Philanthropist ‘transforming lives’ | AspenTimes.com

Philanthropist ‘transforming lives’

Aspen Times Staff

Aspen, CO ColoradoCARBONDALE Carbondale philanthropist and former Texas oil man Jim Calaway has established a $5- million trust to benefit seven different nonprofit organizations that operate from Aspen to Rifle.The trust, which is to be administered personally by Calaway, is being divided among the following organizations: Colorado Animal Rescue (CARE); Colorado Mountain College (CMC); Valley View Hospital; the Aspen Institute; the Aspen Music Festival and School; Habitat for Humanity; and the Thunder River Theater Company; as well as a few recipient nonprofits outside the Roaring Fork Valley.As is the case with most charitable trusts, the principal is to be invested and the income from the investments is to be distributed among the nonprofits.Calaway said Friday that the two largest beneficiaries are C.A.R.E., which will receive 30 percent of the annual disbursements, and CMC, which will get 25 percent. The remainder will go to the other nonprofits.The trust, he added, reflects the list of nonprofits he has been donating to in the past. For example, he said in a telephone interview, “C.A.R.E. is my first love” in terms of philanthropy. At CMC he has established a scholarship fund and the Jim Calaway Honors Series, which brings classical music performers to CMC for concerts honoring other philanthropists in the valley.He also is the chair of the Aspen Institute’s Lifetime Trustees, which includes such luminaries as Henry Kissinger, Nina Houghton, Lloyd Schermer and Paul Volker, among others.Calaway, who turned 75 this year, was hailed by the various recipient organizations.”Jim’s commitment to Colorado Mountain College has transformed many lives,” said CMC Foundation CEO Alexandra Yajko, “and he continues to work very hard for the benefit of our students.”C.A.R.E. director Leslie Rockey called Calaway “a guardian angel for us.”Calaway made his fortune by founding the Edge Petroleum company, and has continued to increase that fortune by investing in several wind farms built by his son, John, that were subsequently sold off for a substantial profit.