Eric Sheldahl strapped on his helmet and climbed aboard his Y-2K bike, a turbine power motorcycle. From where he sat, the two-mile runway didn’t look all that long. This was serial #3 of a very special production bike (Jay Leno owned serial #2) and as Eric likes to say, “We rode them like we stole them.”
Within seconds, his turbine roared like thunder across the barren landscape, approaching almost 200 miles per hour. This was a man born with a need for speed, but he never dreamed it would be generosity that would take him on the ride of his life.
From building jet-powered vehicles to flipping houses and developing land, Eric has invested in a variety of interesting pursuits throughout his life. But none has been more fulfilling than the investment of time, talent, and treasure he and his wife are making in their local Midwest Food Bank, he says.
Since they made their first donation in 2014, Eric and Mary’s passion for alleviating hunger and food insecurity has grown into a true calling. Today, they serve in the daily operations of the Midwest Food Bank location that they helped build in Gilbert, Arizona. Looking back, Eric and Mary say they could have never imagined how God was preparing them in light of the pandemic.
“The need is so overwhelming now, and I’m so glad we started serving when we did,” giving us a measure of maturity, Eric says.
“We would have never been prepared for what is happening now.” Mary adds. “It’s not just people experiencing homelessness or poverty that need help. Many professionals have lost their jobs or their hours have been cut. People from all walks of life urgently need food.”
In 2019, their location distributed $17 million worth of food, but in the first six months of 2020, they had already given away $19 million. Their operations have grown from a 26,000-square-foot space to an additional 90,000-square-foot warehouse, which was miraculously loaned to Midwest Food Bank in March. The generous donor even pays for the utilities on the space.
To grow their financial support for the food bank and their other favorite causes, Eric and Mary have utilized an innovative giving strategy that they heard mentioned in a video featuring NCF giver, Alan Barnhart.
“Alan explained how the Lord had called him to give away the profits of his company, and he mentioned that the National Christian Foundation had helped him do it,” Eric says. “That’s when I knew that I had to call NCF.”
From the donation of a huge warehouse to new sources of food, help from the Arizona National Guard and even the city paying for their employees who were going to be furloughed to work here instead, it’s all God.
– Mary Sheldahl
So, Eric got in touch with the NCF team in Chicago and learned that he had a unique opportunity to save on his taxes and give more by donating a piece of real estate he owned directly to charity. “I had a piece of property I had purchased back in 2013 and leased back to QuikTrip, so it had appreciated quite a bit,” Eric says.
“I knew if I sold it, I would take a really big tax bite. But NCF explained that I could donate the property directly, save the capital gains tax, and the proceeds of the sale of the property would go into my Giving Fund for recommending grants to charities that we love, like the food bank.”
NCF also helped Eric set up a Supporting Organization, a special type of charitable entity under the NCF umbrella. The Supporting Organization structure can open up a whole world of investment opportunities for givers like Eric. In Eric’s case, the Supporting Organization invests in loans similar to those his mortgage company had been funding for the past 10 years, earning approximately 12 percent with an average loan maturity of less than six months. All the income generated is passive income; therefore the Supporting Organization pays no taxes.
Eric and Mary make no money in the process and cannot receive any benefits from the Supporting Organization. However, all of the income earned from the Supporting Organization investments are available for granting to charity.
By leveraging their resources this way, Eric says, he and Mary are thrilled to continue to support an effort that they see God’s hand in every day. “Now my business partner is the Lord.”
“It’s humbling to see the outpouring of generosity in our community and to see God orchestrating everything. From the donation of a huge warehouse to new sources of food, help from the Arizona National Guard and even the city paying for their employees who were going to be furloughed to work here instead, it’s all God,” Mary says.
Eric says, “God is doing miracles at Midwest Food Bank and we’re amazed that our Lord lets us help.”