Donations To Scottish Rite Park
Ways you can help Scottish Rite Park serve its residents.
Scottish Rite Park is a non-profit retirement community that provides Independent, Residential and full Nursing services for our residents. Scottish Rite Park is designed to enrich residents’ lives by offering simply elegant senior living. This retirement community strives to exceed the expectations of those we serve through nutrition, fitness, and socialization by continually evolving into an atmosphere of individuality and exceptional customer service. We are dedicated to provide continuing quality care with the utmost compassion giving residents pleasure in calling Scottish Rite Park home.
Three areas to which your gifts may be directed to help Scottish Rite Park continue to meet the needs of its residents:
- Direct gifts to Scottish Rite Park. Funds may be designated for a specific purpose or for the general operation of Scottish Rite Park. Gifts of this nature help all residents by supplementing fees paid by residents for the operation of the Park, which allows us to keep resident fees lower.
- Gifts to Scottish Rite Park for the benefit of the Raymond G. Zoe O. Miller Fund must be retained and cannot be spent. The income earned from the assets in the Miller Fund is to be used to maintain those residents in the Health Care area of Scottish Rite Park who have outlived their financial resources and do not qualify for other governmental programs, such as Medicaid. Due to today’s advanced medical technology, a healthier lifestyle, social support and nutritionally balanced meals, our residents are living a fuller, longer life.
- Gifts to Scottish Rite Park for the benefit of the Good Life Fund. This resident administered fund provides resources for amenities which might otherwise not be available to our residents.
Gifts to any of these areas help our residents continue to live a normal and healthy life.
Scottish Rite Park and the funds described above qualify under Section 501 (c) (3) of the Internal Revenue Code and contributions are tax deductable to the full extent authorized by law.
Ways you can make a gift in support of Scottish Rite Park and its residents.
Here are 6 different options. Please review them to see if any are appropriate for your situation. We are here to help you match your interests with the needs of the Scottish Rite Park community.
For simplicity, the options below are written as though the gift is to be made to Scottish Rite Park. If a gift is intended for either the Miller Fund or Good Life Fund shown above, the name shown above should be substituted.
- The simplest option is to write a check made payable to Scottish Rite Park. This can be done as a one-time event or as a series of checks over time.
- Your financial accounts, such as checking, saving, money market or certificate of deposit accounts can be re-titled by having your financial institution add Scottish Rite Park as a beneficiary. This in no way interferes with you ability to use the funds during your lifetime. After your death, any funds you did not use could then be transferred to Scottish Rite Park.
- If you have appreciated stocks, bonds or mutual funds a current gift to Scottish Rite Park can allow avoidance of capital gains tax and allow a charitable deduction based on the full value of the asset at the time of the gift.
- A life insurance policy which your beneficiaries no longer need for protection makes a good future gift that does not affect your current financial status. There are a number of ways of accomplishing this transfer, and the method chosen can affect the tax treatment. See the Scottish Rite Park business office for options.
- A bequest of a specific asset, dollar amount or a percentage of your estate is another way to support Scottish Rite Park and our residents. If you currently have a Will, a codicil to your Will can be prepared by your attorney. If you have a revocable living trust, your attorney can prepare an amendment to the trust. If you have neither, please see your attorney and take care of this very important task.
- A retirement account can be an excellent gift to Scottish Rite Park at your death. An IRA, 401-k or other retirement account can be transferred without difficulty to a surviving spouse, but when a retirement account is transferred to someone other than a spouse that beneficiary is subject to both income and death taxes – up to 70%.
What next?
Once a decision has been made to support the residents of Scottish Rite Park there are only a few more steps to take.
- Decide how you would like to assist the residents. A gift to Scottish Rite Park which will benefit all of the residents; a gift to the Miller Fund to provide financial help for residents who have outlived their financial resources and are not eligible for government assistance; or to the Good Life Fund to provide amenities which might not otherwise be available. Of course, it is possible to make gifts to more that one of these areas.
- Determine when and what you would like to give. Will it be now or in the future? Will it be cash, stocks or bonds, retirement plan benefits or some combination?
- Consult with your attorney for any legal advice and your financial advisor for any assistance you might need in carrying out your intentions.
- Inform Scottish Rite Park of your intent, so that your generosity might be properly acknowledged and to make certain your intentions are clearly understood. This also assists us in our long range planning so that Scottish Rite Park continues to be a desirable home for our residents.
If you have any questions or need additional information, please contact our business office at (515) 274-4614.
No part of this information is intended to be legal or tax advice. For such advice, see your attorney or tax preparer.
