New Giving Opportunities (Pulse 2009, Fall Issue)

Wednesday 20th of January 2010

The Bethesda Health Group Foundation knows that many of us would like to continue making charitable gifts, even in these tough economic times, but that often it becomes quite challenging to determine the best option for our current situation.

That is why the Foundation is announcing new options for giving that can help the donor save taxes, receive income in return for their charitable gift, or make a gift without even writing a check.

“Our residents and their families have been very generous to the Foundation over the years, as have our friends in the general community,” said Pamela Dempski, Vice President and Director of the Foundation. “However, if we can offer new options that encourage giving while providing a value-added return, this may encourage more philanthropy among our community.”

Dempski points to the Bethesda Resident Account option as one of the easiest to manage for the resident and their family. “Donating through the Resident Account is as simple as filling out the appropriate information on one of our envelopes,” Pam said. “The gift appears on your monthly statement as a Foundation Gift. No checks or fund transfers are required!”

One way our independent living residents and their families can make a significant impact is to designate part of their entrance fee refund to the Foundation. Through this option, a resident can leave a legacy that has a tremendous impact on the lives of their fellow residents while reducing their gift and estate taxes.

In addition, these gifts do not impact a resident’s current financial portfolio, since they aren’t realized until after the resident has left the community.

A third gift option for all individuals over the age of 70˝ is the ability to transfer funds directly from their IRA accounts to the Foundation without reporting it as taxable income. This has become possible under the reinstated charitable IRA legislation, but don’t wait too long to pursue this option – the opportunity ends on Dec. 31, 2009.

“IRA gifts don’t generate taxable income or a tax deduction, so you don’t have to itemize your returns to receive the benefit,” said Pam. “And there isn’t a minimum amount – some donors have become Legacy Society members (gifts of $500 or more) through transferring funds from their IRA account.”

For more information on how you can take advantage of these new gift giving opportunities, please contact Pam at 314-800-1981 or pedempski@bethesdahealth.org