Bill and Sonya CarpenterBill and Sonya Carpenter have led a rich and full life together. Bill is a Korean War veteran and his 38-year career with Shell Oil Company took the family all over the United States—to Houston, New York, Los Angeles, San Francisco, St. Louis, New Orleans—as well as a stay in Saudi Arabia. Bill retired in 1991, allowing him and Sonya to pursue their interests, including travel, golf, fishing and bridge.
Bill and Sonya are longtime donors to Baylor College of Medicine. They have always targeted their philanthropy to research. As Bill put it recently, “Research is paving the way to the future. I am sitting here because of research and the care I received at Baylor.” In 1986, Bill was diagnosed with a liver ailment later revealed to be hepatitis C virus (HCV), a chronic condition that can eventually destroy the liver. After years of procedures, treatments and anxious waiting, Bill was given a liver transplant in 2007. With the help of newer, more effective medications, he has been cured of HCV. He credits Baylor medical staff with saving his life.
Thankfulness and appreciation fuel the Carpenters’ philanthropy. Baylor focuses on translating the discoveries of the laboratory to new treatments, which benefit patients everywhere.
The Carpenters also are very adept in how they make donations. After a certain age, individuals are required to withdraw funds from their Individual Retirement Accounts (IRAs). These withdrawals are subject to full federal income taxes. A smart way to avoid such taxes and increase the impact of your contribution is to use an IRA rollover, in which funds are transferred directly to charities of your choice, up to $100,000 a year without the burden of taxes. Many retirees, such as the Carpenters, take advantage of this tax benefit.
“We have been truly blessed,” says Sonya. Through thoughtful philanthropy, they are truly making a difference.