The Dream Situation

When the Congress passed the Budget Reduction Act in 1999 it changed the medical climate drastically.  Prior to passing this bill PRMC had been in the black for eleven consecutive years.  Since then PRMC has been economically viable but it has been a challenge all the way.  Over the years the Hospital administration has worked hard to find services which would help its Balance sheet and refine areas which were financially challenging and has done well.

Now, more than ever before PRMC needs charitable gifts to purchase medical equipment.  As the Foundation Executive Director, I have always dreamed of having a $10 million endowed fund.  An endowed fund of this size would fund the PRMC Capital Equipment budget and provide the $1 million a year needed to update and replace medical equipment.  And I want you to know that this “dream” was not the result of too many anchovies on my pizza the night before.

In the last Torchbearer we talked about the Transfer of Wealth (TOW) study results.  The Kansas Health Foundation sponsored research concluded that there is more wealth in many Kansas counties than you might think.  Up until now most of these assets stayed in the county where they were built.  But now the rural adult children do not have a local job market to access so they move to urban areas and the transfer of assets leave the rural community to go to the heirs in urban communities.  It is true, the rural wealth leaves, never to return.  However, the future can be brighter if we make a few adjustments to the Transfer of Wealth (TOW) concept.

The TOW statistics for the PRMC service area tell us that the region had a net worth of around $6.8 billion in 2004.  The service area of PRMC is basically Pratt County and the counties around Pratt County. 

Between 2011 and 2020 there will be a $619 million transfer of wealth in the PRMC service area.  This study was performed before the current economic crisis so let’s estimate that the transfer is now around $400 million.  If the hospital community would respond to a 10% estate gift, we could fund the $10 million endowed fund and update our aging facility.

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

IRA Charitable IRA Rollover Opportunity

The IRA Charitable Rollover program has been extended through the 2009 calendar year.  The extension is retroactive, applying to distributions made throughout both the 2008 and 2009 tax years.  The extension will allow individuals 70½ and older to donate, through a direct transfer, up to $100,000 from their IRA’s to the Pratt Health Foundation tax free.  But act fast; as the process takes several weeks to complete – this is not a last minute strategy. 

The Afterglow of the Festival of Lights Program

The 2008 Festival of Lights (FOL) program broke all previous records with over $13,511 in gifts.  The FOL program continues to provide an opportunity for people to make a year-end gift to help purchase medical equipment for PRMC.  It also gives an opportunity to recognize special people with either a memorial or honorarium gift.  The FOL program received responses from 193 people giving 216 memorials and 53 honorariums.  

The Gifts and Bequests Committee was established in 1975 by Fred H. Kerr, Homer Davault, Bill Hampton, Alan Hanson, Richard Royer and Nora Blachley.  Additional members were:  Warren Taylor; Chuck Barnes; Dollie Hayes; Denis Rasmussen; Jerry Larrison; Eleanor Kerr; Betty Onstott; Chris Himmelwright; Jeannie Hoener; and Nancy Neelly.  The program continues to honor the Gifts and Bequests members by maintaining the recognition of the Committee.  It raised and allocated over $1 million to purchase medical equipment for PRMC from 1975 to 2005.  The Foundation is grateful for their visionary work.

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