There are countless ways to partner with the Central Northeast Health Foundation to
foster healthier communities throughout Central Newfoundland.
You can:
- Leave a Bequest in Your Will (Planned Giving)
- Make a General Donation at any time of the year
- Set up a monthly donation through a payroll deduction or your bank account
- Celebrate Special Occasions and Milestones with A Celebration Gift
- Honor loved ones and friends through In Memoriam Giving
- Order a Butterfly to appear on one of our Flight of Life™ murals
- Order a Leaf for the Heartwood Tree™ at Bonnews Lodge / Lakeside Homes
- Consider other Planned Gifts such as Life Insurance or Donations of Securities
- Volunteer to help out in our office, at special events or selling tickets
- Attend our Special Events or sponsor participants collecting pledges
Bequest in Your Will (Planned Giving)
Most of us hope that we leave the world a better place. Leaving a gift or ‘bequest’ in your will is a wonderful way to turn this hope into reality! By identifying the Central Northeast Health Foundation Inc. in your will you will be making an investment in the health and well-being of every person living throughout the central and northeastern regions of Newfoundland for many generations.
Bequests are also commonly known as ‘planned gifts’ or ‘legacy gifts’ where a gift of money or property is transferred upon the owner’s death, through a will. A bequest can specify that a certain percentage of your estate, a particular asset, or a specific dollar amount will be directed to the Central Northeast Health Foundation.
Our Foundation has the ability to designate your gift to a specific health facility, health program or health service of the Central Regional Health Authority to ensure that the legacy you leave is meaningful to you and to your family.
The added joy of leaving a bequest in your will is that this is quite a simple process…by far the easiest process of all planned giving options! Our staff would be happy to work with you as you consider this opportunity, and we encourage you to seek the guidance of your professional advisors such as lawyers, financial planners or accountants.
* Please note that the legal name of our charitable organization, for inclusion in a will, is the “Central Northeast Health Foundation Inc.” Our charitable registration number is 86168 3498 RR0001.
What are the benefits of leaving a bequest in your will?
- You have the use of your assets during your lifetime.
- A bequest is a tax-effective means of supporting the Central Northeast Health Foundation.
- Your estate receives a tax receipt for the full value of the bequest. If the total bequest exceeds 100% of the net income on your final tax return, the excess may be carried back to the previous tax year.
- A bequest is a revocable gift; this provides flexibility as that it can be altered at any time should your circumstances change.
- You can designate your gift to a specific health priority that is of concern to you and your family.
Sample Wording for bequests
A general bequest directs that the charity receives a specific piece of property, usually a sum of cash.
Example: “I give to the Central Northeast Health Foundation Inc. the sum of $20,000.00 to be used for the general purposes of the Foundation.”
A residual bequest designates all or a portion of whatever remains after all debts, taxes, expenses and all other bequests have been paid.
Example: “I give to the Central Northeast Health Foundation Inc. all of what remains of my estate following the distribution of my personal articles, and after paying any debts, taxes and expenses, for the general purposes of the Foundation.” OR
Example: “I give to the Central Northeast Health Foundation Inc. forty percent (40%) of the residue and remainder of my estate, to be used for the general purposes of the Foundation.”
A contingent bequest takes effect only if the primary intention cannot be met.
Example: “If any of the beneficiaries named in this will should die before becoming entitled to receive their distributive share of my estate, I direct my Estate Trustee to transfer the share to which such beneficiary would otherwise have been entitled to the Central Northeast Health Foundation Inc. to be used for the general purposes of the Foundation.”
For more information please contact our Foundation office at (709) 256-5493 or by e-mail.
Endowment Fund
The Central Northeast Health Foundation launched its Endowment in the winter of 2008 with a generous donation of $65,224.15 to create the Doris and Everett Fiander Endowed Fund.
An Endowment may seem complex, but it’s really very simple…an endowment is a fund that a charitable organization sets up which is designed to provide an unending source of funds for its charitable purposes. In our case that means funding for our Health Foundation for the purchase of priority medical equipment and investment in the health programs and services of Central Health.
