Why Does a Successful Hospital like FMH need to raise money?
Charitable support will become increasingly more important as hospital's move to more and more outpatient services and as managed care and other cost containment measures are implemented. Charitable contributions will enable FMH to continue healthcare excellence and meet its responsibility to keep up with advances and changes in the delivery of healthcare to our friends, neighbors, workers and loved ones.
Isn't the Hospital supported by my tax dollars?
The Hospital has two sources of revenue; from the patients that use hospital services and from charitable donations. Unlike many charities, the hospital receives virtually no financial support from the city, county, state or federal governments.
What is The Development Council?
The Development Council is a group of volunteers who assist the Hospital by developing community education and service programs, which result in greater visibility and increased philanthropic support. Their goals and objectives are accomplished through the efforts of five committees; Annual Support, Business & Industry, Planned Gifts, Special Gifts and Signature Gifts.
Who serves on The Development Council?
Community leaders with diverse backgrounds and expertise, hospital Auxiliary members, employees, and medical staff members serve on the Development Council.
How much money has the Hospital raised?
Since the formation of the Development Council in 1989, more than $68 million in charitable support has been contributed from individuals, businesses and foundations.
Why should I give to the FMH Development Fund?
Of all the not-for-profit institutions in our community, Frederick Memorial has the distinction of helping the most people in need. Nearly one of every three people in Frederick County have contact with the hospital either through the emergency department, surgery, or outpatient services. As such, FMH is one of our most valuable community resources and your support will help the hospital care for your families, friends, and neighbors.
Doesn't most of the money raised come from foundations and corporations?
Surprisingly, no. National statistics indicate that of all dollars raised, approximately 5 percent come from foundations, 5 percent from corporations and the remaining 90 percent from individuals.
What is the Hospital family doing to support the Hospital?
Members of the FMH Board of Directors are committed to the hospital with 100% of the team donating back to the organization. Additionally, more than 110 members of the FMH Medical Staff are Good Samaritans as is every member of the senior leadership team. In addition to the more than 90,000 hours of volunteer service provided each year, the 900 members of the FMH Auxiliary continue to be among our staunchest supporters. FMH employees and staff are engaged in the fundraising campaign through the ACE Club (A Caring Employee). Employees have pledged more than $300,000 to help support the new FMH Cancer Institute and the Angel Fund (an employee assistance fund).
How will the money be spent?
All charitable gifts contributed to this institution, unless specifically restricted by the donor, are deposited in a special development fund account that is used solely for capital expansion, renovation and equipment needs at FMH. No monies contributed into this fund are used to pay operating expenses or salaries.
Is my donation tax deductible?
Yes! FMH is a 501(c)3 not-for-profit corporation so designated by the Internal Revenue Service. As such, most donations made to the hospital are deductible from federal income taxes to the full extent provided by law.
The information on this website is not intended as legal or tax advice. For such advice, please consult an attorney or tax advisor. Figures cited in examples are for illustrative purposes only. References to tax rates include federal taxes only and are subject to change. State law may further impact your individual results. Annuities are subject to regulation by the State of California. Payments under such agreements, however, are not protected or otherwise guaranteed by any government agency or the California Life and Health Insurance Guarantee Association. A charitable gift annuity is not regulated by the Oklahoma Insurance Department and is not protected by a guaranty association affiliated with the Oklahoma Insurance Department. Charitable gift annuities are not regulated by and are not under the jurisdiction of the South Dakota Division of Insurance.
A charitable bequest is one or two sentences in your will or living trust that leave to Frederick Memorial Hospital a specific item, an amount of money, a gift contingent upon certain events or a percentage of your estate.
an individual or organization designated to receive benefits or funds under a will or other contract, such as an insurance policy, trust or retirement planBequest Language
"I, [name], of [city, state, ZIP], give, devise and bequeath to Frederick Regional Health System [written amount or percentage of the estate or description of property] for its unrestricted use and purpose."
able to be changed or cancelled
A revocable living trust is set up during your lifetime and can be revoked at any time before death. They allow assets held in the trust to pass directly to beneficiaries without probate court proceedings and can also reduce federal estate taxes.
cannot be changed or cancelled
tax on gifts generally paid by the person making the gift rather than the recipient
the original value of an asset, such as stock, before its appreciation or depreciation
the growth in value of an asset like stock or real estate since the original purchase
the price a willing buyer and willing seller can agree on
The person receiving the gift annuity payments.
the part of an estate left after debts, taxes and specific bequests have been paid
a written and properly witnessed legal change to a will
the person named in a will to manage the estate, collect the property, pay any debt, and distribute property according to the will
A donor advised fund is an account that you set up but which is managed by a nonprofit organization. You contribute to the account, which grows tax-free. You can recommend how much (and how often) you want to distribute money from that fund to FMH or other charities. You cannot direct the gifts.
An endowed gift can create a new endowment or add to an existing endowment. The principal of the endowment is invested and a portion of the principal’s earnings are used each year to support our mission.
Tax on the growth in value of an asset—such as real estate or stock—since its original purchase.
Securities, real estate or any other property having a fair market value greater than its original purchase price.
Real estate can be a personal residence, vacation home, timeshare property, farm, commercial property or undeveloped land.
A charitable remainder trust provides you or other named individuals income each year for life or a period not exceeding 20 years from assets you give to the trust you create.
You give assets to a trust that pays our organization set payments for a number of years, which you choose. The longer the length of time, the better the potential tax savings to you. When the term is up, the remaining trust assets go to you, your family or other beneficiaries you select. This is an excellent way to transfer property to family members at a minimal cost.
You fund this type of trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. You can also make additional gifts; each one also qualifies for a tax deduction. The trust pays you, each year, a variable amount based on a fixed percentage of the fair market value of the trust assets. When the trust terminates, the remaining principal goes to FMH as a lump sum.
You fund this trust with cash or appreciated assets—and may qualify for a federal income tax charitable deduction when you itemize. Each year the trust pays you or another named individual the same dollar amount you choose at the start. When the trust terminates, the remaining principal goes to FMH as a lump sum.
A beneficiary designation clearly identifies how specific assets will be distributed after your death.
A charitable gift annuity involves a simple contract between you and FMH where you agree to make a gift to FMH and we, in return, agree to pay you (and someone else, if you choose) a fixed amount each year for the rest of your life.