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Sunday, May 19, 2024

Additional $75 million from hospital sale distributed

The New Hanover Community Endowment and the New Hanover Regional Medical Center Foundation received $37.5 milion each from another allocation from the sale of the hospital. (Port City Daily photo/Johanna F. Still)

NEW HANOVER COUNTY — The New Hanover Community Endowment and the New Hanover Regional Medical Center Foundation received $37.5 million each from another allocation from the sale of the hospital.

READ MORE: 110 nonprofits receive $9M in first tranche of NHC Endowment funds

The money is part of the $100 million set aside in an escrow account post-sale. The account was created to address any trailing liabilities associated with closing operations of NHRMC, which was sold to Novant Health in February 2021.

According to the asset agreement, the $75 million — minus any liability costs paid from the escrow — was to be released upon the second anniversary of the transaction closing. The remaining funds will be distributed equally to these same two entities on the fourth anniversary.

“The endowment was created by New Hanover County to help change lives, ensure access and opportunity for every single person, and transform our community; and this additional money will help them take their mission even further,” county commissioners chair Bill Rivenbark said in a press release. “The work of the NHRMC Foundation will also benefit greatly, with this investment allowing them to increase their important support for hospital employees and patients now and in the years to come.”

The endowment plans to use the additional funds to support future grant opportunities for non-profits in New Hanover County.

The $1.25 billion endowment released $9 million to local organizations in its first round of funding in December. Over 100 agencies benefited from the grants after the 13-member board spent its first 18 months fleshing out parameters to help determine how to best funnel the money back into the community through its Cape Fear Opportunities and Needs Grants.

“This new funding is an exciting development for the Endowment,” William Buster, president and CEO of NHCE, said in a press release. “These additional assets create new possibilities for the Endowment and additional opportunities for our partners to make even greater progress toward creating transformational change here in the county.”


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