When they learned the property they owned was suddenly—and surprisingly—valuable due to the discovery of an abundance of oil and gas reserves buried far beneath the surface, a whole new world of opportunity opened up for them.
Faced with this sudden and unexpected windfall, Rob and Pat had a deep sense that the Lord had entrusted this wealth to them, and they had a personal responsibility to steward His resources wisely.
After much planning and prayer, they donated 25% of the interest from the royalties earned on the oil and gas to IHS Foundation. This charitable gift of property with mineral rights provided an immediate and substantial tax benefit to help offset their own income (decreasing their own out-of-pocket tax burden by potentially hundreds of thousands of dollars over many years).
The revenue from the oil reserves that are paid to the foundation for the next few decades will be deposited in Rob and Pat’s Donor Advised Fund (DAF). It is then immediately available for charitable giving at their direction.
In addition to supporting ministries and charities important to them in their lifetime, Rob and Pat plan on leaving the responsibility of their DAF to their children in the future.