Douglas Spencer, M.D., Medical Class of 1957, and his wife, Janet, decided on an unusual way to donate to his class’s scholarship fund. Dr. Spencer, who enjoyed a distinguished career as a developmental pediatrician, retired from the Alfred I. duPont Hospital for Children in 1992. Mrs. Spencer was a medical secretary at HUP while they lived in West Philadelphia, and later enjoyed a career as an interior designer. The Spencers wanted to show their gratitude to the School and to celebrate Dr. Spencer’s 50th Reunion. “My medical school years at Penn provided the solid base for the entire rest of my career,” says Dr. Spencer.
Penn’s Office of Planned Giving suggested a way for the Spencers to give what was hidden in plain sight: an unneeded life insurance policy. When fully paid up, these policies are often overlooked assets that can provide support for Penn Medicine and tax advantages for the donor.
“We took out this policy years ago when we had young children, but now our children are grown and the purpose of the policy is no longer relevant,” Dr. Spencer says. The couple simply transferred ownership of the policy to Penn. Penn then directed the cash value, which had grown to far exceed the policy’s face value, to the Medical Class of 1957 Scholarship Fund.
Office of Planned Giving
Christine S. Ewan, J.D.
Executive Director, Planned Giving
3535 Market Street, Suite 750
Philadelphia, PA 19104-3309
215-898-9486 | Fax: 215-573-2186