Posted on October 26, 2009

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Packard Foundation Commits Up to $100 Million to Lucile Packard Children's Hospital

The David and Lucile Packard Foundation in Los Altos, California, has announced a commitment of up to $100 million to help expand the Lucile Packard Children's Hospital at Stanford University.

The commitment is the lead gift in the 312-bed hospital's campaign to add 104 beds to its Palo Alto campus and expand access to state-of-the-art treatments for children in the Bay Area. The foundation will give $50 million to the hospital upfront in the form of a two-to-one challenge grant, while the remaining funds will be contingent on both the amount of matched funds and Stanford's ability to secure necessary state and local approvals for the project, the San Francisco Chronicle reports.

Including the $50 million from Packard, the campaign has raised about $297 million toward its $500 million goal, hospital spokesman Jose Gordon told the Chronicle. In addition to charitable donations, funds for the project are expected to come from hospital income and operating reserves as well as new debt.

"This gift is an investment in our children's health, today and in the years to come," said Packard Foundation president Carol Larson. "As a foundation born out of Silicon Valley, we are committed to making the Bay Area a healthy place for kids to grow up, as well as an innovator in pediatric medicine. That vision is at the heart of the hospital's expansion, and we are proud to help make it possible."

Colliver, Victoria. “Children's Hospital to Get Big Grant.” San Francisco Chronicle 10/23/09.

“The David and Lucile Packard Foundation Plans Lead Funding for Lucile Packard Children's Hospital Expansion.” David and Lucile Packard Foundation Press Release 10/22/09.

Primary Subject: Health
Secondary Subject(s): Children and Youth
Location(s): California, Los Altos, Palo Alto

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