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Article: Innovations in the cornfields makes the Mayo Foundation a fast-moving heavyweight in both finance and medicine. (Hospital Financing Supplement)
- Article from:
- The Bond Buyer
- Article date:
- September 28, 1992
- Author:
CopyrightCOPYRIGHT 1992 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CHICAGO -- A belief in innovation and flexibility helped the Mayo Foundation build a $1 billion-plus pile of money for itself. With the resources and outlook needed for risk taking, the nonprofit has seized on investment opportunities in a way most hospitals cannot.
Last year the Rochester, Minn., nonprofit boasted financial statements that are a picture of financial health: revenues topping $1.3 billion and net operating income above $35 million.
The foundation controls the finances of the Mayo Clinic, a complex of more than 30 buildings that in 1991 drew former President Reagan, King Hussein of Jordan, and about 400,000 other patients to the cornfields ...