RINEY LEAVES LEGACY GIFT

The Delmar and Claudine Riney estate has provided a significant gift to the Pratt Health Foundation to support the ongoing needs of Pratt Regional Medical Center. The gift was included in the “Simply the Best” Capital Campaign as an anonymous gift to be used as seed money for PRMC medical equipment or expansion needs and to establish the Riney Endowed Fund. The estate designation is the largest gift in the history of the hospital. Susan Page, PRMC President and CEO, noted “This is a tremendous gift, from a wonderful family. It comes at a very important time as the hospital is finishing the capital campaign and expanding its surgical capabilities.”

The establishment of the Pratt Health Foundation in 1990 has led to many significant gifts. It is believed that the Riney estate gift is the first of many. DeWayne Bryan, the PHF Executive Director stated, “It has been a privilege to work with so many kind, generous people in the Pratt service area. I am happy to be able to help people fulfill their dream of establishing a lasting legacy at PRMC through the Foundation.”

The Riney estate gift follows a gift by Claudine to the recent Capital Campaign. Her gift of $250,000 was acknowledged with the dedication of the “Delmar and Claudine Riney Atrium” in the entrance of the Pratt Regional Medical Complex in 2004. Additional recognition is being considered for the Riney family at this time.

The future of a charitable hospital, like PRMC, depends on the generosity of its donors. As insurance, government programs and third party reimbursements continue to shrink, the resources needed to maintain an up-to-date facility will come from charitable gifts. PRMC and the Foundation are grateful for the continued generosity of its patrons.

OPPORTUNITY KNOCKS FOR SENIORS

The Congress passed the Pension Protection Act of 2006 this year which provides a special opportunity for seniors with IRA assets. The IRA rollover provision will help donors, age 70 ½ or older, to do the following:

• Transfer $100,000 from their IRA to a qualified charitable organization, like the Pratt Health Foundation (excluding charitable trusts, donor advised funds and supporting organizations).
• The distributions count toward minimum required distribution requirements.
• The distribution generates neither taxable income nor a tax deduction, so even those who do not itemize their tax returns receive the benefit.
• The gifts may be made in addition to any other charitable gifts.
• Donors may transfer up to $100,000 per year for 2006 and 2007 directly from their IRA’s. It must be transferred directly to a charity to work.

Many may have already named the Foundation as a full or partial beneficiary of an IRA but there are no tax differences between doing it now and doing it later. By naming an organization as the beneficiary at death, they have avoided income and estate taxes on those funds. Now, by making a lifetime gift of up to $100,000, they are also making this gift free of income and estate taxes. The true benefit is being able to watch their charitable dollars at work while they are still alive. Here is how it works:

1. The donor requests his or her IRA plan administrator to transfer funds to a charitable organization.
2. The IRA administrator transfers funds directly to the charity.
3. This “qualified charitable distribution” is excluded from the donor’s adjusted gross income.

For additional information please call DeWayne Bryan at (620) 672-6411.

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