Q: How do I know that the money that I give is not used for normal operation of the Hospital?
A: Gifts to the Foundation are transferred to the hospital on the basis of a formal procedure in which the hospital undertakes to use all such funds for their designated purpose. For instance, if a donor makes a gift to support purchase of a wheelchair, the funds are passed on to the hospital upon presentation of proof of purchase by the hospital so that there is always a clear audit trail. The law and good accounting practice are both pretty clear on such matters.
Q: Doesn’t government finance hospitals?
A: Only in part. The LHIN funds us approx. 75% of our operating needs. The balance is the responsibility of the hospital, which generates revenue by charging for parking, generating revenue through offering other services such as the day care program, out of country patients as some examples. For major building projects the Ministry of Health pays 50-75%, depending on the project again with the balance of the project the responsibility of the Hospital.
Capital equipment is the funded 100% by the Hospital. The Hospital can use its reserves. This is where the Hospital Foundation comes into play and fundraises for item(s) needed to maintain a high standard of health care within the Red Lake area. Most hospitals rely on fundraising by their Foundation, and local service groups such as the auxiliary, lions club, etc.
Q: Who runs our Foundation?
A: The Red Lake Hospital Foundation is governed by an elected Board of Directors comprised of volunteers from across the community who are members of the Foundation. They invest their time and resources because they are committed to the community and love their hospital. The foundation is incorporated as a corporate entity separate and “arms length” from the hospital.
Q: What has the foundation done in the past?
A: The foundation was rejuvenated by a receipt of a generous contribution from the Cochenour Foundation of $200,000. From that beginning, the Board was formed and the Foundation raised $1 million in The Future Is Ours Campaign. Each year the Foundation promotes events which raise the profile of the Foundation and raise funds. Most recently, the Friends of the Foundation Golf Tournament has become an annual event and successful fund raising venue for the Foundation. In the future, the foundation hopes to develop sources of new funds by promoting regular giving by individuals, sourcing and applying to the many granting agencies that exist in Canada, and promoting planned giving through wills, bequests, and insurance instruments.
Q: How do I arrange to include the Foundation in my Will?
A: Do you have a will? If not, a disproportionate share of your estate, whether large or small, will go to pay taxes. We will help you prepare your will and encourage you to include the Hospital Foundation as a beneficiary. By doing this, you perpetuate your good name prominently in the community for years to come.
Q: What is an Insurance Gift:
A: You can purchase life insurance with the Foundation as the named beneficiary, the premiums for which are tax deductible. You get a tax receipt; the foundation receives the benefit of the policy upon your passing. Many people are finding this to be a dignified way to give back to their community.