The Yakima Valley Community Foundation (YVCF) began operating as a certified nonprofit organization in December, 2004. Initial funding (approximately $8,000,000) was provided by the Sisters of Providence.
When the Sisters made the decision to sell Providence Yakima Medical Center and Providence Toppenish Hospital, they contributed all assets of Providence Health Foundation to this new, independent foundation to support the well being of Yakima Valley residents.
The purchaser of the hospitals, Health Management Associates, pledged an additional $10,000,000, payable over ten years.
Promoting employee share and enabling customers to invest are better incentives than those provided by co-operatives. Co-operatives have adamantly remained a niche sector and doesn’t provide the right incentives for entrepreneurs.