Raised vs Received – There’s a big difference!
Raised vs Received – There’s a big difference!
By Shannon Coull, CFRE
Executive Director
I apologize in advance for the technical tone of this column, but some of you have asked, so here it is...
Before beginning, however, I must take this opportunity to thank our community of supporters. You are the champions who make our work possible. The funds you are helping to raise have a direct impact on the future of healthcare in our community. You help to ensure Quinte Health can purchase the medical equipment needed at our hospital because medical equipment is not paid for by the government. And you are helping to build our new hospital in Prince Edward County.
The Prince Edward County Memorial Hospital Foundation has been providing regular updates on how much our organization has raised toward our $27M goal. What we haven’t shared with you is how much in cash gifts our organization has received.
Here’s a brief lesson in fundraising terminology:
Raised refers to any money that an organization has raised as a commitment, received or not, towards a donation. It includes pledges, a promised commitment, as well as gifts that have already been received and receipted.
As per the Certified Fund Raising Executive (CFRE) Program, a pledge is a signed and dated commitment to make a gift over a specified period, generally two or more years, payable according to terms set by the donor, with scheduled monthly, quarterly, semi-annual, or annual payments.
Received are the funds we refer to that have been released by the donor to our organization and are receipted.
Pledges are important to a charitable organization because they give the donor the ability to make a larger contribution, which can be paid in installments, often over several years.
Many donors to the Back the Build campaign began pledges in 2019 and have been paying off their pledges over the past five years. For example, two organizations have completed their pledges this week: the Paul B. Helliwell Foundation, which just celebrated with us the completion of their $1M gift, and the Rotary Club of Picton, which presented the foundation with a $32,000 cheque, representing their final installment towards their $100,000 pledge.
The gift from the Paul B. Helliwell Foundation is helping to build the new dialysis department that will be located on the second floor of the new hospital. In recognition of this gift, the unit will be called the Paul B. Helliwell Satellite Haemodialysis Department.
Paul Helliwell was born in China to missionary parents. His parents helped shape him into becoming the humanitarian that he was. He was also an entrepreneur, a visionary, an avid sailor, a beloved husband, and a brother who strongly believed in giving back. Paul was a true philanthropist, leaving the bulk of his estate to his foundation to help worthy causes, like our new hospital in PEC.
The Rotary Club of Picton has supported our hospital foundation for 21 years. The large procedure room that will be located on the main floor in the Ambulatory Clinic in the new hospital will be named in recognition of their commitment.
I am pleased to report that we have raised $21M, which includes pledges and outright gifts, including $15M in cash gifts from our community of donors. By 2027, all the funds we need to raise in our community -- $27 million -- should be received by the foundation.
A request for proposals (RFP) to build the new hospital has been issued to four prequalified companies. Once submissions are received, Infrastructure Ontario (IO) and Quinte Health will evaluate the proposals, select a preferred company, and negotiate a final contract. The successful company is expected to be announced in the spring of 2024. Shovels are expected to be in the ground this coming summer, 2024.
IO has launched a page on their website dedicated to our project, where you can find detailed information regarding the plans for the hospital: https://www.infrastructureontario.ca/en/what-we-do/projectssearch/quinte-health-care--prince-edward-county-memorial-hospital-site-redevelopment-project/
Regardless of the amount, every gift makes a difference. As we approach the holidays and the end of 2023, I wish all of you living in our beautiful County a safe holiday filled with peace and joy.
For information about our hospital or to donate, call 613-476-1008 ext. 4502 or visit the foundation’s website at www.pecmhf.ca.
