Winner has given millions to charities since 2010
MARTINSBURG, W.Va. — Randy Smith, a West Virginia multimillion-dollar lottery winner turned philanthropist, listened Friday to how his donation of an apartment complex is turning into a sustainable community housing program for families in crisis.
Smith, 65, a former Berkeley County sheriff and magistrate, won a $79 million Powerball lottery in August 2010. The total dropped to $44 million after taxes when he opted for a lump-sum payment.
Since then, Smith has been giving away millions to charities, area fire, police and emergency service agencies, local causes and individuals.
In December, 2010, the United Way of the Eastern Panhandle benefited from Smith's largesse when he donated his 24-unit Mega-Apartment Complex in the 4000 block of Winchester Avenue.
A year later he donated the family home in which he grew up to honor of his parents, Edwin W. and Bertha D. Smith, and his late sister, Beverly Diane Smith, who lived in the residence until her death in 2011.
He said during a news conference Friday at the United Way headquarters on 218 W. King St. that he became aware of the shortage of emergency housing for families during his 12 years as a deputy sheriff and eight years as sheriff.
While praising the efforts of emergency shelters like Bethany House and the Union Rescue Mission, facilities for women and men, respectively, both had residency requirements that forced families to be split up.
Illness, loss of employment, fires and other misfortunes caused families to lose their homes. He said he wanted to provide a facility "that would keep families together at the worst of times."
Jan Callen, outgoing president and chief executive officer of the United Way of the Eastern Panhandle, said Smith's donation of the property — valued at $1 million, plus $100,000 in cash — made it "more than a donation; it made it a mission."
Callen said often when a charity is given real estate "it becomes an albatross around their necks."
The United Way's board of directors agreed to use the donation for a pilot project that would eventually meet Smith's intention of creating an ongoing emergency housing program for families in crisis and keep them in stable housing until their conditions improve.
A committee was formed, a consultant hired and the United Way partnered with the Community Networks, Inc., a local agency with a track record of helping homeless families.
It was new territory for a United Way organization, Callen said.
"Panhandle housing advocates have sought a sustainable solution, and the donation of this property provides the resources to develop one," he said.
Phenix Group LLC, a local property management company, was hired to manage the 24 rental units in the apartment complex.
The facility includes an emergency shelter apartment, nine, one-bedroom and 11, two-bedroom apartments, and the four-unit apartment house. Twenty units are currently occupied. Tenants pay rents that are $200 below market rates.
Rental income is projected to net the United Way's housing program more than $30,000 a year after expenses.
"The message here is that housing underpins everything that the United Way is doing," Callen said.
(Click to display full-size in gallery)
I remember watching this guy on the TV show, he is a truly awesome and amazing person.
What a great man.
We need more people like this man to win!
That is what I call a REAL donation. I wonder what 200.00 below market value equates to there? In my county the "fair housing market value" is around 600 per month. I see why folks are without a place to stay.
A big THANK YOU to Mr. Smith for showing people how to do a lottery win right. God bless.
Your welcome..... lol...
Not me but I had to do it........lol
great way to help others with lottery winnings. i just hope his money gets to where it needs to be and not all in the pockets of greedy people
Helping the needy,but not the greedy is what winning a lottery should be all about.Way to go Mr.Smith.
There are still some good people in this country.
God Bless Randy Smith.
heads off for mr smith.
god bless .
Finally, a great example of a person who won a large amount of money with the common sense to manage it. Constantly giving back and still maintaining a professional demeanor in doing so.....Thanks Randy....I hope to follow your lead within the year.
I think what initially drove Smith to donate his family home and especially his 24 unit complex to charity became transformed into something
more property management company friendly.
His main intentions were excellent and I applaud his kind hearted contribution, I'm sure he will continue in that direction.
What bothered me about the article was the fact that 20 of the 24 units are being rented at $200 below market value. The need for emergency
housing due to 'illness, loss of employment and other misfortunes' isn't remedied by a reduction of $200 off the going rate. The reasons for need
- no job, home destroyed by fire, illness, etc - are devasting to most both emotionally and financially. For most, I'm sure there is no money left
to see any benefit in what the ~good people~ at Phenix Group LLC and the United Way's housing program felt was a good thing for those in need.
