Swift Memorial Health Care Foundation

About

In early 2023, at a meeting of the Swift Memorial Health Care Foundation Board of Directors, discussion began around the possibility of dissolving the foundation. Several board members had recently resigned due to age and/or heath issues, and others were getting close to similar situations. The foundation was just below their minimum number of board members, and rather than recruiting, they discussed bringing their assets to Ventura County Community Foundation (VCCF). The board requested that VCCF bring options for the dissolution and liquidation of assets to the next board meeting. In March 2023, options were brought to the board for liquidation and termination. The consensus of the board was that having been in the business of making health care related grants for nearly 40 years, they wanted the good work of the foundation to continue, but in a different format. The board unanimously voted to liquidate all assets, and grant to VCCF. The assets would create two funds at the foundation: 1) an approximate $500,000 fund for scholarships, and 2) the balance in a field of interest fund with the same purpose of the Swift Memorial Health Care Foundations mission.In June, the board met again. This meeting included legal representation and representatives from VCCF to discuss the process. Fund agreements had been sent to the board prior to the meeting for review. These were unanimously approved. Legal counsel laid out the process of the termination and dissolution. This was also unanimously approved.Legal counsel began the process in June 2023, starting with filing the Nonprofit Certificate of Dissolution with the California Secretary of State, and in August 2023 submitted a waiver of objection to the dissolution and transfer of assets to VCCF letter to the California Attorney Generals office.In August 2024, the California Attorney Generals office responded with a letter that offered no objections to the distribution of assets and termination (copy attached).Upon receipt of the letter, assets were transferred to VCCF and allocated according to the fund agreements. Final steps were taken to terminate the foundation, including the final two tax returns.

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Grants Awarded (1 total)