Donate to Covenant
We at Covenant Health are very grateful to you for your interest in helping us make our Christian mission of healing a reality. We offer a variety of charitable programs designed to fit your lifestyle and your budget, from donating online to setting up an endowment.
A gift by check or cash is the most common and convenient way to give to the Foundation. Checks must be made payable to the Covenant Foundation. Cash gifts are fully deductible, up to 50 percent of donors’ adjusted gross income. Any excess may be carried forward for up to five years.
Honorariums and Memorials
Honor a friend, acknowledge an outstanding health care professional or celebrate a special occasion through an honorarium. For those who have lost loved ones, a memorial offers the opportunity to celebrate their lives while working to improve the health of our whole community. When you make a gift, we will immediately send a personal note of thanks to recipients or their family members acknowledging your generosity. You will also receive a thank you note and documentation for your tax records.
Many donors choose to extend their gift over time to make a larger contribution. You may pledge in incremental amounts for up to five years, on a monthly, quarterly or annual basis.
Gifts in Kind
Donations of goods, such as televisions, books, furniture, artwork or sporting equipment, enable us to make a hospital visit a little more pleasant for our patients and their families. Tax deductions are available for the current value of the item. If you have an item to donate, please call the Foundation at 806.725.6089.
A bequest, annuity or trust to the Covenant Foundation is your gift to future generations. If you have plans to make a gift to Covenant or are interested in learning more, please call us at 806.725.6089 for more information.
Designate your gift of money for a specific purpose with a large investment with interest proceeds that can sustain a program into the future. The original gift will remain untouched, yet continue to provide resources long into the future.
Residential, commercial or industrial sites, as well as undeveloped land, are investments in our growth. You can contribute a piece of real estate, or partial interest in a piece of real estate, even while retaining the right to live there during your lifetime. Gifts of property are fully deductible for up to 30 percent of your adjusted gross income, and, like cash gifts, may be carried forward up to five additional years.
Stocks and Bonds
Securities are a common donation and offer many attractive benefits for the donor. An outright gift of long-term appreciated securities (securities that are held more than one year) avoids the capital gains tax and, in most cases, earns you a charitable income tax deduction equal to the market value of the securities.
You can make a donation to the Covenant Foundation by making it a full or percentage beneficiary of your life insurance policy. When the Foundation is named the owner and beneficiary of a policy, it will retain the original policy in its offices. For policies in which premiums are still being paid, donors have the option of either paying the premium directly or making a contribution to the Foundation in the amount of the premium. Each method has different tax consequences, and donors should determine the best method for payment in consultation with their financial advisors. If insurance proceeds are $10,000 or greater, the funds will be used to establish a permanent named fund. Otherwise, the donation will be used for unrestricted purposes of the Community Foundation.
Individual Retirement Accounts (IRAs)
Retirement accounts, including IRAs, 401(k), 403(b) or similar accounts, can also be used to start a fund at the Foundation at the time of the donor’s death. Many donors choose to bequeath all or part of their retirement plan to the Foundation to set up a Donor Advised Fund, naming their children as the advisors. Because these accounts are the most heavily taxed assets after death, this arrangement allows children to participate in distributing a larger pool of charitable funds than would have been available if the money had been left to them outright.
Charitable Gift Annuities allow donors to make a substantial gift to charity while retaining the right to a life income. In the case of charitable gift annuities, that income is a fixed amount, based on tables published by the American Council on Gift Annuities, which include an analysis of donor life expectancy.
Donors may also elect to defer the receipt of the income for one or more years, which will increase the ultimate payout. This is known as a deferred gift annuity and is often used as a supplemental retirement plan for individuals who have already contributed the maximum amount to their qualified plan.
Unlike Charitable Remainder Trusts, the income from a Charitable Gift Annuity is guaranteed by the Foundation and backed by the Foundation’s assets.
You can also specify your gift to a specific fund the Foundation already has in existence.
There are many other funds that are not listed here. If there is an area you would like to support that is not listed above, please call the Foundation at 806.725.6089 for more information.
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