Limited partnership interests in family limited partnerships will be considered subject to review by White River Health System Foundation (WRHSF) staff and legal counsel. Prior to the WRHSF accepting family limited partnership interests, the partnership agreement must be reviewed. WRHSF will review the agreement's structure, function and underlying assets. Issues to be reviewed include but are not limited to the following:
1. Value of the limited partnership interest. Generally, a minimum discounted value of $10,000 for the limited partnership interest, as established by a qualified appraisal, is required.
2. Costs to WRHSF in holding the interest such as administrative responsibilities, tax return preparation and unrelated business income tax. The donor may be asked to cover all or some of these costs, particularly the unrelated business income tax which may be generated by phantom income.
3. The liquidity of WRHSF's interest.
For more information about gifts of Family Limited Partnerships, contact Larry Sandage, Director of Institutional Advancement, at 870-262-6033 or by email at lsandage@wrmc.com.