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Mike '68 and Sherie Rosenbaum are busy people. Between owning and operating Mike's law practice in Northeast Portland and their restaurant, the Stone Cliff Inn in Carver, and spending time with their children, Bryce '13 and Ashley, and their two grandchildren, their lives are rich and full with work, family, and giving back to their community.
One of the ways in which the Rosenbaum's give back is through their support of Central Catholic. Several years ago Mike was a member of the LINK campaign committee (The LINK campaign raised money for scholarships as well as for capital improvements to Central Catholic. The "LINK building," i.e. the Monsignor Tim Murphy Center, features the Joseph E. Weston '56 Commons, the Haglund Family Academic Wing, the Sanders Family Weight Room, the Walsh Family Counseling Center, and the Gloria Henry Dakin Music Center). When it came time to make a contribution to the LINK campaign, Mike and Sherie made a gift of real estate. Here, they tell us why they made the gift and why donating real estate makes sense. They also talk about what Central Catholic has meant to their family, while reflecting on current events, friendship, and the Stone Cliff Inn.
CCM: Tell us about your gift of property.
MR: So, it was really easy to do. We had purchased a rental house years ago that came with an adjoining tax lot. We weren't using the lot but we knew it had value because it was connected to utilities, and was located in an urban area. The more we looked into it, the more we realized that a gift of the lot made sense. It also provided a significant tax benefit for us.
Most people don't realize that donating land (or anything you can sell for which you would otherwise have to pay capital gains, such as stocks or valuable paintings, etc.), avoids capital gains tax, while giving you a deduction for its current value. It has to meet certain criteria—make sure you check with your tax accountant on the criteria—and you will probably have to have it appraised, but in the end, you get this major benefit for your charitable contribution.
If you bought it 30 years ago and if you sold now, you'd likely have to pay a huge amount in capital gains taxes. But if you've held the property for at least a year, at the end, when you donate it, you get to deduct it for the full current appraised value, not what you paid for it 30 years ago when you got it cheap!
CCM: What has been the most satisfying thing about this gift, or any gift you've made to Central Catholic?
MR: Central Catholic is comprised of kids from all walks of life and all income levels. There are a lot of poor kids, like me when I went there, who want to go to Central Catholic but can't afford it. It's nice that you can designate your gift to help kids who otherwise wouldn't be able to afford a Central Catholic education. Or, if you want to use it for scholarships, you can do that knowing that there are kids from all walks of life who will really benefit. If you can make it happen for those kids, then that's great!
CCM: Tell us about your experience working on the LINK campaign.
MR: There were about 30 on the committee. John Harrington ['66] and Father Murphy ['58] and Ed Lemma ['66] worked their tails off. It's amazing how much money they raised in a really short amount of time. It was a good experience for me.
The LINK building was a big deal and I take a lot of pride in being a part of that. Central desperately needed more space and a facelift.
CCM: What made you decide that Central Catholic was the place for your son?
SR: With Ashley, our daughter, we let her make that decision and it was tough. She's our oldest and graduated in 2006 from Clackamas High School. [Ashley is now an attorney, working alongside her dad at the Rosenbaum Law Group.] With both kids, the reason we considered CC is that it had been such an incredible opportunity for Mike. His mom loved Central Catholic, and then there was the nun, Sr. Eva Mary [OSF] who, along with Fr. Forbes and Fr. Campbell, really pushed Mike to expand his horizons and look at other opportunities. Central Catholic opened doors for Mike that would never have occurred otherwise. Mike was the first one of all his brothers and sisters to graduate high school. Going to Harvard and then on to Columbia University Law School was beyond Mike's wildest expectations.
CCM: How do you think Central Catholic influenced you and your son?
MR: Central Catholic allowed our son to blossom as a person. I knew it was community and family-oriented, and I knew he would feel comfortable there. I knew they would take good care of him. It allowed him to gain confidence in himself and develop into an exceptional young man. It is more of a sense of "we're all in this together." CC is exceptional because there are so many different types of kids, such a diverse group of kids, coming from different parts of town, speaking different languages, with different ethnic backgrounds—and they all seem to gel. That is one of the things I think is so unique about Central Catholic.
Another thing that speaks to the great experience the school provides is that, even years after graduation, the friendships formed at Central Catholic continue. Bryce still hangs out with his Central friends. They go for long runs or hikes together and gather at the holidays. They love each other's company. Bryce is now a realtor and gets lots of referrals from classmates and alumni.
I still see a lot of my CC friends. Every year Dave Misetich puts a gathering together and there's usually a big turnout from the Class of 1968.
SR: (Laughing) Without the wives, of course.
CCM: So, this year our students will be focused on four new character virtues, in the classroom, in our hallways, and on our sports fields. This year's character virtues are: Fairness, Forgiveness, Respect, and Generosity. Which of these resonate with the two of you?
MR: Fairness for me.
SR: Fairness, definitely.
MR: During the last couple of years, what the whole BLM [Black Lives Matter] movement brought to the surface is the issue of whether we as a society are being fair in our treatment of racial and ethnic groups. It's easy to just assume that we are being fair. But, what BLM brought forth is the reality that, when you look more deeply, when you look into the weeds, you realize there's a lot of unfairness. I think striving to be more fair is a worthy goal. A lot of it is in how we treat people, all people, and not just Black people. We need to treat all people with respect and fairness. They go hand in hand.
SR: It's people of color. It's the Me Too movement. It's been an eye-opening two years, and a conversation that is definitely long overdue.
MR: Also, in terms of the economics, poor people don't have the same opportunities. Even if they're smart, even if they come from good families, many kids don't start out at the same spot. And that's not fair. There is unfairness in the economics of family life in America. Many kids are born into families without the financial ability to promote them, to elevate them, or have access to the networks of people who can help them advance. A lot of these kids don't come from families who can help them buy a car, or apply to college, let alone pay for college. And CC can help level the playing field. It did for me.
CCM: Is there anything else you'd like to share with our readers?
MR: Yes. If people are thinking about giving, (and everybody should because you can't take it with you), you should make a conscious decision about what you're going to give and to whom. You have to pick and choose. We've chosen CC because it is a great organization, it's doing a lot of good and you know the money is going to be spent wisely.
SR: And you're setting an example for the next generation.
SR: Also, come and see us at the Stone Cliff Inn in Carver. We have a great menu and a beautiful deck overlooking the river, with plenty of outdoor seating.
MR: Absolutely, plus we've employed lots of Central Catholic kids over the years!