By Todd Cohen
RALEIGH, N.C. — The John Rex Endowment is preparing to do business.
Created by the merger of UNC Hospitals in Chapel Hill and Rex Healthcare in Raleigh, the $100 million-asset foundation has named a CEO, moved into offices in downtown Raleigh and begun planning a grant-making program.
The foundation, which has the mission of improving the health status of underserved people, initially will focus on children’s health, said CEO Kevin Cain, former vice president for planning and marketing at Rex Healthcare.
Three-fourths of the foundation’s assets will support grants for health programs, with the remainder supporting capital needs at Rex.
The initial round of grants – totaling roughly 5 percent of the foundation’s assets — should be made in the fourth quarter of this year, said Cain, who is talking to experts to help establish a policy for investing the assets.
The foundation recently moved into new offices adjacent to the Exploris children’s museum in the Longview Center, formerly part of Tabernacle Baptist Church.
The foundation’s 12-member board, including three members appointed by UNC Hospitals, is headed by James Maynard, chairman and CEO of Investors Management Corp., parent of Golden Corral Corp.
McAllister Myhra, former executive assistant to the planning and marketing division at Rex, is the foundation’s operations director.