As a not-for-profit institution, Hays Medical Center relies on the generosity of the community to achieve our standards of excellence in patient care. Private contributions strengthen our funding resources - allowing us to provide quality programs, services, technologies and education to our patients.
Every gift - no matter how large or small - makes an enormous difference in the lives of those we serve. If you are not already part of the Hays Medical Center family of supporters, we invite you to join us. There are numerous ways to donate to the Hays Medical Center Foundation. For questions or assistance, call our office at (785) 623-2350 or write us at 2220 Canterbury Drive, Hays, KS 67601.
Cash
A gift by a personal check or through a credit card is the most popular way to give to the HMC Foundation. You receive a full tax benefit if you itemize deductions. Checks should be made payable to the HMC Foundation. A cash gift provides an immediate impact on Hays Medical Center.
Marketable Securities and Real Estate
Property such as stocks, mutual funds, real estate and other assets, may help you make gifts at a lower cost. Securities that have increased in value and qualify as long-term capital gain property can make excellent gifts. Tax benefits of giving real estate are generally the same as for gifts of securities. When appreciated property is given, you receive a deduction for the full value of the asset, while you avoid the capital gains tax that would have been due it you had sold it. You may generally deduct gifts in the form of appreciated property up to 30 percent of your adjusted gross income. Currently, property must be held for 12 months and a day to be considered long-term.
If you desire to make a contribution in the form of a marketable security (listed or actively traded over-the-counter), the preferred method of delivery is by depository trust company (DTC). Please call, or have your broker call, the HMC Foundation at (785) 623-2350 for specific instructions.
Life Insurance
You may name the HMC Foundation as a sole and irrevocable owner and beneficiary of a new or existing policy. Either approach will result in a charitable income tax deduction approximately equal to the cash value of the policy on the date of the gift. You may claim additional charitable income tax deductions for the amount of any subsequent premium payments that you make. Another option is naming the HMC Foundation as a beneficiary of a policy.
Estate Planning
Wills
A will is the most common method used when contributing a gift to benefit Hays Medical Center through estate planning. Making a gift through your will provides you with control of your assets throughout your lifetime and becomes an ultimate gift to the Foundation. Almost anyone who makes a will can name a charitable institution for a bequest without adversely affecting his or her family’s financial security. Consider naming the HMC Foundation to receive a certain amount, percentage or to receive the “residue” of your estate. There are no immediate tax advantages although a bequest may reduce estate taxes if applicable.
Below is the wording to use including a charitable bequest for HMC:
“I give and bequeath [specific amount, percentage or residue of the estate] to Hays Medical Center Foundation, a corporation organized and existing under the laws of the State of Kansas and having an office at Hays, Kansas, for its general purposes. All charitable gifts, bequests and devises should be made to the extent possible from assets that constitute income in respect of a decedent as that term is defined in the Internal Revenue Code.”
Life Estate
A good way to make a gift and take advantage of appreciated value of your home or farm is to enter into a life estate agreement with the Foundation. You continue to use the property throughout your lifetime, receive an immediate tax deduction and avoid taxation on gains in addition to reducing possible estate taxes. FHSU benefits from the ultimate use or sale of the property.
Retirement Plans
A tax-deferred retirement plan [IRA, 401(k), 403(b), Keogh, etc.] is an excellent way to provide for retirement years, and reflects wise financial planning. However, much of the remaining principal value can be highly taxed upon death when a natural heir or other person is named as a beneficiary. Donors who select the Foundation as the beneficiary avoid those taxes, and can leave other, lower-taxed assets to family members. Your plan administrator can provide the beneficiary designation forms needed.
U.S. Savings Bonds
Bonds are ideal assets to bequeath to the Foundation because, like qualified retirement plans, they are subject to income taxes in the hands of those who inherit them—unless they are given to charity.
Life Income Gifts
These attractive charitable giving options provide donors (and/or others) with a life income or other benefits. These gifts specify the Foundation as the ultimate charitable beneficiary. Such gifts can take several forms:
- With a charitable gift annuity, the donor transfers cash or other liquid assets, such as stocks and bonds, to the Foundation in exchange for regular payments for life. The amount of each payment is determined, in part, by the donor’s age at the time the annuity agreement is established. The older the designated annuitants are at the time of the gift, the greater the fixed income the Foundation can agree to pay. In addition, a portion of the income may be tax-free.
- Charitable remainder trusts pay the donor or a beneficiary on an annual basis for a fixed number of years, or for life. A charitable remainder annuity trust pays the beneficiary a fixed amount annually, regardless of the trust’s investment performance. In a charitable remainder unitrust, the donor receives a set percentage (determined at the outset depending on personal needs and situation) of the value of the trust assets. This value is re-determined each year, providing the donor with protection against inflation. In both trust types, the remainder of the trust may be given to the Foundation.
- Charitable lead trusts provide specific income to the Foundation for a set number of years, then return all trust assets to the named beneficiary. These trusts make it possible for donors to reduce the size of their estates, while passing assets to the next generation and benefiting the Center.
Endowed Funds
Gifts to the HMC Foundation may be directed to endowed or named endowed areas of Hays Medical Center. Endowment funds are perpetual with the corpus invested and only the income spent in the areas as directed. Eight endowed funds exist within the Foundation.
They are:
Oncology
Cardiology
Hospice
Indigent Care
Nursing Scholarships
Stroke and Rehabilitation
Unrestricted
Women and Children
You may also create a named endowed fund in honor of family or friends. A gift of $25,000 which can be spread over three years, will establish a named fund. Nine named endowed funds currently exist within the Foundation:
Betty Aubel Endowed Fund for Indigent Care
William "Bill" Aubel Endowed Fund
Dr. Richard D. Bauer Endowed Fund for the Hays Women’s Center and the Operating Room
Bickle Family Endowment for Cardiopulmonary Services
Rex and Marge Curtis Endowment
Dreiling Endowed Fund for the Dreiling/Schmidt Cancer Clinic
Hadley Foundation Endowed Fund
Hays Medical Center Foundation Endowed Fund
Sunflower Bank Endowment of Hope
Contact the Foundation Office at (785) 623-2350 for more information regarding endowed funds.
|
