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 Newsletter - Spring 2001
FOUNDATION NEWS $500,000 GIFT FOR ENDOWMENT By Don Leigh, Executive Director We thank everyone who made a year- end contribution to the Grace Cottage Foundation. Among the donations was an unexpected check for five hundred thousand dollars. After first making certain that the decimal point on the check wasn't misplaced, or a zero added by mistake, the Foundation staff realized that this singular gift would greatly strengthen its program to ensure the future of community service by the Otis Health Care Center. This unprecedented philanthropy was accompanied by these stipulations from the donor: 1) The gift be anonymous. 2) "The funds be used solely to create a new permanent endowment that cannot be used for any other purpose than to generate investment income, the disposition of which will be at the sole discretion of the Grace Cottage Foundation Board of Directors." The confidence in our hospital administration and Foundation management shown by this family is heartening, and could well encourage others to make a simi- lar investment. The family was aware that, while the Otis Center is currently financial stable, and follows a well- designed plan based on strengthening the endow- ment, money is still needed. A $575,000 short-term loan to finance the construction of the new nursing home must be retired, and annual drains on operating funds caused by free care and bad debt must be offset. Thanks to the marvelous anonymous gift, added to those contributions from so many other loyal and generous supporters, the year 2000 ended on a high note. Donations made to the matching gift program have made it possible for Grace Cottage to purchase a new bus for seniors and a vehicle for medical house calls to the home bound. Thank you all. |
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