Trumbull judge releases $11M in Trumbull Memorial Hospital Foundation funds
WARREN — Judge Thomas Swift of Trumbull County Probate Court has released restrictions on nearly $11 million held by Trumbull Memorial Health Foundation allowing the funds to be used for a variety of health care and education needs of Trumbull residents.
Trumbull Memorial Health Foundation funds were previously for the exclusive use of Trumbull Memorial Hospital when it was a nonprofit organization and part of Forum Health.
In March 2009, however, Forum Health filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code in U.S. Bankruptcy Court for the Northern District of Ohio. During the bankruptcy process, the foundation was dismissed from the proceedings enabling it to pursue a new supporting organization.
Judge Swift’s decision, with the concurrence of the Ohio Attorney General’s Office, placed the foundation under the auspices of the Community Foundation of the Mahoning Valley.
Judge Swift, said, however, the TMHF will continue to make the decisions on how the assets of the trust will be used.
TMHF was incorporated in 1976 as an Ohio nonprofit corporation.
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