Denison City Hospital was created
Memorial Hospital opened to the community
Memorial Hospital changed its name to Texoma Medical Center (TMC)
Reba McEntire brought life to the TMC Foundation when she agreed to put on a benefit concert for the charity. Reba’s dedication to charitable efforts in our region spans over 2 decades and remains true today.
Reba’s Ranch House, a hospitality house, opened its doors for families who need to be near their loved ones in area hospitals.
Concerned with challenging funding streams, TMC was sold to Universal Health Services and became a for-profit institution.
Texoma Health Foundation as it stands today was established as a public conversion foundation. As TMC became the new for-profit Universal Health Services Texoma Medical Center, a separation of its foundation occurred to preserve and protect the charitable assets that belonged to the nonprofit.
Over the past several decades, more and more traditional nonprofit hospitals have converted to for-profit enterprises which have had a significant impact on the field of health philanthropy. Federal law requires proceeds from the sale of assets of a tax-exempt entity to be directed towards charitable purposes which have resulted in the creation of many new health foundations or more commonly referred to as “health conversion foundations.”
While most health conversion foundations are dedicated to increasing access to health care, they typically have adopted a broad definition of health and sometimes support much wider community purposes. As a result, these foundations have rapidly become a major source of funding for nonprofit health organizations and broader community-based organizations alike.
A public foundation is a tax-exempt organization whose mission is to improve the quality of life in a specific region and beyond. Through grant making, programmatic work, and the creation of charitable funds, public foundations meet the ever-changing needs of the community.
Partnerships are a key component to a public foundation as charitable funds can be created by individuals, families, businesses, and organizations to bring about change in the region. The public foundation in turn provides investment expertise, grant making expertise, and charitable security as the foundation is organized for perpetuity. This protects donor wishes and ensures proper oversight of charitable contributions that will impact generations to come.