Return on Investment
In June 2002, Corona residents, contractors, and real estate business owners Charles Piester and Eugene and Maxine Piester gifted more than $2 million in commercial property to Azusa Pacific University. The gift, placed in trust and utilized for capital improvements when the trust matures, is one of the largest in university history.
"We are grateful for the Piesters' generous gift," said Jon R. Wallace, DBA, APU president. "Their contribution enables APU to continue developing disciples and scholars to impact the moral and ethical fabric of society."
"Making this gift to the university represents a direct investment in the lives of young people. In our opinion, they provide the best 'return' on our investment we have seen," said Charles Piester.
The Piesters built and managed the Corona property since its purchase as raw land during the late 1960s. Currently, three commercial office buildings house 27 businesses on the property.
"Azusa Pacific is an outstanding Christian university that impacts many students' lives, making them better citizens for future business, health service, and educational careers, among others," said Eugene Piester. Maxine Piester added, "I have seen firsthand students impacted by their experience at Azusa Pacific, which gives them the opportunity to grow in their faith and enables them to enter the workplace with a clear understanding of calling and moral responsibility."
Through a charitable remainder annuity trust, the Piesters avoid capital gains and receive a fixed income for a period of years, and at the end of the term, the university acquires the buildings at their appreciated value, allowing APU to use the assets on university capital projects.