Annual Report for the fiscal year ended September 30, 1998

Mission Statement

Realizing the healthcare crisis in our country, the Board of Washington Square Health Foundation, Inc. recognizes that no one foundation can meet all the challenges of the healthcare environment. However, the Foundation has developed a program of grant making which is designed to be both a catalyst and guide for other foundations and grant making organizations in meeting the various needs of the Chicagoland healthcare community.The Washington Square Health Foundation, Inc. grants funds in order to promote and maintain access to adequate healthcare for all people in the Chicagoland area regardless of race, sex, creed or financial need. The Foundation meets this goal through its grants for medical and nursing education, medical research and direct healthcare services.

As a guide to other foundations and other service providers and as a part of the Board’s stewardship of charitable funds, the Washington Square Health Foundation, Inc. has developed a grant evaluation system to ensure that the objectives of various projects are carried out in the manner prescribed by the approved grant.

The Foundation wishes to impress on the philanthropic community that the careful evaluation of the outcomes of grant projects is as important as the appropriate selection of grant recipients.

President’s Message

Dr. Angelo P. Creticos
Dr. Angelo P. Creticos

Storm clouds have developed and are spreading over the Health Care System in America. The glow that managed care once had in its infancy has been fading and we are now faced with a new more serious crisis in the evolution of health care in America.The scope of this crisis is really not properly comprehended by the responsible bodies that govern medical care planning, be they government, private or non-profit entities. Witness to this is the fact that all of us continue to fail in our attempts to solve this serious problem.

The variety of health plans and policies offered by the industry over the years has been confusing and frustrating, to say the least. Now we find Medicare, which was for years a rather straight forward program, adding to the confusion and frustration with a menu of options of its own.

In addition, we compound the problem with a host of advertising and dramatic episodes that startle the public and cast doubt in them about where to go for so-called “best medical care”. One would believe that the “powers that be” are convinced that all citizens- young and old- are efficient computer buffs and expert accountants in order to be able to cope with this mess.

There is an old saying that applies, ” Keep It Simple Stupid!”. The public wants understandable and compassionate programs just as much as they want good medical care!

These concerns, as well as the changing climate in governmental and private industry making funds available for medical education, research and services, have prompted Washington Square Health Foundation to re-examine its 10+ years of service to the community. In January 1999, we plan to review our mission statement, the scope and methodology of grant giving to better position the Foundation in servicing the health needs of this community.

We realize that foundations such as Washington Square Health Foundation will be relied upon more and more by the medical community to help with retooling our health industry. However, the fundamental truth is that an informed citizenry, as well as an informed government, will be needed before any successful conclusion of the crisis can be realized.

The health community has been most receptive to the Foundation’s work. We welcome and encourage all components of the health community to work closely with us for the betterment of the health needs of our communities and citizens.

Statement of Activities

Year ended September 30, 1998  
Operating activities:
Revenues:
Interest and dividends $1,138,903
Net realized gain on investments 2,615,294
Other 4,974
Total operating activities revenue 3,759,171
Expenses:
Grants 1,193,756*
Management and general:
Salaries 151,421
Payroll taxes 9,002
Professional fees:
Investment management and custodial 175,971
Legal and accounting 33,062
Board fees and expenses 69,514
Occupancy 30,282
Office supplies 9,414
Insurance 18,792
Depreciation 3,569
Miscellaneous 26,919
Total management and general 527,946
Provision for federal excise taxes 59,340
Total operating activities expenses 1,781,042
Excess of operating activities revenue over expenses 1,978,129
Nonoperating activities – net unrealized gain (loss) on investments (1,619,241)
Increase in net assets 358,888
Unrestricted net assets, beginning of year 31,970,607
Unrestricted net assets, end of year $32,239,495
* Grants do not include Program Related Investments (PRI) of $43,367 distributed during fiscal year 1996-97. Grants and PRI’s distributed for fiscal year 1996-97 total $1,403,369.The official and complete audit as certified by KPMG Peat MarwickDownload PDF.

Fiscal Year 1997-98 Grant Recipients

Advocate Charitable Foundation Loyola University Medical Center Stritch School of Medicine
AIDS Foundation of Chicago Lutheran Social Services of Illinois
AIDS Pastoral Care Network McGaw YMCA
AIDSCARE,Inc. Mount Sinai Hospital Medical Center
American Society on Aging North Park Friendship Center
Asthmatic Children’s Aid Sylvia Golden Memorial Chapter Northwestern Memorial Hospital’s Hospice Program
Bethany Hospital Northwestern University Medical School
Casa Central Northwestern University Robert H. Lurie Cancer Center
Center for Enriched Living Norwegian American Hospital
Chicago Health Outreach, Inc. PCC Community Wellness Center
Chinese American Service League Rape Victim Advocates
Clearbrook Center Rehabilitation Institute of Chicago
Council on Foundations Respite House, Inc.
Donors Forum of Chicago Roseland Community Hospital
Gilda’s Club Chicago Rush-Presbyterian-St. Luke’s Medical Center
Grantmakers In Health Saint Xavier University-School of Nursing
Greek American Nursing Home Committee Scholl College of Podiatric Medicine
Hemophilia Foundation of Illinois Sinai Family Health Centers
Holy Family Medical Center South Shore Hospital
Hospice of Northeastern Illinois South Suburban Hospital
Howard Brown Health Center St. John’s Hospital
Illinois Masonic Medical Center The Children’s Memorial Medical Center
Illinois Maternal & Child Healthcare Coalition The Children’s Place Association
Lake County Council Against Sexual Assault (LACASA) Thorek Hospital and Medical Center
Lawndale Christian Health Center Thresholds
Lawrence Hall Youth Services University of Chicago Medical Center
Little City Foundation University of Illinois College of Medicine
Louis A. Weiss Memorial Hospital University of Illinois School of Public Health
Loyola University Medical Center