JACKSON - The West Tennessee Healthcare Foundation announces several new records regarding its growth.
Since its beginning in 1984, the West Tennessee Healthcare Foundation has worked to improve the health and quality of life of those living in Jackson and West Tennessee. With very humble beginnings, the Foundation’s first project was to provide a new type of technology called a “Life Line” unit where the elderly and those with limited mobility could alert authorities in case of an emergency.
From this first project, the Foundation has grown to become a leader in the regional nonprofit sector. Today the Foundation provides administrative support to more than 600 area funds that add to the quality of life of Jackson and West Tennessee communities. This year the Foundation surpassed $33 million in assets, placing the Foundation as one of the largest nonprofits in the 17 county service area of West Tennessee Healthcare.
In retrospect, board treasurer Lawson Crain announced in 1987 that the Foundation had $53,315.00 in funds. By March 1997, the Foundation’s assets had grown to slightly more than $2 million. Ten years later (2007) the assets had grown to $10 million. By June 2008, in the midst of the recession, the assets had grown to exceed $15 million.
By the end of January 2013 the Foundation has exceeded $24 million in assets. Today with the ending of the 2015-16 fiscal year, total assets have grown to a new record of $33 million.
Donations to the Foundation during the 2015-16 fiscal surpassed $10.2 million in charitable gifts, with most of those contributions being restricted to specific causes in the Jackson area as designated by the donors.
The establishment of endowments has been the major focus of the Foundation’s growth for the past few years with approximately $26 million of its assets in this category. Endowments have been established to remember loved ones and support unique causes for years to come.
Donor Advised Funds also attributed to the remaining growth of the Foundation’s asset base. Donors can donate highly appreciated assets such as stock or property to their donor advised fund. The Foundation liquidates the asset and places the funds into the donor’s Foundation. The donors may then advise the Foundation as to which charities they would like to support.
To find out more about establishing a fund or an endowment or the Foundation, email Frank McMeen at Frank.McMeen@wth.org
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