When Time Runs Out

An attorney for a reputable Salina law firm recently told a story about a lady who gave $100 a year to a local charitable organization. It was important to her that this annual gift continue as long as the organization existed. She understood that it is difficult for charitable organizations to replace donors and wanted to do something to help. Although her resources were not substantial she retained his services to either write a will or develop an estate plan.

One of her concerns was figuring out how to continue to help her favorite charitable organization after her death. The attorney helped her understand that she could accomplish her wishes through a fund at the local community foundation. The fund would provide enough income to make the same annual contribution – maybe forever.

The Salina lady just needed $1,000 - $2,000 to take care of her annual $100 contribution to her favorite charity. It would have been even better if she would have expanded that vision to a bequest of $10,000, providing $1,000 annually in perpetuity.

It is an interesting concept and one worth considering. How do charitable organizations compensate for the loss of a consistent donor? Donors can make permanent plans to provide for their favorite charity. And most charitable people have anywhere from 5 to 8 non-profit organizations they support. The community foundation is the solution. One gift to the community foundation, with a gift directive including the hospital, can take care of multiple organizations. And there are several options of how this can be done.

A favorite planning mechanism is the Charitable Remainder Trust. Once established this trust can act like a retirement fund for the donor with the remainder going to the charitable organization/s of your choice. So you have funding for your retirement years and your spouse’s retirement years. After that whatever is left can be structured to fulfill your giving wishes. Initially, this trust can be invested in the stock market and a designated event, like a specific retirement date could transform it into liquid assets for your retirement years. All kinds of adjustments can be made for special family needs and other situations as well.

Organizations, like PRMC, need to continually increase the charitable dollars that support their mission. Bequests and estate plans can provide a solid footing for the hospital to continue to grow and expand its services and programs.

. . . equipping PRMC to be “Simply the Best”

Kansas Tax Credits Fund Patient Lift System

The Foundation was awarded Kansas Tax Credits this year. The credits are based on a gift to the hospital. Donors can deduct 70% of the gift from their Kansas Income Tax obligation. And the full amount of the gift still qualifies for a Federal Income Tax deduction. It is a great opportunity to route tax dollars to local projects.

The Tax Credits will net PRMC $221,000 to install a Patient Lift System and Bariatric beds. As the average weight of a patient increases the task of moving them and housing them gets more difficult. The system is needed to decrease injuries to employees incurred in the act of handling patients, the largest Workman’s Compensation claim. The Patient Lift System will also provide an extra margin of safety for PRMC patients.

As of December 19th the PHF has received $215,500 in tax credit commitments and gifts. The gifts have allowed PRMC to start the Patient Lift system installation in 2007.

Festival of Lights Program

The 2007 Festival of Lights program is the most successful in the history of the Gifts and Bequests program. A total of $12,290 has been received to date. It gives families an opportunity to recognize their loved ones through memorial and honorarium gifts. This year 346 memorials and honorariums were given to remember special people.

The Gifts and Bequests program provides funds for the purchase of medical equipment at PRMC. The program was developed from a committee by the same name that raised and allocated over $1 million dollars for the hospital over the last 32 years. The Foundation is grateful for their work in helping equip PRMC.

Stop by and see the Festival of Lights Christmas tree and the displays of memorial and honorarium names in the PRMC Complex’s Riney Atrium. They can also be found at www.prmc.org under Pratt Health Foundation / Festival of Lights. It is a wonderful tree and a heartwarming experience to see the names of all those we remember at this time of year.

A publication of the Pratt Health Foundation (PHF)
203 S. Main * Pratt, Kansas 67124
( PHF and PRMC are 501(c)3 charitable healthcare organizations.)