Thanks to the generosity of Patrick and Nancy McNally, the financial
future of McNally House looks brighter. The McNally’s have donated $1.6
million to establish two endowment funds that will support the ongoing
operations of the organization.
“Nancy and I were approached by Dr. Denise Marshall about the ongoing
funding challenges faced by McNally House,” said Patrick McNally. “The
hospice has an important role to play in our community and we wanted to
find a way to provide some on-going support. Setting up the endowment
funds was the perfect solution for our family.”
The endowments will ease the annual fundraising burden for McNally
House, which raises more than $600,000 annually from the community. Until
now, financial support has come from memorial gifts, donations and special
events. The McNally’s gift will be held in perpetuity in two new endowment funds – the McNally House Endowment Fund and the Patrick and Nancy McNally Family Fund. The Niagara Community Foundation will hold
and manage the funds, directing a portion of the annual earnings to
support McNally House.
“This is a dream come true,” said Dr. Denise Marshall, Medical Director
of McNally House. “Patrick and Nancy have a profound understanding, not
only of the moral imperative of exemplary end of life care, but of the
need for sustainability of such care. This was evidenced by their
original commitment to the build and now with their wisdom around
ensuring that McNally house is sustainable. They know the numbers. It
requires $412 a day to operate each of the six patient beds at McNally
house. But this is a fraction of what it would cost if that same person
had to end up in hospital at end of life.
“This is a magnificent ‘call to arms’ for our entire community – an open
invitation for others to follow suit. I like to think of this as a ‘call
to embracing arms.’”
“As the new board chair, sustaining the operations of McNally House is
one of my top priorities,” said Norm Beal. “Memorial donations and
events are extremely important in keeping us connected with the
community. This donation from Pat and Nancy will provide a new revenue
source, for which we are extremely grateful. It is our hope that their
gift will inspire others in our community to contribute to the
endowments.”
The Niagara Community Foundation has noticed an increase in estate gifts
over the past few years to their various endowment funds. “By making a
gift through a bequest to an endowment, the donor can continue their
annual giving in perpetuity,” said Alan Goddard, board member of the
foundation.
“McNally House holds a very special place in the hearts of so many in
our community and these new funds will ensure the hospice’s continued
success.”
The two funds to support McNally House become part of the family of
endowment funds held in perpetuity by the Niagara Community Foundation.
Created in 2000 the Foundation has raised more than $14 million and has
granted in excess of $4 million to charities working in the arts, heritage, environment, social services, health, education and community development.
The Foundation works with donors wanting to create permanent legacies to
support causes important to the donors during their lifetime. The donations to the endowments are never spent, but held in perpetuity with a portion of the annual earnings given to charities.
