| FOUNDATION NEWS
"WHERE DO DONATIONS GO?" By Andrea Seaton, Executive Director In this age of Enron and WorldCom, etc., financial transparency is all the more imperative for every organization, no matter what size. The following is a brief summary of what happens to donations given to the Otis Health Care Center or any of its departments, including Grace Cottage Hospital; a more detailed explanation is always available -- just call, visit, or e-mail Grace Cottage Foundation. Grace Cottage Foundation was founded by Don Leigh in 1994 to raise and manage funds for the Otis Health Care Center (OHCC). The Foundation is a subsidiary of the OHCC. The Foundation has a separate board (see box); to ensure close communications between the two organizations, two OHCC trustees and the administrator of OHCC are also on the Foundation board. Both organizations are audited by an independent auditing firm (Berry, Dunn, McNeil & Parker) and individual audit reports are generated, as well as the consolidated audit that is published in the Annual Report. (Past Grace Cottage Annual Reports are available – call the Foundation office at 802-365-9109 for a copy of any report). Unless otherwise specified by the donor, all OHCC donations go to the subsidiary organization, Grace Cottage Foundation. If the donation is restricted to a certain program, department, or piece of equipment (for example, Valley Health Council, Bock EMS Training Center, or a morphine pump), it is held in a restricted account until those funds are used. An investment committee, composed of an OHCC board member and three Foundation board members, meets every 60-90 days to review investment management and the status of the endowment accounts.
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