The Major Hospital Foundation has the flexibility to accept gifts in many different forms from the most simple to fairly complicated.
While the Foundation cannot provide legal or tax advice, the following information may be helpful to you as you consider different types of gifts.
Major Health Partner employees can choose to pledge through payroll deduction. Click here to learn more about pledging to the Foundation or here to setup a pledge online.
Gifts of cash maximize your charitable deduction and deliver immediate benefits to the Major Hospital Foundation. Click here to make a gift on-line with your debit or credit card. Or, your check made payable to the Major Hospital Foundation can be mailed to the attention of Angela Gill, Executive Director, Major Hospital Foundation, 150 West Washington Street, Shelbyville, IN 46176.
Cash or checks can be hand-delivered to the hospital's administrative offices at 150 West Washington Street or to the Foundation's office located in MD Solutions, 1626 East State Road 44.
Tangible Personal Property
Books, artwork, collectibles, etc. can be donated to the Foundation, and the donor will receive an income tax deduction. Donors should be aware that the final decision regarding the acceptance of personal property gifts rests with the Foundation's Board of Directors and also that gifts of personal property will either immediately be placed for sale or given away. Helpful information regarding gifts of tangible personal property can be found in IRS publication 561, "Determining the Value of Donated Property" (www.irs.gov).
The Internal Revenue Service allows donors one of its most significant tax breaks for gifts of appreciated securities. For instructions on how to make a gift of securities, click here. Please call the Foundation office at 317-421-0361 or contact us prior to making a gift of closely-held securities.
Donors can make a substantial gift to the Major Hospital Foundation through gifts of real estate. Please call the Foundation office at 317-421-0361 or contact us in order to discuss gifts of real estate. Please be aware that unless the real estate can be used for the day to day business or other purposes of the Foundation or Hospital, it will be sold as quickly as possible so that the proceeds can begin to provide support to the Foundation.
Remainder Interests in Property
These are another excellent way to make a substantial gift to the Major Hospital Foundation. Please call the Foundation office at 317-421-0361 or contact us in order to discuss gifts of remainder interests in property.
Life insurance is an easy way to make a significant gift to the Major Hospital Foundation without dipping into your current assets. Please call the Foundation office at 317-421-0361 or contact us to learn the details of gifts of life insurance.
Charitable Gift Annuities
These gifts enable donors to receive a fixed payout and significant tax benefits. Though the Foundation can be the beneficiary of a charitable gift annuity, it does not have the capacity to serve as administrator. The Foundation recommends that donors interested in creating a charitable gift annuity with the Foundation as beneficiary contact the trust department at their bank.
Charitable Remainder Trusts and Charitable Lead Trusts
The Foundation may accept designation as remainder beneficiary of a charitable remainder trust or charitable lead trust, but cannot accept appointment as trustee. It is recommended that an attorney or other wealth advisor be involved in setting the terms of the trust.
Retirement Plan Beneficiary Designations
Your retirement plan may be worth more when donated to the Major Hospital Foundation than when left to your heirs. Upon a person's death, their retirement plans (like IRAs, 401(k), 403(b) and Keoghs) are subject to tax rates as high as 75% (or even higher on large taxable estates) unless they are contributed to charity. Your estate and heirs will not be taxed on the portion that goes to charity, and you will support a cause that is important to you.
You may make a bequest to the Major Hospital Foundation when preparing your will or by adding a codicil to your present will. In addition, donors who choose to remember the Foundation in their wills become members of the William S. Major Society. Click here for language that may be useful to your attorney in making the provision.
Life Insurance Beneficiary Designations
The Foundation can be named as beneficiary of a life insurance policy.
New legislation gives donors aged 70 ½ and older an opportunity to direct lifetime distributions from their IRAs to charity without incurring income tax liability on the withdrawal. This provision will be in effect for just the 2006 and 2007 tax years. Distributions can total $100,000 per year, and must be made outright-they cannot fund a life income gift. Please call 317-421-0361 or contact us to learn more.
Donors younger than 70 ½ can make a withdrawal from their IRA or other type of retirement plan, pay income tax on the withdrawal, and donate the proceeds to us. These gifts can be made outright or can fund a life-income gift and will generate a charitable deduction for the donor.
These links will tell you more:
- Angela Gill
Major Hospital Foundation
150 West Washington St.
Shelbyville, IN 46176