Lower Cape Fear Foundation Stewardship
Lower Cape Fear Hospice and the Lower Cape Fear Hospice Foundation strive to be good stewards of the funds we receive to provide quality end-of-life healthcare, services and programs. We took the lead in our field and in our community by going “green.” The Phillips LifeCare & Counseling Center in Wilmington, including the beautiful Heritage Garden, was the first newly constructed GOLD LEED-certified structure in Southeastern North Carolina. We continued this commitment to building “green” when we constructed SECU Hospice House of Brunswick, and have applied for SILVER LEED certification.
Building “green” enables Lower Cape Fear Hospice to promote good stewardship in the community by conserving valuable natural resources and providing a healthy environment for all who visit our Wilmington campus. Additionally, being “green” further enables us to be even better stewards of the monetary resources provided to us through donations and memorials, ensuring even more of those dollars are directed to programs and services and not toward operational costs.
Lower Cape Fear Hospice Foundation is a tax-exempt, 501(c)(3) organization. It is overseen by a 20-member Board of Directors, which has the power for policy making. The board is accountable for the direction, mission, budget and programs of Lower Cape Fear Hospice. For a complete list of board members, visit our Governance page.
Lower Cape Fear Hospice Foundation Inc. serves as the official fundraising and donor stewardship arm of Lower Cape Fear Hospice. The Foundation Board of Trustees has the responsibility of sustaining Lower Cape Fear Hospice through annual charitable gifts, special events, and its Endowment Fund.
Trustees work with the Board of Directors and the agency’s Development Department to ensure financial needs are met. Trustees set goals to support and provide the necessary funds to grow and expand agency programs and services. To see a complete list of Trustees, visit our Governance page.
Lower Cape Fear Hospice spends 83 percent of its annual revenue budget on program expenses. Fifteen percent goes to management and administrative expenses and 2 percent to fundraising expenses. Each year, nearly $1 million is needed to bridge the gap between reimbursement sources and the actual cost of providing hospice services.
We budget to raise $5 for every $1 dollar spent in fundraising expenses. We receive 54 percent of our fundraising revenue from donations, primarily through major gifts to the capital campaign and response to direct mail appeals. Memorials are 17 percent of fundraising revenue, 18 percent from grants, 8 percent from estate gifts and 4 percent from our fundraising events.
Here is a copy of our Foundation 990 2016 form.
Here is a copy our Foundation Audit Report 2016.
Reserve Funds and Working Capital
Lower Cape Fear Hospice has six months of reserve funds and additional six months of working capital.
Reserve funds are essential to agency functions in a changing economy. Changes in government regulation, insurance coverage and revenue streams can significantly impact our ability to serve patients and families. Repair and replacement of medical equipment furnishings, HVAC, and building at our four buildings, also can demand immediate expenditure when necessary.
Reserves provide immediate access to emergency funding and provide gap funding for programs essential to our mission – charity care, children’s grief programs, and palliative care. They make it possible for the agency to sustain vital services and to invest as new needs are presented.
Audited financials are prepared by independent accountant with an audit oversight committee. We post the agency and the Foundation’s 990 and audits to Guidestar Annually.
Here is a copy of our 990 FY 2016 Lower Cape Fear Hospice form.
Here is a copy of our Lower Cape Fear Hospice Audit Report 2016.