Sioux Valley Healthcare

[1bunnies]

T. Denny Sanford has donated 400 million dollars to Sioux Valley Healthcare.

[goon]

Re: The Official USD to D-I Smack Thread

With Sioux Valley changing there name to include more Sanford in it then USD are they going to be changing thier name again? From USD to UDS University of Denny Sanford? for all the money sanford is giving out to bad its only going to USD and Sioux valley. Avera Mckennan and SDSU a long with Augie and all the state school could benifit from his genirosity but so far there are only too places cashing out of his money pipe line. Other places prolly wouldnt change their names after him like USD and SV did.

[JimmyJack]

Re: The Official USD to D-I Smack Thread

With Sioux Valley changing there name to include more Sanford in it then USD are they going to be changing thier name again? From USD to UDS University of Denny Sanford? for all the money sanford is giving out to bad its only going to USD and Sioux valley. Avera Mckennan and SDSU a long with Augie and all the state school could benifit from his genirosity but so far there are only too places cashing out of his money pipe line. Other places prolly wouldnt change their names after him like USD and SV did.

Rumor has it we'll be seeing some of that Sanford money soon. And good for him. It's great when people of great means like him give back to the community. I'm not a Microsoft fan, but you have to give Bill & Melinda Gates credit for their astonishing philanthropy. Sanford has been very generous and his gifts enhance health care for everybody in our state.

[BTownJack]

Re: Sioux Valley Healthcare

Here is an article from the Argus covering the event. It was announced at 1pm today. Quite a gift from Mr. Sanford...more than generous on his part!

http://argusleader.com/apps/pbcs.dll.../NEWS/70203002

[filbert]

Re: Sioux Valley Healthcare

Good for Sioux Falls, good for South Dakota.

Interesting take on the potential Mayo Clinic/Sanford Health "rivalry":

As Sanford Health now looks east toward the Mayo Clinic to measure itself, another Sanford donation will go a long way toward warding off potentially harmful competition between Mayo and Sanford Health, Krabbenhoft says. Sanford gave $15 million to the Mayo Foundation, including $10 million to create a new pediatric outpatient center and $5 million to support joint research between the Mayo Clinic and Sanford Health.

Because of that, “the likelihood of rivalry is nipped in the bud. Now its collegial,” says Krabbenhoft.

[1stRowFANatic]

Re: The Official USD to D-I Smack Thread

[quote author=goon link=1164864014/60#73 date=1170534506]With Sioux Valley changing there name to include more Sanford in it then USD are they going to be changing thier name again?  From USD to UDS University of Denny Sanford?  for all the money sanford is giving out to bad its only going to USD and Sioux valley.  Avera Mckennan and SDSU a long with Augie and all the state school could benifit from his genirosity but so far there are only too places cashing out of his money pipe line.  Other places prolly wouldnt change their names after him like USD and SV did.  

Rumor has it we'll be seeing some of that Sanford money soon. And good for him. It's great when people of great means like him give back to the community. I'm not a Microsoft fan, but you have to give Bill & Melinda Gates credit for their astonishing philanthropy. Sanford has been very generous and his gifts enhance health care for everybody in our state.[/quote]

SDSU also has some solid ties with the now Sanford Health Systems. I have to admit that I am quite jealous of Sioux Valley/Sanford. I work for a MUCH MUCH smaller non-profit healthcare organization and just one percent of that gift would have blown our doors off and made many things so much easier. That said, I actually think that Sanford made a great decision on focusing his charitable giving on areas that will provide significant long term benefits. If we got $4 million, we would be able to serve a large number more people, but if gave every small organization 1%, the result would be people served and not illnesses cured. Mr. Sanford has made his donations in a manner that looks to the long term good of society; if he wants to have his name on the system, I think he has earned that right.

[West_River_Jack]

Re: The Official USD to D-I Smack Thread

I have worked in both small and large health systems.  A lot of small systems do so wonderful things for the patients and provide great care.  However, most innovation begins in the big places.  Mr Sanford has been very generous and forward-looking with these gifts.

