Trumbull Foundation's $11M Released for Community Benefit
WARREN, Ohio -- Some $11 million in funds released recently by Trumbull County Probate Judge Thomas Swift will be used to support a broad range of health care services and educational needs of Trumbull County residents. The funds held by the Trumbull Memorial Health Foundation previously were restricted to support of Trumbull Memorial Hospital.
This ruling brings to an end the nearly four-year process of ensuring that the funds held within the foundation will continue to address its stated purpose for Trumbull County residents, while also preserving their donor’s intent -- a top priority, says the foundation’s board of directors.
The Trumbull Memorial Health Foundation was incorporated in 1976 as an Ohio nonprofit corporation, with its supported organization and sole member being Trumbull Memorial Hospital. In March 2009 Forum Health, Trumbull Memorial Hospital and the foundation, along with other related entities, filed for Chapter 11 in Bankruptcy Court. After over two years of proceedings, the foundation was released from the bankruptcy process, and the foundation board secured a supporting organization designation with the Community Foundation of the Mahoning Valley last July, according to David Kostolansky, Board chairman.
As a result of the court ruling, the foundation board will begin a strategic planning process. The mission will focus on health care issues in Trumbull County and the Board, in partnership with the Community Foundation, will meet to determine strategy and process for distribution of the funds moving forward, said Patricia Brozik, Community Foundation president. "We look forward to facilitating their process in any way possible,” she said.
The Community Foundation of the Mahoning Valley, a public charity, works for the benefit of our donors and nonprofit partners, while continually encouraging collaborative community efforts across Mahoning and Trumbull counties.The Foundation has provided grants in excess of $15 million to over 300 charitable and educational institutions.
Published by The Business Journal, Youngstown, Ohio.
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