Saint Therese Assumes Ownership of Michigan-Based Ihm Senior Living Community
Posted on May 4, 2023 by Libbie Chapuran
Saint Therese, a senior living leader in the Twin Cities and a member of LeadingAge Minnesota, announced it has signed a letter of intent to assume ownership of a full continuum of care life plan community from the Sisters, Servants of the Immaculate Heart of Mary of Monroe, Mich., through a proposed transfer of sponsorship agreement between the two nonprofit organizations. The life plan community is IHM Senior Living Community (IHM SLC).
This is the first such agreement Saint Therese has entered into since its founding in 1964, and President and CEO Craig Abbott said it is a part of the organization’s newly energized strategy to broaden its footprint and ministry in other markets with other mission-aligned organizations. He called the proposed collaboration an ideal union of two like-minded organizations with similar missions and values.
“We are honored to carry on IHM’s rich history and legacy,” said Abbott. “They are wonderful people with an impeccable reputation that have made a significant impact worldwide over the past 177 years. Like many Catholic congregations, they are seeing the number of Sisters decline and were seeking a partner to ensure the legacy and mission continues in a sustainable manner into the future. 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.”
Sister Jane Herb, IHM President, expressed, “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 to ensure our legacy continues in a sustainable manner into the future. They will build on the foundation that the IHM congregation has laid.”
Sister Herb will assume a seat on the Saint Therese Board of Directors.
Under the terms of the agreement, Saint Therese will become the parent organization of the nonprofit corporation that owns and operates IHM Senior Living Community and its related assets. The Sisters will continue to receive care and housing into perpetuity and the Sisters will retain congregational office space on campus.
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 campus will not change.