Skid Steer Philanthropy

Trey Fowlkes lost his only son Corey Austin Fowlkes in 2013 when Corey was just 24 years old. Corey, a 2007 China Spring High graduate, joined the United States Air Force in 2008, served a tour in Afghanistan, and was stationed at Hurlburt Field Air Force Base in Florida, working as an avionics tech on the C130 Gun Ships, before his death. Trey knew he wanted to give back to the community where he raised his son to honor Corey's memory and lasting legacy.

In 2017, Trey joined Waco Pie Society, committing to leave a portion of his assets, or a piece of his pie, to McLennan County nonprofits. At the time he wasn’t sure what those assets would look like or the timing of his donation. But seven years later, and at the 10th anniversary of Corey’s death, Trey’s attorney advised him to consult with Planned Giving Director Jamie Goble about how he could put the assets he had accumulated during his lifetime to work in Corey’s honor. Trey was in the process of downsizing and with Jamie’s help, decided to donate personal property, in this case farm equipment, a skid steer, to Waco Foundation to start Corey’s Kids Fund.

Q: What can a nonprofit actually do with a skid steer?

A: Sell it without taxable income implications and use the proceeds in accordance with the donor’s wishes.

Q: What benefit does the donor get from donating personal property over cash?

A: Donors get the satisfaction of the full value of an appreciated asset going to charity AND avoid paying ordinary income tax, the highest rates a taxpayer will pay, on the sale of the equipment AND get the maximum charitable deduction allowed by law. It’s a win-win for both donors and charities.

Trey plans to continue building Corey’s Kids Fund through his own contributions and those of others to fund local nonprofit organizations supporting the types of things Corey loved, especially those that benefit local children. Trey’s ultimate goal of an estate gift to the fund will ensure Corey’s memory lives on even after Trey’s lifetime.

Whether it's a skid steer, farm or ranch land, even crops and livestock, or other appreciated assets like stocks, real estate, and electronic currency, contact Jamie Goble at (254) 754-3404 or to learn how you can maximize your charitable contribution and avoid increased taxable income through donation of appreciated assets to any McLennan County nonprofit.

Consult with your advisor and loop us in! Waco Foundation is committed to working with donors and their advisors to facilitate gifts for nonprofits to improve the quality of life in McLennan County.