Annual Report
for the fiscal
year ended September 30, 2008 |
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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, 2008 |
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Grants & Program Related Investment |
$ 906,085 |
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Estimated Administrative Expense (Non-Charitable Expense) |
$101,248 |
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Professional Investment & Custodial fees |
$38,030 |
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Provision for federal excise tax |
$25,000 |
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Total Assets |
$20,340,094 |
| *Due to the severe recession and unprecedented financial meltdown 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, 2008), by a decrease in market value of slightly over $4 million for the 2007-2008 fiscal year. In the first quarter of the 2008-2009 fiscal year, the foundation experienced an estimated unaudited additional $2 million loss.
The official and complete audit as certified by Crowe Horwath LLP  |
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| Fiscal Year 07-08 Grant Recipients. |
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| Access Community Health Network |
Goldie’s Place |
| Advocate Charitable Foundation |
Grantmakers in Health |
| Advocate Illinois Masonic Medical Center |
Hamdard Center for Health and Human Services |
| Allendale Association |
Hillel Torah North Suburban Day School |
| American Cancer Society, Illinois Division |
Howard Brown Health Center |
| American Heart Association |
Illinois College of Optometry |
| Apna Ghar, Inc |
Jewish Councils for Youth Services |
| Asian Human Services, Inc. |
Keshet |
| Association of Small Foundations |
La Rabida Children’s Center |
| Aunt Martha’s Youth Service Center |
Lambs Farm |
| Breakthrough Urban Ministries |
Lawndale Christian Health Center |
| Centro Comunitario Juan Diego |
Loretto Hospital |
| Centro de Salud Esperanza |
Lutheran Foundation for the Aged, Inc. |
| Chicago Children’s Advocacy Center |
North Park Friendship Center |
| Chicago Family Health Center |
Northwestern Memorial Foundation |
| Chicago Patient Safety Forum |
Northwestern University |
| Chicago Public Schools/ Children First Fund |
Norwegian American Health Systems |
| Children’s Memorial Hospital |
PCC Community Wellness |
| Clearbrook |
Post- Polio Health International, Inc. |
| CommunityHealth,NFP |
Saint Anthony Hospital |
| Connections for the Homeless |
Saints Mary and Elizabeth Medical Center (St. Elizabeth Campus) |
| CJE Senior Life |
Team Spirit Institute |
| Council on Foundations |
University of Illinois at Chicago- College of Medicine |
| Donors Forum Chicago |
White Crane Wellness Center |
| Easter Seals Metropolitan Chicago |
Women’s Treatment Center |
| Erie Family Health Center |
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| Gilda’s Club Chicago |
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