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 Newsletter - Spring 2001
WINDFALL OR CATASTROPHE? Dear Friends of Grace Cottage Hospital, On December 4, 2000, Fleet Bank of Boston awarded Grace Cottage $655,500 from the Fannie Holt Ames and Edna Louise Holt Trust. Exciting, welcome news. The results, however, could be catastrophic if Grace Cottage's supporters interpret this as meeting the facility's needs and, as a result, withhold planned donations or direct their philanthropy elsewhere. Despite our request for funds to meet high- priority requirements, Fleet Bank insisted that they would only fund specific items, such as capital equipment purchases and adult activity programs. We are grateful to Fleet Bank and their consultant, The Medical Foundation. However, our goals have not changed. In order to ensure the long- term future of Grace Cottage, we must continue to build the endowment. We must also pay the $575,000 balance remaining on our short- term loan for the new Stratton House Nursing Home addition, and we need to ensure that there is enough capital on hand to cover the operating deficits beyond our control, at our small, non- profit hospital. Grace Cottage donors have recognized the importance of these priorities and have supported them in the past. It is our supporters who will determine whether this Holt money is a windfall or a catastrophe. It is your support, which you give in so very many ways, which will keep us thriving. Don Leigh President, Grace Cottage Foundation
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