Foundation endowment fund reaches $1 million
March 4, 2016
(SitNews) Ketchikan, Alaska - In 2007, the PeaceHealth Ketchikan Medical Center Foundation Board of Directors established an endowment fund with a goal of raising $1 million that would be set aside as a lasting legacy for Ketchikan and the health care community in southern Southeast Alaska. After nearly a decade, through generous annual donations from a number of donors and investment earnings, the KMC Foundation is pleased to announce that this goal has been reached.
“The endowment fund is a great way to pay it forward,” said Foundation Board President Patti Mackey, “Through their support, our donors have established a means to give the gift of health to future generations of patients and families in Ketchikan and beyond who count on KMC services.”
Since setting up the endowment in 2007, First Bank has been the fund’s most committed donor. In 2007 they made their first 5-year, $100,000 pledge, which they renewed in 2012. January 2016 marked First Bank’s tenth $20,000 donation to the fund, bringing their total endowment fund giving to $200,000.
The fully-funded $1 million endowment fund will likely generate between $50,000 to $75,000 each year, providing an annual building block of funds for new technology, equipment and services.
“We are fortunate to have such a generous and committed community,” expressed Foundation Director Matt Eisenhower. “Our Foundation Board is now exploring various options to determine the best use for the initial payout.”
Edited by Mary Kauffman, SitNews
Source of News:
PeaceHealth Ketchikan Medical Center
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