In fall of 2000, a neighbor of Cape Cod Academy expressed interest in pursuing an idea that she and the school's headmaster had discussed years earlier.
Esther Herchenroeder, fondly known as Herky, owned the "Wool Shop" in Osterville, which abuts Cape Cod Academy's property. Herky and her business partner Jan built the Osterville Wool Shop in 1956 and ran a very successful business throughout the 80's. They subsequently leased the property to Appleseeds and then to The Pendleton Shop.
Herky was very concerned about what could happen to her commercially zoned property after her death. She had been receiving frequent phone calls from developers eager to purchase it for intense commercial use. Her wishes on the other hand, were to:
- preserve the unique property
- help preserve the unique character of the village of Osterville
- assist a deserving institution in a way that would have an enduring impact
With the participation of both personal and school counsel, Herky chose to give the property to Cape Cod Academy. She achieved all her goals with a gift structured to provide an annuity income for life, as well as significant estate and tax planning benefits.
Cape Cod Academy acquired a beautiful and valuable piece of property that today is home to the school's Development Office. The community is reassured that a historic landmark will be proudly preserved.
Herky passed away on June 20, 2004 at age 93. Drawing on her Kentucky roots, even on the day of her death she was addressing her caregivers as "Darlin", telling them they looked nice, and inquiring as to how they were doing. Cape Cod Academy is privileged in honoring her goodness and preserving her memory.
While this mutually beneficial example features a very special property, similar tax-advantaged, planned gifts can involve gifts of cash, stock, or other appreciated assets.
If you would like to explore a similar gift to CCA, please email Jean McCutcheon
or call 508-428-5400 x 213.