The Wythe-Bland Foundation was formerly known as "Wythe County Community Hospital Foundation" and originally formed in 1991 to support the charitable needs of Wythe County Community Hospital. On May 31, 2005, the Hospital leased its buildings and related real property and sold the non-real estate assets to a subsidiary of LifePoint Hospitals, Inc.
The proceeds from the lease and sale of non-real estate assets were used to establish the Wythe-Bland Community Foundation on June 1, 2005. Due to Internal Revenue Service regulations, the organization became a private, non-operating foundation, and consequently changed the name to Wythe-Bland Foundation. The foundation is no longer affiliated with the Hospital, except as holders of the lease. The pre-paid lease created the charitable wealth that generates earnings from investments and provides grant resources to eligible not-for-profit organizations.
The Foundation is a Virginia non-stock corporation exempt from income taxation under Section 501(c)(3) of the Internal Revenue Code. It has 13 board members who are community leaders residing in Wythe and Bland Counties, Virginia. Board members serve without compensation.
The proceeds from the lease and sale of non-real estate assets were used to establish the Wythe-Bland Community Foundation on June 1, 2005. Due to Internal Revenue Service regulations, the organization became a private, non-operating foundation, and consequently changed the name to Wythe-Bland Foundation. The foundation is no longer affiliated with the Hospital, except as holders of the lease. The pre-paid lease created the charitable wealth that generates earnings from investments and provides grant resources to eligible not-for-profit organizations.
The Foundation is a Virginia non-stock corporation exempt from income taxation under Section 501(c)(3) of the Internal Revenue Code. It has 13 board members who are community leaders residing in Wythe and Bland Counties, Virginia. Board members serve without compensation.
|
|
|
