The Palo Pinto Area Foundation was formed in October of 1969 as a 501c3 Organization. The mission of the Foundation is to financially support the endeavors of the Palo Pinto General Hospital, Board of Directors , and Palo Pinto County Hospital District in the healthcare needs of the surrounding communities.
Gifts of Cash
If you itemize you can lower your income taxes by simply writing a check to the Foundation by December 31. There is no easier way to garner a year-end charitable deduction!
Gifts of Real Estate
A residence, vacation home, farm, acreage, or vacant lot may have so appreciated in value through the years that its sale would mean a sizeable capital gains tax. By making a year-end gift of this property instead, you would avoid the capital gains tax, and at the same time receive a charitable deduction for the full fair market value of the property.
Gifts of Life Insurance
If you own a life insurance policy that is no longer needed, consider it as the vehicle for a year-end charitable gift. To receive a charitable deduction, name Palo Pinto Area Foundation as both owner and beneficiary of the policy. If the policy has a cash value, you can take a charitable deduction approximately equal to the cash value at the time of the gift.
Gifts of Stock
If you own stock, it is almost always more beneficial to contribute stock than cash. This is because a gift appreciated stock generally offers a two-fold tax saving. First, you avoid paying any capital gains tax on the increase in the value of the stock. Second, you receive an income tax charitable deduction for the full fair market value of the stock at the time of the gift. Make sure you have owned the stock for a "long-term" period of time (this generally means you have held the stock for more than one year) to qualify for these significant tax advantages. Your gift of stock should be postmarked by December 31. A stock broker or trust officer can arrange for a year-end gift of stock from your account by consulting the Palo Pinto Area Foundation Broker.
While you are considering your income tax savings, this may also be a good time to consider long-term tax planning. The federal estate tax can still save up to 55% of one's estate at the time of death. That is a higher penalty than income tax! It pays to do some advanced planning with your attorney and other professional advisors. We hope you will consider a charitable bequest in your will to benefit Palo Pinto General Hospital while you save estate tax dollars at the same time.
Tree of Life
The other means to give is through the Area Foundation "Tree of Life". This beautiful display is located on a wall near the front entrance of the hospital. The tree is designed with different color leaves, acorns, and stones.
Over 50 years ago, a group of professional businessmen and women saw the advantage of having a county hospital district in Mineral Wells, Texas. The population was flourishing in Mineral Wells at the time and the need was great. They walked the streets and shook hands and single-handedly raised enough money to completely furnish and support the building of Palo Pinto General Hospital as we know it today. In the 1980's they began a new mission to build a third floor, which is now the medical and surgical units.
Today, the Board of Directors of the Palo Pinto Area Foundation is committed to guiding the foundation. They guide and develop the distribution of funds donated to the Foundation. Most important to the Hospital is their enthusiasm and profound recognition of the positive and successful direction the Palo Pinto Area Foundation has taken. Whether it is for themselves, family, or friends, they know how valuable it is to have locally accessible "Excellence in Healthcare."
Mineral Wells currently has approximately 17,000 residents, but the treatment coverage area Palo Pinto General Hospital assumes is close to 10,000 square miles and 100,000 people. The needs and demands for healthcare has grown and the facilities have expanded and the promise to continue to meet needs remains.
For more information, please contact the Director of Volunteer Services & Foundation, phone (940) 328-6419.