Nevada Cancer Institute emerges from bankruptcy as fundraising foundation
16 May 2012
The nonprofit Nevada Cancer Institute emerged from bankruptcy on Tuesday with a new name and a revised mission.
Now called the Nevada Cancer Institute Foundation, the institute will focus on fundraising to support cancer research and patient care in Nevada.
After filing for bankruptcy last year, the institute in Summerlin sold its clinical operations in January to the University of California, San Diego, Health System, for $18 million.
Under plans approved by U.S. Bankruptcy Judge Mike Nakagawa on April 30, the institute will continue fundraising operations out of its Engelstad Research Building and will continue to hold certain land. The reorganization plan calls for the institute to look for ways in the future to use its land and other assets in ways that support its philanthropic mission. Its debt has been reduced from about $100 million to about $13 million.
Donor and grant funds will be used to support ongoing and future research efforts and for patient care at the UC San Diego NVCI facility.
“The NVCI Foundation will carry on the fundraising and research work to advance our mission: to reduce the burden of cancer through innovation and collaborative research, education and patient care,” Michael Yackira, chairman of the foundation and CEO of NV Energy, said in a statement.
“The past two years have been challenging,” Yackira said. “But we are thrilled that we have emerged from this reorganization with strong partners, a renewed focus and a dedicated corps of donors and volunteers.”
The Foundation’s Board of Directors includes Yackira, James Murren, CEO of MGM Resorts International, his wife and NVCI cofounder, Heather Murren, and Dr. Ikram Khan.
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