A gift to the Foundation can be a promise, rather than an immediate donation. These gifts are used to benefit future generations, as well as to provide current tax relief. Donations take the form of bequests, real estate, securities, life insurance policies, and more.
Planned Giving to the Hanover and District Hospital Foundation is becoming a widespread way to benefit you, the Hanover and District Hospital, and future generations. It includes any gift that is promised now and realized sometime in the future. It promises significant tax benefits, and allows individuals to make a more significant contribution to the Hospital than they may normally be able to.
A bequest is a donation to the Foundation indicated by your will. The most common form of Planned Giving, it can be left as a specific sum or percentage of funds, or as stocks, bonds, real estate, etc. The donor remains in control of the funds throughout his or her lifetime, while knowing how they will impact the Hospital and community after their death.
The Foundation can be named as the owner and beneficiary of either an existing policy or a new policy. A tax receipt is issued for the premiums paid each year, as well as for the cash value of the policy at the time of the transfer.
Stocks, bonds and mutual funds can be transferred to the Foundation and a tax receipt is issued for the fair market value of the securities. The capital gains tax has been eliminated on gifts of publicly listed securities (shared and mutual funds).
A gift of property or real estate allows for an immediate gift, with an immediate tax receipt. The actual transfer of property can occur when the donor so chooses.
A significant donation can be made to the Foundation, in turn for lifetime security. The Foundation purchases an annuity, which provides a lifetime source of income for the donor. The Foundation would receive the remainder of the investment at the time of the donor’s death.
We welcome your support if you choose to participate in our Planned Giving Program. The process can be simple and should be done in consultation with your financial advisor.
Please contact Sue Paterson, Foundation Coordinator at (519) 364-2341 x 203 to find out more about planned giving or including the Hanover and District Hospital Foundation in your will.
A Legacy of Planned Giving in Hanover
Planned Giving allowed for the creation of our hospital. Mr. Jacob Knechtel donated a building and Mr. Daniel Knechtel donated $7,500 towards equipment for the development of a hospital. Mr. Daniel Knechtel further endowed the institution with a number of shares of capital stock in the Knechtel Furniture Company. With these generous donations, the Hanover Memorial Hospital became a reality on August 3, 1923. The Hospital moved to its present location in 1973.