Floyd County Medical Center Foundation begins endowment fund

By Bob Steenson, bsteenson@charlescitypress.com

A new endowment fund is designed to support the Floyd County Medical Center and help ensure the county hospital’s presence in the community far into the future.

The Floyd County Medical Center Foundation created the endowment fund with the Floyd County Community Foundation and delivered the first check Wednesday.

Members of the hospital board of directors and administration gave the $25,000 check to representatives of the community foundation governing committee.

Rod Nordeng, Floyd County Medical Center administrator, said the goal is to build a permanent endowment fund, then use earnings from the principal to support capital expansion and operations.

He said the plan is to grow the fund for a minimum of 10 years, then begin using earnings to fund medical center projects and expenses. There are no restrictions on how the fund can be used to benefit the medical center, he said, other than that only earnings can be spent, not the principal.

Nordeng said it’s significant to remember that the medical center is rare among county hospitals in that it receives no county tax dollars to keep it operating. The majority of Iowa’s critical access hospitals do receive tax revenue.

“That’s really the purpose, too, to replace the tax revenues that other counties receive that we do not,” Nordeng said. “It provides an opportunity for community residents to invest in the future of health care. Our goal is to make sure there is a county hospital for the next at least 50 years.”

“It’s a great way to invest in the future of the Floyd County hospital,” said Chuck Davis, a member of the Floyd County Community Foundation.

Patty Staudt, chairwoman of the governing committee of the Floyd County Community Foundation, said anybody can donate, in many different ways, including by gifts through their estate planning.

Marcie Andrews, development associate for the community foundation, said the Floyd County Community Foundation is honored to partner with Floyd County Medical Center Foundation.

“This fund will truly be an excellent resource for the medical center to thrive well into the future,” Andrews said.

Donors to the Floyd County Medical Center Foundation Fund can take advantage of a 25 percent state tax credit available through the Endow Iowa program, according to information from the Community Foundation of Northeast Iowa. The Floyd County Community Foundation is an affiliate of the Northeast Iowa group.

Donors to the hospital endowment can also take regular federal deductions for charitable giving.

For more information about the Floyd County Community Foundation, including how to donate, the various types of funds, and the Endow Iowa 25 percent state tax credit, visit www.floydccf.org or contact Marcie Andrews at 319-287-9106 or mandrews@floydccf.org.