Grayson County Hospital Foundation

“The foundation has contracted with buckles, travis & hart, pllc to manage the wind-down activities and with wayne meriweather with twin lakes healthcare consulting, llc to consult with the governing board regarding management decisions.”

“The organization has stockholders. Each share of stock is valued at 25. Stockholders must be at least 18 years old and a resident of grayson county, kentucky.”

“The five members of the board of directors are elected by the stockholders.”

“The form 990 is submitted to the governing board for review and approval before it is filed with the internal revenue service.”

“Corporate compliance requires each board member to update and sign off on a conflict of interest policy on an annual basis.”

“Governing documents are made available upon request.”

“Twin lakes regional medical center provides quality medical health care services to patients regardless of race, creed, sex, national origin, handicap, age, or the ability to pay. Although reimbursement for services rendered is critical to the operation and financial stability of twin lakes regional medical center, it is recognized that not all individuals possess the ability to purchase essential medical services. In keeping with our commitment to serve all members of this area, the hospital provides free care to the most indigent of patients and writes off portions of bills to other patients who have demonstrated the inability to pay for all health care services received. A letter of intent was signed on april 13, 2020 to transfer the operating assets of the grayson county hospital foundation, inc. (the "hospital") and the twin lakes medical foundation, inc. To owensboro health, inc., a not for profit health system. The transaction was finalized and became effective january 1, 2021. Under the terms of the agreement, a portion of the proceeds were used to satisfy the outstanding bonds issued by the grayson county public hospital district corporation (the "corporation"). Upon the defeasance of the bonds, the land and facilities owned by the corporation were transferred to a new corporation formed by owensboro health, owensboro health twin lakes regional medical center, inc., to operate the hospital. The net proceeds from the transaction and retained assets were transferred to the grayson county healthcare foundation, inc., a new not for profit corporation formed to provide grants and support healthcare in the county. After current obligations are fulfilled, it is management's intent to dissolve this entity; however, the time frame for the dissolution is uncertain at this time.”