Annual Report for the fiscal year ended September 30, 2006

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

Several years ago Mr. Howard Nochumson, Executive Director of Washington Square Health Foundation brought to the Washington Square Health Foundation’s Board of Directors’ attention that so much information existed in bits and pieces relative to diabetes, cell biology, cell chemistry and islet cell implantation that it seemed reasonable that such knowledge could be blended wherein a functional (physiologic) cure for diabetes could become a reality in a reasonable time period.

Our Foundation’s Board explored this idea and after much discussion asked itself several questions:

    1. What would be the potential result(s) if a brain trust, representing a combination of scientific expertise, could be assembled and charged with the challenge of exploring the development of a functional cure of diabetes?
    2. What would be the chances of success if that group could meet in closed sessions for a three-day period and test the plausibility of this train of thought?
    3. Would it be reasonable to expect that such a group of sophisticated scientists could and would shed barriers protecting personal expertise (after all, scientists are known to protect their pet projects and expertise) and thereby form a team that would be willing to push aside such barriers and work as a unit to accomplish a common goal? and
    4. After such sessions, would they be able to state such a project is not only possible but doable – and could they provide a road map for our consideration?

This idea and the resulting questions were eventually shared with Dr. Jose Oberholzer, Associate Professor of Surgery and Bioengineering; Director, Cell and Pancreas Transplantation; Director, Cell Isolation Laboratory, at the University of Illinois at Chicago.

After careful study, and in consultation with colleagues whose expertise he knew was needed for such a project, he came to the Washington Square Health Foundation Board and made a presentation that convinced all of us that this project was a real “GO”.

It should be acknowledged that Washington Square Health Foundation’s role has been and is that of a catalyst – and as a catalyst, Washington Square Health Foundation will not fundraise for or directly administer the Chicago Project’s research support.

Angelo P. Creticos, M.D.
President, Washington Square Health Foundation

Statement of Activities

Year ended September 30, 2006  
Grants & Program Related Investment $ 1,427,787
Estimated Administrative Expense (Non-Charitable Expense) $136,592
Professional Investment & Custodial fees $65,713
Provision for federal excise tax $6,605
Total Assets $25,037,887
*Partially as a result of the September 11, 2001 “Terror attack” and the continued decline and uncertainty in the equity markets, the foundation’s assets were severely impacted as of the close of its fiscal year (September 30, 2001), by a decrease of over $7 million for the 2000-2001 fiscal year and an additional $2.3 million decrease for the fiscal year 2001-2002.The official and complete audit as certified by Crowe Chizek and Company LLCDownload PDF.

Fiscal Year 2005-06 Grant Recipients

Advocate Charitable Foundation Health and Medicine Policy Research Group
Advocate Trinity Hospital Heartland Health Outreach
Advocate Illinois Masonic Medical Center

  • Angelo P. Creticos, MD Cancer Center
  • Angelo P. Creticos, MD Visiting Professorship
  • Eye Center
Hektoen Institute for Medical Research
Access Community Health Network Hillel Torah North Suburban Day School
Alzheimer’s Disease and Related Disorders Housing Opportunities for Women, Inc. (HOW)
Association, Inc. Howard Brown Health Center
American Cancer Center Illinois College of Optometry
American Indian Center Jewish Community Centers of Chicago
Aunt Marthas Youth Service Center Keshet
Association of Small Foundations La Rabida Children’s Hospital and Research Center
Chicago Chesed Fund Lake County Council Against Sexual Assault (LaCASA)
Chicago Children’s Advocacy Center Lambs Farm
Chicago Family Health Center Lester and Rosalie Anixter Center
Chicago Medical Society Midwest Palliative & Hospice CareCenter
Chicago Youth Programs, Inc. Mount Sinai Hospital and Medical Center
Children’s Home and Aid Society of Illinois North Park Friendship Center
Chinese American Service League North Shore Senior Center
Christian Community Health Center Northpointe Resources, Inc.
Clearbrook Oak Park and River Forest Infant Welfare Society
CommunityHealth, NFP PCC Community Wellness Center
Council on Foundations Rehabilitation Institute of Chicago
Donors Forum of Chicago Rosalind Franklin University of Medicine and Science
Erie Family Health Center Saint Anthony Hospital
Evanston Northwestern Healthcare Saints Mary and Elizabeth Medical Center
Family Christian Health Center St. Basil’s Health Science – Free People’s Clinic
Foundation for Alzheimer’s and Cultural Memory St. Bernard Hospital and Health Care Center
Gilda’s Club Chicago The Children’s Memorial Hospital
Glenwood School for Boys & Girls The Night Ministry
Grantmakers in Health University of Illinois
Hamdard Center for Health and Human Services White Crane Wellness Center