Hospitals, Not-for-Profits Ask For $1B in Funding
Orange County not-for-profit organizations, including several hospitals and the University of California-Irvine, are trying to raise "an unprecedented $1 billion" for building projects that are "taxing the ability of fundraisers and the generosity of donors," the Orange County Register reports.
Among the projects:
- Hoag Memorial Hospital Presbyterian has raised half of its $100 million goal for a new tower and heart center;
- The UCI Medical Center still needs $25 million to reach its $50 million goal for a 191-room hospital;
- UCI President Michael Drake has called for a new public health school and law school; and
- Children's Hospital of Orange County is preparing a building campaign.
A recent study estimated that 113,000 county households have a net worth of more than $1 million, according to Kris Elftmann, a board member of the UCI Foundation. In addition, high real estate values and the stock market have contributed to an increase in donations, the Register reports.
However, donations could be reduced if the economy slows, and the biggest donors -- residents ages 50 and older -- might be more reluctant to make contributions because of increased life expectancies and rising health care costs, according to the Register.
Some people are concerned that some organizations, like UCI Medical Center, broke ground on projects without adequate funding plans (Gittelsohn, Orange County Register, 4/21). This is part of the California Healthline Daily Edition, a summary of health policy coverage from major news organizations. Sign up for an email subscription.