This story originally appeared in the Summer 2020 edition of Promise magazine.
Imagine what your legacy might be. As a philanthropic partner with Summa, your investment could foster a medical breakthrough, a new life-saving procedure or an innovative medical device. It might enrich the knowledge or advance the work of physicians on the cusp of a new discovery. Your gift could be instrumental in attracting and training the next generation of exceptional physicians with a medical specialty, or researchers exploring new medical frontiers.
When you establish an endowment, you create a permanent legacy of support for Summa Health. The principal amount of your gift remains intact and generates interest income. This income is made available each year for your desired purpose. In this way, your endowment:
There are several ways to establish an endowment:
Those who are 72 or older are required to withdraw a certain percentage of their IRAs each year, a government mandate that can raise taxable income considerably. The IRA charitable rollover allows you to avoid that tax liability.
By transferring all or part of your required minimum distribution (RMD) directly to Summa Foundation, you reduce your taxable income, and you help to advance the mission of Summa Health to provide the highest quality, compassionate care for your family, friends and neighbors.
To establish an endowment at Summa Health or arrange a direct transfer of funds from your IRA account to Summa Foundation, contact Barbara Boyce, senior director of gift planning, at 330.375.6356 or firstname.lastname@example.org.