Supporting Education for Your Grandchildren and the Academy
Captain Jim Van Metre '56, USN (Ret.), grew up in a Naval Academy family. His father, uncle and eventually, cousin, were all Academy alumni. "I knew a lot about the Navy and Naval Academy growing up, and being raised mostly by my mother during the war years, I thought going to the Academy would be character building."
It was certainly career building. Van Metre followed his four years in Annapolis with three years on a destroyer in the Atlantic and Mediterranean, later qualifying on both diesel-powered and nuclear submarines. He served as executive officer of a missile sub and commanding officer of a fast-attack sub before wrapping up his career with shore tours in Washington, DC, and elsewhere. Along the way, he and his wife, Nancy, established their family—which includes four children and 10 grandchildren.
The Van Metres showed their support for the Academy through involvement in what is now the Athletic & Scholarship Programs division of the Naval Academy Foundation and have continued their contributions as the Foundation has evolved and expanded. Van Metre has also been an active champion for his class gifts to the Academy and a member of the Foundation's Council on Annual Giving.
"I'm much more wedded to the Academy than I am to destroyers or subs," said Van Metre.
More recently, the Van Metres expanded their Academy philanthropy to include a charitable remainder unitrust (CRUT) that will support the Academy as well as four other nonprofits. They receive a variable payment each year based on the value of the CRUT, which they use to help fund their grandchildren's 529 college savings plans. When the CRUT terminates, the Naval Academy Foundation and the other charities receive the remaining principal to support their missions.
"We believe in the Naval Academy mission," said Van Metre. "Naval Academy grads realize that the government may fund the basic infrastructure and programs, but the Academy's real excellence in academics, sports and outreach to the community comes from additional funding from alumni and other friends."
Information contained herein was accurate at the time of posting. The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in any examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. California residents: Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. Oklahoma residents: A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. South Dakota residents: Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.