Frequently Asked Questions (FAQs)

About the Foundation

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Q:
What is the Ottumwa Regional Legacy Foundation (ORLF) and why was it formed?
A:
ORLF is a 501(c)3 “conversion” foundation, a nonprofit charitable foundation that was created in April, 2010, following the sale of the assets of Ottumwa Regional Health Center to RegionalCare Hospital Partners. ORLF’s purpose is to ensure that the net proceeds from this transaction benefit those living in the community previously served by the health center’s facility.
Q:
What is a “Conversion Foundation”?
A:
When non-profit health care corporation – formerly Ottumwa Regional Health Center – becomes a for-profit corporation – now RegionalCare Hospital Partners – through conversion, merger or acquisition, most state laws require that the full value of the nonprofit be preserved for public benefit purposes. This requirement may be met by transferring assets of the nonprofit to an existing charitable organization with the same or similar purposes. Most commonly this requirement is met by establishing a new foundation – in this case the Ottumwa Regional Legacy Foundation, or ORLF, was created.
Q:
Who runs ORLF?
A:
Our Board of Directors, civic-minded leaders who serve without compensation, establishes policies governing operations. Board members are chosen for their professional expertise and understanding of community issues. Day-to-day activities are carried out by a dedicated and professional staff widely known for accessibility, knowledge of community issues, sensitivity, and commitment to the community.
Q:
What is the value of the Foundation’s endowment?
A:
The Foundation’s assets on December 31, 2016 were approximately $67 million.
Q:
What can you share about how the endowment is invested?
A:
The Foundation’s general investment philosophy is governed by an Investment Policy Statement adopted by the Board of Directors in November 2011. Its primary objective is long-term growth of principal without undue exposure to risk. This is accomplished through capital appreciation, diversification, asset allocation income, and donor development. The Board of Directors has delegated to an appointed Investment Committee the authority to develop the IPS and to oversee the investments on the Board’s behalf. The Investment Committee has engaged a professional Investment Advisor – Stifel Nicolaus – to assist them with its responsibilities for the assets of ORLF.
Q:
What is the Foundation’s geographic funding area?
A:
The Ottumwa Regional Legacy Foundation is committed to the well-being of the community. While the Foundation’s mission is to improve the health, education and vitality of the Ottumwa area, the Board of Directors have further defined “area” to include Wapello County.
Q:
How much money does the Foundation distribute on an annual basis?
A:
The Foundation’s total grant-making budget for 2017 is $3.5 million.
Q:
How do I contact ORLF or its Staff?
A:
We strongly encourage you to contact us with any questions, ideas, thoughts and concerns you might have. Simply click the “Contact” button located throughout the site or access the staff directory located in the “Who We Are” section.