Gift Acceptance Policy
The Cape Breton Regional Hospital Foundation (The Foundation) accepts gifts of any amount in the form of cash, stock, real estate, personal property, or other assets, including gifts through trusts, estates or insurance policies.
The Board reserves the right to refuse any gift that it believes is not in the best interest of the Foundation.
Bequests. The Foundation receives bequests from persons who have directed in their wills that certain assets be transferred to the Foundation. The Foundation’s legal name is Cape Breton Regional Hospital Foundation.
Life Insurance. The Foundation accepts life insurance policies for which the donor has relinquished ownership by assigning all rights, title, and interest in the policy to the Foundation. If the insurance policy is not fully paid up, the usefulness of the gift is judged on a case-by-case basis. If the policy is accepted, the Foundation may choose either to cash it in for the current surrender value or continue to pay the premium (e.g., the Foundation has paid the premium on a policy for which the donor provides an annual contribution equal to the premium).
Life Income Arrangements. Several types of deferred giving arrangements can be established during one’s lifetime or through a will and can be structured to provide a life income for oneself or a loved one. Life income arrangements include: charitable remainder annuity trust, charitable remainder unitrust, and a remainder interest in a residence or farm. Charitable lead trusts provide income over a term of years or a person’s lifetime to charity.
The Foundation may accept gifts from charitable remainder trusts in a form substantially similar to the forms approved by the Canadian Revenue Agency or are otherwise determined by the Foundation’s legal counsel to be legal trusts for administration by the Foundation on the following terms:
1. The Foundation may accept charitable remainder interest from any charitable remainder trust if the Foundation determines it is in its best interest to accept the gift.
2. The Foundation encourages the use of a Trustee suitable to the donor including banks or other appropriate institutions. The Foundation will consider serving as Trustee at a market rate if the Foundation is the irrevocable remainder beneficiary. Should the Foundation be selected to serve as Trustee, the Foundation will provide donor’s advisors with certain necessary Trustee provisions.
3. The Foundation encourages donors to consult their own legal counsel and tax advisors to create a charitable remainder trust.
The Foundation may accept life insurance policies as gifts on the following terms:
1. The Foundation shall be both the owner and the beneficiary of any policy accepted by the Foundation. The Foundation may decline to accept any insurance policy if it is not in the best interest of the Foundation to accept the proposed gift.
2. The donor agrees that the proceeds from the policy will be the property of the Foundation to be administered by the Foundation for such purposes as designated by the donor, subject to the policies and procedures of the Foundation.
3. The Foundation shall have no obligation to continue premium payments on insurance policies.
4. If any insurance policy lapses for non-payment prior to maturity because a donor fails to provide sufficiently for premium payments, the Foundation may redeem the policy and apply the proceeds from any cash settlement to the Foundation.
5. The minimum dollar amount of the life insurance policies to be considered for acceptance by the Foundation is $5,000 or such lesser amount as approved by the Board of Directors.
As of this writing, the Foundation does not participate in charitable split dollar insurance plans.
Donors may place restrictions on gifts under the following conditions:
- The restriction must be one considered compatible with the overall mission of the Foundation.
- The restriction shall not impede the ability of the Foundation to acquire gifts from other sources.
- The restriction shall not place undue burden on the Foundation’s resources.
- The restriction shall not subject the Foundation to adverse publicity.
Board consideration may be required for the following types of gifts:
- Gifts of art or other valuables that will encumber the Foundation either financially or administratively.
- Securities that are not readily marketable. These may include closely held stock, limited partnership interests, joint venture interests and other forms of investments that may not fall into the marketable securities category.
- Real estate. Every proposed gift of real estate must be examined on its individual merits, including, but not limited to, the title to the property and its insurability, the results of environmental investigations, and marketability. A current appraisal completed by a qualified appraiser must be provided by the donor.
- Gift annuities.
- Charitable Remainder or Lead trusts.
- Named endowment funds.
Gifts that may encumber the Foundation either financially or administratively require approval of the Board before acceptance. Examples are cash given to create a new programs or designated funds.
The Foundation reserves the right to decline any gift that interferes with its ability to fulfill its mission or that unduly encumbers the Foundation.
For more information, contact the Foundation at (902) 567-7752.
Race the Cape
Race the Cape is four days of challenging point-to-point sail racing, both inland and coastal ocean, broken into four legs of up to 40 nautical miles through the Bras d’Or and along the Atlantic coast of Cape Breton Island. Race the Cape is an International Sailing Federation – Off Shore Special Regulations (OSR) Category 4 Race, generally sailed during daylight hours. There are both Spinnaker and Non-Spin Divisions.
During the layover day on July 19th, at the Bras d’Or Yacht Club in Baddeck, racers are encouraged to attend a auction with all funds raised gong to the Cape Breton Regional Hospital Foundation, the Northside Harbourview Foundation and the Victoria County Memorial Hospital Foundation.
Play Fore Kids
On Friday, July 26th, join the Cape Breton Regional Hospital Foundation and the YMCA of Cape Breton for the 2nd Annual Play Fore Kids Charity Golf Tournament at The Lakes Golf Club. Support two of Cape Breton’s largest charities through one event and help us take steps forward in children’s health! Last year, this tournament sold out, hosting 144 players from Cape Breton’s business community. All proceeds raised support the Pediatrics Unit at the Regional Hospital and the YMCA’s children’s programs.
For more information, click here.