This information will help you get started, but it is summary in form and general in nature and does not apply to all individuals. You should consult your tax, legal or financial advisors concerning the specific details and consequences of making a gift to the Canton-Inwood Area Health Foundation and to help you determine which approach is best for you. Canton-Inwood Area Health Foundation employees and board members do not provide tax or legal advice.
Monetary gifts of any amount are accepted at any time. Monetary gifts may be made in person at the Foundation office, mailed or completed online. Automatic monthly, quarterly or annual donations may be arranged.
Payroll deduction can be set up at any time for employees of Sanford Canton-Inwood Medical Center.
Make a donation to Canton-Inwood Area Health Foundation in honor of a family member, friend, colleague, or a special event like a wedding, graduation, or birthday. We will mail your designee a personalized letter, letting them know that you have made a gift in their name.
Make a gift to the Foundation in memory of a family member or friend.
Seeking to make a positive impact on community health and wellness for the benefit of current residents and future generations, the Foundation offers Heart of the Community Health and Wellness Grants to deserving recipients on an annual basis. You may designate your gift be applied to the grant program.
In an effort to support the future of health care, the Foundation created a scholarship program that is awarded annually to deserving students who are pursuing an education in health care. You may designate your gift be applied to the Heart of Tomorrow Scholarship program.
On occasion, the Foundation will support special projects at Sanford Canton-Inwood Medical Center. For example, the Foundation is currently supporting the development of the Hiawatha Healing Garden. You may earmark your donation to be applied to the project in general or you may donate for a specific portion of the project.
The simplest way to make a Planned Gift is by naming the Foundation in your will. A bequest is a meaningful way to support the Foundation without affecting your cash flow during your lifetime. Your attorney can include it when you prepare or revise your will or you can add a codicil at any time.
There are several types of bequests:
You can make sure your bank accounts, certificates of deposit, or securities go immediately to support the Foundation through a Totten Trust also called a payable on death account, which in most cases only requires the completion of a form from your financial institution.
Just designate the Foundation as the recipient of the assets of your account or certificates of deposits. When you do so, you will still be able to use your money as you want and you can even close the account.
There are certain tax breaks available when you make a gift of appreciated securities that you have owned for more than one year.
Certain retirement plans such as IRAs, 401(k), 403(b), and Keoghs, allow individuals to defer paying taxes on a portion of their income until the assets are withdrawn during retirement years. However, after a person’s death, these accounts are often exposed to taxes. Therefore, you might find it beneficial to contribute all or part of these funds to the Foundation while leaving other assets to your heirs.
Simply name Canton-Inwood Area Health Foundation a beneficiary of your retirement plan. You will retain complete control during your lifetime, and you can change your beneficiary at any time if your circumstances change.
Please note: You also may be eligible to make annual charitable gifts using funds withdrawn from retirement accounts, eliminating the income tax that would otherwise be due on such withdrawals.
An easy and straightforward method of philanthropic giving is through life insurance policies. The Foundation welcomes gifts of life insurance when the policy is paid in full and the Foundation is named as the owner and the irrevocable beneficiary of the policy.
The Foundation is happy to accept gifts of life insurance policies that are not paid in full at the time of the gift when the policy:
We will gladly accept benefits payable under a life insurance policy where the Foundation is a named beneficiary or contingent beneficiary under the policy, whether the policy is owned by the Foundation or not.
In addition to making an outright irrevocable gift of residential, commercial, or undeveloped real estate during your lifetime, you can make a gift of real estate to the Foundation through your will. Simply describe the property, in full detail, in your will or codicil.
You can also transfer the deed to your property to the Foundation while retaining the right to live there for your lifetime. You would continue to take care of the property, pay the taxes, and receive any income it generates. However, because you have made a gift of the property by deed, it will not pass through probate after your death. You will also be able to take a deduction on your income tax return during the year you make your gift.
Gifts of personal property, including art, jewelry, antiques, and collectibles, can be an effective way to provide support for the Foundation. They can be used to establish a charitable trust or the property can be given directly to the Foundation.
Gifts of grain are a unique and underutilized way to make a charitable gift. Using grain to make a gift to the Foundation can be a wonderful way to invest in the future while achieving tax savings.
A charitable trust is a flexible way to serve your current and long-term financial and philanthropic interests. Through a charitable trust, a donor gives cash, stock, real estate, or other assets to a trust, which is invested and managed by a professional financial institution of the donor’s choice. Once created, a charitable trust is irrevocable. Charitable trusts take two forms — charitable remainder trusts and charitable lead trusts.
A charitable remainder trust allows you to designate the beneficiary of regular payouts from trust proceeds (for either a fixed dollar amount or a fixedpercentage) during your lifetime or for a period of time, not to exceed twenty years. At the same time, the Foundation is designated a remainder beneficiary. This allows you to claim a tax deduction for the estimated portion of the assets that will ultimately go to the Foundation upon death or the expiration of the fixed period.
A charitable lead trust appeals to individuals who wish to make a gift but retain the property. Through a charitable lead trust, you can designate the Foundation as the beneficiary of annual payments from the trust, allowing the donor to avoid taxes on the income during the fixed period of time or until the end of the donor’s life. At the end of the period or at death, the remainder is distributed to your heirs.
Canton-Inwood Area Health Foundation is a nonprofit corporation exempt from federal income tax under Section 501(c)(3) of the Internal Revenue Code.