Giving when the cause is good can be a very rewarding experience. Support of the efforts of the Hospital Foundation is a way to provide improvement and advancement in the provision of services to those in need of hospital health care. It is always a noble deed to help others in need. The Hospital is ever grateful for every donor who lends their support to improving patient care.
Tangible support by monetary gifts is a way to get results that benefit patients while providing both immediate satisfaction to the donor and quite often a tax advantage to them as well. It is a way to personally direct Government tax dollars to a purpose that the donor chooses.
Following are some suggestions of how that might be done within the structure of the hospital foundation.
Annual or Regular Giving
- A contribution can be made using a cheque, cash, or Credit card in any amount either for an unspecified or specified purpose. Donations for specified purposes must be for a purpose acceptable to the foundation. It is wise to check this out in advance. Tax receipts are issued for donations of $10.00 or more.
- Can be arranged using a credit card and a commitment to contribute on a monthly basis over a future specified period. Contributions can be for an unspecified or specified purpose. A receipt for accumulated contributions during the year will be issued shortly after the calendar year end.
- These gifts are a wonderful way to show you care. Acknowledgement is made to the family or honouree. The amount of the gift is kept confidential. A Tax receipt is issued to the donor.
- Remember and honor a friend or loved one with a gift to the Foundation. Donor will receive a Tax receipt. The family will be advised that the donor has made a memorial gift.
- Make a gift on behalf of a friend, colleague or loved one as a way of recognizing a special occasion such as a birthday, anniversary, retirement, graduation or as a way to show gratitude for a kindness or special service.
Gifts of Securites
- Some individuals find themselves invested in securities that have made marked gains which if cashed out will result in a tax burden to the individual. At the same time they may wish to support Foundation work. It is possible to escape the capital gains tax by contributing the security itself to the Foundation. Persons interested in pursuing this avenue of giving should consult with a tax expert before moving ahead.
Gifts of Life Insurance
- Some individuals find themselves holding life insurance policies and the purpose for which they acquired them is no longer a priority. These can be turned over to the Foundation as a gift and the donor can receive a tax receipt that could benefit them now. On the other hand some individuals may be interested in making a major future contribution to the Foundation and may choose to use a life insurance vehicle to accomplish this. They can receive tax receipts for the premiums they pay if arranged properly. Individuals considering life insurance options should consult with a tax expert.
Gifts in Kind
- Some individuals may hold tangible assets which may have substantial value but are not needed by the individual. The Foundation can accept tangible assets at a fair market value and provide a tax receipt to the individual. Tangible assets may include such items as land, buildings, furniture which can be used in Foundation approved projects. The Foundation maintains the right to accept only such tangible assets that have value to the Foundation. Fair market value may require an independent appraisal being performed.