Attorney General Tim Fox Approves “Legacy Foundation” for Use of Charitable Assets After Sale of Community Medical Center
The Attorney General’s Office has conditionally approved the proposed plan for use of charitable assets regarding the sale of Community Medical Center to a joint venture consisting of Billings Clinic and RegionalCare Hospital Partners.
"There was an original proposal on the table that had some issues. Eventually, that was withdrawn and substituted for a new foundation that they are intending to form to take the some odd $74 million from the transaction and again use it for purposes that are similar to CMC's mission was before it was sold," Attorney General Tim Fox said.
Fox said with the help of some of his staff, the “Legacy Foundation” was approved.
"CMC really serviced a portion of Montana and western Montana, so this Legacy Foundation will continue that kind of work," Fox said. "We added other conditions such as a conflict of interest policy, operating essentially in the best interest of the foundation. We have specified that the trustees are to serve without compensation. That'll make sure that the people of western Montana get the biggest bang for their buck."
Fox said he hopes the Legacy Foundation will help western Montanans get the health coverage they need and deserve.