The Stevenson Memorial Hospital Foundation was formed in December, 1985 as a new fundraising force for the hospital, was originally comprised of hospital board members and was an integral part of the Hospital Board structure.
In light of changing economic and legislative conditions, the Foundation was reconstituted on June 23, 2003 as a separate charitable entity (an Ontario corporation) with new Letters Patent and By-Laws and is governed by a volunteer Board of 12 Directors elected by community Members of the Foundation. Three of the 12 Foundation Board members are nominated by the Hospital Board and 9 are nominated by the Nominations Committee of the Foundation Board. The Officers of the Foundation Board are elected by the Directors from among the Board members.
A transition Foundation Board comprised of some members of the Hospital Board and other interested community members provided the leadership to develop the basic legal and regulatory structure for the new Foundation Board formed officially in June, 2003.
The fundamental purpose of the Foundation is to raise funds to support projects and other initiatives identified by the Hospital Board and to do so based on priorities established by the Hospital Board in the context of the long term strategic direction of the Hospital.
Donated funds are transferred to the Hospital for approved projects in accordance with a Relationship Agreement between the two Boards. Donated funds are invested, managed and dispersed under the guidance of the Foundation Board. Donated funds are not used to support aspects of the operating budget of the Hospital. The operating budget of the Hospital is funded by the respective provincial ministry and by revenues received directly by the Hospital for various selected services provided to patients.
The Foundation purchases financial, accounting, and general administrative support from the Hospital which also provides a modest office space in the hospital for the Foundation. – less–ZoomInfo