Welland Hospital Foundation
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Endowment Fund
The Welland Hospital Foundation Endowment Fund was established in 2000 with seed money from a generous bequest from the Estate of Jacob Joseph Smagata.
An endowment fund is an institutional savings account. Donations are invested and each year a portion of the income is spent on priority projects at the Niagara Health System - Welland Hospital Site. The Foundation's Endowment Fund will provide stable, secure income to support quality healthcare in the future.
Investment performance is reviewed on a regular basis by the Foundation's Planned Gifts / Endowment Committee. The aim is to combine long-term growth with a steady, growing source of income to support Welland Hospital's capital equipment needs. Over the years the Endowment Fund will grow in value and importance.
For more information, contact Heather J. Scott at 905-732-6111, ext. 32397 or email: heatherj.scott@niagarahealth.on.ca.
About Jacob Joseph Smagata
Jacob Joseph Smagata named Welland Hospital Foundation as sole beneficiary in his Will because the Hospital helps the whole community.
A lifelong resident of Welland, Mr. Smagata was 81 when he died in 2000 at the home he shared with his mother until her death in 1981. He never married and had no children. He lived a quiet, modest life just down the street from Union Carbide where he started as a young man and remained working until he retired in 1983.
Mr. Smagata's bequest showed that he cared about the community in which he lived. The Endowment Fund started with Mr. Smagata's generous gift will provide stable, secure income to help ensure quality healthcare for everyone in his community now and in the future.
Establish a Personal Endowment
Personal endowments may be established with a minimum contribution of $100,000.You may plan to endow your fund over a number of years, or you may pay in one lump sum using a variety of giving methods, such as donating stocks or charitable gift annuities.
Once an endowment is established, it may be added to on an ongoing basis. For example, a family may want to add to its personal endowment on an anniversary date.
Endowment funds are set up using a formal agreement between the donor and Welland Hospital Foundation. This agreement outlines the Foundation's commitment to the donor, and it includes a special biography of the person or family being honoured.