Year-end message from Jim Paradis
Amid this season of gratitude, we thank you for your support of the hospital—particularly during this challenging time. We recognize the need to keep you, a valued member of our Paoli Hospital family, engaged and informed. Please find this short video message from Jim Paradis and accept our wishes for a safe and happy holiday season!
Citadel donates hospital gowns
Citadel Credit Union is among the many area businesses and organizations in our community that have stepped up during the coronavirus pandemic to help those on the health care frontlines at Paoli Hospital. To support the COVID-19 response efforts, the Citadel Credit Union donated 560 hospital gowns to Main Line Health last month
Trevor Squires, Paoli Market Manager, explains, "Our members and employees live and work here, too. And that's what inspires us to give back. We take part in a wide variety of community initiatives and paying it forward to support our community hospital is particularly important to us right now."
Main Line Health expands behavioral health care
Main Line Health recently announced the launch of a system-wide Behavioral Health Expansion campaign. Recognizing that the behavioral health crisis is one of the most pressing issues impacting our communities' health, the campaign will help Main Line Health meet its goal of providing comprehensive care to the patients in our communities that need it most.
Tending to the behavioral health needs of its community has been a priority of Main Line Health since it first opened the Behavioral Health Inpatient Unit at Bryn Mawr Hospital in 1985. While many patients have been helped since then, the crisis continues to escalate and in the past five years, behavioral health related ED visits in our community have increased by 219%.
As a comprehensive community health system with inpatient and outpatient locations across Chester, Delaware, Montgomery and Philadelphia counties, Main Line Health is uniquely positioned to offer the full continuum of care for individuals struggling with psychiatric conditions, mood disorders, substance abuse, addiction and other behavioral health issues. Yet, because its Behavioral Health Inpatient Unit lacks the necessary capacity, we are currently failing our most vulnerable population.
The first step is raising $10 million to double the capacity of Main Line Health's Behavioral Health Inpatient Unit, supporting its mission to see patients through to wellness and recovery. The expanded unit will also assist Main Line Health in its uniquely qualified position to deliver care across diverse underserved populations, including medical patients with co-occurring psychiatric conditions and patients with dual substance abuse and behavioral health diagnoses.
If you are interested in supporting this important issue and Main Line Health's Behavioral Health Expansion, please consider a donation.
Paoli Hospital Foundation continues to grow
In September, the Paoli Hospital Foundation welcomed new board members Lisa Neff-Ryave and Michael Swanick to the Board of Trustees.
Lisa Neff-Ryave is a Pennsylvania based self-employed investor and entrepreneur with over 40 years of experience in financial markets. Influenced by her father, John Neff of Vanguard fame, to invest in the stock market at an early age, she had already amassed a substantial portfolio by the age of 25. Lisa received a BA with honors in Communications from Temple University and was cited by Money Magazine in 1982 as the youngest female franchisee in Dunkin Donuts history. Lisa has also excelled in real estate and now manages her family's financial portfolio and real estate transactions. She is involved with many charities, and also sits on the Advisory Board of the Neff School of Business and Innovation at the University of Toledo in Ohio. After a health scare in 2018, Lisa has also focused on the field of Wellness. She resides in Malvern with her partner, Mike, and cat Sylvester. She is happiest spending time with her sons, Ian and Dylan, and traveling around the world.
As a PwC partner, Michael F. Swanick ("Mike") was most recently a Senior Partner of PwC LLP. Over more than three decades with the firm, Mike held many leadership roles including serving as the Global Leader of the PwC's Pharmaceutical and Life Sciences practice. In this role, Mike worked closely with the PwC's healthcare practice which included many Philadelphia area hospitals. As a PwC partner, Mike specialized in tax, audit and finance. With relationships spanning the globe, he had a knack for building key professional networks and attracting and retaining talent. From a governance perspective, Mike was a member of PwC's Board of Partners and Principals, where he served on the audit, finance, risk and clients committees. Mike also currently serves on the Board of Trustees for St. Joseph's University where he is on the Finance and Audit Committee. He is also an adjunct professor teaching taxation at Villanova Law School and Penn State University. Mike enjoys playing golf and basketball. Mike is married to Mary and has three children, Mike Jr, Kelly and Brian. He lives in Marco Island, Florida and Sea Isle City, NJ.
