How You Can Give To McLaren
"We Make a living by what we get, but we make a life by what we give." (Winston Churchill)
Immediate Outright Gifts
A gift of cash or equities is the simplest of all gifts. If you itemize your deductions on your federal income tax return, you may be able to deduct your contribution to McLaren from your adjusted gross income. In addition, gifts of appreciated property avoid long-term capital gains tax. Check with your tax advisor for deduction and capital gains tax requirements and limitations for your situation.
Gifts of Securities
Securities, both publicly traded and closely held, and bonds can be used to make a gift to the McLaren Foundation. A donor is entitled to a charitable tax deduction equal to the value of the securities on the date of the gift. McLaren is able to sell the securities and employ the proceeds, without reduction by capital gains taxes because of McLaren's status as a non-profit organization. Gifts of closely held stock require additional planning, and may require approval by the McLaren Foundation Board.
Gifts of Real Estate
A gift of real estate may be a principal residence of vacation residence, a farm, a commercial building, subdivision lots, or unimproved land. The gift may be the entire property or a fractional interest in the property. The same benefits that accrue to gifts of appreciated real estate. All gifts of real estate require approval by the McLaren Foundation Board.
Gifts of Tangible Property
A donor should remember that all tangible personal property, such as paintings and other works of art, will be subject to estate taxes. By giving such items to McLaren during your lifetime or at death, you may realize certain benefits and discover a new way to make a gift. Gifts of tangible personal property, which are related to the hospital's purpose, generally produce a deduction equal to the fair market value of the property. Gifts that do not have a related purpose may generate a lower tax deduction but can still be attractive for contribution. Certain gifts of tangible personal property require approval by the McLaren Foundation Board.
Gifts of Life Insurance
Life insurance offers an alternative method for making a charitable gift to the McLaren Foundation. For example, a donor may:
- Give a policy that is fully paid up and take a deduction for the "present value" of the policy, as determined for tax purposes, (which generally is the approximate cash surrender value); or
- Purchase a new policy of which McLaren is designated the owner and beneficiary.
Certain gifts of life insurance require approval by the McLaren Foundation Board
Gifts of Endowment
Endowment gifts are invested with a portion of the earnings from these investments used to fund programs, and the remainder invested to grow the fund. As a fund grows, so do the earnings.
Endowment gifts live beyond the donors, helping to ensure the continued strength of McLaren Flint. Through endowment giving, one generation looks after another, helping to provide a healthy future for those we love.
Minimum contributions to establish an endowment vary depending on the purpose of the gift. To name a fund for an individual or family, a minimum contribution of $10,000 is required, unless otherwise specified. Additions to existing endowments have no minimum contribution requirement.
Several examples of programs that could be endowed at McLaren Flint are as below:
- Individual endowments for cardiovascular, cancer, kidney, orthopedics, the neurosciences, women's services or the emergency department
- Graduate Medical Education
- Medical Education Speaker Fund
- Named Chairs of Residency Programs (Funds will help to ensure continued outstanding leadership in the education of medical professionals, research, and the development of patient care initiatives)
- Named Medical Department Directorships (Funds will help sustain excellence in patient care and leadership in the medical departments)
- Nursing Education Speaker Fund
For more information about minimum contributions for these and other endowment opportunities, please contact the McLaren Foundation at (810) 342-4087.
Planned gifts allow donors to make gifts while they proactively manage their estate. Several ways to make a planned gift are listed below If you are interested in learning more about making a gift to McLaren, please contact the McLaren Foundation by calling (810) 342-4087. Or, click here to link to the McLaren Foundation Gift Form.
- Bequests Gifts: A bequest may provide for a specific dollar gift, a percentage of your estate, or specific asset(s) to be given to McLaren in support of its various programs and endeavors. A bequest may also be in the form of a gift of the remaining assets of one's estate. Bequests, like other gifts, can be designated for many purposes or given without restriction.
- Charitable Gift Annuity: A Charitable Gift Annuity provides fixed income for life and is easy to establish. Through this giving method, donors will be able to meet both financial needs and personal philanthropic goals. Establishing the annuity requires a minimum gift of $10,000. Benefits of a Charitable Gift Annuity include an immediate income tax deduction and a capital gains tax savings, a lifetime stream of fixed payments for one or two people (the donor and/or others), and an opportunity to designate a future significant gift for McLaren to support the patient care and programs.
- Testamentary Life-Income Gifts: Charitable remainder trusts, charitable lead trusts, and charitable gift annuities all may be established through a donor's will. A testamentary gift enables donors to reduce estate taxes, provide an income stream for a loved one, and provide new estate planning options.
- Retirement Plans: Individual Retirement Accounts (IRAs), tax-sheltered annuities, Keogh plans, self employed plans (SEPs), 401(k), 403(b) and other qualified pension and profit-sharing plans can also provide significant support for McLaren Flint. A donor needs to inform his retirement plan administrator that he wishes to name McLaren as a beneficiary of the plan. The funds will usually pass to McLaren outside of probate and free of all taxes.
- Life Insurance: A donor may name the McLaren Foundation/mrmc as a beneficiary of an existing life insurance policy. The proceeds will usually pass to McLaren outside of probate and free of all taxes. The McLaren Foundation is available to assist you in determining a plan for your donation. We strongly recommend that you also consult you own financial advisor before you finalize your plan for giving.
How Your Gift to McLaren Will Be Recognized
All gifts to McLaren Flint during the year are recognized in a variety of ways, including through publication in the McLaren Foundation's annual report. Donors who have made cumulative gifts of at least $10,000 since 1981 become members of the McLaren Society and are honored on the Society wall. Those who have Planned Gifts for McLaren's future are members of the McLaren Legacy and are recognized that display. Named gifts will also be recognized appropriately in departments and printed materials. Other special events and communications will also be offered to donors.
For More Information
If you are interested in learning more about making a gift to McLaren, please contact the McLaren Foundation by calling (810) 342-4087. Or, click here to link to the McLaren Foundation Gift Form.