Bill No.: SF0117                  Drafter:  DKG

LSO No.:  07LSO-0215              Effective Date:  7/1/2007

Enrolled Act No.:  SEA0086

Chapter No.:

Prime Sponsor:     Senator Peterson

Catch Title:       Critical access or rural hospital endowment program.

Subject:  Creates an endowment program for critical access and rural hospitals.

Summary/Major Elements:

· Creates an endowment program for Wyoming critical access and rural hospitals.

· "Critical access" or "rural hospital" means a county hospital or special district hospital that is certified to receive cost based reimbursement from Medicare or has no more than forty beds, or which meets either of those requirements and is operated by a nonprofit entity in a county without a hospital meeting those requirements.

· Appropriates $4 million from the general fund for a matching endowment program, with the limitation that not more than $2 million can be transferred to the challenge accounts in the 2008 fiscal year, with the balance for the 2009 fiscal year.

· The entire appropriation is to be divided into separate accounts for each of the qualifying hospitals.  Those accounts are to be used to match gifts, subject to certain limitations.

· The gift must be received by the hospital from July 1, 2007 through June 30, 2013.

· The gift and the match provided by this act are to be deposited in an account for investment by the hospital's foundation, with only the earnings used.  Matches are provided for gifts equaling at least $10,000 (or for lesser amounts from specified taxes).

Comments:

· Report Required – a report is required from each hospital foundation by October 1 of each year through FY 2014, to the state treasurer on the accomplishments of the program.

· Creates/amends major program – creates a critical access/rural hospital endowment program.

· Contains delayed repeal date – matches are only made for gifts received prior to June 30,2013.