IRS 990 Nonprofit Profile

Citizens Medical Center Foundation

Citizens medical center foundation (cmcf) functions solely as a support organization of citizens medical center, the county-owned hospital in victoria, victoria county, texas. Cmcf facilitates savings provided statutorily under the laws of the state of texas by participating in interest rate swap agreements relating to indebtedness issued by, or on behalf of, citizens medical center. The savings that materialize as the result of the bond re-structuring will only be distributed to or applied on behalf of citizens medical center. Citizens medical center, in turn, will only use these funds in the provision of medical care services to the citizens of victoria county, texas and the surrounding region. Cmcf is a special purpose entity created and operated to accomplish one single objective. This objective is to provide a legal entity to achieve the savings produced by the interest rate swap agreements, to collect and marshal these savings and, ultimately, to pass on these monies to citizens