The Association for Healthcare Philanthropy, Falls Church, Va., launched an effort to set uniform standards for reporting fundraising costs and donation revenue by not-for-profit hospitals, health systems and other healthcare providers.
Forty-one organizations, mostly hospitals, paid to submit fiscal 2006 financial and operational data according to the standards, which have not been released publicly, said William McGinly, president and chief executive officer of the association.
Architects of the initiative hope it will boost hospital fundraising transparency, efficiency and donations by giving hospital and healthcare foundations a consistent set of standards by which to measure and disclose return on investment, he said. U.S. healthcare institutions raised an estimated $7.09 billion in fiscal 2005, the most recent figures available, according to a survey by the association of more than 300 institutions. -- by Melanie Evans