Jersey Shore University Medical Center

Philanthropy Today Impacting the Next Generation of Care

Geriatric medicine specialist Eileen Masterson, M.D., celebrated an important milestone in 2020. After more than 30 years of service, she retired from the medical team at Hackensack Meridian Jersey Shore University Medical Center.

As she reminisced about her career, she couldn’t help but think of all the young doctors who were just beginning their own careers. Determined to make a difference for the next generation of health care heroes, Dr. Masterson decided to spend part of her retirement helping medical students prepare for the national medical exams, alongside her former colleague and friend, internist David Kountz,M.D., co-chief academic officer and vice president of academic diversity at Hackensack Meridian Health.

Then the COVID-19 pandemic happened, changing the scope of her plan. Although she was unable to volunteer with medical students in person, Dr. Masterson found another way to support them.

“On discussing my financial situation with my advisor, I realized I didn’t need the income I would be required to take from my IRA as a required minimum distribution in 2022,” says Dr. Masterson, whose advisor suggested taking that as a qualified charitable distribution to the charity of her choice. “I wanted to do something that would benefit residents at Jersey Shore University Medical Center, since I know many of them have a large student debt at a time when they are also supporting growing families. I reached out to Dr. Kountz about how to help these young doctors.”

Dr. Masterson’s determination and desire to help developed into the Eileen Masterson, M.D. and David Kountz, M.D. Scholarship Fund, which beginning in 2022, will award a $10,000 scholarship every year to four first-year residents at Jersey Shore University Medical Center following the successful completion of their first year of training. During her lifetime, the scholarship will be funded with an annual distribution of $40,000 from Dr. Masterson’s IRA. After her lifetime, the IRA’s remainder will pass to Jersey Shore University Medical Center Foundation, to which Dr. Masterson has pledged a grand total of $1.1 million.

“I have had the good fortune to work with residents of all disciplines. The residency program makes this hospital great,” Dr. Masterson says. “I can help now and into the future.”

Dr. Masterson’s philanthropic show of support, along with a $10,000 gift to the scholarship fund from Dr. Kountz, is a testament to the care provided at Jersey Shore University Medical Center, and the confidence they hold in the next generation of clinicians. Jackie Bartley-Oxley, vice president of gift planning for Hackensack Meridian Health Foundation, adds: “We are extremely grateful to Dr. Masterson for her tireless dedication to our residents, her wonderful generosity and for allowing us to celebrate her philanthropic spirit today - knowing that her legacy will impact so many generations of medical residents in the future.”