Major gifts can be made either through direct funding or through the creation of an endowment. They are particularly helpful to Mount Sinai Hospital in purchasing new equipment, offering innovative programs and services and in building and renewing our facilities.
Deciding on a major gift
Most donors plan this kind of gift with care, discussing it with the Hospital Foundation and with those close to them. Our development staff will have information about how your gift can best serve your intentions. The amount you give can create a permanent endowment, provide direct funding over a certain number of years, or combine those options. It is advisable to seek financial counsel regarding the timing and form of the transfer.
The difference between directly funded and endowed gifts
Endowment gifts are invested to create a steady income stream while also increasing the principal. In essence, an endowment pays out a limited yearly amount and the principal grows over the years and preserves purchasing power. On the other hand, directly funded gifts are spent immediately or over a defined period and will stop at the end of that time.
Comparatively, directly funded gifts have a higher immediate impact than an equivalent gift in endowment, and their impact ends once spent; whereas an endowment has a lower immediate impact, but its impact lasts forever.
Planned giving refers to a donation that will materialize at a future date. You can decide to make a charitable bequest in your will, making the Mount Sinai Hospital Foundation your beneficiary for a specific amount, percentage or residual of your estate. Life insurance provides another option. You could also choose to designate the Mount Sinai Hospital Foundation as the owner and beneficiary of a paid-up, current or new policy.
With a planned giving strategy tailored to your needs, you can put your assets to work for Mount Sinai Hospital — while you and the hospital share in the benefits.
For more information, contact Wendy Corn 514-369-2222 ext. 1300