Better Business Bureau Report for
Floyd Memorial Foundation

Better Business Bureau Report issued February 2018
Better Business Bureau Report expires February 2019


Does not meet one or more standards
This charity does not meet one or more of the 20 standards for Charity Accountability. Find out more...


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Charity Contact Information

Name: Floyd Memorial Foundation
Address: 1850 State Street
  New Albany, IN 47150
Phone: 812-949-5519
Web Address: https://floydfoundation.org/
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Better Business Bureau Comments

Year, State Incorporated: 1978, Indiana
Affiliates: None
Stated Purpose: The mission of the Floyd Memorial Foundation is to raise funds to enhance the quality of healthcare and wellness of Floyd County and the surrounding Southern Indiana communities, which includes spending funds and supporting programs of the Baptist Health Floyd hospital, as well as other organizations that provide health-related and wellness initiatives for the residents of the community.

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Evaluation Conclusions

              

Floyd Memorial Foundation does not meet the following 5 Standards for Charity Accountability.

Standard 1: Oversight of Operations and Staff - Organizations shall have a board of directors that provides adequate oversight of the charity's operations and its staff. Indication of adequate oversight includes, but is not limited to, regularly scheduled appraisals of the CEO's performance, evidence of disbursement controls such as board approval of the budget, fund raising practices, establishment of a conflict of interest policy, and establishment of accounting procedures sufficient to safeguard charity finances.

Floyd Memorial Foundation does not meet this Standard because its board of directors does not:

  • Review the performance of the chief executive officer at least once every two years.

Floyd Memorial Foundation Executive Director Meredith Lambe said the board is agreeable to conducting an annual review of her position and they plan to work on developing a form review document outlining protocol. 

Standard 6: Board Policy on Effectiveness - Have a board policy of assessing, no less than every two years, the organization's performance and effectiveness and of determining future actions required to achieve its mission.

Floyd Memorial Foundation does not meet this Standard because:

  • The board of directors does not have a written policy stating that, at least every two years, an appraisal be done assessing the organization’s performance and effectiveness and determining future actions required to achieve its mission.

Standard 7: Board Approval of Written Report on Effectiveness - Submit to the organization's governing body, for its approval, a written report that outlines the results of the aforementioned performance and effectiveness assessment and recommendations for future actions.

Floyd Memorial Foundation does not meet this Standard because:

  • It has not conducted an effectiveness assessment within the past two years. .

Standard 10: Ending Net Assets - Avoid accumulating funds that could be used for current program activities. To meet this standard, the charity's unrestricted net assets available for use should not be more than three times the size of the past year's expenses or three times the size of the current year's budget, whichever is higher.

Floyd Memorial Foundation does not meet this Standard because:

  • According to its audited financial statements for the fiscal year ended December 31, 2016, the organization's total unrestricted net assets were $5,725,377, or 6 times the charity's total expenses of $1,030,520.

Standard 12: Detailed Functional Breakdown of Expenses - Include in the financial statements a breakdown of expenses (e.g., salaries, travel, postage, etc.) that shows what portion of these expenses was allocated to program, fund raising, and administrative activities. If the charity has more than one major program category, the schedule should provide a breakdown for each category.

Floyd Memorial Foundation does not meet this Standard because, in the organization's financial statements, the detailed functional breakdown of expenses:

  • Was not included. A detailed functional breakdown shows expenses by natural classification (e.g., salaries, travel, postage, etc.) and indicates what portion of these expenses was allocated to program, fund raising, and administrative activities).
Floyd Memorial Foundation meets the remaining 15 Standards for Charity Accountability.
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Programs

              

The Floyd Memorial Foundation is a 501(c)(3) non-profit organization that was founded by local citizens to serve as the philanthropic arm of the former Floyd Memorial Hospital. Its mission is to provide philanthropic support to Baptist Health Floyd, thus enhancing the quality of medical care provided to its community in Southern Indiana. The Foundation also provides financial support to external health-related initiatives so it can ensure quality and essential care is available to the residents of the six counties it serves. Since the Foundation was founded, it has raised close to $10 million for health resources. Money from the Foundation’s investments, special events, and individual donations support hospital healthcare initiatives, programs, technology, and external medical or healthcare initiatives. The Healthier Community Initiative, a nationally recognized program, was originated by the Foundation almost 20 years ago and has been fully funded by the Foundation since its inception. It is comprised of three coalitions with the goal of providing educational and informational resources, services, and activities to combat the top risk factors based upon a community health needs assessment conducted every four years. Donations received by the Foundation are 100% tax deductible and come from various sources: individual giving, event fundraising programs, and grant requests. The Foundation has a formal grant cycle, accepting grant requests and administering funds twice a year. Approximately 75-80% of Foundation funds are directed to internal Hospital needs and the remaining 20-25% support external agency health-related requests. Grant funding has supported employee continuing medical education scholarships, medical technology and resources, a cafeteria renovation, advanced patient room service technology, community health screenings, prevention programs, educational resources, and wellness programs. The Foundation is governed by 21 board of directors comprised of community citizens and Baptist Health Floyd representatives.

For the fiscal year ended December 31, 2016, Floyd Memorial Foundation's program expenses were:

  
Program Services 746,749
Total Program Expenses: $746,749
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Governance

              

Chief Executive : Meredith A. Lambe, Executive Director
Compensation*: 

Chair of the Board: Doug Sidebottom
Chair's Profession / Business Affiliation: Benefits officer

Board Size: 19

Paid Staff Size: 2

*Compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.
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Fund Raising

              

Method(s) Used:

Direct mail, special events, grant proposals.
Fund raising costs were 23% of related contributions. (Related contributions, which totaled $646,902, are donations received as a result of fund raising activities.)
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Tax Status

              

This organization is tax-exempt under section 501(c)(3) of the Internal Revenue Code. It is eligible to receive contributions deductible as charitable donations for federal income tax purposes.
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Financial

              

The following information is based on Floyd Memorial Foundation's audited financial statements for the fiscal year ended December 31, 2016.

Ending net assets as reported below include $5,725,377 in unrestricted net assets, $395,019 in temporarily restricted net assets and $11,170 in permanently restricted net assets.

Of the $5,725,377 in unrestricted net assets, $5,701,135 are unrestricted funds and $24,242 are board designated funds.

Source of Funds  
Investment Income 480,676
Fundraising 275,921
Inkind 225,779
Contributions 145,202
Other 2,403
Total Income $1,129,981


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Uses of Funds as a % of Total Expenses

Programs: 73%  Fund Raising: 14%  Administrative: 13% 

Total income $1,129,981
Program expenses $746,749
Fund raising expenses 146,540
Administrative expenses 137,231
Total expenses $1,030,520
Income in Excess of Expenses 99,461
Beginning net assets 6,032,105
Ending net assets 6,131,566
Total liabilities 202,377
Total assets $6,333,943


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An organization may change its practices at any time without notice. A copy of this report has been shared with the organization prior to publication. It is not intended to recommend or deprecate, and is furnished solely to assist you in exercising your own judgment. If the report is about a charity and states the charity meets or does not meet the BBB Standards for Charity Accountability, it reflects the results of an evaluation of information and materials provided voluntarily by the charity. The name Better Business Bureau is a registered service mark of the Council of Better Business Bureaus, Inc.

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