Hayswood Foundation

Hayswood is a 501(c)3 private foundation, with a mission to improve the lives of the citizens in the local communities that we serve. We work to fulfill this mission by providing grants to local non-profit organizations, to assist them in offering programs and services involving mental and physical health, and education. This mission is further fulfilled by administering scholarship programs that help local students realize their dreams of a quality higher education, and become productive members of their future communities. HISTORY Hayswood Hospital Foundation, Inc., as the organization was originally known, was formed in November, 1973, and officially incorporated in February, 1974. The "Hospital" portion of the name would be removed in 1985, following the closing of Hayswood Hospital, in Maysville.As early as 1972, a foundation was proposed which would allow individuals to make donations to assist Hayswood Hospital in purchasing special equipment and providing additional services that could not be accomplished with the facility's normal income, alone. In 1973, recommendations from attorneys included articles of incorporation and bylaws for a charitable foundation that could handle assets in the existing endowment fund, as well as other investment properties of the Hospital. The new foundation would also become a vehicle for future fundraising for the Hospital. The Hospital could tap the assets of the foundation for future expansion projects and the purchase of needed equipment by submitting requests to the Foundation’s board of directors. During the early years, the Foundation board met mainly to receive and approve funding requests from the Hospital board. A capital campaign to fund the construction of a new regional hospital got under way in 1980. Some donors had questioned what would happen with donations if the new hospital were not built. A policy was approved that would return all cash donations to the donors, less expenses incurred to date, if the construction was not completed. By October of 1980, preparations for the new hospital were in full swing. Already obtained were the site for the building, plans for a facility to cost approximately $12 million, and $2.5 to $3 million in donations from local residents. The final hurdles were the actual construction, and the successful offering of a $10 million bond issue. The Foundation would contribute enough funds to the Hospital to do initial site work, lay a foundation, and contract for steel framing. However, construction plans were halted when, in the summer of 1981, negotiations with Hospital Corporation of America were finalized for the purchase of the Hospital’s operations. UNUSED BUILDING FUND CONTRIBUTIONS AND REAL ESTATE In the fall of 1981, legal research went into various alternatives regarding the refund of contributions received for the construction of the regional hospital. No action would be taken until the deal with Hospital Corporation of America was finalized. After closing, a declaratory judgment would be sought to allow the money to be returned to the donors who so requested. Following the court action, an IRS ruling would be sought to protect the Foundation’s tax-exempt status. The bylaws of the Foundation would not permit the money to be diverted to any other charities that were not health related. A merger of the Foundation with the Hospital was discussed, but was not found to be appropriate at that time. In December of 1981, the Hospital approved the return of all money that had been received from the Foundation for the restricted purpose of constructing the new hospital. The amount totaled $1,824,600. A letter was approved for contacting contributors about the status of their donations. Of the land purchased for construction of the new hospital, ninety-five acres remained after the HCA buyout. Over the following thirteen years, parcels would be sold as locations for the Denham Clinic, and a new city fire station. The Maysville-Mason County Industrial Authority would purchase approximately sixty acres, a portion of which is now occupied by Federal Mogul. A CHANGE OF PURPOSE, AND NAME Discussions began in December 1981 about the future role of the Foundation. By June of the following year, a committee was formed to work out a new mission, whether health-related or otherwise, that would maintain the Foundation’s charitable status as a 501(c)3 organization. A determination would need to be made about the types of charities that would be supported, and the geographical area covered. A change in the Foundation’s name was also suggested, eliminating the word “Hospital.” In April of 1985, the amended Articles of Incorporation were approved, and the name of the organization was changed to Hayswood Foundation, Inc.