Virginia Gay Hospital Health Care Foundation offers many ways to financially support the work of the Hospital and Clinics. You may make an online contribution below or go to our Project pages to view our ongoing fundraising opportunities.
Farm Land Bequests
As a financially healthy, completely independent small hospital, the Virginia Gay Virginia Gay Hospital owes a debt of gratitude to area farmers, past and present. Farm support for Virginia Gay was pivotal during the Great Depression, and again during the ag economy recession of the 1980’s. Today, a volunteer Farm Committee manages tenant relationships and provides conscientious stewardship of land gifts donated by area families.
“Many large hospitals sell gifts of land,” says Dean Schminke, a member of the Farm Committee. “I suppose for them the cost of management and unfamiliarity with agriculture make keeping ag land unattractive. Because we have dedicated Farm Committee members who volunteer their time and expertise, the roughly 800 acres will remain an enduring asset for Virginia Gay.”
Current members of the committee managing Virginia Gay’s land gifts include Dean, Marty Ternus, John Ketchen, Kyle Schminke and Pete Burmeister. Dean also wanted to make special mention of former member Warren Gulick. “Warren was just a great member of the group for many years and those of us who served with him really miss having him work with us.”
“We meet three or four times a year and our primary responsibility,” says Dean, “is taking care of the land we’ve been entrusted with. Getting a fair rent compared with the neighborhood comes second.”
Advice from “Practical Farmers of Iowa” about land gifts include discussing gifts in advance with your heirs, and also having a discussion with the charity regarding your wishes for use of the land. For additional information or to begin a discussion with Virginia Gay Hospital Health Care Foundation regarding a farm land bequest, please contact Robin Martin.
Current Farm Committee members include:
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.
You don’t need a large estate to make a significant gift. A current or new life insurance policy can be an ideal asset for funding a charitable gift larger than you might have thought possible. There are several options you can consider:
Name the Virginia Gay Hospital Health Care Foundation as beneficiary
Naming the Virginia Gay Hospital Health Care Foundation as the primary or contingent beneficiary of a life insurance policy is easy to do. Simply request a beneficiary designation form from your life insurance company and name the Virginia Gay Hospital Health Care Foundation as beneficiary. If, in the future, your personal or family needs change, you can always replace the named beneficiary with a new one.
Transfer ownership of an existing policy to Virginia Gay Hospital Health Care Foundation
You may have a life insurance policy that you simply no longer need. If you have paid all premiums owed (a paid-up policy), or you’ve paid all premiums due and more will be owed in the future (a partially paid-up policy), you might consider transferring ownership of the policy to the Virginia Gay Hospital Health Care Foundation.
If you make the Foundation the owner, you can claim a charitable income tax deduction. The deduction will be equal to the policy’s replacement value or its basis, whichever is less. If premium payments are still owed (a partially paid-up policy), and you make annual cash gifts to the Foundation equal to the premium amounts as they become due, you will be entitled to an income tax deduction equal to each of those premium payments.
Make the gift of a new policy to Virginia Gay Hospital Health Care Foundation
Another option to consider is taking out a new policy making the Virginia Gay Hospital Health Care Foundation the policy owner and beneficiary. Your annual gifts to the Foundation will be applied to premium payments and will entitle you to charitable income tax deductions for those gifts
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.
Need to preserve your assets during your lifetime? Making a gift through your will provides you with control of your assets throughout your lifetime and becomes an ultimate gift to benefit Virginia Gay Hospital and Clinics. Consider naming the Virginia Gay Hospital Health Care Foundation to receive a certain amount or 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 Virginia Gay Hospital Health Care Foundation:
“I give and bequeath [specific amount, percentage or residue of the estate] to Virginia Gay Hospital Health Care Foundation, a corporation organized and existing under the laws of the State of Iowa and having an office at Vinton, Iowa 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.”