A Message from the Chairman Special 2005 ... - Northeast Health

A Message from Karl Coté,
Vice President, Northeast Health Foundation
The Compass Society is off
to a great start! We formed
this legacy society to honor
those who have planned a
future gift to benefit Northeast
Health and its affiliates. Why?
We found that oftentimes
individuals would include Northeast Health in
their wills, but we would not find out about it
until it was too late for us to thank them for their
generous gift.
Now that we have the Compass Society, we
encourage people to notify us when they have
included us in their estate plans, so we can thank
them for their gift today. Such gifts include:
• a bequest to Northeast Health in your will
• a charitable gift annuity, where you receive
income for life
• naming Northeast Health as a beneficiary
of a trust or life insurance policy
Our planned giving committee met in January
and is currently developing educational materials
that will help explain the many benefits available
to potential donors when making a planned gift.
I am very excited about the Compass Society
and the partnership it forms with the people in
our community ... people like you who are helping
Northeast Health provide the very best in healthcare,
community services and supportive housing
for our family, friends and neighbors.
If you have already included Northeast
Health in your will or in another planned gift,
“thank you!” Please give me a call at 271-5025
so we can enroll you in the Compass Society, or
if you would like more information about planned
giving. I would be happy to discuss the many
benefits available to you through a planned gift
to Northeast Health.
The Compass Society: Charting the Course
for Northeast Health
What is the Compass Society?
It is a legacy society honoring and including
those who have planned a future gift, a “deferred”
or “planned” gift, to benefit The Eddy,
Albany Memorial Hospital, Samaritan Hospital,
or any affiliate of Northeast Health.
How do I benefit?
By giving a planned gift, you could receive:
• income throughout retirement
• savings on capital gains taxes
• savings on income taxes
• savings on estate taxes
• the ability to take low-yielding assets
and create a high-yielding flow of income
• the opportunity to make a life-affirming gift
to Northeast Health or any of its institutions
or programs
• the chance to direct your assets to our local
mission of healing, using your funds which
otherwise may have gone out of the area
to pay taxes
Do I need to be wealthy to be a philanthropist?
You don’t have to be wealthy. And, there
are real financial benefits available. You can
create a legacy for you and your family that
will continue your good work for years to come.
What can I give?
While many gifts are made with cash,
stocks, bonds, mutual funds or retirement plans,
you can also make a gift in the form of appreciated
real estate, fine art or other assets.
What are examples of “deferred gifts”?
A deferred gift can be a bequest in your
will, or a gift that pays you income for life,
and then, upon your death, benefits Northeast
Health or any of its affiliates.
What gift to Northeast Health could also
provide income to me/us for life?
There are several ways to do this. The size
of your gift or the type of asset you use will
suggest which may benefit you the most. To
start, we would discuss your needs and then
select an appropriate way to meet those needs
and match your wishes. For example, for
“deferred” gifts of $10,000 (or more), people
often choose a charitable gift annuity, a contract
between you and the Northeast Health Foundation
which arranges to pay you a fixed income
for life. For deferred gifts larger than $100,000,
it may be advantageous to use a charitable
remainder trust, or other types of trusts.
What can I fund it with?
It can be funded with cash, appreciated
securities, or other assets such as fine art or
real estate.
What rate of income will I receive?
The payments to you are based on rates
recommended by the American Council on
Gift Annuities. They are determined at the
time you make your charitable gift. Current
examples for an individual (annuities can
also be created for two) are:
Age Rate
75 7.1%
80 8.0%
85 9.5%
90+ 11.3%
Can you share a personalized example?
Yes. We can easily show you the income and
tax benefits based on your personal circumstances.
Please ask for a confidential illustration.
Call us at 274-0190. And thank you for considering
a gift that also provides income to you for life.
A Message from the Chairman
Continued from page 1
The Leora Belknap Sock Fund for Memorial
Hospital & Samaritan Hospital Schools of Nursing
An RN, who has worked in the Northeast
Health network with many nursing students,
decided to reestablish the legacy left by Leora
Belknap, RN. Miss Belknap had a rewarding 40-
year career at Samaritan Hospital, 20 of them
spent as director of the School of Nursing. Miss
Belknap started the “sock fund” to assist students
who were in need of cash to help them through a
difficult time. Whenever it was time to replenish
the fund, she would simply state to staff, “The
sock is empty!” Before long, staff members would
contribute funds to assure that there were sufficient
dollars in this emergency stash. She truly
cared, and through her caring, she offered many
of her colleagues an opportunity to show their
care and concern to needy students. The donor
wishes to continue this
tradition first introduced
by Miss Belknap so many
years ago. Donations to
the fund will assist
students who need cash
to get through a financial
crunch. Funds given to
needy students will be
considered gifts ... repayment
will not be expected,
and staff and faculty of
the Schools of Nursing will recommend students
for gifts from this fund. The Foundation and the
donor are working in partnership to generate
additional dollars to ensure these “socks” continue
to be available at both schools!
2 • Spring 2006