Interventional Procedures Suite—now open!
Last month, donors to the Interventional Procedures Suite were able to enjoy a ‘sneak peak’ of the Interventional Procedures Suite. Photos of the donor tour and the new suite can be viewed here. More than 360 donors contributed $7.06 million to support the fundraising campaign to deliver advanced cardiac and neuro interventions. The meticulously designed space includes:
- Five state-of-the-art labs
- 11 private patient areas for pre- and post-procedure care
- The most advanced imaging and 3D applications, that allows for greater speed and precision
Features include unparalleled amenities to ensure patient comfort and a collaborative environment where a highly trained team of experts can interact with ease.
Convert IRA distributions to tax-free giving
As the season of giving approaches, many of us start to think about making annual gifts to the charities that resonate with us. Luckily, there are several different ways to give to nonprofits like Paoli Hospital.
Philanthropic retirees may have more options than most! Many can benefit from a special tax break for those who transfer funds to charity from individual retirement accounts (IRA). This strategy, known as qualified charitable distribution, or QCD, has grown in popularity among eligible individuals now that tax laws encourage millions of Americans to take the increased standard deduction.
QCDs are direct gifts from an IRA to eligible charities, such as Paoli Hospital. If you’re age 70½ or older, you may donate up to $100,000 per year, and it may count as a required minimum distribution (RMD) once you turn 72.
Typically, you can realize tax benefits either by increasing your itemized deductions – an option most individuals do not use – or by decreasing your taxable income, which is how QCDs work. With a QCD, you can lower your taxable income by as much as $100,000 per year. Lowering Adjusted Gross Income (AGI) can be beneficial since higher AGI can trigger other tax ramifications. For example, higher AGI may cause a hike in monthly premiums for Medicare part B and Part D.
Furthermore, beginning in 2022, two charitable tax breaks for making cash donations were removed. First, the $300/$600 tax deduction for non-itemizers is no longer available; and second, you can now only claim a deduction up to 60% of your AGI if you itemize (2021 permitted 100% of AGI). This leaves fewer avenues to realize tax benefits for charitable gifts. That, in turn, makes QCDs more valuable since they can replace these tax breaks by lowering your taxable income.
To qualify for this opportunity:
- You must be 70½ or older when you make the gift
- The gift of up to $100,000 must be made from a traditional or Roth IRA – no other retirement plans (such as 401k, 403b or SEP accounts) qualify
- Transfers must be made directly from an IRA account by your IRA administrator to Paoli Hospital Foundation (if the custodian is sending a check directly to us, please ask them to note your name and address on the transmittal so that we may thank you for your generosity!)
- If you are utilizing an IRA checkbook for a QCD, please be sure to send it to us well before December 31 to ensure the check is deposited by year end and you get credit for your required minimum distribution
While most people don’t make charitable donations solely because of the tax breaks, QCDs are often a big win-win for donors and charities!
Introducing Lauren Ballas
The Paoli Hospital Foundation is thrilled to announce its new Director of Development, Lauren C. Ballas! Having previously served as Major Gifts Officer at her alma mater Gettysburg College, Associate Director of Major Gifts at Haverford College, and Associate Director of Annual Giving at Bryn Mawr College, Lauren has a full background in development and brings a wealth of major gift, planned giving, and annual giving experience to the team. Arriving in mid-June, Lauren has already engaged and cultivated relationships with major donors and key development staff. She is looking forward to continuing to steward the Foundation's relationships and expand her knowledge of healthcare. Outside of the office, you can find her spending time with her husband, two sons, and two Newfoundland dogs. Please join us in welcoming her to the team!
Gifts at work: Perinatal Bereavement Support
October is Pregnancy and Infant Loss Awareness Month, a time to promote greater research and understanding to survivors of baby loss and their families. Main Line Health is pleased that philanthropic gifts enable us to provide perinatal bereavement services to address psychosocial, emotional and spiritual needs during the complex, multi-phase bereavement process.
Donations to our Perinatal Bereavement Program support the purchase of memory-making kits and remembrance options that help families handle loss as time proceeds. Also funded are resources like reading materials for siblings and take-home literature for families.
In addition, Paoli Hospital is pleased to partner with Butterfly Baskets, a local organization that donates self-care items, such as a journal and pen, soothing tea, remembrance bracelet, and loss resources.
Purchase a star for Tree
To honor your loved ones, favorite doctor, nurse, friend or family member this holiday season consider purchasing a star on our Tree of Lights!
Decorated with twinkling lights, beautiful ornaments, and colorful stars, the Tree of Lights symbolizes gifts made to the Paoli Hospital Auxiliary in honor and memory of loved ones. What a wonderful gift to give to someone special in your life.
Get started on your holiday shopping and purchase a star!