Hospital Donations: What is The Role of a Hospital Foundation Board?
Unfortunately, a majority assume that the only role of a hospital foundation board is to fundraise. While fundraising is the key function of the foundation, the board has other functions over and beyond. This function ensures smooth running, high efficiency, and proper spending of all hospital donations. That said, here is a breakdown of these roles.
Setting The Foundation Mission
Every foundation must operate within its legal objective. These objectives are often listed in various foundation documents, such as patent letters and articles of association. Some foundations have objectives as narrow as collecting funds for a specific hospital, while others include healthcare. If a foundation grows beyond its objectives, it is the board members’ responsibility to come up with extra activities that the foundation can engage in.
Fiscal and Legal Oversight
A foundations board is responsible for ensuring that the organization runs its operations in a way that is compliant with the law. This responsibility also involves discussing the institution’s finances, establishing whether the foundation is committing to too much activity or funding compared to its resources, and taking corrective measures to keep the institution running. Legally, the directors ensure that the foundation files its returns, issues receipts, prevents undue private benefits, among others. This ensures truthfulness in the expenditure of hospital donations, thus guaranteeing the continued life of the foundation.
Boundary Spanning
This works through the representation of the institution to the community and potential donors and airing the concerns of the outside community and other stakeholders in the institution. Some of the biggest mistakes hospital foundations have made having a board that lacks diversity and does not adequately know how to run the foundation’s activities.
Hospital donations go a long way in ensuring the proper running of institutions that positively impact people’s lives. By understanding their functions, you will easily give to hospital donations as you are assured of money well spent for the intended purpose.