An endowment establishes a permanent fund, which provides perpetual, annual support for the Cumberland Health Care Foundation. Your gift to establish an endowment creates a lasting legacy in your name or the name of someone you wish to honour. Your endowment benefits a Cumberland Health Care Foundation priority of your choice, or you may give the Foundation discretion to apply the payout from your gift to one of its highest priorities. The concept is simple:
- All endowed funds are established by a written gift use agreement between the donors and the Cumberland Health Care Foundation;
- Your gift is invested prudently, in accordance with Foundation policies, so that over time the endowment's power is preserved;
- Each year, only the interest or proceeds earned on the original principle is used to benefit the area you designate in your gift use agreement;
- Your endowment will be used for the purpose that you designate, consistent with Foundation policies.
Endowments Support Diverse Purposes
The minimum amount to establish a named endowment fund is $25,000. Types of Endowments include:
- Equipment Endowment—This type of endowment provides for ongoing support and purchase of medical equipment necessary for treating patients and providing diagnostic services.
- Program Endowment—This type of endowment provides ongoing support for various program initiatives affiliated with the Foundation.
- Operating Endowment—This type of endowment provides ongoing support for the operations of the Foundation that seeks to fulfill its mission of providing quality healthcare.
- Unrestricted Endowment—This type of endowment permits the Foundation to direct revenue received to an area of greatest need.
Benefits of Creating a Named Fund
There are a number of benefits of creating a named fund at the Cumberland Health Care Foundation:
- Simplicity—An undesignated or field of interest fund is the best way to address a wide range of needs with one contribution.
- Longevity—Your gift remains invested, while the annual income is used to support our healthcare facility forever.
- Flexibility—You may designate your fund to a specific area of interest, or entrust the Foundation with the disbursement of your fund's income. Funds can be structured to meet your wishes.
- Effectiveness—Funds entrusted to the Foundation are pooled and invested in order to achieve greater returns at lower cost.
- Accountability—The Foundation is accountable to the public in its reporting practices, with respect to both investment and disbursement.
- Recognition—A named fund provides an everlasting legacy. The Cumberland Health Care Foundation appreciates all gifts and provides appropriate recognition.
The Board of Directors will accept a gift of any size for the Cumberland Health Care Foundation endowment fund, provided it is the wish of the donor to direct the funds for endowment purposes.
Start a Legacy Today
For more information on establishing an endowment or on contributing to the Cumberland Health Care Foundation's endowment fund, please contact Gwen Kerr, Managing Directo,r at 902-667-5400 ext 6126 or email info@chcfoundation.com.
