An in-kind gift is a donation other than cash. You may wish to donate something of value, for instance artwork, antiques, securities, real estate and receive a charitable tax receipt for the value of the gift. For tax evaluation, the appraisal of a recognized expert or professional is required before a receipt is issued. If the West Parry Sound Health Centre cannot use the donated item, the Foundation may elect to sell it and use the proceeds.
Chritable Remainder Trust
A charitable remainder trust allows the donor to donate assets to the West Parry Sound Health Centre Foundation while receiving earnings payments from the Foundation during his/her lifetime for a set number of years. Upon the donor’s death, the ‘remainder’ of the gift reverts to the West Parry Sound Health Centre Foundation. There are revocable and irrevocable charitable remainder trusts with different tax implications for the donor.
Charitable Residual Trust
A little bit of, “Having your cake and eating it too.” The donor donates property to the West Parry Sound Health Centre Foundation and continues to use it during his/her lifetime. For example, the owner of a cottage donates the land and buildings to the Foundation and continues to live in or use the property until death.