Charitable Gift Annuity
Driven to Give
Greg Sutliff has lived one way throughout his 91 years, and it has never failed him. Driven by honesty and ethics, he’s been successful in business, which has enabled him to give generously to Masonic Village and his community.
Investing in stocks earlier in his life was a wise decision. They appreciated well, but they were no longer providing much return, so he considered other options.
Staff from the Office of Mission Advancement and Development suggested he fund a charitable gift annuity (CGA), which allows him to receive monthly income from his investments (at a rate based on his age), avoid taxes on the sale of his stock and give back to Masonic Village.
“Because he did a gift with us using stock that appreciated very nicely, he can avoid all the capital gains tax on the investment, which makes his CGA well-funded and the charity supported,” Nick Mahler, vice president of mission advancement and development, said.
By using the appreciated stock to fund a CGA with Masonic Charities, Greg received a charitable tax deduction and an income stream based on the full value of the stock.
“I was intrigued by the idea of a charitable annuity. I hope to live forever, so the 9.7% return rate came into play,” Greg said in jest.
“I thought it would be a good deal for me. I had some stock and small dividends that weren’t providing much income, and this [CGA] will provide more and give me a deduction. Adding all those things up, it seemed like a good idea.”
Greg has a cousin and a few friends who live at Masonic Village at Elizabethtown, so he knows he’s supporting a good cause. Staff guided him through the giving process, enabling his investments to continue to work for him.
“They knew the questions before I asked them, and they had all the answers,” Greg said. “It’s a win-win. It’s a way for me to get income from a charitable gift and benefit a good cause.”
Keys to Success
Greg’s last name has been synonymous with car dealerships in Central PA since the 1930s. Although he’s semi-retired, you can still find him in his office at Sutliff Volkswagen in Harrisburg, which is run by his son-in-law. His road to running car dealerships started right after the Great Depression when his father and his cousin started the business together. His cousin had worked as a bookkeeper for a Chevy dealer in Wyoming and brought his skills and knowledge back to Pennsylvania.
Greg began working for the family business in 1947. After high school, he graduated from Brown University with a bachelor’s degree in economics in 1953. He served in the U.S. Navy for three years before attending Dickinson School of Law and earned his Juris Doctorate in 1959. He returned as general manager of Sutliff Chevrolet and went on to run more than nine auto dealerships.
Among his proudest career accomplishments was when he was recruited by General Motors as one of 12 dealers in the country to help launch the Saturn brand. His dealership was the second largest in the country, selling more than 48,000 cars across Central PA.
“It was a matter of ethics,” he said of his recruitment. “I consider myself pretty ethical, but sometimes, car dealers aren’t known for that.”
Greg received the Lifetime Achievement Award from the Pennsylvania Automotive Association in 2013. He was also active in his community, serving on professional, school, borough, bank and hospital boards. His favorite pastimes are sailing, traveling and flying airplanes.
Greg’s honest and ethical life lined up perfectly with the values of Freemasonry. His father and his cousin were Masons, and Greg was initiated into West Shore Lodge No. 681, Mechanicsburg, in 1955. After Lowther Lodge No. 781, Lewisberry, opened, Greg, his father and his father’s cousin joined, and Greg is now the oldest surviving charter member.
“I regard Freemasonry as patriotic, and I’m a military veteran, too. I’m proud to be a participant,” he said.
Greg’s heart is in his community and with his family, which includes his wife, six children and 13 grandchildren. He still makes some time every day to spend in the office, a place where years of hard work paid off for him and is now benefitting those at Masonic Village through his generous donations.
“I enjoy going in and having a place to go. Plus, my wife likes me to be out of the house,” he joked.