The rental income, generating a net of $30,000 a year after expenses, is the true bottom line. It's an ongoing cycle. It's depressing when good
intentions are tarnished by too many cooks spoiling the stew.
Thank you Mr. Smith!
This is how charitable work was done before Wilson's income tax was passed into law.
Don't tell me to "prove it", do your own research!
Mr. Smith went public with his generosity. Many of the "evil 1%" do this sort of thing, but do not go public.
I wish that the Grammar School whiners would get some maturity & not cry about the wealthy!
WTG Mr. Smith.......
We need more MR. Smiths in this world, whether or not as winners of Lottery winners or people that came into money through their family inheirtance. It's a shame though that, Lottery winners can't take advantage of the Loop-holes the filthy rich do, so they don't have to pay all the taxes the Lottery winners have to pay. Look at Mr Smith he won $79 million and after taxes he ended up with $49 million, that's $30 million in taxes they took off, heck Mitt Romney doesn't pay that much taxes on all the millions he makes because of the loop holes he's entitled to, in the millionaire club. But if you win several million dollars you don't fit into that club so that rake you over the coals. Go figure.
Wow, liberal lunacy lives!
I'd just call it 'neurological difference'. Libs and cons see the world differently because their brains are wired VERY differently. I am glad that I don't fit either side.
Actually, its the type of income that makes the difference, not how much. Lottery winnings are taxes as ordinary earned income. Until lottery and gambling winnings are classified differently, the high tax will remain the same. Mitt does not make a salary, therefore has no ordinary income. His income is derived from long term capital gains and dividends. That type of income is taxed at a rate different from ordinary income because they are investment income. Investment in America is what grows the economy, not government jobs and handouts. I'm not sure what part of the liberal brain just does not get this, but they are using it unintelligently for class warfare. Makes them sound stoopid.
It's these tax rates that are the reason that I, should I be blessed with a fat lottery win like Mr Smith, will invest in high dividend stocks (interest income is taxed at ordinary earned income rates), and look for long term capital gains via stock and real estate. Now is the time to buy real estate, as I'm pretty sure it is at its lowest.
That's right, dpoly.
That's what they're taught by Jon Stewart and Keith Olbermann and Bill Maher and Rachel Mancow and SNL and Chris Matthews and David Letterman and that fat walrus-looking guy on the Ed Show and all the leftwing-loon websites.
And they honestly believe it.
Mr. Smith just keeps on crankin' out the big hits!
I remember reading the article about when he donated brand new trucks to the local Fire Dept. Those folks over there in WV are truely fortunate to have him as a part of the community.
Wow! What an amazing and giving individual! My hats off to Mr. Smith.
Fire trucks, houses etc...
I hope when it happens to me, I remember and take care of those in need as well as he.
Why don't republicans just take control of the military, kill all Dems starting from the top, and take charge of the US government for cenutries to come?
Gogi, I want you to make yourself a nice cup of coffeee (decaf) or hot cocoa and go to your happy place.
Think happy thoughts of frolicking in a meadow and cavorting willy-nilly with the butterflies and chipmunks.
The happy little chipmunks. You and the happy little chipmunks prancing around singing happy songs to the butterflies.
Okay?
Before you go bashing our future president, I got an eye opener for ya. Mr. and Mrs. Romney have given far more money to charity than Mr. Obama. The Romneys gave $7 Million to charity over the past 2 years, Obama gave less than 1/10th of that or $574k over the two years from 2009 to 2010. Mr. Romney also paid $6.2 Million in taxes from his income of $42.5 Million over the past two years. $6.2 Million isn't exactly chump change when most of us usually pay between $10k to $20k per year. There are not many other Americans that would essentialy double that back in charitable gifts.
Mitt Romney has already paid the high rate in taxes when he actually earned his fortune. His lower tax rate is not a loophole, he's actually paying more taxes on investment revenue from something he already earned years ago. Taxes on the investment revenue or long term capital gains tax.
This would never have been an issue if Mr. Buffett didn't throw such a hissy fit earlier this year.
