The Lakewood Hospital Foundation Loses $33.5 Million

[Bill Call]

At year end 2014 the Lakewood Hospital's beneficial interest in the Lakewood Hospital Foundation was $33.5 million.

At year end 2015 the Lakewood Hospital's interest in the Foundation was $0. Who got the $33.5 million?

Does anyone remember the public discussion regarding the changes made to the Foundation?

All of the assets of the Hospital were CITY ASSETS, not Lakewood Hospital Association assets.

At year end 2014 those assets totaled $160 million.

Does anyone remember the public discussion regarding the transfer of those assets to the Cleveland Clinic?

[Bridget Conant]

No responses.

Why is it that people are content to accept vague promises, sketchy explanations, and fudged numbers? Is it that they aren't able to comprehend complicated issues, or that they just cannot be bothered to spend the time to learn and understand?

[Jim O'Bryan]

No responses.

Why is it that people are content to accept vague promises, sketchy explanations, and fudged numbers? Is it that they aren't able to comprehend complicated issues, or that they just cannot be bothered to spend the time to learn and understand?

Bridget

It is a complicated issue, in a world that is being constantly dumbed down, and where critical thought has left the building.

The Hospital closing, everyone thinks it bad. New foundation, with Rec Center, 50% think, oh that's good. No thought given to tax base or wealthier cities going broke for the same move. Well the same move, without losing their largest employer or underwriter of health care and non-profits in the community. That entire thought process becomes too complicated.

Look at this thread, Actually Lakewood Hospital Foundation has been more open then it needs to be. It is a private foundation dedicated to the Lakewood Hospital and health and wellness in the area. All those years of giving to LHF, where LHF gave money to the Hospital was by their choice, or the choice of their donors. From the very first day, Ken Haber and other people associated with LHF have made it clear that during the transfer of purpose and direction, the money would needed to be placed with another fiduciary agent like the Cleveland Foundation, or others that were being looked at.

It is much harder for Lakewoodites to see LHF as our money, without going into detailed discussions of how LHA and the Lakewood Hospital could have gotten the money. That discussion is long passed.

LHA on the other hand was trusted to run and protect Lakewood Hospital, and was not a private foundation. The fact that LHA approved $50,000 for BuildLakewood and the Vote No on Keeping the Hospital should trouble us all. That was our money being used to mislead us, with confusing mailings, and other means. The fact that none of this was ever discussed publicly when the public had a chance to digest and understand is a slap in the face of democracy and transparency.


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[Bill Call]

Look at this thread, Actually Lakewood Hospital Foundation has been more open then it needs to be. It is a private foundation dedicated to the Lakewood Hospital and health and wellness in the area. All those years of giving to LHF, where LHF gave money to the Hospital was by their choice, or the choice of their donors. From the very first day, Ken Haber and other people associated with LHF have made it clear that during the transfer of purpose and direction, the money would needed to be placed with another fiduciary agent like the Cleveland Foundation, or others that were being looked at.

It is much harder for Lakewoodites to see LHF as our money, without going into detailed discussions of how LHA and the Lakewood Hospital could have gotten the money. That discussion is long passed.

See this from Guidestar:

http://www.guidestar.org/profile/34-6519834

From the documents:

"Lakewood Hospital Foundation provides a direct link to the west shore community's need for compassionate health care by supporting the enhancement of Lakewood Hospital's programs and services"

The Lakewood Hospital Foundation was founded to support Lakewood Hospital. No where and at no time did anyone at the Foundations come out and say "oh, by the way, at some future date all funds raised and earned by the Foundation to support the Hospital and the Vision of Tomorrow will be transferred to a new entity to support development in Avon, Twinsburg, Mentor and Brunswick".

The Board of the Foundation has been neither open nor honest in its dealings with the people of Lakewood. One of the key motivations in the decision to close the Hospital was the realization that a small group could convert the Hospital Foundation into a slush fund for the well connected.

They converted an institution devoted to public good into an institution devoted to private gain. $34 million raise by the community to support the Hospital has been seized by a small group to fund their own private ambitions.

Of course,the Lakewood Hospital Association is even worse. On that we agree.

[cmager]

Mr. JO'B, no way would I give any shred, any inkling of a pass to the LHF. No way. Uh-uh. Privateering politicians, or your choice of juicier labels.

[Jim O'Bryan]

Mr. JO'B, no way would I give any shred, any inkling of a pass to the LHF. No way. Uh-uh. Privateering politicians, or your choice of juicier labels.

Bill, CMager

While I agree with what you say, and appreciate and agree with it in principles.

LHF is a private foundation and in Ohio, it has a ton a variance in what they can do. Especially if they can get donors to sign off on it.

LHA on the other hand, was a public Association, semi privatize in the Sinagara Administration to limit public accountability, potentially illegally.

For a semi public groups who sole duty is to run the hospital spend money with BuildLakewood to destroy it, is the real issue. LHF at this point is a waste of energy.

One might ask, It has been over a year, you gave an account nearly 3 months to come up with something, what are you building that will recover the funds spent, the jobs lost, and the city's future traded for some magic beans that no one can plant for fear of breaking serious laws.

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