Places like the Mayo Clinic are impressive places to visit.  However, I hope that I will be fortunate enough to never need their services.  They are usually very generous with making their innovations available to the masses.  Returning the profits of his work to the people is very generous.  Thank you Mr. Sanford.

[jackmd]

Re: The Official USD to D-I Smack Thread

Rumor has it we'll be seeing some of that Sanford money soon. And good for him. It's great when people of great means like him give back to the community. I'm not a Microsoft fan, but you have to give Bill & Melinda Gates credit for their astonishing philanthropy. Sanford has been very generous and his gifts enhance health care for everybody in our state.

Absolutely, and if Mr. Sanford is kind enough to donate any money for any purpose to SDSU I would certainly be the first to thank him. I can't think of anything detrimental about his philanthropy. The honor of the Sanford name is appropriate in my opinion.

[goon]

Re: Sioux Valley Healthcare

Well ive heard to things that kinda bother me about it. Not sure if its true or not but it could be a factor is what he has been doing. First i heard he is getting a divorce and doesnt want to leave his wife with anything so he wants to get rid of it before she can touch it. second It sounded like Sioux Valley, or Sanford valley or what ever it is now, has been building up to fast and spending a bit recklessly the last few years and havent been able to keep out of debt. plus that their loan rating is very low for what a lot of hospitals are usually at. dont know if anyone else has heard that either. If he wants this state to be huge into research he might wanna try giving a hand to the research park here in brookings. Team up with both major colleges and hospitals in state and that would be something impressive. instead of competing, working together on research would be the most impressive, instead of say, sioux valley trying to shut down specialty hospitals for their own gain.

[NightHawk78]

T. Denny and Sanford Health

Just some clarification and some thoughts:

1) Sanford filed for divorce from his second wife in 2003 and sought to enforce the prenup. After a lengthy court battle, the State Supreme Court sided with him in March 2005. http://www.sdjudicial.com/index.asp?...mp;record=1398

2) goon, where did you get info about Sioux Valley/Sanford's loan rating? According to the news reports, Sanford Health had around a quarter-billion in cash reserves before any of T. Denny's money would start to come in. It's true that the two health care systems in Sioux Falls have been engaged in an intensive arms race; they are competing with each other plus a lil' outfit in Rochester, MN...........

3) Sanford's donation to promote medical research will help SDSU's research park development by improving the overall research culture in the state, something that has historically been almost non-existent.

4) If Krabbenhoft and the rest of SV honchos want to become a nationally-known (or even international) center for healthcare, the name change was a good move since Sanford is an easier name to brand than Sioux Valley.

5) As for the battle with specialty hospitals, I think Sioux Valley was trying to prevent a system in which the specialty hospitals and clinics would "cherry-pick" the most profitable cases and the patients with the most-generous insurance plans, leaving traditional hospitals (like SV) with money-losing patients who they couldn't turn away with few options to make up those losses.

6) Sanford wants "to die broke." He is worth around $2.5 billion; $50 million per year for eight years won't put that much of a dent into his fortune. He isn't done giving yet.

7) Finally, which SD politican's legacy will likely get enhanced by this news? Janklow, since he was the one who changed the landscape of SD's financial industry, allowing Sanford to make his fortune.

[JimmyJack]

Re: Sioux Valley Healthcare

I think you can argue that this gift is great for SDSU. We have relationships with Sioux Valley in nursing and pharmacy, after all. I agree with the research park comment, too. I'm thinking some of that money will find its way up the Interstate and go to work in our Innovation Campus.

I can't see how anyone can argue that this is anything but a wonderfully generous gesture by somebody who wants to improve other people's lives. Nobody gives $400 million to spite anyone else. They do it because they feel strongly about doing good for other people. South Dakotans should be thanking Sanford for investing in the future of our state.

I would further argue that the two hospitals don't compete in the area where Sanford's money is going. Avera has been successful in creating a regional network of primary care clinics. Avera also has an outstanding heart center. Sioux Valley is looking at pediatrics and research. Sure, the hospitals compete in some areas, but each also has its own niche. Both hospitals are a great boon to this region.

