Health Foundation of Central Mass. receives $500K from dissolving physician group
Photo | Courtesy of the Health Foundation of Central Massachusetts
Amie Shei, CEO at the Health Foundation of Central Massachusetts
The Health Foundation of Central Massachusetts has received a contribution of $500,000 from the Central Massachusetts Independent Physician Association, as part of the organization's distribution of its remaining assets after electing to dissolve last year.
CMIPA was originally founded in 1996 as a nonprofit to support small physician practices in Central Massachusetts. The organization’s founding also coincided with the creation of the Health Foundation of Central Mass., which was founded in 1999 from proceeds from the sale of the nonprofit Central Massachusetts Health Care to a for-profit corporation.
CMIPA elected to dissolve over a year ago, due to many founding members of the organization retiring, and elected to transfer its remaining foundation assets, said Amie Shei, CEO of the Health Foundation of Central Massachusetts, in an interview with WBJ.
The organization needed court approval to officially dissolve, which it finally received in May, allowing it to transfer its remaining assets to HFCM, according to the press release dated May 31.
Shei said the additional assets would be used to provide grants to nonprofits to improve health throughout Central Massachusetts.
“The foundation is humbled to have been chosen by CMIPA as the steward of its remaining assets dedicated to improving health in Central Massachusetts,” Shei said in a press release. “These funds will be used to augment the foundation’s investments in the community. In so doing, we seek to honor the work and legacy of the physicians of CMHC and now CMIPA through our grants, which have a sustained impact on improving health in the region.”
The $500,000 contribution adds to the already large assets that HFCM already has, with assets of approximately $90 million. It has awarded grants totaling over $50 million since it originally began its grantmaking program in 2000.
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