Annual Report 1998

• Mission Statement
• President’s Message
• Statement of Activities
• Grant Recipients
• Highlighted Grants

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

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 Marwick.

Fiscal Year 1997-98 Grant Recipients