George Baum (CIT ‘54) uses Charitable Gift Annuities to make his mark at Case Western Reserve
It was 1939 and George Baum’s father had just received a letter from the Hungarian government telling him to report to a labor camp. So the family fled.
“It was a close call,” Baum said.
Just 7 years old when the family arrived in Cleveland, Baum started public school without knowing a word of English. His family struggled financially, and he felt his future options were limited to the part-time work he did growing up—shoe-shining, factory work and truck driving.
But then one day, representatives of the Case Institute of Technology brought a science fair to his high school.
“It brought me closer to the world of science and I was inspired,” he recalled. “Case Institute of Technology was my ladder, my escape hatch off the streets of Cleveland.”
After more than 40 years conducting research for the U.S. Air Force, Cooper Technicon and Corning Inc. in the fields of organic chemistry and immunology, Baum wanted to provide that same opportunity to others. As he began the gradual process of retiring in 1997, he established his first charitable gift annuity with Case Western Reserve University.
A charitable gift annuity (CGA) is a contract with the university where a donor's gift of cash or securities is invested, and the return from the investment provides fixed quarterly or monthly payments to the donor for life. When the donor dies, Case Western Reserve retains the remainder of the assets.
For Baum, CGAs will allow him to help students in the future who otherwise might not be able to attend CWRU—while also providing income now for a fulfilling retirement, reading, biking and cross-country skiing with his wife of 41 years, Kaye.
When Baum dies, all of his annuities—currently 15 in total—will come together to establish the Elaine and Leslie Baum Endowment Fund, named for Baum’s parents. The scholarship will support undergraduate students from the City of Cleveland pursuing degrees in math and select sciences.
“My parents gave up everything to come to America,” said Baum. “I want my legacy, my parents’ legacy, to be one of helping others. This is all in their honor.”