Oil boom royalties extend Texas Scottish Rite Hospital’s mission – DMN

A gift from the past is giving Texas Scottish Rite Hospital for Children a boost for the future.

With the oil boom, the hospital has received roughly $500 million in oil and gas royalties over the past four years, most of it related to a West Texas ranch donated to the organization in the 1960s.

Those royalties helped the not-for-profit hospital nearly double the value of its own investments — the institution’s endowment — to about $2 billion over the same time span.

Last year, Scottish Rite revealed plans for a multimillion-dollar outpatient care center in Frisco, the organization’s first satellite expansion from its central Dallas location.

“We are blessed,” said Lyndon Olson Jr., chairman of the board of trustees.

Click here to read the full article: http://www.dallasnews.com/business/health-care/20150706-oil-boom-royalites-extend-texas-scottish-rite-hospitals-mission.ece

Originally published by the Dallas Morning News on July 6, 2015