A monetary gift of $10 million from Sanford Health will help launch a $20 million endowment campaign at Sanford Bismarck.
“This is a new frontier for us,” said Tom Petrik, vice president of development of Bismarck’s Sanford Health Foundation at a press conference Monday morning. “All of this is to continue to ensure that Sanford Health is ready and able to provide extraordinary health care to patients of Bismarck and Mandan and of central and western North Dakota.”
Petrik said $1.5 million of Sanford’s donation will be used immediately to enhance existing programs and services, such as cancer, cardiac, pediatric and kidney dialysis.
“In as many ways as we possibly can, we plan to use that money to make an impact immediately for patient care and services,” he said.
The remaining $8.5 million will be used as a challenge match to help Sanford Bismarck launch a campaign titled The Builders of Excellence Endowment Campaign. Donors will be able to donate to a specific area they choose and Sanford Health will match their donations dollar for dollar.
The minimum monetary contribution to create a named endowment for individuals or families is $10,000, while the minimum contribution to create a named endowment for a business or organization is $25,000, Petrik said.
Brian Mortenson, president of the Sanford Health Foundation of Sioux Falls, S.D., expressed excitement for the campaign’s launch.
“It would be easy for a community, for an organization to kind of sit back now that the merger has taken place,” Mortenson said. “Nobody’s sitting back (at Bismarck Sanford), I can tell you that.”
As of Monday morning, Sanford Bismarck had already accumulated $540,000 in pledges, Petrik said. With Sanford’s dollar- for-dollar match, the endowment campaign has nearly $1.1 million.
“It’s a very strong start,” he said.
As of Monday morning, lead donors for the campaign were Dr. Ted and Carolyn Fogarty, who have pledged $250,000, Petrik said. Ted Fogarty is a radiologist with Sanford, while Carolyn Fogarty is on the foundation board. A donor who wished to remain unnamed has pledged $100,000, while Mark and Claudia Thompson have committed $75,000.
Sanford Bismarck already has 26 or 27 endowed funds within the foundation, Petrik said.
“If somebody wants to give $100 or $200 to one of our current endowed funds, (Sanford) will match that dollar for dollar,” he said.
Petrik said he is confident that the hospital will be able to reach its $20 million goal.
“And of course, all of this really impacts patient health care,” he said.