Effective October 1, 2014, the Office of Development at Woman's Hospital will become a separate foundation called the Foundation for Woman's. Forming a separate yet related foundation is a common practice for non-profit organizations such as universities and hospitals. The Foundation for Woman's primary purpose is to raise and manage private support for Woman’s Hospital, specifically hospital programs and capital needs currently supported by philanthropic dollars. As a public charity, the Foundation for Woman's will be accountable to its donors, grateful patients, staff and trustees of Woman's Hospital.
Governance:
An independent volunteer Board of Trustees will govern the Foundation for Woman’s and make recommendations to the Woman’s Hospital Foundation (DBA Woman's Hospital), with final governance resting with the Woman's Hospital Foundation Board of Directors.
Senior hospital leadership will serve on the Foundation for Woman's and have ex officio seats on its board. The President of the Foundation for Woman's will continue the role of Chief Development Officer and as a member of the Woman's Hospital Foundation administrative team. These arrangements will enable open communication between the Foundation for Woman's and the Woman's Hospital Foundation.
Why form the Foundation for Woman's:
- Foundations guide affiliated organizations on which projects are most likely to appeal to donors and cultivate support that will help the organization achieve its goals.
- Foundations separate private philanthropic support from funds generated in other ways.
- Foundations are subject to different financial regulations and legislation, which can be advantageous both to donors and the organization.
- Foundations provide board membership opportunities for community members and grateful patients who seek to help the organization.
- Donors often feel more secure making a major gift to a foundation governed by individuals with extensive legal, business and financial management skills.
- A foundation board can maintain a long-term perspective on the organization's needs and priorities.