Oct 23, 2009 12:41 pm US/Pacific
Lucile Packard Hospital Receiving $50M Donation
PALO ALTO (CBS 5 / BCN) ―
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Lucile Packard Children's Hospital
Stanford University
The David and Lucile Packard Foundation is donating $50 million to fund the expansion of the Lucile Packard Children's Hospital at Stanford.
Officials at the 312-bed pediatric hospital have been campaigning to raise money for an additional 104 beds at the Palo Alto campus as part of a five-year Breaking New Ground Campaign, launched in May 2007.
"The commitment that was made today from the David and Lucile Packard Foundation will hopefully be an inspiration for the rest of the philanthropic community in the Bay Area and inspire them to join the Packard Foundation in support of our mission and improving the health of children and families we serve," Lucile Packard Foundation CEO David Alexander said.
Lucile Packard Foundation for Children's Health spokesman Jose Gordon said the foundation is offering an additional $50 million grant "intended to engender philanthropic support by serving as a challenging match." For every dollar a donor gives to the hospital, the grant will match it with a dollar, Gordon said.
A significant portion of the money will go toward doubling the hospital's size and adding family friendly surgical, diagnostic, and treatment rooms.
A portion of the money will be invested in the training of future pediatric leaders and researching potential cures for childhood diseases at the Stanford School of Medicine, Gordon said.
The campaign goal is to raise $500 million toward a $1 billion expansion project. The hospital has raised $297 million. The rest of the money will be generated from a combination of hospital operating revenues, new debt issuance and community philanthropy, Gordon said.
The David and Lucile Packard Foundation is a private, family foundation created in 1964 by David Packard, cofounder of the Hewlett-Packard Co., and Lucile Salter Packard. The foundation provides national and international grants to nonprofit organizations, primarily in San Benito, San Mateo, Santa Clara, Santa Cruz, and Monterey counties.
(© CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed. Bay City News contributed to this report.)
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