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WAYS TO GIVE
Every person or business giving to White River Health System Foundation (WRHSF) is helping the White River Health System accomplish its mission of providing outstanding healthcare services and programs to the citizens of North Central Arkansas. There are several giving opportunities provided by WRHSF. The following information will help guide you through the various giving programs currently in place. If your need more information, please contact the WRHSF office by clicking on CONTACT US. Contributions made to WRHSF are tax deductible.
MEMORIALS & HONORARIUMS
The WRHSF Memorial & Honorarium Program gives donors an opportunity to remember individuals with a memorial or honorarium gift. A memorial gift honors a loved one's life and serves to reflect upon the memories that last forever. A gift made in honor of an individual is a meaningful way to recognize an individual who has made an impact on your life.
The WRHSF will promptly send an appropriate card to the bereaved family or person that you wish to honor. We also acknowledge your gift at the same time with a thank you letter. An end-of-the-year total WRHSF contributions statement will be sent to you for tax purposes.
ANNUAL GIVING PROGRAMS
Annual Giving Programs include the ANNUAL WRHSF GOLF CLASSIC, BONNIE J. BERNARD R.N. SCHOLARSHIP, CANCER CARE TREE OF LIFE PROGRAM, CHRISTMAS LIFE LIGHTS PROGRAM, AND EMPLOYEE FUND DRIVE BENEVOLENCE PROGRAM. Proceeds from these campaign activities directly benefit patient healthcare through the purchase of needed equipment, services, facility expansion and professional improvement scholarship opportunities for WRHS nursing staff members. Donor recognition occurs at the time of the event and on the hospital's Donor Living Wall. The Donor Living Wall is updated annually to reflect the lifetime cumulative giving to WRHSF by an individual or business.
THE COLLIER SOCIETY PLANNED GIVING PROGRAMS
"Planned Giving" can be implemented through a number of options. These options, which require planning before being implemented, are attractive to many individuals because of several potential benefits. Not only do these type gifts provide valuable tax benefits and/or income for life to the donor, but at the same time provide a significant gift to current and future generations seeking healthcare through White River Health System.
The following examples of "Planned Giving" are available through WRHSF. This information is not intended to serve as legal or tax advice. Advice from your attorney and/or other professional counsel should be sought. The examples of "Planned Giving" listed below are for general information only.
To discuss various options of "Planned Giving" which may help you optimize tax and economic benefits, contact Larry Sandage at 870-262-6033 or email lsandage@wrmc.com.
ASSETS ACCEPTABLE AS GIFTS
The following assets are acceptable as described, either as outright gifts, as bequests or devices (estate gifts), or when appropriate, as funding for a charitable remainder trust, gift annuity, or lead trust as determined by the Internal Revenue Commission (IRC). All gifts are subject to approval by the WRHSF staff and outside legal counsel. WRHSF may decline a gift for any reason.
1. CASH. WRHSF accepts cash, check, money orders, bank drafts and gifts via credit card.
2. MARKETABLE SECURITIES. WRHSF accepts gifts of publicly traded stocks and bonds. In order to expedite the transfer of funds to WRHSF's investment account and facilitate processing, the investment firm that manages WRHSF's short term cash shall be used whenever possible. Unless the WRHSF Planned Giving Committee determines otherwise, it is WRHSF's policy to sell the securities immediately.
3. SECURITIES in CLOSELY HELD CORPORATIONS. To be accepted, such stocks must have a qualified appraisal performed by an independent professional appraiser. Prior to approval, such gifts are reviewed by WRHSF staff and legal counsel.
4. S-CORPORATION STOCK. To be accepted, S-Corporation stocks must have a qualified appraisal performed by an independent professional appraiser. Prior to approval, such gifts are reviewed by WRHSF staff and legal counsel.
5. PARTNERSHIP INTEREST and INTERESTS in LIMITED LIABILITY COMPANIES (LLC). WRHSF does not accept gifts of general partnership interests. Prior to approval of gifts of limited partnership interests or LLC interests all relevant partnership and LLC agreements will be reviewed by the WRHSF staff and legal counsel with particular attention given to the activity of the partnership/LLC and how allocations are made. Further, the underlying assets and liabilities of the partnership/LLC will be reviewed.
6. FAMILY LIMITED PARTNERSHIPS (FLP). Limited partnership interests in family limited partnerships will be considered subject to review by 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:
- 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.
- 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.
- The liquidity of WRHSF's interest.
7. REAL ESTATE. All real estate gifts must be approved by the WRHSF Board of Directors and legal counsel. Gifts of real property should result in a gift to the WRHSF of $25,000 if the property is in Arkansas or $150,000 if out of state. Gifts of real estate should be mortgage free. Donor shall agree to pay for the costs of an environmental audit. WRHSF shall not accept gifts of real estate with restrictions upon the ultimate sale of the property. Full interests, partial interests and remainder interests in real property are all acceptable. Remainder interests are contracts. In the case of such gifts, the donor will be expected to agree to be responsible for and to pay all proper taxes, maintenance on the property, adequate insurance on the property and utilities. Conditions for acceptance shall include salability and annual maintenance costs including evaluation of any liens against the property and any real estate taxes. Donor may be asked to sign a statement regarding liability for previous and current environmental or other conditions if WRHSF deems it appropriate.
8. BARGAIN SALES. A bargain sale is one in which WRHSF is provided the opportunity to purchase property at less than its fair market value. The gift is usually the difference between the sale price and the market value. The WRHSF Board of Directors must approve all bargain sales prior to acceptance.
9. TANGIBLE PERSONAL PROPERTY. Gifts of tangible personal property are acceptable. Conditions for accepting gifts include salability or usability and current WRHSF needs for the type of property offered, physical condition of the property, cost of any storage or insurance needed and any other unusual feature or condition involved in the transfer.
10. INSURANCE. WRHSF may be named as a percentage or contingent beneficiary of any life insurance policy. In addition, WRHSF accepts life insurance policies for which the donor has relinquished ownership by assigning all rights, title, and interest in the policy to WRHSF. If the insurance policy is not fully paid up, the usefulness of the gift is judged on a case-by-case basis. If the policy is accepted, WRHSF may choose either to cash it in for the current surrender value or continue to pay the premium so long as WRHSF is not required to expend funds from sources other than the donor to maintain the contract. WRHSF shall have no obligation to continue
premium payments on insurance policies. Paid-up life insurance policy gifts
in which WRHSF is the owner and irrevocable beneficiary are acceptable.
(WRHSF does not participate in charitable split dollar insurance plans).
11. RETIREMENT PLAN ASSETS. WRHSF may be named as a beneficiary of any retirement plan.
12. BEQUESTS. WRHSF receives bequests from persons who have directed in their wills that certain assets be transferred to WRHSF. The WRHSF's legal name is White River Health System.
13. OTHER ASSETS and FORMS GIFTS MAY TAKE. Other types of gifts not mentioned in this policy may be acceptable within reason for the purpose given, and in an amount appropriate for the gift type. WRHSF will use fiscally and legally sound rationale for acceptance, and will defer to the Executive Committee of the Board when appropriate. This policy should serve as a general guideline under such circumstances.
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