Posted on 06/10/2019 11:47:24 AM PDT by BenLurkin
Higher Vision Church in Santa Clarita was among more than a dozen houses of worship nationwide that raised millions to donate to RIP Medical Debt, a nonprofit organization that arranges such debt payoffs, according to US News & World Report. In a drive attended by 8,000 people, the church raised $16,000 – wiping out $1.6 million in medical debt.
The church, which is located in a shopping center right off the 5 Freeway at the 126, pledged to wipe out $200 in medical debt for every person who attended a service April 18 to 21.
(Excerpt) Read more at losangeles.cbslocal.com ...
In a drive attended by 8,000 people, the church raised $16,000 – wiping out $1.6 million in medical debt.
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Now, that is some creative accounting there.
Each of the 8,000 people donated $2?
There’s obviously a donor who pledged in matching funds. Charities have done this before. No big deal but it is an incredibly nice act for the person/enterprise who agreed to wipe out the debt.
I was referring to how the $16K eradicated the $1.6M debt.
I did then go read the article. Some debt company bought the debt for pennies on the dollar. They then allowed the $16,000 to clear the debt. Until I looked, I really couldn’t figure out their creative accounting.
Okay, thanks. Article excerpt eas confusing.
I’m curious if there are any tax impacts from such accounting.
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