Take your pick, more money going to job creation or more money going to support a failure of a welfare system.
Warren Buffett should just learn to keep his mouth shut and create more jobs instead, he's definitely got the money to do it.
If they thought they could pull it off, they would. Unfortunately for them, there are far too many moving parts involved and they'd be stopped before they could finish the job.
Admit it, folks. You guys want to kill Dems, starting from poorl ol Obama.
Libs aren't looking at the finer points of the tax code. They're too busy spurting out 15 kids, then demanding that somebody (else) pay for all the needs of their children.
Well gogi......I honestly don't believe anyone from L.P. wants to see any politician's life terminated. Just removed from office and that includes from both sides. I personally am sick of all the lies and double speak and blame the other party or the previous administration...... And look at we have to choose from ????..... B.H.O. or M.R. ??? REALLY ?? REALLY ?? that's the absolute best we can come up in this country from both sides ? Neither one of those two people can tell the whole truth.....Go to UTUBE and see how many diff times BHO said he would close down Gitmo by 2010. Has he done that ? Not as of today's date... Then there's ole Mitt,,, fine outstanding Republican former Gov of Tax "happy" achussetts. Has anyone looked back at his 2001 statement where he claimed he was a "Progressive" but now hes a conservative ??? Really Mitt ?? REALLY...which one is it ???
It doesn't makes a rats derriere who gets in there, they will never tell the whole truth because they are so out of touch with the everyday "joe taxpayer"... Politicians are full of hubris.
.
Take a guess who said the following quote back in 2006.....
The fact that we are here today to debate raising America 's debt limit is a sign of leadership failure. It is a sign that the US Government cannot pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government's reckless fiscal policies. Increasing America 's debt weakens us domestically and internationally. Leadership means that, "the buck stops here.' Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.
Given up yet ?????? Senator Barack H. Obama in March 2006
Really, now President Obama???? I would agree with that statement 110%
See, most people would like to hear the truth, not empty B.S. statements. I would greatly appreciate someone holding office telling the truth and not spinning it into something that it was never intended to be. As a professional, I have to believe in the oaths that I took, my integrity and morality knowing I am compelled to tell the truth and nothing but the truth.....
We don't see that coming from our leaders today..we see lies,distortion for the truth, sexual escapades, money mismanagement. The list goes on and on. Let me ask something, is it really too much to ask of an elected official to do whats best for everyone and not the selected few ?
Sorry for the rant...I know whichever side of the coin you are on that somebody will find fault with my posting and that's okay. Just prove me wrong with fact verifiable findings and not emotional opinions is all that I ask.
Back to Mr Smith and his generousity....Truly a great man.....Thanks for leading the way and helping your community.
GOD bless Mr. Randy Smith.
What a wonderful man.
Ditto
Very nice Mr. Smith.
God bless Mr. Smith! It is so refreshing to see someone make such an impact on their community.
What makes it even more amazing is that this gentleman received far less than the $44 million the media had claimed he took home after taxes. The facts are the jackpot from the August 21, 2010 drawing was worth $80 million with 43.5 million being the lump sum cash value. After taxes, Mr .Smith received a wire for a tad more than $29.7 million.
Donations like this is what helps mitigate the additional Federal taxes that would otherwise be given to the Government to squander away.
You are comparing capital gains (investments held for at least a year) to ordinary income. There are many "filthy rich" individuals who pay the regular income tax rate and not cap gains. The media wants everyone to think that all millionaires pay a reduced rate which is completely false.
On a side note, the article was made to glorify/exaggerate Mr. Smith's overall take home pay. The cash value was 43.5 million and after Fed and WV taxes, he received a little more than 29.7 million and not the $44 million the media had claimed.
What's even more insane is that there are individuals out there (not LP members) that believe Mr. Smith actually took home $79-80 million because the oversize check said so...their uninformed minds forgot about a little thing called taxes
My sentiments exactly...
So true! He is genuine and sincere. He did not lie about what he was going to do with his money, he just did it! GOd bles him for helping out those in need. He did not have to do it, but he chose to. He will be blessed many times over and over. "He who is kind to the poor lends to the LORD, and he will reward him for what he has done." Proverbs 19:17