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Nazarene Hospital Foundation
I am pleased to announce we are ready to accept donations and begin our official partnership with the mission hospital.
Let me share with you some details relating to the creation of the Foundation. In order to set up the foundation we needed to create a nonprofit corporation. In doing this, we realized our need for a wide range of expertise. We brought together a group of individuals with a variety of experiences and with the same vision for ministry. The result is "Nazarene Hospital Foundation ," a nonprofit 501 (c) 3 corporation registered in the State of Oregon. Nazarene Hospital Foundation is involved in fund raising as well as the procuring, storing, and shipping of medical supplies, equipment, and medicines to Nazarene Hospital in Papua New Guinea. This allows us to assist this Nazarene Hospital in the best way possible.
Since the administrative and financial details of running a nonprofit cooperation is complex, time consuming, and expensive, the board of directors decided to partner with Northwest Christian Community Foundation (NCCF). NCCF is a Christian, public, nonprofit foundation serving as a link between donors blessed with resources and Christian, charitable organizations with needs. For example, NCCF professionally advises donors with cash gifts, donors who want anonymity, and donors with complicated property or estate planning issues to make the best individual choice for their contribution. NCCF also provides aid to charitable organizations. The Nazarene Hospital Foundation board of directors will receive legal and financial support while still maintaining the tax advantages of the corporation and the right to advise distributions. By establishing the Nazarene Hospital Foundation through NCCF, we will avoid costly legal and accounting fees, excise taxes, and restrictions on contributions. In addition, because NCCF is a public foundation, our funds will be protected against potential loss through litigations against our organization.
Purpose:
The Nazarene Hospital in Papua New Guinea suffers frequent financial crises. These crises are related to shortages of allocations from the government of Papua New Guinea. Subsequently, patient care is compromised with disastrous results. Nazarene Hospital Foundation is a fund providing financial resources for continued services even in the face of future crises.
Mechanism of operation:
Northwest Christian Community Foundation (NCCF) under an agreement with Nazarene Hospital Foundation will accept, deposit, account for, and submit all legal and financial paperwork for Nazarene Hospital Foundation. There is a 1.5% operating expense associated with operating the Foundation through NCCF. To ensure 100% of all donations for the hospital go directly to the hospital, Nazarene Hospital Foundation will guarantee to pay the 1.5% operating expense for a minimum of 5 years, or a total balance of $500,000. Nazarene Hospital Foundation will, with the assistance of NCCF, control where the funds are placed and the release of all funds.
Decision making:
Decisions regarding the use and distribution of funds are made by the Nazarene Hospital Foundation board of directors with the assistance of an advisory board. The advisory board will consist of members whom have all been to Nazarene Hospital and share an interest in the ongoing success of the Hospital.
Mechanism to request funds:
The Nazarene Hospital Administrative team may request funds in writing at their discretion. The request must state the need, how the funds will be used, and the method of accounting for the funds.
Criteria for distribution of funds:
All funds will remain intact and the principal will be allowed to grow until a balance of $200,000 is obtained. When funds are requested by the hospital, interest only will be released at the discretion of the board. When a base of $500,000 is obtained, funds may be requested by the hospital up to 10% of the total fund per year as long as the base never drops below $500,000. This is under the discretion of the board.
Financial accountability:
All donations will be kept track of and receipts sent to donors from Northwest Christian Community Foundation. All financial reporting to the IRS will be done by NCCF. Yearly statements will be available by request made to Nazarene Hospital Foundation.
In event of collapse:
In the event the hospital ceases to exist, all funds under the direction of the board, will go to other Nazarene Hospitals and/or clinics.
Nazarene Hospital Foundation:
Todd Winter, MD, President
Joseph McMahan, Rogue Valley Medical Center Chaplain
Matthew Thompson, MD, Anesthesiologist
Donald Prescott Jr., Stockbroker
Marilyn Willard, Medical Assistant
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