Historical Newspapers of South Carolina

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Page8 Effective January 1,1985 Matching Gifts to Education Clinton Mills, Inc. has announced its Matching Gifts to Education Program, effec tive Jan. 1, 1985. The new program re placed the previous program sponsored by The Bailey Foundation. PURPOSE: The Matching Gifts to Education Program is designed to encourage employees of Clin ton Mills, Inc. or one of its associated com panies to give personal financial support to educational institutions of their choice which meet the eligibility requirements stated below. Such gifts, in amounts of $10 to $2,000 per employee per calendar year which meet the conditions described below, will be matched dollar for dollar by Clinton Mills, Inc. Eligible gifts of $50 or less will be matched on a two for one basis. EMPLOYEE ELIGIBILITY: An employee, at the time of his or her contribution must in full-time employment of the company or one of its associated com panies, and shall have had at least one (1) year continuous service in such employ ment. Retired employees who met these eli gibility qualifications at retirement are eligi ble. The donor need not be an alumnus of the institution to which he or she contri butes. EDUCATION INSTITUTIONS QUALIFICATIONS Graduate and professional schools, four year colleges, two year junior and commun ity colleges, private high schools, technical institutions and educational television and radio stations which: 1. are non-profit and non-proprietary. 2. are fully accredited by a national or regional agency, if applicable. 3. are located within the United States. 4. qualify under Section 501 (c) of the Internal Revenue Code. EMPLOYEES 1 CONTRIBUTIONS: An employee contribution is one which is the personal gift of an employee, actually paid by the employee and not merely pledged to a qualifying educational institu tion. An eligible employee may make an annual contribution to more than one qual ifying educational institution. However, the total amount of the matching contributions to all such institutions shall not exceed $2,000 per employee during any one (1) calendar year. CLINTON MILLS, INC. CONTRIBUTIONS The Company’s annual contribution will match dollar for dollar personal contribu tions in the amount of $10 or more of any individual employee, but shall not exceed $2,000 in any one (1) calendar year. Eligi ble gifts of $50 or less will be matched on a HEALTH CARE COST FOURTH QUARTER, 1984 HOSPITAL 22% URGICAL 13% .—OTHER MEDICAL 6% MEDICAL 8% —X-RAYS 4% V ' \ r- % ' ' < '' , : ' ' ' I j . j / i - - • / I’t--AS MSf^ANCILLARY 47% Where Was Each Health Dollar Spent? A breakdown of health care cost for 1984 reveals a great deal about where company and employee insurance dol lars are being spent. Ancillary charges, which are hospital services, excluding room and board, ac counted for 47% of the total health care cost in the fourth quarter, 1984. Further analysis of the health care expenditures show that hospital ben efits represented 22%; surgical fees, 13%; medical, 8%; other medical, 6%; and x-rays, 4%. Clinton Mills is concerned about the rapid increases in medical care delivery costs. In October, 1984, the company re vised its medical plan to provide oppor tunities and incentives to curb health care costs. Clinton Mills medical care plan has numerous features designed to help curb costs. Among these are the reimbursement of 100% of the generic drug costs once the deductible is satisfied, hospital care of 30 days up to $3,000 for terminally ill, a maximum incentive reward re imbursement for any savings resulting from hospital billing errors for services not received and the requirement that Friday or Saturday hospital admissions must be medically necessary. Numerous other provisions were also included to make the plan more attrac tive to employees while maintaining cer tain cost reduction features. two to one basis. QUALIFICATIONS FOR CONTRIBUTIONS The employee’s contribution must be in the form of cash, or securities having a quoted market value, and paid directly to the qualified educational institution or its qual ifying alumni organization or foundation. During 1984, 26 educational institutions in 11 states shared $41,691.36 in Match ing Gift funds. Scholarship Forms Now Available For the year 1985, The Bailey Foundation will sponsor up to three (3) M.S. Bailey Memorial College Scholarships and up to twelve (12) Educational Loans on behalf of Clinton Mills, Inc. Application forms for the 1985 M.S. Bailey College Scholarships and Loans are available from Mack Parsons (Clinton) and Bob Dettmar (Geneva). The deadline for filing an application is April 15, 1985. Many Qualify for Special Deduction Married couples who work are eligible for a special tax deduction worth as much as $3,000 on 1984 federal tax returns. The deduction is subtracted from gross income and is limited to the smaller of either 10 percent of the qualified earned income of the lesser-earning spouse, or 10 percent of up to $30,000, for a maximum deduction of $3,000. To take the deduction, both spouses must have earned income, such as wages, salar ies, and tips. However, income earned by one spouse working for the other does not qualify; nor does such income as interest, dividends, pensions, annuities, IRA distri butions, unemployment compensation, de ferred compensation or nontaxable income.