Robertson CommunityHealth Foundation, Inc.
About
The Robertson Community Health Foundation, Inc., a 501(c)(3) foundation, has been created with the net proceeds from the sale of NorthCrest Medical Center. The new Foundation is led by an independent 10-member Board of Directors.
Mission
To improve the quality of health for the people in Robertson County and adjacent communities through support to tax-exempt organizations that provide access to healthcare or healthcare education.
Leadership
Officers
- Sam Ramsey, Chairman & President
- Kevin Vaughn, Vice Chairman
- Diane Goodman, Secretary
- Tracy Langston, Treasurer
Board of Directors
- Howard Bradley
- Paula Farmer
- Amy Gallagher
- Diane Goodman
- Dan Green
- Tracy Langston
- Jack (Terry) Pearson, M.D.
- Sam Ramsey
- Mark Sanders, M.D.
- Kevin Vaughn
Frequently asked questions about the Robertson Community Health Foundation
What is the Robertson Community Health Foundation?
The Robertson Community Health Foundation Inc. is a 501(c)(3) foundation (not for profit) that has been created with the net proceeds from the sale of NorthCrest Medical Center to TriStar Health.
Why was the Foundation formed?
Due to the support of the people of Robertson County and surrounding communities over the years, equity was built-up in NorthCrest Medical Center. As a not-for-profit hospital, this equity must continue to be used for charitable purposes. In forming the Foundation, the board remains committed to continue the legacy of healthcare and wellness for our community.
How much money is going into the Foundation?
Upon completion of the sale’s escrow commitments and the finalization of financial report filings with governmental agencies, we anticipate that ultimately there will be, approximately $14 - $16 million as the initial endowment to the foundation.
Are there restrictions on how the Foundation can use the funds?
Yes, the use of the funds must be in accord with the Foundation’s charter, the terms of the Asset Purchase Agreement with TriStar Health, the Internal Revenue Service regulations for public foundations, the Foundation’s mission statement and other parameters adopted by the Foundation’s Board of Directors.
Who is running the Foundation?
The Foundation is governed by an independent Board of Directors.
How were the Board members decided upon?
All the Board members of the newly formed Robertson Community Health Foundation served previously on the Board of Trustees of NorthCrest Medical Center. It was believed that their many years of service to the hospital and community give them a unique insight into the best way to carry the legacy of the hospital forward.
Are the board members receiving any proceeds from the sale?
No. 100% of the net proceeds from the sale of the hospital will be used as the initial endowment for the Foundation.
Will the Board members be compensated to be on the Foundation Board?
No, the ten members of the board are all volunteers.
When did the hospital sale become official?
12:00:01 AM on September 1, 2021.
Is there an on-going relationship between HCA TriStar NorthCrest and the Foundation?
There is no legal relationship between the two organizations. However, both organizations will be aligned to increase health access and healthcare education to the community.
When will grants be available?
It is anticipated that the first round of grants will be made in early 2023.
Why will it take that long for the Foundation to make grants?
Funding for hospital services comes from a variety of different sources, which makes healthcare finance complicated. Patient’s care is covered by various governmental agencies (i.e., Medicare and Medicaid), commercial insurance, (for example, companies such as Blue Cross or AETNA) and payment directly by patients. Because of the timing of these payments and of the time needed to finalize financial reports and audits that are required over the upcoming months and years, some of the funds are held in escrow until the processes are completed. Based on other similar transactions, it has often taken up to 60 months for all the financial reporting to be finalized and for the escrow commitments to be completed.
When can organizations apply for grants?
It is anticipated that the initial applications for grants will be accepted sometime before the end of 2022. We will continue to provide updates on the timing of the grant process as we get clarity on the conclusion of all the financial reporting.
What kind of organizations can get grants?
The Foundation will make grants to tax-exempt organizations that provide access to healthcare or healthcare education in Robertson County and adjacent communities.
Who makes the decision about who can get grants?
The ten-member Board of Directors for the Robertson Community Health Foundation will be responsible for the selection of organizations to receive grant funding.
In what amounts will monies be granted?
The Board will use the investment earnings, while preserving the initial endowment, to make grants to tax-exempt healthcare related organizations in our area. Initial grants will be awarded on a case-by-case basis.
What is the grant application process?
As with any similar foundation, there will be a formal application process. Requested information will include basic facts about the organization, its history and service area. The organization will be asked to provide the specific purpose of the requested grant, who will be served by the activities funded by the grant, how much is requested, and how success or impact of the grant will be measured.
We project that sometime in late 2022 we will announce the grant application process, initial grant application timeline and applicant requirements.
How are the proceeds being handled until grants begin to be awarded?
The Board has engaged Regions Institutional Services to be their investment manager for the funds. The Board will work closely with Regions Institutional Services to effectively and prudently manage the funds of the Foundation.
Robertson Community Health Foundation, Inc.
Copyright 2021