Q:How do I make a donation of securities?
A donation of securities is like giving cash funds, although transferring securities, like publicly traded stocks, mutual funds or bonds, can be more advantageous to the donor while providing valuable support for RLMCHF. You can safely donate your stocks and securities, including flow-through stock, by transferring them electronically from your brokerage account to RLMCHF’s brokerage account. You will receive a receipt for income tax
purposes for the full appreciated value of your securities as of the closing trading price on the day of the transfer. You will also be exempt from any capital gains tax on your securities which makes this a very beneficial donation, as it provides considerable savings on your taxable income.
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 the purchase of a wheelchair, the funds are passed on to the hospital upon presentation of the Hospital’s proof of purchase so that there is always a clear audit trail. The law and best accounting practices are clear on such matters.
Q: Doesn’t government finance hospitals?
A: Only in part. The LHIN funds approximately 75% of our operating needs. The balance is the responsibility of the hospital, which generates revenue from various sources, such as parking and the service of international patients. For major, capital projects the Ministry of Health will finance 50-75%, depending on the project. The balance of the project is the responsibility of the Hospital.
Capital equipment is funded 100% by Hospital reserves. This is why the Hospital Foundation fundraises for item(s) needed to maintain a high standard of healthcare 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. They invest their time and resources because they are committed to the community and love their hospital. The Foundation is a corporate entity, separate from the hospital.
Q: What has the foundation done in the past?
A: The foundation was rejuvenated by the receipt of a generous contribution from the Cochenour Foundation of $200,000. From that beginning, the Foundation Board was formed and raised $1 million in The Future Is Ours Campaign. Each year, the Foundation endeavors to raise funds via various events and promotions within the community. Both the Friends of the Foundation Golf Tournament (spring) and the Purse Auction (Fall) have become annual and successful fund raising opportunities. In the future, the Foundation plans to further develop by promoting regular giving by individuals, sourcing and applying to Canadian grant agencies, and promoting planned giving through wills, bequests, and insurance.
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 and 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.