The Magee Rehabilitation Hospital Foundation Anna Magee Society

The Anna Magee Society recognizes those individuals who support Magee Rehabilitation Hospital in the same tradition as Anna J. Magee, whose generous bequest established the Hospital in 1923. Today, Anna Magee’s gift continues to generate funds that support Magee Rehabilitation Hospital.

Through bequests, endowments, charitable trusts, insurance, and gift annuities, members of the Anna Magee Society understand the importance of ensuring that Magee’s services are available far into the future. Gifts such as these allow individuals and families to invest in and support Magee, guaranteeing its success for future generations.

For more information on joining the Anna Magee Society or how to name Magee in your will, please call the development office at 215-587-3090 or e-mail to mchilutti@mageerehab.org.

Bequests

Bequests are the simplest way to make a planned gift to Magee. If you are preparing or reviewing your Will, remember to include a bequest to Magee Rehabilitation Hospital Foundation. Your bequest to should prepared with the consult of your attorney to assist you in choosing the type of bequest that best suits your personal objectives. Bequests can be a stated dollar amount, a certain percentage of your estate, or you can bequest specific property to the Foundation. Additionally, you can direct that your bequest be used for the current needs of the Hospital or only for a specific purpose within the Magee.

Charitable Gift Annuities

A charitable gift annuity is a simple contract between a donor and Magee Rehabilitation Hospital Foundation, whereby the Foundation agrees to pay a fixed annuity to a donor for life in exchange for an irrevocable gift of at least $5,000. The donor may also name a second, successive lifetime income beneficiary if he or she so desires. Additionally, the donor will receive an immediate income tax deduction for the remainder value of that gift that will eventually benefit Magee Rehabilitation Hospital.

Insurance

Through insurance, you can name Magee Rehabilitation Hospital Foundation as the owner and irrevocable beneficiary of the policy. Premium payments are tax deductible. You can also give Magee existing policies and claim a tax deduction for the approximate cash surrender value.

Charitable Remainder Trust

A charitable remainder trust is a trust into which a donor irrevocably places assets in exchange for an income either for life or for a term of years. As the donor, you may fund the trust with cash, securities or real estate. The minimum value of your gift must be $25,000. At the end of the trust term or when all income beneficiaries pass away, the remaining principal transfers directly to Magee Rehabilitation Hospital Foundation as the remainder beneficiary for any use you designate. The donor receives an immediate income tax deduction for this remainder value. You will receive income at a rate to which you and Magee agree, with a minimum of 5% of the initial trust principal.

There are two basic types of charitable remainder trusts. They are:

The Charitable Unitrust - trust income is based on a fixed percentage of the fair market value of the trust, revalued annually. Your income will vary from year to year.

The Charitable Annuity Trust - trust income is based on a fixed dollar amount. Your annual income will remain fixed for the life of the trust.

Endowment Gift Funds

Endowments provide for the current and future needs of the programs and services offered at Magee. An endowment with the Magee Rehabilitation Hospital Foundation is a designated account that is invested to produce income to fund the donor's wishes. Only the income from this fund is used while the principal of the account is preserved.

You can establish an endowment with the Magee Rehabilitation Hospital Foundation through a variety of means. For example, you may enter into a formal agreement with the Magee Rehabilitation Hospital Foundation that will stipulate the fund's name, objectives and specific provisions for income distributions.

Establishing an endowment with the Magee Rehabilitation Hospital Foundation
The minimum size gift to establish an endowment is $25,000. This can be paid over a period of years.

You can establish an endowment in your own name, in the name of your family business, or in honor or memory of someone important to you.

You can specify how the endowment income will be used by directing the income to a particular program or limiting the use of funds to a specific purpose such as community re- entry scholarships, wheelchair sports, medical education, therapy programs, hospital maintenance, equipment, or for unrestricted Hospital purposes.

Endowments can be funded through a variety or combination of means, including:

Cash

Securities, Real Estate

Antiques, Collectibles

Will Bequest

Life Insurance

Charitable Trust

Gift Annuity

Pooled Income Fund

Recognition is available for endowment gifts through commemorative plaques within the Hospital, membership in the Founder's Circle, a distinctive group individuals providing leadership gifts to the Foundation and through the Annual Report. Funds can be made in honor or memory of a patient or physician.

Magee Rehabilitation Hospital Foundation invests endowment funds in income producing instruments that allow for potential growth of principal. Such investments are managed by qualified financial institutions and are carefully monitored in accordance with a rigorous investment policy established by the Finance Committee of the Board of Trustees.
Two examples of how endowment funds can work for you:

Example 1
Dr. and Mrs. C, ages 65 and 68, now retired, would like to establish an endowment in their names for the benefit of patients with limited resources. They have $75,000 of appreciated stock, which they split by giving $25,000 outright to establish the endowment while they are living, and $50,000 for a charitable gift annuity that will provide income for the C's during their lifetimes. Their ultimate goal is to build their endowment up to $100,000. They do this by naming the endowment as remaining beneficiary of their gift annuity and bequeathing a residual percentage of their estate when they both pass away.

Example 2
Dr. M has been a successful physician all his life and is very concerned about the education of future physicians in his field. He would like to establish an endowment in honor of his friend, a renowned expert in rehabilitation medical, teaching and research. Dr. M is also concerned about his retirement expenses and his heirs.

Dr. M decides on a two-step plan that should meet all his objectives. He places $1,000,000 of his appreciated assets in a Charitable Remainder Trust that provides him and his wife with income during their lifetimes, and he names the Endowment as the remainder beneficiary. He also purchases a second-to-die life insurance policy for $1,000,000 naming Magee as owner of the policy and the Endowment as the beneficiary. All premiums paid for this policy are tax-deductible. Note: There is also an immediate income tax deduction for the remainder value of the Charitable Trust.

Gifts for endowment purposes are coordinated through Magee Rehabilitation Hospital's Development Office. Please call the Development Department at 215-587-3090 or e-mail to mchilutti@mageerehab.org for more information.