Mich. Foundation to Get $90-Million From Privatized Hospital
August 11, 2011 | Read Time: 1 minute
More than $90-million worth of past donations to the newly privatized Detroit Medical Center will go the Children’s Hospital of Michigan Foundation, says The Detroit News.
The foundation said Wednesday that the transfer had been approved by state Attorney General Bill Schuette and Legacy DMC, the organization set up to oversee the formerly nonprofit medical center’s charitable assets after its sale last year to the for-profit Vanguard Health Systems.
An additional $60-million could go to the Health & Wellness Foundation of Greater Detroit, which was set up last year to receive past gifts earmarked for adult care. Legacy and the foundations are contacting donors to determine new uses for restricted donations.
