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Public comment being accepted on Frisbie sale proceeds, donor-restricted funds

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CONCORD - The Attorney Generals Office on Tuesday announced that the Charitable Trusts Unit will accept public comment on the proposed use of the proceeds from the sale of Frisbie Memorial Hospital to FMH Health Services, LLC, a subsidiary of HCA Healthcare, Inc., as well as the assets, including donor restricted funds, of the Frisbie Foundation, Inc. (Foundation).

The Foundation proposes to enter into an agreement with the New Hampshire Charitable Foundation (NHCF) whereby the Foundation, which will be renamed the "Greater Rochester Community Health Foundation," will become a separate supporting organization of NHCF with a separate board of directors, and NHCF will manage the Foundation's funds and support its grant making activities. Documents related to the proposal may be found on the web page for the Charitable Trusts Unit: https://www.doj.nh.gov/charitable-trusts/hospitals.htm.

In January during a public hearing HCA promised to provide a Foundation funded by some $20 million that will be controlled by a board of local citizens who will oversee contributions to efforts that benefit the people of Rochester.

Much of that is expected to be in the form of funding of local nonprofits that help the underserved in the area of addiction and mental health.

At the meeting Tim McManus, the Capital Division President of HCA, of which Frisbie would be a part, said he's already been in contact with local providers including Avis Goodwin and Community Partners.

The exact amount of the foundation would be dependent on potential receivables and obligations that might arise during the acquisition transaction as well as unforeseen liabilities that may arise in the first five years, but it was expected to be substantial, board members and McManus noted at the time.

The proposal is subject to approval of the 7th Circuit Court, Probate Division, Dover, in Case No. 319-2020-EQ-00053. The Attorney General's Charitable Trusts Unit represents the public interest in that case and seeks public comment before it makes its recommendations to the Circuit Court.

Comments may be submitted to the Charitable Trusts Unit on or before Tuesday, October 20, 2020, either by email at charitabletrusts2@doj.nh.gov or by regular mail to:

Charitable Trusts Unit

New Hampshire Department of Justice

33 Capitol Street

Concord, NH 03301

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