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Mercy Hospital Foundation

Mercy Iowa City Awards Health Careers Scholarships


Seated Left to Right: Paige Gallagher - Solon High School; Maggie Dahlstrom - West High School; Kyrsten Ulin - Solon High School; Sara Burlage - Regina High School. Standing Left to Right: Margaret N. Reese - President, Mercy Hospital Foundation; Lauren Helle - Clear Creek Amana High School; Anna Stenberg - Benton Community High School; Melissa Locey - Wilton High School; Claire Bridges - West Branch High School; Jessica Heims - Cedar Rapids Prairie High School; Cindy Penney - Vice President of Patient Care Services and Chief Nursing Officer; Dawn Kueny - Education Manager. Missing from Photo: McKenna McCreedy - Clear Creek Amana High School

By Margaret N. Reese
President Mercy Foundation and Interim Director Marketing and Community Relations Mercy Iowa City

The Mercy Hospital Foundation has again awarded ten Health Careers Scholarships of $1,000 each, renewable for up to four years. The recipients are students graduating from high schools in Mercy's ten-county service area who plan to pursue degrees leading to a health care career. The recipients were honored at a reception on April 26 when each individual was able to share their personal motivation for pursuing a career in health care.

The Health Careers Scholarship program is made possible by generous donations from Mercy Iowa City employees and the Mercy Hospital Guild with supplemental funds from the Mercy Hospital Foundation. A total of 37 new and renewed scholarships were awarded in 2016.

The Carly M. Ambrisco Health Careers Scholarship, an endowed fund, was awarded to Maggie Dahlstrom, West High School, who will be majoring in Nursing.

This is the fifteenth year that Mercy Iowa City has awarded Health Careers Scholarships.

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A charitable bequest is one or two sentences in your will or living trust that leave to Mercy Hospital Foundation a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.

an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement plan

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The official bequest language for Mercy Hospital Foundation is: "I, [name], of [city, state, ZIP], give, devise and bequeath to Mercy Hospital Foundation [written amount or percentage of the estate or description of property] for its unrestricted use and purpose." 

able to be changed or cancelled

A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.

cannot be changed or cancelled

tax on gifts generally paid by the person making the gift rather than the recipient

the original value of an asset, such as stock, before its appreciation or depreciation

the growth in value of an asset like stock or real estate since the original purchase

the price a willing buyer and willing seller can agree on

The person receiving the gift annuity payments.

the part of an estate left after debts, taxes and specific bequests have been paid

a written and properly witnessed legal change to a will

the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will

A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to Mercy Foundation or other charities. You cannot direct the gifts.

An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.

Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.

Securities, real estate or any other property having a fair market value greater than its original purchase price.

Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.

A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.

You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.

You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to Mercy Foundation as a lump sum.

You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to Mercy Foundation as a lump sum.

A beneficiary designation clearly identifies how specific assets will be distributed after your death.

A charitable gift annuity involves a simple contract between you and Mercy Foundation where you agree to make a gift to Mercy Foundation and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.

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