Building the Fund
Raising money for any cause is difficult. Individuals and corporations are besieged with requests for donations for worthy causes and while corporate donations will hopefully come our way in the future, we need to look to ourselves to build the Fund to a credible level.
Cash donations from the membership will always be gratefully received. Perhaps more promising over the longer term will be planned or legacy giving by means of On-Going Commitments, Bequests By Will, Gifts In Kind, Life Insurance, Gift Annuity, and Memorial Gifts.
On-Going Commitments. One time gifts will be gratefully received, but we also hope that Donors will consider making an on-going pledge to the fund. (Of course if your circumstances change, you are free to modify your pledge).
Bequests by Will. You can also contribute by making a bequest to the NOAC Endowment Fund in your will. Our Planned Giving Officer can suggest appropriate wording for you bequest.
Gifts In Kind. Money is not the only contribution that benefits the Endowment Fund. You can help by donating property, stocks and bonds, works of art, and other tangible items of personal property. Gifts in kind are independently appraised to establish their fair market value for tax deduction.
Life Insurance. Contributors may donate existing policies or purchase a new policy designating the Funds owner and beneficiary. Under Canadian tax law, the premiums or cash surrender value are deductible up to 75 per cent of your net taxable income.
Gift Annuity. A financial gift can be used to purchase an annuity which will provide the Donor with a guaranteed income for life. The amount of income received from a gift annuity depends upon the prevailing interest rates and the age of the donor at the time the gift is made. The balance of the financial gift not required for the purchase of the annuity-usually 25 to 35 per cent of the capital amount can be used to support the Fund. Because of this, most or all of the income from the annuity will be tax free.
Memorial Gifts. Gifts in memory of a loved one are especially meaningful and appreciated. Gifts can be directed to one of the three objects of the Fund, Remember The Past, Support Today’s Navy, Build the Future or can be unrestricted.
Recognition. Your gift will be recognized in one of our Navy Museums in a book on display and in Starshell. Gifts up to $1000 dollars will be acknowledged in the Starshell. Gifts above $1000 will also be acknowledged in Starshell and will be on permanent display – details will be announced.
How to Give. Since gifts can have considerable tax advantages it will be advantageous to discuss your contributions with a planned giving expert. Your lawyer or tax adviser will be able to help.