New Children´s Hospital Foundation was established in January 2013 and it is managed by its Board, which wields highest decision-making power in the foundation. The foundations that participated in the founding of the New Children’s Hospital Foundation – Stiftelsen Brita Maria Renlunds minne and Stiftelsen för utbildning och kultur på svenska i Finland sr – have also supported the launching of the foundation in practice. The foundation is independent from its founders. The foundation is for the public good, meaning that it is a non-profit third sector actor. The foundation’s operation, i.e. what the foundation can and cannot do, is governed by its rules.
The foundation hands over use of the children’s hospital to HUS free of charge, excluding the part that the foundation is financing with debt. For this part, HUS pays only triple net rent. The foundation does not gain any profit from this. Once the debt has been paid off, the children’s hospital will be handed over to HUS free of charge. HUS shall cover and handle, in a jointly agreed upon manner, all of the building’s administration and maintenance and renovation needs and the expenses resulting from them in a manner necessary for the continued operation of the children’s hospital.
The foundation owns the property and agrees to maintain it. In addition to maintenance and administration, the children’s hospital will need investments and upgrades, meaning replacement or repair investments. These shall be handled by the foundation. The foundation may accept gifts left in wills and donations.
The foundation shall not profit from the hospital. Any leftover funds and donations will be allocated to research into paediatric diseases as per the foundation’s rules.
The foundation’s rules make it possible to donate the property to HUS or a public entity created in its place. The rules require that the property only be used by a public children’s hospital. Children’s Castle was also originally built using the foundation model, with the foundation later donating the property to HUS.
From the perspective of the Finnish government and municipalities, the foundation is a safe and neutral owner that will secure the continued operation of the children’s hospital for a long time when managed correctly.
For the practical realisation of the hospitals’ construction, the foundations has established the joint-stock property company Kiinteistö Oy Uusi Lastensairaala (2551595-9). It is a mutual property corporation, meaning that it is 100% owned by the foundation and cannot accept other owners.
The foundation’s vision is to continuously develop the concept of the best children’s hospital in the world in collaboration with HUS and the foundation’s extensive support network, and to promote paediatric research, teaching and specialisation in paediatric medicine conducted in both of the official languages of Finland.
Differences between the support association and foundation
The New Children’s Hospital Foundation (Stiftelsen Nya Barnsjukhusets Stöd – Uuden Lastensairaalan Tukisäätiö) operates in close cooperation with the support association. In practice, the support association managed fundraising and the coordination of the project’s funding during its existence. The foundation, on the other hand, is the developer of the hospital and the owner of the property and continues active operations after the completion of the building.