IHM Sisters transfer ownership of IHM Senior Living Community and campus to Minnesota-based Saint Therese
The Sisters, Servants of the Immaculate Heart of Mary (IHM) today announced Wednesday, May 3, Saint Therese, a senior living leader in Minneapolis- St. Paul, Minnesota, will assume ownership of the IHM campus and its Senior Living Community (IHM SLC) in a transfer of sponsorship agreement between the two nonprofit organizations.
Over their 177-year history, IHM Sisters have adapted the use of their Motherhouse and realigned resources to meet evolving demands. The infirmary for their aging sisters has grown into a health care center, now licensed and incorporated as IHM SLC. The congregation is at another juncture on its journey.
Saint Therese possesses the expertise and financial resources necessary to continue to grow and market our facility so we can focus our resources on caring for our sisters and carrying on the IHM mission. We are confident we chose a partner who will ensure our legacy continues in a sustainable manner into the future. They will build on the foundation laid by the IHM congregation.Sister Jane Herb, IHM President
Saint Therese President and CEO Craig Abbott said it is part of the organization’s newly energized strategy to broaden its footprint and ministry in other markets with other mission-aligned organizations. “We are honored to carry on IHM’s rich history and legacy,” said Abbott. “They are wonderful people with an impeccable reputation who have made a significant impact worldwide over the past 177 years. After a robust process that involved IHM’s review and exploration of several organizations, we are grateful and incredibly humbled that they chose Saint Therese to become their partner.”
Under the terms of the agreement, Saint Therese will assume the legal nonprofit status of IHM Senior Living Community, its operations and all related assets via a transfer of sponsorship agreement. Sister Jane will assume a seat on the Saint Therese board of directors. IHM Sisters will continue to live in their home, IHM Senior Living Community. The congregational offices will remain located on campus.
The IHM congregation will retain ownership of St. Mary’s Academy. “We will work with Saint Therese to explore possibilities, seeking a developer to renovate the Academy. The efforts that have been ongoing for several years will continue in an exploration of various possibilities,” said Sister Jane.
The parties are well underway with a myriad of transition activities and are targeting a July 1, 2023, effective date. Saint Therese intends to hire all IHM SLC employees. The name of the IHM SLC and campus will not change.
Saint Therese, a nonprofit 501(c)(3) senior care organization, was founded in 1964 and prides itself on its rich tradition of providing exceptional care for seniors in and around Minneapolis-St. Paul. They have locations in New Hope, Brooklyn Park, Woodbury and a new location in Corcoran, opening in 2024. Most of their communities provide the full continuum of care from independent living, assisted living, memory care, skilled nursing and transitional care. Saint Therese also owns Ascend Rehabilitation, which offers a wide range of both traditional and specialty therapy and wellness programs through a comprehensive continuum of care.
- “Saint Therese Enters Michigan With More Senior Living Growth Planned in the Midwest” in Senior Housing News (May 18, 2023).
- “Ownership of most of IHM campus transferred to Minnesota firm” in the Monroe News (May 3, 2023).
- “Saint Therese Assumes Ownership of Michigan-Based IHM Senior Living Community, Through Sponsorship Transfer Saint Therese Plans To Acquire Continuing Care Retirement Community on July 1, 2023” in McKnights Senior Living (May 3, 2023).
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