The Legacy Foundation, formerly the Ottumwa Regional Legacy Foundation, is a 501(c)3 “conversion” foundation, a nonprofit charitable foundation that was created in April, 2010, following the sale of the assets of Ottumwa Regional Health Center to RegionalCare Hospital Partners. The Legacy Foundation’s purpose is to ensure that the net proceeds from this transaction benefit those living in the community previously served by the health center’s facility.
Our Board of Directors, civic-minded leaders who serve without compensation, establishes policies governing operations. Board members are chosen for their professional expertise and understanding of community issues. Day-to-day activities are carried out by a dedicated and professional staff widely known for accessibility, knowledge of community issues, sensitivity, and commitment to the community.
The Foundation’s assets on December 31, 2020 were approximately $68 million.
The Foundation’s general investment philosophy is governed by an Investment Policy Statement (IPS) adopted by the Board of Directors. Its primary objective is long-term growth of principal without undue exposure to risk. This is accomplished through capital appreciation, diversification, asset allocation and donor development. The Board of Directors has delegated to an appointed Investment Committee the authority to develop the IPS and to oversee the investments on the Board’s behalf. The Investment Committee has engaged a professional Investment Advisor – Stifel Nicolaus – to assist them with its responsibilities for the assets of the Legacy Foundation.
The Legacy Foundation is committed to the well-being of the community. While the Foundation’s mission is to improve the health, education and vitality of the Ottumwa area, the Board of Directors have further defined “area” to include Wapello County.
The Foundation’s total grant-making budget varies from year to year averaging around $3.5 million.