Tax Information

As a 501(c)(3) organization, all donations of cash or personal property to Memorial Health Foundation are fully tax deductible under United States Tax Law.

General Information

Tax Identification Number:

Tax Exempt Status:

Public Charity Status:

IRS Determination Letter:

Download Letter

This page also lists some common tax questions when it comes to specific types of gifts to Memorial Health Foundation. If you have any questions on any of this information, please contact your financial advisor, or you can speak to Kellie Porter at Memorial Health Foundation.

To view tax qualification explanations, please choose the type of gift:

Gifts of Cash

Any gift of cash to Memorial Health Foundation is fully deductible in the year it is given. This includes gifts by cash, check or credit card. A receipt showing the total gift amount will be sent to you for your records as soon as we receive your gift.

Learn more about cash gifts.

Non-Monetary Gifts 

If you gift your personal property to Memorial, you are eligible for a tax deduction of the "Fair Market Value" (FMV) of your donation in the year of your gift. This Fair Market Value is based on either the sale price of similar items or based on the condition of the items. FMV is often different than the original cost of the items.

If you donate gift cards to Memorial, you are eligible for a tax deduction for the full value of the gift cards.

After your gift is received, Memorial will send you an acknowledgement letter confirming the nature of your donation. With this confirmation, you and your advisors must determine a reasonable FMV for your donated items in order to take a deduction. For more information on how to best determine a Fair Market Value, please see the IRS Guide on Determining the Value of Donated Property.

Learn more about in kind gifts.

Gifts of Securities

If you gift stocks, bonds, or mutual funds to Memorial, you are eligible for a charitable deduction of the full value of the gift as determined using the following rules:

Gift Value:

All gifts of stock will be valued by averaging the high and low stock prices as of the gift date. The value of bonds will be the average of the bid and ask prices as of the gift date. Mutual fund gifts will be valued using the Net Asset Value for the fund as of the gift date.

Gift Date:

The gift date for all types of electronic securities gifts refers to the date on which funds are received by our Merrill Lynch account. For securities gifts that are physically delivered to Memorial, the gift date will be either the postmarked date (if mailed) or the date on which the securities are turned over to staff (if hand-delivered).

In addition to the above income tax deduction, you can avoid any capital gains tax liability by donating appreciated securities to Memorial.

Learn more about gifts of securities.

Corporate Gifts

All sponsorships or donations from corporations to support Memorial, Sunburst Races or any other Memorial event are fully tax deductible. Gifts from corporations cannot be deducted from the tax returns of individuals.

Learn More about Corporate Philanthropy.

Bequests and Charitable Designations

Giving a portion of your estate to Memorial after your death is a great way to reduce gift and estate taxes for your heirs. When the estate is transferred to your heirs, the amount given to Memorial is free of estate or gift taxes.

Learn more about bequests to Memorial.

Charitable Lead Trusts

A charitable lead trust is also great for those looking to reduce their gift and estate taxes. This type of trust reduces the taxes that result from transferring assets to heirs by first donating a portion of the trust’s overall return to Memorial Health Foundation and then, after a specified time period, transferring the remainder of the trust to your heirs. When this amount is transferred to your heirs, the taxable value of your gift to them is reduced by the present value of the payments made to Memorial over the trust's duration, resulting in lower estate and gift taxes.

Learn about charitable lead trusts.

Charitable Remainder Trusts

When you give a charitable remainder trust to Memorial, you qualify for a full income tax deduction for the value of the trust in the year it is given. This is great for those who are looking for supplemental income but also would like an immediate charitable deduction.

In addition, charitable remainder trusts funded by appreciated securities, real estate or business interests are free of any capital gains tax.

Learn about charitable remainder trusts.

Charitable Gift Annuities

Charitable Gift Annuities are also great for those looking for both a tax deduction and a stable income stream. The irrevocable gift is fully tax deductible in the year it is given, regardless of when the payments from Memorial begin. With a deferred annuity, you can take advantage of a current tax deduction and a higher rate of return later in life. See our Charitable Gift Annuity page for more information.

Gifts of Real Estate

Regardless of whether you continue to live in your gifted home or not, all gifts of real estate are income tax deductible for the assessed value of the property in the year they are given. In addition, if your house/property has appreciated, you will avoid capital gains tax by donating it to Memorial.

See the various ways you can give real estate to Memorial.

Gifts of Life Insurance

There are several ways to donate life insurance to Memorial. Each method is subject to different tax regulations. Please see below for the qualified tax deductions for different types of life insurance gifts:

1)  Name Memorial as beneficiary (primary, secondary, or final) of your existing policy

If you name Memorial as a beneficiary on your existing policy, you will not receive income tax charitable deductions for any premiums paid. However, at death, the proceeds from the policy will be included in your estate, which will qualify your heirs for an offsetting estate tax charitable deduction.

2)  Name Memorial as owner of a new or existing policy

Naming Memorial as the owner of your new or existing life insurance policy will allow you to take a yearly charitable deduction on all premiums paid for the policy for the extent of your life. At the end of your life, the death benefit would not be included in your estate if the gift was made more than three years prior to death.

3)  Donate a paid-up policy by changing the owner to Memorial

If you wish to donate a paid-up policy to Memorial, you can immediately deduct the cash surrender value of that policy in the year the gift is given.

Learn more about Life Insurance Gifts to Memorial

Tax laws are ever-changing. The information on this site and any documents contained herein is not intended as tax advice and is presented for discussion purposes only. Potential donors should consult with Memorial Health Foundation's Planned Giving staff and their own financial and/or legal advisors before making final decisions on gifts.