Changes in 2020 brought about by the SECURE and CARES Act
When it opens in 2021, Paoli Hospital's new Thrombectomy Capable Stroke Center will offer the most advanced, life-saving stroke care to our region, and reduce the devastating impact of a stroke on patients and the families who care for them.
Below are a few questions and answers about creative, tax-advantageous ways donors can support Paoli Hospital priorities such as the Neurointerventional Program and how legislation passed in 2020 has changed these methods of giving.
Q: I understand that I don't have to take a required minimum distribution (RMD) from my IRA this year because of a provision in the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Can I still use my IRA to make a gift to Paoli Hospital through a Qualified Charitable Distribution (QCD) if I am over the age of 70½?
A: Yes, although the CARES Act eliminated the RMD for 2020, if you take the standard deduction rather than itemizing, using QCDs to make charitable gifts remains the most tax-efficient way to make contributions once you reach 70½. Don't forget that the Setting Every Community Up for Retirement Enhancement (SECURE) Act changed the age limit for RMDs from 70½ to 72 for IRA owners who turn 70½ in 2020 or later, but the age threshold for the QCD remains 70½. Once you reach 72, one of the prime tax benefits of a QCD is that it counts toward your RMD.
You can learn more about using your IRA to make a gift to Paoli Hospital through the QCD here.
Q: How else does the CARES Act impact donors to charitable organizations?
A: The law gives donors taking the standard deduction the option to claim an above-the-line deduction of up to $300 for cash contributions to charities. The deduction is per "tax-filing unit," not per person.
Also, donors who itemize their tax returns can generally deduct 60% of adjusted gross income (AGI) for charitable cash contributions. Any cash donations over that amount can be carried over for up to five years and deducted later. However, the CARES Act allows donors who itemize to deduct 100% of AGI for cash gifts to public charities, rather than the normal 60%, in 2020. This means that itemizers can deduct more of their charitable cash contributions this year. Gifts to donor advised funds, supporting organizations, or private foundations don't qualify. Donors should consult their tax advisers to determine whether the 100% election makes sense for them.
The temporary availability of a 100%-of-AGI limit on gifts of cash presents an opportunity for donors to make large gifts from their retirement plans. This includes not only IRAs, but also 401(k)s, 403(b)s, and other defined contribution plans. Ordinarily, donors are advised against withdrawing funds from their retirement account and then giving them to charity because they must declare the withdrawal as income and limits on taking an offsetting deduction and other tax effects may result in their gift increasing their income tax. This year, though, depending on the donor's situation, they may pay limited or no taxes on a withdrawal while making a significant gift.
Q: What is the "drain in 10" rule and how has this impacted inherited IRAs?
A: The SECURE Act mandates that most beneficiaries of retirement plan assets, other than a spouse, must withdraw all funds and pay taxes on them within a 10-year period. This can result in much larger taxes for beneficiaries and condenses the financial benefits for recipients to the 10-year period. This "drain in 10" rule disrupts the tax-preferred nature of inherited IRAs, which had allowed IRAs to grow over time and provided a lifetime benefit for heirs. A way to bypass this tax consequence for heirs is to name a Charitable Remainder Trust as the beneficiary of an IRA, which will stretch out, but not avoid, taxes on IRA assets.
We hope this serves as a helpful reminder as you plan your year-end giving. Please visit our planned giving website if you'd like to learn more about these and other ways to plan a gift to Paoli Hospital, or contact us if you have any questions.
Thank you for partnering with us to better serve our community's health care needs.