TOMA Foundation Board of Trustees
Rodney Wiseman, D.O., FACOFP dist
Kenneth Bayles, D.O.
Ronald Brenz, D.O.
Arthur Speece, III, D.O., FAOCA
Audrey Jones, D.O.
Jim Czewski, D.O., FACOFP, RPH
Jobey Claborn, D.O.
George Cole, D.O.
TOMA Foundation Bylaws - download here
A Legacy, a Gift, and helping those in need.
Most of us want to leave a social legacy, particularly those who are involved in serving the community, such as those in the medical profession. All of us have limited resources even though we would like to leave as large a legacy as possible. Also, we all know that the cost of obtaining a medical degree involves many thousands of dollars and many years of training. This puts a career in medicine out of the reach of many individuals. Did you know that one way you can leave a legacy and help medical students in need is by donating a life insurance policy?
The use of life insurance in charitable giving is one of the most overlooked methods for donors to make a significant impact on the community and society. There are generally four common methods for using life insurance as a charitable giving vehicle:
• Name a charity on your current group term life insurance.
• Name a charity as the beneficiary on an individually issued policy you currently have.
• Gift an existing policy you no longer need to a charity.
• Gift money to a charity to purchase a policy and continue to gift to the charity the future
The Texas Osteopathic Medical Association Foundation (TOMA) has developed a program where philanthropic-minded doctors can donate life insurance policies or fund new insurance policies issued to the TOMA Foundation to help establish scholarships for needy medical students.
The Greek origin of the word “philanthropy” means the love of humanity. Private philanthropic initiatives are generally focused on improving the quality of life. When you give money to a worthy cause, it is generally done to help solve a problem. What better way to leave a legacy and help solve a pressing problem in the medical community than by giving to the TOMA Foundation? When contributions are made to a qualified charity during the donor’s lifetime, there may be an income tax deduction or a gift tax deduction. You would need to consult your tax advisor for more information about your specific circumstances.
TOMA has endorsed ETMG, LLC as the insurance agency to implement it. If you are interested in helping the TOMA Foundation in these efforts, please call Mr. Thomas Smith at 512.279.5611 or send an email to him at firstname.lastname@example.org. We've also put an informational page on our website at etmg.us/tomafoundation so you can learn more about this kind of charitable gift.
Other Opportunities in Giving
Contributions to the Foundation can be made in a variety of ways. Individuals may make a onetime financial contribution at any time or may contribute on a regular basis, e.g. through credit card payments, check, etc. Contributions may also be made on the basis of “planned giving;” as noted above. Other contributions have been made in memory of a family member or friend, or deceased DO. A number of such memorials have already been established.
All funds may be dedicated to a particular use or activity, which must meet one or more of the purposes of the Foundation (see above). This is required by the Internal Revenue Service.
Currently, funds are dedicated to osteopathic medical student scholarships, osteopathic medical student activities, TOMA building support, and memorials.
There are already certain dedicated funds established by individual contributors. These include:
• Joe Montgomery Davis Memorial
• Elmer Baum Memorial
• Kenneth S. Bayles, D.O., Student Activity Fund
• Emily Elizabeth Mallick Memorial
• Sondra Darlene Way Memorial
• TOMA Building Fund
• TOMA Foundation Tom Hanstrom Scholarship Fund
Individual memorials may be combined to meet foundation purposes.
Generally, an individual can deduct contributions of money or property that are made to, or for the use of, a qualified organization. A contribution is ‘for the use of” a qualified organization when it is held in a legally enforceable trust for the qualified organization or in a similar legal arrangement.
A deduction for charitable is generally limited to 50% of adjusted gross income, but in some cases 20% and 30% limits may apply. A professional accountant can give you more information.
A qualified organization must give a written statement if you make a payment to it that is more than $75 and is partly a contribution and partly for goods or services. The statement must tell you that you can deduct only the amount of your payment that is more than the value of the goods or services you received.
If you give property to a qualified organization, an individual generally can deduct the fair market value of the property at the time of the contribution.
The Internal Revenue Services published a document called Publication 526 in which all of the rules for contributions to a charitable organization. This document is available on the IRS website at www.irs.gov.
The TOMA Foundation can be reached through the TOMA office in Austin at 800.444.8662 or email Executive Director, David Reynolds at email@example.com.
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