ENDOWMENT GROWS - DEBT REDUCED
By Don Leigh, Executive Director

Since its inception in late 1994, Grace Cottage Foundation has seen the endowment grow from $627,000 to $3,800,000. Much accomplished, much to do. Of necessity, a large percentage of Foundation income has been transferred to meet annual operating losses and debt repayment at the Otis Health Care Center. Indications are that this need may lessen in the near future, when more substantial contributions can be made to endowment.

Current fundraising efforts must first focus on retiring $485,000 short-term debt, incurred to construct the new skilled nursing home at Grace Cottage. The original $800,000 note has been reduced to $485,000 by Foundation payments.

The second major funding focus will be required to completely renovate the now nearly-vacant old Stratton House Nursing Home. Plans are to centralize all physicians. practices here to gain efficiency and economy by sharing space for staff, reception area, billing, records, etc. New outpatient services needed by the community can fill the now unproductive space. We cannot incur debt to begin this critical project. We welcome those who may wish to make gifts to this critical project and take advantage of memorial named-giving opportunities.


FOUNDATION DIRECTORS (l. to r.): Hank Sanders, Lawrin Crispe, Earl Pickering, Don Leigh, Cindy Newman, David Pennock, Carl Ferenbach, Effie Chamberlin, Eileen & Michael Sweeney. Not in photo: Brian Evans, Bob Labrie.

HARRY AND PHYLLIS WOLFF: It is not an overstatement to say that the Wolff.s financial and moral support, over many years, enabled Grace Cottage Hospital to survive crises that otherwise could have jeopardized its future.

Harry & Phyllis Wolff, in a photo taken in 1992 at the dedication of the Wolff Outpatient Clinic. Harry died in October, 1997, Phyllis in May, 1999.

Among their many gifts to Grace Cottage, Harry & Phyllis Wolff established a charitable trust naming Grace Cottage as its sole beneficiary (net income from the legacy to be disbursed annually). On May 11 of this year, a check for $92,541 was presented to the Grace Cottage Foundation by Charles Cummings and Elton McCausland, co-executors of the Wolff Trust. Future annual payments, in perpetuity, are expected to be approximately $70,000. This welcome gift will help to pay the debt for the construction of the new Stratton House Nursing Home - a high priority. During their later years, Harry and Phyllis frequently used the outpatient clinic, which had been named in their honor in 1992, and spent their last days in the loving care of the staff at Grace Cottage Hospital.