How a Charitable Remainder Unitrust Creates a "Win-Win"
In the late 1960s, Randy Lewis was a graduate student in higher education administration at the University of Illinois when the campus chancellor spoke to his seminar. He told them that a virtually unknown new university in Irvine, California, was going to be the next big thing.
"Mark my words, this place is going to be on the radar," said Jack Peltason, who would later go on to become chancellor of UC Irvine.
And, as destiny would have it, in 1970 Lewis embarked on a career at UC Irvine in the division of student affairs. With just over 5,000 students, the university was still small but abounding with promise. Within weeks of arriving at UC Irvine, Lewis was charged by then Chancellor Dan Aldrich with "managing" a Vietnam War protest replete with rock bands and speakers that drew several thousand anti-war protesters from both on and off campus. To avoid the watchful eyes of outsiders, the protest was held in the undeveloped hills of the campus, cattle grazing nearby.
Not long after coming to UC Irvine, Lewis moved to nearby Laguna Beach where the bohemian flair of the seaside artist colony offered a welcome contrast to undeveloped Irvine.
Over the next 36 years, the UC Irvine campus grew to nearly 25,000 students, and Lewis witnessed the prediction by Peltason - one of the five UC Irvine chancellors whom Lewis' tenure spanned - come to life before his eyes.
"By all measures, UC Irvine's academic reputation is well established and recognized nationally and internationally," says Lewis. "But my desire has always been for students' co-curricular experiences to ascend that same trajectory - for UC Irvine to become a model for developing the whole student in ways that academics alone cannot. The overarching idea is that the co-curricular experience should not be viewed as separate from the classroom but rather as an enhancement to the traditional learning environment. The knowledge gained from these endeavors can provide invaluable learning tools for students to prosper and flourish at UC Irvine and beyond."
Throughout his career, Lewis was dedicated to creating a robust and rewarding experience for Anteaters. In 1984, he established the All-University Leadership Conference – the only program of its kind in the University of California, annually bringing together approximately 180 student leaders, campus administrators and faculty to engage one another on major issues facing student life and the university generally. Thousands of students have since participated and, when he retired from his position as executive associate dean of students in 2006, UC Irvine named the two-day program the Randy Lewis All-University Leadership Conference.
"It's important we look at the whole picture of the student experience, and the research is clear that participation in meaningful co-curricular activities creates a greater sense of belonging and a higher level of satisfaction with the university. These involvements can be a determinative factor in inspiring one's lifelong ties to the institution," says Lewis.
Even now, Lewis remains committed to fostering a student experience that matches UC Irvine's exceptional academic strengths. He and his wife Darlene Campbell have created endowments to support the leadership conference and UC Irvine Men's Basketball. Recently, the couple took their generosity a step further, making a planned gift that creates a legacy for future Anteaters.
Lewis and Campbell established a charitable remainder unitrust, or CRUT, which allows donors to put assets such as real estate or appreciated securities into a trust. The investment is managed, providing annual income to the donors during their lifetime, and ultimately leaving the rest to the university. After decades as a landlord of his Laguna Beach duplex, Lewis was ready to part ways with the rental property that he managed. By funding a CRUT with the real property rather than selling it outright, he avoided significant capital gains taxes, and receives lifetime income from the investment, which helps replace the income from the rental property.
Lewis sees the gift as a "win-win" for Campbell and himself as well as the institution to which he devoted his career. They chose to have their gift benefit three areas: the Randy Lewis All-University Leadership Conference, UC Irvine Men's Basketball, and a new endowment providing scholarships for UC Irvine students who aspire to a career in public or community service.
"My work at UC Irvine offered me unparalleled opportunities to impact the lives of several generations of student leaders. In turn, they provided me the enthusiasm and passion that kept me motivated and inspired. It was a truly symbiotic relationship," says Lewis. "Now that I am retired, I am grateful to serve and give back to an institution that was so incredibly meaningful and important in my professional and personal development."
