Blue Shield of California Contributes $30 Million to the Blue Shield of California Foundation
San Francisco, CA (January 6, 2004) - As part of its longstanding commitment to support the healthcare needs of California communities, Blue Shield of California contributed $30 million to the company’s philanthropic arm, the Blue Shield of California Foundation (BSC Foundation). This huge cash infusion will make the BSC Foundation one of the largest healthcare grant-making organizations in California in 2004.
The foundation, which was revitalized in 2002, makes grants to organizations that combat domestic abuse and help provide access to healthcare for those without insurance. It also supports public policy research and coordinates a process to assess medical technologies.
In 2003, Blue Shield has achieved the strongest financial performance in its history. As a mission-based, not-for-profit health plan, the company reinvests a portion of its operating profits back into the community. With all of the BSC Foundation’s grant funding provided by Blue Shield, the foundation spends approximately 80% of its proceeds each year and has no plans to build an endowment.
"With this contribution to the Blue Shield of California Foundation, our company is truly delivering on its not-for-profit mission of giving back to the communities that we serve," said Bruce Bodaken, chairman and CEO, Blue Shield of California.
"These dollars will fund programs that have a profound impact on the health and well-being of Californians who need help," added Jeffrey Rideout, MD, president of the Blue Shield of California Foundation.
In 2003, the BSC Foundation awarded grants totaling $8 million to more than 160 organizations. With the increase in funding, the foundation will expand its efforts to slow the cycle of domestic abuse, improve healthcare access for those without insurance and identify medical technologies that improve health care. Grants will be awarded on a quarterly basis during the 2004 calendar year.
Blue Shield of California Foundation was formed by Blue Shield of California, a not-for-profit corporation with more than 2.7 million members, 4,200 employees and 20 offices throughout California. The Blue Shield of California Foundation provides charitable contributions and conducts research and supports programs with an emphasis on domestic violence prevention, medical technology assessment and reducing the number of uninsured. For more information, visit the Blue Shield of California website at www.mylifepath.com or the Foundation at www.blueshieldcafoundation.org.