Hospital Authority names appointees to new merged foundation

The Hospital Authority of Floyd County named four appointees last week to the board of the new Floyd-Polk Healthcare Foundation.

Berry College President Stephen Briggs, financial advisor Roger Goss, banker David Johnson and Rome Police Chief Denise DownerMcKinney will serve.

The foundation is being created as part of the merger between North Carolinabased Atrium Health and Floyd Health Systems.

It’s starting out with a $141,699,179 bank account, currently held in escrow, as part of Atrium’s investment into the local community.

The new foundation will not be activated until the Internal Revenue Service and attorneys for the healthcare systems work out details related to its tax-exempt status. That could take anywhere from six to 18 months, according to Floyd Medical Center’s attorney Tommy Manning.

The board will oversee activities aimed at addressing healthcare disparities in the FMC service area.

One of its first responsibilities will be to hire a fiduciary advisor to help maximize the $141.6 million investment. Only interest earned from the capital investment will be distributed by the foundation once it becomes a working organization.

FMC CEO Kurt Stuenkel said last week that even if the foundation earns just 5% interest, it could have upwards of $7 million a year to pump back into the community.

“We are in the big leagues now,” Stuenkel said Monday.

The new foundation will have a total of 16 members, plus the CEO of the Floyd system, which is currently Stuenkel.

The Floyd Healthcare Management board also will make three appointments; the Polk Hospital Authority will appoint four members; the Polk Management board will have one appointment; and four other community members will be appointed at large. Those at-large members must be agreed upon by the two authorities and two management boards.

Stuenkel said the groups will use the final four appointments for people who represent a cross-section of skills and reflect the diversity of those being served by the local hospital.