Hospital foundation receives $32M?deposit
HANCOCK – The Portage Health Foundation Board of Directors announced in a statement from the Foundation recently that it has received an initial deposit of approximately $32 million dollars and has named Kevin Store of Houghton as the executive director of the reconstituted Portage Health Foundation.
“We are very pleased to begin moving forward with the Foundation,” said Lennon Mattila Hughes, chairperson of the Foundation’s board of directors. “We have a lot of work ahead of us as we begin to reorganize the Foundation and prepare for it to reinvest into our community.”
Hughes said that the Foundation is moving forward with caution and is taking appropriate steps to ensure the assets will be managed properly, as the foundation has potential capital-call responsibilities as the 20 percent minority owner of the recent joint venture.
“The Foundation will have limitations as to how much it will be able to invest in the community, and those parameters have yet to be determined,” Hughes added.
The Portage Health Foundation received the proceeds when the joint venture partnership between Portage Health and LifePoint Hospitals closed earlier this month. Proceeds from the transaction were designated to benefit the health of the community via the Portage Health Foundation. The Foundation was started in 1990 and has supported the philanthropic activities of the hospital since that time.
Store was hired by the 10-member board of directors following a national search. The board said they felt it was best to appoint a person with strong ties and awareness to the community, plus a working knowledge of the health care environment.
When asked about the appointment of Store, Hughes responded, “Kevin knows this community well and has a lot of passion for it. He has a great vision for the Foundation, and its role within the community. We are all very excited to be working with him.” Store is moving to the new job after spending nearly five years with Portage Health.
“I am happy with the board’s decision, and feel honored to be part of this historic community development,” said Store. “There is a lot of community expectation for the Portage Health Foundation, and we intend to live up to those expectations.”
Store said the first few months will be spent getting the organization set up and functioning independent from the hospital. “Once we do that, then we will begin looking at how we will be able to contribute to the community, and make a difference,” Store said.
For the time being, the board has taken efforts to review the Foundation’s investments, and will begin preparing a request for proposal to be issued to investment management firms. In addition, the foundation is currently setting up new offices in Hancock and hopes to relocate sometime in January.