But he sold it to Bedrock Detroit for around $ 5.5 million at the end of 2018. Crain calculated the sale price based on property transfer taxes. A similar gift from a group of nurses in Lansing a few years ago to buy out medical debt inspired the couple to recommend a gift from their donor-advised fund to do the same, Elmes said in an email. at Crain’s.
“When we saw the opportunity to buy with pennies what had been dollars, we thought it was a modest way to do good in difficult times. “” Since I have been crushed by debt before and know it is terrible, and because our family has had health issues which luckily are behind us, we have seen the benefits of doing so. ”
“Running an arts organization is not a lucrative career choice, but we’ve had some luck recently,” Elmes said in the post. Elmes said he discovered the education and health needs in Highland Park while serving on an advisory board for the Highland Park School Board. “Health, education and debt are all linked. Taking some of the pressure off one helps another.
Elmes announced full payment of these medical debts last week in a Facebook post. The Community Foundation paid $ 20,000 from the donor-advised fund to buy the debt from RIP Medical Debt, a New York-based nonprofit, and then forgave it.
This is at least the second time this year that philanthropy has been used to pay off the medical debt of people in the area. Elmes encouraged residents of Highland Park and other parts of Wayne County benefiting from the gains to watch the yellow envelopes in their mailboxes, informing them that the debt was being settled on their behalf.
He and his wife are calling on other philanthropists and nonprofits to buy out the medical debt of all Michigan residents – starting with $ 14 million in long-term medical debt for residents of Detroit for just $ 100,000 . The Pontiac Community Foundation and Kirk in the Hills, a congregation of the Bloomfield Hills Presbyterian Church, in February repaid $ 5.5 million in medical debts for residents of Oakland County by purchasing them for $ 29,520 from of RIP Medical Debt and then forgiving them. The strength of the model developed by RIP Medical Debt is that it also allows small donors to create the kind of impact that only large foundations could have had in the past, Elmes said.
News area Highlights
- Title: Galapagos Art Space Founder Pays $ 2.7 Million In Wayne County Medical Debt
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