In light of changing economic and legislative conditions, the Foundation was reconstituted on June 23, 2003 as a separate charitable entity (an Ontario corporation) with new Letters Patent and By-Laws and is governed by a volunteer Board of 12 Directors elected by community Members of the Foundation. The Officers of the Foundation Board are elected by the Directors from among the Board members.

A transition Foundation Board comprised of some members of the Hospital Board and other interested community members provided the leadership to develop the basic legal and regulatory structure for the new Foundation formed officially in June, 2003.

The fundamental purpose of the Foundation is to raise funds to support projects and other initiatives identified by the Hospital and to do so based on priorities established by the Hospital Senior Administration in consultation with Medical staff and Board in the context of the long term strategic direction of the Hospital.

Donated funds are transferred to the Hospital for approved projects and/or for equipment or departments specifically identified by donors who wish to self-direct their donations. Donated funds are invested, managed and dispersed under the guidance of the Foundation Board. Donated funds are not used to support aspects of the operating budget of the Hospital. The operating budget of the Hospital is funded by the respective provincial ministry and by revenues received directly by the Hospital for various services provided to patients."