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Leaving a Legacy for Years to Follow

Scholarship winners

The Kathy and Jerry Wood Foundation Scholarship gave 29 graduating seniors the opportunity to attend Macomb Community College

In May 2017, the Macomb Community College Foundation announced that 29 graduating seniors representing each of the public high schools in Macomb County received the Kathy and Jerry Wood Foundation Scholarship—a scholarship that would allow them to attend Macomb Community College and pay for their tuition and other educational expenses at a value of $6,000/year for up to two years. This scholarship is the first of its kind at Macomb Community College, thanks to the generous $360,000 commitment from the Kathy and Jerry Wood Foundation.

Kathy and Jerry Wood were married in 1968. In 1970, they established the first in-water, all sailboat show in Annapolis Harbor. The show revolutionized the boat show industry. Within a few years, consumer demand led to the establishment of a second show, the United States Powerboat Show. These shows are still the largest of their type in the world. Kathy and Jerry were credited with helping to establish and shape the modern recreational boating industry, and were major contributors to the growth of Annapolis as the "Sailing Capital of America."

Jerry passed away in 2003, and Kathy in 2005. The Kathy and Jerry Wood Foundation was established in 2006 through the wills of the late Kathy and Jerry Wood. The majority of their estate was left to establish this Foundation whose mission is to "aid and assist in charitable and educational activities for the moral, mental, intellectual and physical development of young men and women of the United States." Although the two never had children of their own, they employed and mentored more than 3,000 young adults throughout the years and found pride in assisting young adults in developing strong work ethics and responsibility to become well-rounded people.

The 29 students who received the Kathy and Jerry Wood Foundation Scholarship at Macomb Community College will begin their academic journeys this fall, with the burden lifted of how to pay for classes, fees and other educational expenses. We wish them all the best as them embark on their paths, and graciously thank the Kathy and Jerry Wood Foundation for all that they have done for these student recipients, their families and for Macomb Community College.

Impact Students' Lives

Like Kathy and Jerry, you can leave a lasting impact on students' lives far into the future. Please contact Dawn Magretta at 586.445.7302 or magrettad@macomb.edu to learn more today.

eBrochure Request Form

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A charitable bequest is one or two sentences in your will or living trust that leave to Macomb Community College 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 Macomb Community College Foundation, a nonprofit corporation currently located at 14500 East Twelve Mile Rd Warren, MI 48088 , 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 MCC Foundation 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 gift 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 receive an immediate federal income tax charitable deduction. 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 MCC Foundation as a lump sum.

You fund this trust with cash or appreciated assets—and receive an immediate federal income tax charitable deduction. 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 MCC Foundation 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 MCC Foundation where you agree to make a gift to MCC Foundation 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.

Personal Estate Planning Kit Request Form

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