It is a permanent investment in which the principal or original investment remains intact to generate a continuous source of revenue. In other words, we only spend the earnings (ie. interest and dividends) and not the principal. Once the value of the endowment reaches a predetermined level, the charity begins to spend some or all of the interest earned on the original investment.
An endowment is a smart investment as it helps charities such as ours plan for uncertainty in the future by generating a steady source of income. A gift can be made by an individual, group or business at any point in time throughout the year. The donor simply designates the donation for the Endowment Fund.
As families and individuals begin planning their wills, we would like to suggest you consider a bequest restricted for our new Endowment. This thoughtful action will help to create a healthier future for those living throughout central Newfoundland. It can also create a permanent legacy of generosity in the name of the donor or person being honored. Like all other major donations, a donor has the right to restrict an endowment gift for the future benefit of a specific healthcare facility, department, program or service of the Central Regional Health Authority.
Our Executive Director would be pleased to work with you or with estate Executors, to ensure that an Endowed Fund is established which will create a lasting legacy and be pertinent for many years into the future. We will work with you, or your professional advisor, to ensure your Endowment agreement meets your goals as well as those of the Central Northeast Health Foundation.
Gifts of Life Insurance
A gift of life insurance provides the opportunity to make a significant gift to the Central Northeast Health Foundation, at some point in the future, at a relatively modest cost today. In this situation a person does not have to be wealthy in order to make a substantial contribution to healthcare in Central Newfoundland. You can establish such a gift through an existing life insurance policy or by taking out a new policy.
Life insurance is not taxable when paid out as a death benefit. For this reason, it is often used for estate planning purposes as a means of offsetting taxes that may be owing. A married couple can purchase insurance on a joint basis to provide funds that can be given to a charity when the second spouse dies.
Almost any type of life insurance can be used as a charitable gift. If the donor purchases a new life insurance policy – set up so the Central Northeast Health Foundation owns the policy – or if the ownership on an existing policy is assigned to the Central Northeast Health Foundation, then our charity can name itself the sole beneficiary of the policy. The donor will then receive a charitable tax receipt for each of your premiums and for any cash surrender value in the policy. With the donor’s passing, the Central Northeast Health Foundation would receive the proceeds of the policy. An added benefit of giving in this way is the fact that your wishes will be guaranteed as the benefits cannot be contested, taxed or claimed by your creditors.
Another option for giving a charitable gift through life insurance is for the owner of a policy to retain ownership of the policy. The donor would then gift some of the insurance proceeds to the Central Northeast Health Foundation Inc. in his or her estate. The donor’s estate will then receive a charitable tax receipt for the full amount of the death benefit, rather than just for the premiums paid along the way. This tax receipt can help to reduce the tax burden the estate may otherwise face.
**Please note that the legal name of our charity is the Central Northeast Health Foundation Inc.**
In-Kind Gift Donations
The Central Northeast Health Foundation has gratefully accepted a wide range of non-cash gifts, commonly referred to as in kind gifts, throughout our history. Some examples of such gifts would include:
- Real estate
- Gently used, medical-grade healthcare comfort items (ie. wheelchairs, geriatric chairs…)
- New, medical-grade healthcare equipment
- Artwork
- Book collections
A qualified, professional appraisal is required if the value of the asset exceeds $1,000. A donor of a gift in kind may receive a tax receipt for the appraised, fair market value determined the day the donation is made.
Gifts of Securities
You may consider supporting the Central Northeast Health Foundation with a gift of stock or securities. Eligible securities include: shares, debt obligations or rights listed on a prescribed stock exchange, a share of the capital stock of a mutual fund corporation, employee stock options or a unit of a mutual fund trust.
The value of the tax receipt that you will receive upon providing a gift of securities or stock will be based upon the market closing price on the day the Central Northeast Health Foundation takes legal receipt of the same into our brokerage account.
In 2006 the capital gains taxes on publicly traded securities donated to registered charities was eliminated. This new tax benefit often makes securities more attractive than cash as a donation. If you donate publicly traded securities, mutual funds, stock acquired through exercising employee stock options, or other eligible securities, and increase in their value since purchase is not taxable.
