Planned Giving


Throughout its history, South County Health has benefited from the generosity of many friends who have provided support through their bequests and other forms of planned or deferred gifts. Planned gift arrangements offer “win-win” structures that help you provide for the Hospital while advancing your own financial and personal objectives.

Bequests and other forms of planned or deferred gifts offer you a way to support South County Health in a way that makes financial sense for you. A planned or deferred gift is usually made with the assistance of a financial advisor and a development officer. Learn more about planned giving and its benefits below.

What is Planned Giving?

A planned or deferred gift is a type of charitable gift that requires some planning, usually with the assistance of a financial advisor and development officer. A donor may fund his or her gift with cash or other assets. When you create a planned gift, you potentially increase your income, reduce taxes, avoid capital gains tax, pass assets to family at a reduced tax cost, and make a substantial donation to a charity. Planned gifts include bequests, trusts, real estate, charitable gift annuities, and retirement assets.

Benefits of Planned Gifts:

  • Maximizing your charitable contribution
  • Allowing advantageous tax deductions under state and federal law
  • Turning appreciated assets into an income for yourself and/or others

Including South County Health in your will or trust is one of the simplest ways to support continued excellence in healthcare after your lifetime. A bequest can be structured to suit your family needs, such as providing income for a loved one, before it is distributed to South County Health.

The value of your charitable bequest is deductible for estate tax purposes and may offer significant tax savings, depending on the size of your estate (Federal Tax # 05-0445136).

South County Health is happy to work with donors and their legal advisors on the phrasing of a specific bequest or creating a named fund through a bequest. If you would like additional information regarding bequests, please contact Claudia Swain, Vice President of Development, at 401 788-1608 or cswain@southcountyhealth.org.

A gift annuity is an agreement between an individual and South County Health. The donor transfers assets, cash, appreciated securities or other property, and receives a guaranteed fixed income for life, or the life of a loved one. The rate of return is determined by your age(s) at the time the gift is made. Charitable gift annuities offer the security of an income, as well as tax benefits since part of the transfer is treated as a gift.

Benefits include:

  • Satisfaction in knowing that your gift will make a difference at South County Health
  • Guaranteed, fixed payments for life
  • Attractive rates of return
  • A substantial income tax deduction
  • A portion of each payment is tax-free for a period of time

If you would like additional information regarding Charitable Gift Annuities, please contact Claudia Swain, Vice President of Development, at 401 788-1608 or cswain@southcountyhealth.org.

Many individuals have life policies that can be used to benefit charities when the insured dies or in some cases, during the insured’s lifetime. Life insurance can be used to benefit charities in two primary ways:

Name South County Health as a primary beneficiary or as a contingent beneficiary. Changing your beneficiaries is easy. Simply contact your insurance carrier and request a beneficiary form.

Benefits:

  • Easy to give – involves little effort or paperwork
  • Continued ownership
  • Revocable – may change beneficiaries during lifetime
  • No income tax benefits, but will circumvent estate tax

Policy owner can irrevocably assign the ownership and beneficiary designation to the South County Health, guaranteeing that the death benefit will pass to the charity. If the policy has cash value, the Hospital would have the option of either holding until the maturity date or surrendering and receiving the policy’s present cash value.

Benefits:

  • Donor may be entitled to an immediate charitable income tax deduction equal to the fair market value or the adjusted cost basis the donor has in the policy
  • Proceeds will pass free of estate taxation to the Hospital when the insured

We like to honor donors who include South County Health in their estate plans with induction into The Flagship Society. The Society was established in 1994. If you have made a planned gift to South County Health, please let us know so that we can thank you.

For more information about planned giving, contact Claudia Swain, Vice President of Development, at 401 788-1608 or cswain@southcountyhealth.org.

Cash, in the form of a personal check, is the easiest and most direct way to give to the Hospital. Checks should be made payable to South County Health and addressed to South County Health, Development Office, 100 Kenyon Ave., Wakefield, RI 02879.

Gifts of stock and other securities are welcome. Gifts of appreciated securities avoid capital gains taxes. Donors receive credit based on the face value of the securities donated. To make a stock gift to the hospital, review our stock transfer instructions.

Questions? Call our Development Office at 401 788-1608 or email cswain@southcountyhealth.org.

Gifts of Stock and other Securities to the South County Hospital Endowment (This is an attached PDF please keep link)

Thank you for considering a gift of appreciated securities to the SCH!

To properly credit your gift, we ask that you notify the Development office, to let us know that a gift will be transferred.

Due to privacy laws, gifts of securities may be transferred without a clear link to the name of the original donor.

If we don’t know that you are the donor, we cannot properly credit your gift, nor provide you with a gift receipt fortax purposes.

Step By Step Instructions:

1.Before initiating a gift, please contact Claudia Swain at (401) 788-1608. She will need to know the donor’s name, the names of the securities that will be transferred, number of shares, and the anticipated date of transfer. It is helpful to know the Cusip Number of the stock and the DTC Participant # of the broker/ bank transferring the securities.

2.Notify your broker that you are making a gift of stock or bonds to South County Health Endowment. Instruct your broker to transfer the securities, if DTC-eligible, to South County Hospital’s accountant Citizens Bank. Your broker will need the following information:

Citizens Bank

Administrator:
Kevin Mulvey
Phone:401-282-4209
Fax: 401-282-5330
kevin.mulvey@citizensbank.com 

Citizens Private Bank & Trust
10 Tripps Lane RTL125
Riverside, RI 02915 

If Kevin is out of the office, email to: retirementplanservices@citizensbank.com  

Please note Citizens Bank is not DTC direct, but clears through Bank of New York Mellon.

DTC #901 (Bank of NYMellon)
ID Agent Acct #101400 (Citizens Bank) f/f/c Acct#1012906
ID Agent #80901 

For gifts of Mutual funds:
Contact Tom Napolitano at 401-282-3264

Please don’t hesitate to Claudia Swain (401)788-1608 if you have any questions. Thank you!

Companies with matching-gift programs will match contributions made by their employees. Such programs enable some donors to double or even triple the contribution they make to South County Hospital. Contact your human resources department for details and restrictions.

We invite your questions and would be most pleased to discuss with you the advantages and possibilities for planning such gifts to South County Health if you contact Claudia Swain at 401-788-1608 or cswain@southcountyhealth.org