UAB St. Vincent’s Foundation (USVF) welcomes deferred or planned gifts benefiting UAB St. Vincent’s to benefit and sustain its future. UAB St. Vincent’s was called into being through a partnership with the community in 1898. Responding to that call, with a commitment to the whole person as a unity of mind, body, and spirit, UAB St. Vincent’s has provided care to all who turn to us in a crisis or during a medical need.
- USVF and UAB St. Vincent’s are both qualified, 501(c)(3) public charities recognized by the State of Alabama and the Internal Revenue Service.
- As a nonprofit, UAB St. Vincent’s is committed to the well-being of the community.
- The ability to recapitalize facilities, purchase advanced technology, and sustain quality services is only possible through the generosity of our donors.
PLANNED GIVING ARRANGEMENTS
Planned Gift Designations
USVF invites deferred gifts with a designated use as the means to provide the maximum benefit to UAB St. Vincent’s. Unrestricted gifts are treated as operating dollars. Therefore, the gift instrument should name a specific facility (UAB St. Vincent’s Birmingham, UAB St. Vincent’s East, UAB St. Vincent’s St. Clair, UAB St. Vincent’s Blount, UAB St. Vincent’s Chilton, UAB St. Vincent’s Trussville, and UAB St. Vincent’s One Nineteen) or a medical service line (cancer, heart, orthopedic, behavioral health, women & children’s, NICU, etc.).
In the event the donor structures a designated gift with an authorized representative of USVF, the donor will be provided a Fund Agreement outlining the purpose(s) and use of the gift.
UAB St. Vincent’s Visionary Society
Donors who complete a planned or deferred gift are entitled to be enrolled as members of the UAB St. Vincent’s Visionary Society to perpetually recognize their generosity. A donor may be anonymous during their lifetime and enrolled upon their death. Likewise, this designation is also extended to donors who become known to USVF as the result of a previously unknown planned gift.
Deferred Giving Options
USVF offers the following opportunities in structuring a planned gift:
1. Gifts by Will or Trust
USVF may be designated as the beneficiary of a bequest or gift by the terms of the donor’s will or by a revocable or irrevocable trust. Sample bequest language is available to donors and their attorneys to ensure that the bequest is properly designated. This gift may be an unrestricted gift to USVF or the donor may sign a prearranged but broad designation agreement to ensure the long-term sustainability of the donor’s charitable intent.
2. Life Insurance
A way to make a very meaningful gift is to name USVF as the beneficiary of a universal or whole life insurance policy. Many uses of life insurance change during life; therefore, this type of contract gift both bypasses probate and reduces a donor’s total estate. Donors can also receive an immediate charitable tax deduction by gifting an existing life insurance policy to USVF.
3. IRA or Qualified Retirement Plan
USVF will receive all or part of a defined contribution plan or retirement account where the donor names USVF as the beneficiary. As a public charity, one hundred percent of a qualified retirement plan transfers to USVF by contract and avoids all income, gift, and estate tax.
4. Charitable Gift Annuities (CGAs)
USVF is licensed by the Alabama Securities Commission to offer charitable gift annuity contracts. This gift allows one or two donors to make a gift of cash or appreciated stock in return for payments during the donor’s life or lives or the payments can be made to another named beneficiary. Upon the death or resignation of the donor(s), USVF’s portion of the CGA assets is allocated to support of the designated purpose(s).
5. Charitable Remainder Unitrust
Under a charitable remainder unitrust, the donor irrevocably transfers money, securities, or other property to a trustee selected by the donor. The trustee pays the donor (or one or more income beneficiaries designated by the donor) a fixed percentage of the net fair market value of the trust’s assets, as determined each year. The payments are made for the life or lives of the income beneficiaries or for a fixed period of years not to exceed 20 years. Upon termination of the income beneficiary’s interest, the assets of the unitrust are transferred to USVF. USVF will not serve as trustee of a charitable remainder unitrust to avoid any conflict of interest.
6. Charitable Remainder Annuity Trust
A charitable remainder annuity trust is identical to a unitrust, except that the income beneficiary receives a fixed dollar amount annually from the trust. USVF will not serve as trustee of a charitable remainder annuity trust to avoid any conflict of interest.
7. Charitable Lead Trust
Under a charitable lead trust, USVF is given the initial income interest in the trust assets for a period of years or the lives of one or more individuals. When the trust terminates, it pays the accumulated assets to one or more beneficiaries designated by the donor. USVF will not serve as trustee of a charitable lead trust to avoid any conflict of interest.
8. Life Estate Agreement
A donor may contribute a personal residence or farm to USVF, receive an immediate tax deduction that can extend for five (5) years and retain the right to occupy the property until death. Upon the donor’s death, USVF will immediately own the entire interest in the property. This avoids a residence from being vacant or potentially declining in value during the probate process.
SAMPLE WILL LANGUAGE FOR UAB ST. VINCENT’S FOUNDATION OF ALABAMA, INC.
The following is general sample language to be used for a Will, Codicil, or Revocable Living Trust to make a deferred or planned gift to UAB St. Vincent’s Foundation.
I give and bequeath to UAB ST. VINCENT’S FOUNDATION OF ALABAMA, INC. (“the Foundation”), a 501(c)(3) public charitable organization located in Birmingham, Alabama (Tax ID – 63-0868066), or its successor, the sum of [STATE THE EXACT AMOUNT IN DOLLARS]. (OR) the [PERCENTAGE] of my estate. (OR) all the residue of my estate, real or personal, which I own at the time of my death or over which I have the power of disposition.
This contribution, and all additions, shall also be maintained, administered, and distributed in such manner as to ensure that the Foundation qualifies as an exempt organization as described in Sections 501(c)(3) and 170(b) of the Internal Revenue Code or any comparable provisions of any revisions to the Internal Revenue Code.
The Board of Directors of the Foundation shall administer said charitable gift subject to the provisions of the applicable Alabama laws and the Foundation’s Bylaws and Organizational Documents, as amended from time to time. The gift shall be allocated to:
1. Greatest Need:
The closest arrangement available to support an unrestricted gift.
Add: be designated and shall be administered by the Board of Directors to be added to the AREA OF GREATEST NEED FUND of the Foundation.
OR
2. Designated Gift:
Add: be designated and shall be administered by the Board of Directors to support [EXPLAIN OR DEFINE SPECIFIC HOSPITAL, FACILITY, SERVICE LINE, OR SPECIFIC AREA OF NEED].
OR
3. Establish an Endowed Named Fund:
A minimum of $50,000 is required to establish an endowed fund within the Foundation. Ideally, the donor and their advisor will execute a Fund Agreement with the Foundation in order to exercise this option.
Add: establish a permanently endowed fund within the Foundation which shall be known as the [NAME OF FUND]. The Fund principal shall not be committed, expended, granted, or distributed for any reason.
Any additional contributions from the donor or gifts in support of the Fund shall be treated as principal. The net annual income, including interest and any appreciated capital gains shall be distributed for the charitable purpose of [EXPLAIN OR DEFINE SPECIFIC HOSPITAL, FACILITY, SERVICE LINE, OR AREA OF NEED].
Please call 205-558-3850 for more information on how you can make a Planned Gift to UAB St. Vincent’s Foundation of Alabama, Inc.