountered his future wife, Sharon Elorriaga, in the communion line during Midnight Mass during his senior year of high school. Fr. Dan Weber, S.J., witnessed their wedding vows, assisted by former Jesuit President Pat Kenny, S.J. and teacher Fr. Pat Sharp, S.J. Fr. Bill Hayes became a close friend and mentor during Mike’s tenure on the Board of Trustees, where he also chaired the first Endowment Advisory Committee. In addition, all four of Sharon and Mike’s children graduated from Jesuit—Megan ’01, Laura ’02, Dan ’04, and Patrick ’13—along with several nieces and nephews.

“I believe education, particularly Jesuit education, can be transformational,” said Mike.

He began giving back to his high school alma mater not long after graduating from Stanford University in 1977, joining the newly formed Jesuit Alumni Council. Along with classmate Bob Keerins ’73, Mike started the alumni wine-tasting event and helped found the much-loved Crusader Crunch basketball tournament.

Mike’s strong connections to Jesuit weren’t foretold: As an eighth grader at Cathedral, he won a scholarship to Central Catholic. However, Mike wanted to attend Jesuit, insisting it was a better college-prep school and had stronger sports. His dad reluctantly agreed (his dad wanted him to attend LaSalle High School), as long as Mike paid the difference between Jesuit’s tuition of $370 and the $110 he would have to pay for Central. After earning a 4.0 GPA his first semester at Jesuit, Mike’s mother told his father that the financial arrangement was over.

Mike’s dedication to Jesuit High School hasn’t wavered. He currently serves on the President’s Advisory Council and Building Committee and is involved with Alumni Weekend and the Alumni Food Drive. And, as founding members of the Legacy Club, the Nugents ensure their commitment will continue to shape the future of Jesuit High School for generations to come.

To create your legacy, contact Diane Salzman, Vice President for Development, at 503-291-5497 or development@jesuitportland.org.

A charitable bequest is one or two sentences in your will or living trust that leave to Jesuit High School Foundation a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

"I give to Jesuit High School Foundation, a nonprofit corporation currently located at 9000 SW Beaverton Hillsdale Hwy, Portland, OR 97225, or its successor thereto, ______________ [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to Jesuit or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate, or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property, or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to Jesuit as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to Jesuit as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and Jesuit where you agree to make a gift to Jesuit and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.
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