Giving Options
Online – The St. Clare's Hospital Foundation has
developed an online donation site for your convenience.
The highest level of encryption and security is used for
all online transactions. Options for online donations
include the Annual Fund, Commemorative Gifts, and
Stepping Stones. All online transactions require use of
a major credit card. If you would rather make your
donation offline, please use the provided printable
donation form that can be mailed to the St. Clare's
Hospital Foundation.
Download
Donation Form (PDF)
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Cash
– This is the simplest way to make a gift. You can
designate the gift for general use, as an addition to
the endowment fund or for a specific purpose. For tax
purposes please allow sufficient time for your gift to
clear your bank before December 31.
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Appreciated Stock – A gift of an appreciated
security has a double tax benefit – a charitable
deduction for the fair market value of the stock on the
date of the gift and avoidance of the capital gain that
would have been realized if the stock had been sold. In
determining your potential capital gain, don’t forget to
consider the effect of stock splits and dividends on
your stock basis.
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Charitable Trusts – Although the same concept as
a charitable gift annuity – a charitable trust can be a
little more flexible and a little more complex. The
biggest tax benefits again come if the gifted property
is appreciated property like stock, real estate or a
closely-held business interest since capital gains tax
will be avoided if the property is sold by the trust. A
"charitable remainder trust" provides an annual annuity
payment to you for life or a term of years and, at the
termination of the trust, a transfer of the remaining
trust property to the Foundation. A "charitable lead
trust" provides for an annuity payment to the Foundation
for a term of years and, at the end of the term, a
transfer to your family or other heirs of the remaining
trust property.
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Charitable Gift Annuity
–To make an annuity gift you irrevocably transfer money
or securities to St. Clare’s. In exchange, we pay you
(and another, or a survivor, if you like) a fixed amount
annually for life. In effect, your transfer is part gift
and part purchase of an annuity. The income tax benefits
are, if you itemize, an income tax charitable deduction
in the year you make your gift. A large portion of each
annuity payment you receive is tax-free. The rate of
return is attractive and guaranteed for life without
investment worries or responsibility.
Click
here for more details.
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The Foundation as Your
Beneficiary – Naming the Foundation as the
beneficiary of a life insurance policy has tremendous
estate tax benefits. Naming the Foundation as the
beneficiary of a qualified plan, e.g. IRA, 401 (k)
account, profit sharing plan, etc., has tremendous
estate and income tax benefits. With respect to a life
insurance policy, such a beneficiary designation will
remove the value of the policy proceeds from your
taxable estate since your estate is entitled to a
charitable deduction. Since the Foundation is a
tax-exempt entity for income tax purposes, naming it as
the beneficiary of your qualified plan account will
allow it to collect the value of the plan account
without having to pay any estate tax, like with the life
insurance proceeds, but also without paying any income
tax on the distribution. Therefore, one hundred percent
(100%) of the money goes immediately to work for the
Foundation. A non-charitable beneficiary, like a family
member, could see the account reduced by up to 77% for
payment of estate and income taxes.
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Gifts by
Will – A charitable bequest under
your will can be done by simply including the following,
or similar, language in your will: "I give __________ ($
.00) Dollars to the St. Clare’s Hospital of Schenectady,
New York, Foundation, Inc. for its general uses and
purposes." Such a bequest will reduce your taxable
estate for estate tax purposes. If you would like more
details on any of these or other charitable planning
alternatives, please contact the Foundation office at
347-5601, or email
awalrath@stclares.org
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