[Haldersham]

Re: Sioux Valley Healthcare

I read through most of the judical review and found it interesting. It kind of demonstrates the importance of prenutial agreements especially when assets are held by one or both parties and they enter into a marriage contract.

It said this in the judical review:
quote
[¶4.] The parties executed a prenuptial agreement dated August 15, 1995, that was drafted by Denny’s attorney.  Colleen was represented by her own attorney.  Each party attached financial disclosures to the agreement that showed a net worth of approximately $55 million dollars for Denny and a net worth of approximately $127,500 for Colleen.  

end of quote

What I am having hard time reconcilling in my mind is how Mr. Sanford's net worth went from 55 million to 2.5 billion in eleven years. Credit card finance charges are very profitable, but are they that much that an individual can become a billionaire in 11 years?

I found a link to the USD Foundation annual report, that is in Adobe format and takes some time to download.  What I found on page 33 of the report that referenced Sanford's 20 million dollar gift to USD and the medical building is that the 20 million will be given over several years. Mr Sanford did not sit down and write a check for 20 million. I not finding fault, but I think its somewhat misleading when these big gifts are announced, that the average person is led to believe that he sat down and wrote a check for the amount of the donation. Apparently its part of his tax planning and we can't fault him for that. We all need to do that rich or poor. The 400 million as has been disclosed will be given over 8 years.

The link:

http://www.usd.edu/foundation/honorroll0506.pdf


Although I have not scrutinized the annual report, I do find it interesting that deferred gifts are included in many totals. That in my interpretation is a bird in the bush. People change their estate plans and the change could exclude the USD Foundation. I believe SDSU has stayed away from reporting on deferred plans and its good that they do.

[filbert]

Re: Sioux Valley Healthcare

I read through most of the judical review and found it interesting. It kind of demonstrates the importance of prenutial agreements especially when assets are held by one or both parties and they enter into a marriage contract.

It said this in the judical review:
quote
[¶4.] The parties executed a prenuptial agreement dated August 15, 1995, that was drafted by Denny’s attorney. Colleen was represented by her own attorney. Each party attached financial disclosures to the agreement that showed a net worth of approximately $55 million dollars for Denny and a net worth of approximately $127,500 for Colleen.

end of quote

What I am having hard time reconcilling in my mind is how Mr. Sanford's net worth went from 55 million to 2.5 billion in eleven years. Credit card finance charges are very profitable, but are they that much that individual can become a billionaire in 11 years?

When you own 90% of a company that's earning $180 million a year, it adds up fast. Add the Power of Compound Interest (or, the Power of Intelligent Investing in Venture Capital Funds) and you start looking at some real money.

http://www.forbes.com/lists/2006/54/...ford_Z7JF.html

[Haldersham]

Re: Sioux Valley Healthcare

Thanks Filbert, I get the picture.

[Jacks#1Fan]

Re: Sioux Valley Healthcare

Well ive heard to things that kinda bother me about it.  Not sure if its true or not but it could be a factor is what he has been doing.  First i heard he is getting a divorce and doesnt want to leave his wife with anything so he wants to get rid of it before she can touch it.  second It sounded like Sioux Valley, or Sanford valley or what ever it is now,  has been building up to fast and spending a bit recklessly the last few years and havent been able to keep out of debt.  plus that their loan rating is very low for what a lot of hospitals are usually at.  dont know if anyone else has heard that either.  If he wants this state to be huge into research he might wanna try giving a hand to the research park here in brookings.  Team up with both major colleges and hospitals in state and that would be something impressive.  instead of competing, working together on research would be the most impressive, instead of say, sioux valley trying to shut down specialty hospitals for their own gain.  

Just a suggestion goon...but I think that proper capitalization, proper grammar, proper punctuation and proper spelling (i.e. building up to fast), and less rumor (i heard) would have given this post a little higher regard.