After its election of Board Directors this past week, Saugeen Memorial Hospital Foundation (SMHF) has some new faces and some returning ones.
Mary Jo Arnett is the new Board Chair taking over the reins from Jim Barbour while Joan Vaughan remains as Secretary-Treasurer. Barbour will also remain on the Board as past-Chair and, as yet, no one has stepped forward to fill the Vice-Chair position.
One of the new Directors, nominated by member Sue Dunlop, is Martha Bennett, a retired ultra-sound technician and, while Bennett joins the board, previous Director John Divinski is stepping down.
Executive Director, Tracy Murray, gave a synopsis of annual equipment needs. “There is no doubt that the demand is increasing,” she said. “There is a growing need for equipment that uses new technology. We contributed $1,158,535 to Grey Bruce Health Services (GBHS) including $560,000 for the new MRI. We are now looking for approval of a CT scanner to be located in our Southampton hospital.”
“We are very fortunate to be in such a giving community with individual donors, GEMS, businesses and corporate sponsors, Service clubs, media and the volunteers who give their time,” said Murray. “We want to focus even more on marketing, to connect with new residents and families and to look at new fundraising initiatives this year.”
According to Murray, the Gran Fondo 2018 had 671 riders and $137,000 was raised. “This year to date, there are more than 560 riders registered and we have goal of $150,000 that will go toward a patient location system for those with dementia, two new beds and other equipment.”
Michael Bolton on behalf of Independent Auditor BDO, presented the financial audit. “At the end of March,your year-end, total assets were just over $1.9million,” said Bolton, “which is slightly down from last year however, that is to be expected as monies collected through the various campaigns are down being disbursed.”
He pointed out that the Endowment Fund is an important part of net assets and it is currently at $1,032million. “This is great because it is an ongoing legacy.”
When it comes to revenues, SMHF has over $1million with the largest amount due to the Gran Fondo.
Expenses are $260,000, up approximately $90,000 but $84,000 of that is again due to the Gran Fondo. “Therefore, revenues over expenditures is $760,000 with the biggest impact from the Gran Fondo.”
Willard Vanderploeg, Charitable Giving Advisor for the five foundations within GBHS, is passionate when it comes to charitable giving through estate planning and legacy giving. “Progress has been made on a donor recognition program, “Caring for Tomorrow Society”. We will be presenting pins as we want to establish a recognition of those who are leaving either through a bequest or living donation.”
“We send out letters of appreciation to trustees in the case of estate settlements, interactions with lawyers, etc. A matrix of policies has been developed. This is all something that is unique as most charities receive a gift and that’s the end of communication so this sets us apart,” said Vanderploeg.
He pointed out that all Foundations are separate from each other and the hospital but he would like to see work done through collaboration.
Legacy Giving
A legacy gift to charity is a gift of assets planned to be given in the future after death where family, friends and neighbours will see the benefit of the gift. “It’s a way of doing something good for your community.”
All legacy gifts are unique. “It is not for wealthy people, is not complicated, is not expensive and is not inflexible,” says Vanderploeg. He says that the most common type is through a will where a specific amount is set out or where a percentage of what’s left (residue) in an estate is left as a gift. Another option is to leave a child’s share. For instance, an estate can be divided between children and add a charity as another child.
Vanderploeg encourages everyone to have a will. A change can be made to a will through a codicil. There are also several tax advantages that can be maximized before death, an RSP/RIF can be treated like an estate gift by designating a charity beneficiary, there is the possibility of avoiding probate for the charitable gift, establishing an endowment where interest over time supports the charity..
For more information on legacy giving, endowments, etc, contact Willard Vanderploeg at 519-376-2121 (ext. 2736).
