Endowment fund created by WGH
Officials see lasting legacy for benefactors
August 27, 2010
Warren General Hospital has established an endowment fund to provide a lasting legacy and give benefactors an option for bestowing charitable gifts upon the organization.
According to WGH Community Relations Director Karen Coombs, the driving force behind the development of the endowment fund was Tim Huber, who has been a member of the hospital’s board of director for more than a decade.
“I’ve been encouraging them (hospital officials) to start an endowment fund for a long time,” said Huber, who is the chief lending officer at Northwest Savings Bank. “There’s a number of hospitals around the area that have endowment funds.”
Huber regarded the hospital as a “community asset” and believes the establishment of the endowment can provide a safety net for the hospital.
“If we can get (the fund) up to a good level then the interest...can help us through the difficult years,” he said.
On the other side of spectrum, during prosperous years, Coombs said the interest could be rolled back into the fund. According to a description provided by Coombs, the fund “ will ensure that Warren General will be around for us, for our children and our grandchildren’s grandchildren, into perpetuity.”
To kick off the establishment of the fund, WGH officials used the proceeds from the 2010 Summer Sizzler Golf Tournament, which was approximately $20,000, as the beginning balance.
“This is a start,” Coombs said.
In addition to providing a lasting legacy for the hospital and community, the endowment fund gives future donors to the hospital a new option.
Coombs explain that the hospital receives donations every year, but they are often earmarked for certain activities, programs or equipment.
“The Warren community has been incredibly generous over the years,” Huber noted.
The endowment fund allows benefactors to set up planned giving to WGH through their financial planner.
“They can establish a permanent gift to the hospital,” explained Greg LaRocca, executive vice president of administration and investment services at Northwest Savings Bank.
The endowment fund will be a part of a larger giving plan that will include employee appeals, special needs funds and equipment funds.
“It’s very exciting,” Coombs added.