Matching Passion with Need through IRA Qualified Charitable Distributions
Hosparus Health is grateful to have hundreds of faithful supporters who help us create more moments for families facing serious illness. That’s because we work hard to match our donors’ philanthropic passions with the needs of our patients and families. We create customized giving strategies that enable donors to ensure their legacy of giving and maximize their contribution’s impact on our legacy of compassionate care.
That’s certainly true of Dr. Lyle and Linda Graham, who have generously supported Hosparus Health since 1992. One of their key giving strategies has been to utilize IRA Qualified Charitable Distributions (QCD).
A QCD allows individuals age 701/2 or older to make an outright gift as much as $100,000 annually to Hosparus from a traditional IRA. The withdrawal amount may count toward annual required minimum distribution (RMD) that begins at age 72. It is important to note that due to the 2020 CARES Act, RMDs have been waived, however, a QCD can still be made when an individual is 70 1/2 or older. Be sure to discuss this with your IRA administrator.
Dr. Graham says they have chosen to give through IRA QCDs several times because “it’s a good thing to do to help others, and there are tax advantages since it’s not counted as income. We’re been able to give directly to charity, and we’re able to give more than we would through other avenues.”
“It’s a good thing to do to help others, and there are tax advantages since it’s not counted as income. We’ve been able to give directly to charity, and we’re able to give more than we would through other avenues.”
Giving Made Easy
The Grahams are both lifelong healthcare professionals. Dr. Graham was an MD with Kentuckiana Pulmonary Associates until he retired in 2009. Linda spent her career as an RN at various hospitals and healthcare organizations until she retired in 1998.
They support Hosparus because they have seen the benefits of our care in their careers and through personal experiences with hospice for Linda’s dad, her aunt and uncle. They love how Hosparus wraps our arms around not only patients, but the family caregivers.
The Grahams were excited to find a creative way to support Hosparus in their retirement. “It’s easy to give via the IRA,” Dr. Graham says. “Every IRA plan has an administrator that will discuss tax implications with you and complete the transfer to the charity.”
He recommends IRA QCDs as a giving strategy to other philanthropists his age. “They should look at their own personal situation and the potential tax advantages to decide whether QCD donations are right for them.”
Their Donations at Work
The Grahams have been thrilled to see how Hosparus Health has expanded and enhanced our care over the years to include palliative care, pediatric services through our Kourageous Kids program and grief counseling for patients, families and the community.
They were early donors to our ambitious People of Compassion Campaign, helping to fund palliative care programs and essential technology upgrades, as well as a special initiative to help families with unexpected expenses and programs that are allowing us to integrate holistic services into our person-centered model of care.
“Hosparus Health needs our community’s support more than ever to fund the expansion of services and programs so that more patients and families can be served,” says Linda.
“The impact Dr. and Mrs. Graham have made on the patients and families of Hosparus Health is astounding,” says Beth Hobson, Hosparus Health’s Fundraising Campaign Director. “We regularly update them on programs they’ve funded and get together once a year to provide them with a full organizational update. They are always open to supporting programs we’re looking to enhance or create. We wouldn’t be able to carry forward the work we do without the Grahams and other People of Compassion like them.”
To learn more about giving through IRA Qualified Charitable Distributions, contact Lisa Sanford at firstname.lastname@example.org or 270-304-2329.