| Annual Report for the fiscal
year ended September 30, 2004 |
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| Realizing the healthcare crisis in our country, the Board
of Washington Square Health Foundation, Inc. recognizes that no one
foundation can meet all the challenges of the healthcare environment.
However, the Foundation has developed a program of grant making which
is designed to be both a catalyst and guide for other foundations
and grant making organizations in meeting the various needs of the
Chicagoland healthcare community.
The Washington Square Health Foundation, Inc. grants funds in order
to promote and maintain access to adequate healthcare for all people
in the Chicagoland area regardless of race, sex, creed or financial
need. The Foundation meets this goal through its grants for medical
and nursing education, medical research and direct healthcare services.
As a guide to other foundations and other service providers and as a part of
the Boards stewardship of charitable funds, the Washington
Square Health Foundation, Inc. has developed a grant evaluation
system to ensure that the objectives of various projects are carried
out in the manner prescribed by the approved grant.
The Foundation wishes to impress on the philanthropic community that the careful
evaluation of the outcomes of grant projects is as important as the appropriate
selection of grant recipients.
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President's Message
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| Several years ago Mr. Howard Nochumson, Executive Director of Washington
Square Health Foundation brought to the Washington Square Health Foundation’s
Board of Directors’ attention that so much information existed in
bits and pieces relative to diabetes, cell biology, cell chemistry and
islet cell implantation that it seemed reasonable that such knowledge could
be blended wherein a functional (physiologic) cure for diabetes could become
a reality in a reasonable time period.
Our Foundation’s Board explored this idea and after much discussion
asked itself several questions:
- What would be the potential result(s) if a brain trust, representing
a combination of scientific expertise, could be assembled and charged
with the challenge of exploring the development of a functional cure of
diabetes?
- What would be the chances of success if that group could meet in closed
sessions for a three-day period and test the plausibility of this train
of thought?
- Would it be reasonable to expect that such a group of sophisticated
scientists could and would shed barriers protecting personal expertise
(after all, scientists are known to protect their pet projects and expertise)
and thereby form a team that would be willing to push aside such barriers
and work as a unit to accomplish a common goal? and
- After such sessions, would they be able to state such a project is
not only possible but doable – and could they provide a road map
for our consideration?
This idea and the resulting questions were eventually shared with Dr.
Jose Oberholzer, Associate Professor of Surgery and Bioengineering; Director,
Cell and Pancreas Transplantation; Director, Cell Isolation Laboratory,
at the University of Illinois at Chicago.
After careful study, and in consultation with colleagues whose expertise
he knew was needed for such a project, he came to the Washington Square
Health Foundation Board and made a presentation that convinced all of us
that this project was a real “GO”.
It should be acknowledged that Washington Square Health Foundation’s
role has been and is that of a catalyst – and as a catalyst, Washington
Square Health Foundation will not fundraise for or directly administer
the Chicago Project’s research support.

Angelo P. Creticos, M.D.
President, Washington Square Health Foundation
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| Statement of Activities |
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Year ended September 30, 2004 |
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Grants & Program Related Investments (PRI) |
$ 1,048,134 |
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General Administrative Expense |
454,616 |
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Professional Investment & Custodial fees |
132,403 |
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Provision for federal excise tax |
24,127 |
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Unrestricted Net Assets |
$23,407,014 |
| *Partially as a result of
the September 11, 2001 "Terror attack" and the continued
decline and uncertainty in the equity markets, the foundation's
assets were severely impacted as of the close of its fiscal
year (September 30, 2001), by a decrease of over $7 million
for the 2000-2001 fiscal year and an additional $2.3 million
decrease for the fiscal year 2001-2002.
The official and complete audit as certified by
KPMG LLP
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| Fiscal
Year 2003-2004 Grant Recipients |
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Advocate Illinois Masonic
Medical Center
- Angelo P. Creticos M.D.
Cancer Center
- Angelo P. Creticos M.D.
Visiting Professorship
- Department of Internal Medicine
- Eye Center
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Gilda's Club Chicago |
| Glenwood School for Boys & Girls |
| Grantmakers In Health |
| Greek American Nursing Home Committee |
| HealthReach Incorporated |
| Hektoen Institute for Medical Research |
| Hospice Partners |
| Interfaith House |
| Alivio Medical Center |
Jewish Community Centers of Chicago |
| The Allendale Association |
Keshet |
| Association of Small Foundations |
La Puerta Abierta |
| Aunt Martha's Youth Service Center |
La Rabida Children's Center |
| Casa Central |
Lake County Council Against Sexual Assault (LaCASA)
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| Center for Speech & Language Disorders |
Lawndale Christian Health Center |
| Chicago Children's Advocacy Center |
Little Company of Mary Hospital |
| Chicago Hearing Society / Anixter Center |
Loretto Hospital |
| Chicago Youth Programs, Inc. |
Medbrook Children's Charity |
| Chinese American Service League |
Mount Sinai Hospital and Medical Center |
| CoACH Care Center |
North Park Friendship Center |
| CommunityHealth,NFP |
Northwestern University |
| Council on Foundations |
Palliative Care Center & Hospice of the North
Shore |
| Donors Forum of Chicago |
Rush North Shore Medical Center |
| Dr. William M. Scholl College of Podiatric |
Rush University Medical Center |
| Medicine at Rosalind Franklin University / The Chicago Medical School
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Saint Anthony Hospital |
| Easter Seals DuPage |
Thresholds |
| Family Christian Health Center |
University of Illinois |
| The Family Institute |
Women in Need Growing Stronger (wings) |
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