This is the third and final report in a three-part series about the Loving Care Endowment Fund and Loving Care Fund. The June report focused on the cascading of LCF funds into the Special Projects Fund as previously reported by Past President Ted Nelson in September 2011 edition of the Lake Hunter Herald. The July report was a summary history of the two Loving Care funds referenced from the Loving Care Fund Report by John Hehn, Executive Director and Patty Fekete, Chief Finance Officer, June 2008, updated August 30, 2011.
This month Patty Fekete has provided a summary of financial data regarding the Loving Care (LCF), Loving Care Endowment (LCEF) and the Capital Project Funds (SPF) for 14 years from 2001 through 2014. The summary provides extensive information about these funds.
This summary is provided as an insert to this month’s Lake Hunter Herald. The amount of funds transferred from the Loving Care Fund to the SPF since January 2001 have amounted to $2,161,354. The disbursements from the SPF have been invested in the following FPH initiatives:
Health Center 8 Bed Expansion (2006-2007) $992,004
ARNP Practioner Services (2012-2013) $208,163
The following are the funds balances as of 12/31/2014:
Loving Care Endowment Fund $3,641,937
Loving Care Fund $4,508,809
Special Projects Fund $1,023,779
During the 2015 period to date, $200,000 has been transferred from LCF to the SPF and $350,000 from the SPF have been approved by the Board for the Wellness Lean Start-Up initiative in the McArthur Center.
Prior to the final judgment entered by the Circuit Court of the Tenth Judicial Circuit Court for Polk County, Florida, on November 29, 2000, there was an interest to expand the limited use of the Loving Care funds. The resulting judgment, initiated by the FPH Board, clarified and legalized the utilization of the Loving Care Funds for other expenditures at FPH.
The wording of the final judgment requires cautious management by the Administration and prudent oversight by the Board to ensure that adequate levels of the Loving Care Funds are maintained to guarantee that the Benevolent Assistance to Residents will be diligently maintained as the primary purpose of the Court’s judgment.
During the 2001-2014 period, $2,172,848 have been disbursed from the LCF for Benevolent Assistance to Residents.
Should you have any questions about this report, please contact me at firstname.lastname@example.orgJust a reminder that the request for donations to the Employees’ Christmas Fund begins on September 01. This is an opportunity to generously donate year-end bonuses to the FPH staff who provide the many services that support our Quality-of-Life at Florida Presbyterian Homes.
Robert Bourquein, President