Starkweathers Launched Endowment at RMC Via Gift Annuity
$55,000 GIFT WILL BENEFIT GEOLOGY DEPARTMENT
Rocky Mountain College has established an endowment as a memorial to Dolores S. and Jack A. Starkweather and as a tribute to their support for the College's geology department.
Dolores and Jack Starkweather were a popular and beloved couple in Montana, where Jack developed a formidable career as a petroleum engineer and oil and gas entrepreneur while Dolores was engaged with helping Billings Clinic, Senior Helping Hands and the American Lutheran Church. They were wonderful parents to two sons and a daughter. When Jack died in November of this year, six years after Dolores, his funeral was a tribute to the high regard the community had for both, according to Obert Undem, Rocky Mountain College director of planned giving.
"They were remarkable citizens of this community," Undem said. "The standards they set for caring and supportive friendship will continue to set standards by which activities of others will be measured for years to come."
The Starkweathers exemplified how investment in a gift annuity, like the Rocky Mountain College Charitable Annuity, could help future generations, Undem said.
In 1993, the Starkweathers transferred stock valued at $100,000 from Sawtooth Oil Co., a company that Jack Starkweather partnered, to Rocky. While they earned income every year from the annuity, they also were establishing a balance that would become a permanent endowment upon their deaths.
"While quarterly annuity payments totaling more than their original gifts were received during their lifetimes, they also established, at death, a permanent endowment with a balance exceeding half their original gift. Substantial income tax benefits were secured in the year of their gift. Such a gift today would produce even greater tax benefits," Undem said.
They would be delighted that almost $55,000 will now help the Rocky geology department which turns out so many students who pursue careers in the oil and gas industry, added Undem.
Undem said others had expressed interest in augmenting the Starkweather Endowment. Anyone interested may contact him for assistance.
Jack and Dolores were born in Montana, he in Roundup, and she in Big Timber. Jack served in the Army during the Korean War and then earned a degree in geology from the College of Puget Sound. Jack's mother set him up with Dolores and the two married in 1954. Jack worked for McAlister Oil Company before becoming a partner in Sawtooth Oil Co. He discovered four significant oil fields in Central Montana. A 50-year member of the American Association of Petroleum Geologists, he was awarded his registered professional geologist status from the AAPG in 1944.
The Starkweathers were members of the Petroleum Club and Yellowstone Country Club. Called "Starky" by his friends, Jack was a passionate outdoorsman who loved fishing and hunting. He was also an accomplished golfer and gardener.
Dolores loved playing bridge, skiing, golf, tennis and her book clubs. She also loved nursing and practiced in Minneapolis, Tacoma, and Billings.
The couple enjoyed their cabin in Big Timber where they entertained family and friends.
For more information on the Starkweather Endowment, contact Obert Undem, Rocky Mountain College director of planned giving, 406-657-1142/ [email protected]