The Centurion Foundation Inc.

The Centurion Foundation Inc. is a fundamentally different kind of organization than traditional grant-making foundations, and misreading its structure is the most common mistake prospective partners make. Founded in Atlanta in 1996, Centurion is a private-sector 501(c)(3) that delivers real estate financing and facility development services to nonprofits — not cash philanthropy. The organization's entire value proposition is its ability to use its tax-exempt status and real estate expertise to lower the cost of capital for institutional partners.

Centurion's clients are nonprofit health systems, institutions of higher education, and local governments confronting facility challenges: aging buildings, complex ownership structures, capital constraints, or the need for new clinical or campus space. The foundation structures sale-leaseback arrangements, below-market financing packages, and facility ownership transfers that free institutional resources for mission delivery rather than real estate overhead. Since 1996, leadership has completed more than 100 taxable and tax-exempt financing transactions totaling in excess of $850 million.

The relationship model is entirely direct and relationship-driven. There is no grant application portal, no RFP cycle, and no open funding program. Centurion identifies opportunities through executive-level relationships and referrals within the nonprofit healthcare, higher education, and municipal sectors. First-time inquiries begin with a phone call or email to the Atlanta headquarters to describe the facility challenge and organizational context.

The critical framing shift for any organization approaching Centurion: move from 'how do we get a grant' to 'how can Centurion help us structure a better financial arrangement for our facilities?' Leadership emphasizes a 'same-side-of-the-table mentality' — they are financial engineering partners in problem-solving, not funders reviewing proposals. Organizations that articulate a clear facility financing challenge, explain their mission, and demonstrate strong nonprofit governance are best positioned to engage productively.

Cash grants from Centurion are extremely rare and negligible in scale — IRS filings reflect only $4,000 to $8,000 in annual cash grants, confined entirely to event sponsorships. The real value lies in Centurion's capacity to structure transactions providing millions in below-market financing and long-term occupancy savings for qualified partners.

The financial profile of The Centurion Foundation Inc. requires careful interpretation. On the surface, reported assets of $479 million and annual program expenses of $8.27 million suggest a substantial operation — but these figures reflect a real estate services business, not a traditional grant-making endowment.

Actual cash grants distributed to outside organizations are negligible. IRS Form 990 filings document only $4,000 in grants paid in FY2020, $8,000 in FY2021, and $8,000 in FY2022. The entire documented grantee universe contains just two recipients: The Thomas Hospital Foundation in Alabama received $11,000 total across two grants (charitable golf tournament sponsorships), and Windswept Hills Inc. (DBA Treefort) in Indiana received $5,000 across two grants (Treefort Invitational golf sponsorships). Average grant size across all documented awards is $4,000. No grants to health systems, universities, or government entities appear as traditional cash disbursements.

The $8.27 million in 'total giving' reflects the foundation's program service expenses — costs associated with financing transactions, facility management, and related client activities — not outward grants. This is standard accounting for an operating foundation that delivers services rather than checks.

Asset growth tells the real story of Centurion's expanding scale: from $193 million in FY2020 to $232 million in FY2021, reaching $479 million by FY2022-2023. Total revenue and expenses are tightly matched ($7.5M-$8M annually), consistent with a cost-recovery service model rather than an endowment-based philanthropic operation. Net investment income is reported as $0, reinforcing that Centurion does not maintain an investable endowment for grant distribution.

Officer compensation has grown substantially alongside organizational expansion — from $138,001 in FY2020 to $1,040,000 in FY2022. CEO Ben Mingle received $419,094 in FY2022 compensation, and total officer compensation across the leadership team reached $1.04 million, reflecting the specialized financial expertise required to execute complex real estate transactions.

For organizations seeking traditional grant funding, Centurion's financial structure is categorically not a match. Their impact on clients is measured in below-market lease rates, financing savings, and occupancy cost reductions over multi-year terms — financial benefits potentially worth millions, but not recorded as line items in a grantee's received-grants ledger.

The Centurion Foundation occupies a specialized niche: nonprofit real estate financing for mission-driven institutions, with particular depth in healthcare. Few organizations combine 501(c)(3) tax-exempt status with sophisticated real estate transaction capabilities at this scale. The comparison below places Centurion alongside comparable organizations in nonprofit capital and real estate financing:

Centurion differs from all four peers in a critical way: it serves exclusively large institutional nonprofits (health systems, universities, governments), while LISC, Enterprise, and NDC primarily target community development, housing, and small organizations. IFF is the closest functional analog — a nonprofit financing organization focused on mission-driven real estate in the Midwest — but maintains a formal application process and broader eligibility. Centurion's relationship-driven model and healthcare sector specialization distinguish it within this field. At $479M in assets, Centurion is competitive with mid-tier CDFIs, though its deal structures (operating leases, facility ownership transfers) differ from conventional loan products.

The Centurion Foundation's most significant recent development is a landmark healthcare transaction in Rhode Island. On February 26, 2026, Centurion signed financing agreements to acquire Roger Williams Medical Center in Providence and Our Lady of Fatima Hospital in North Providence — both held by bankrupt owner Prospect Medical Holdings. The sale was expected to close by March 6, 2026. This deal, negotiated under Rhode Island's Hospital Conversion Act, represents a transformative application of Centurion's mission: returning for-profit-owned hospital assets to nonprofit status and community governance. If completed as reported, this is almost certainly the largest single transaction in the foundation's 30-year history, far exceeding the $850 million cumulative transaction portfolio referenced on their website.

The Rhode Island acquisition was the culmination of a multi-year regulatory effort. Centurion previously submitted a formal Hospital Conversion Act application to purchase CharterCare Health Partners (which operated the two hospitals under the Prospect Medical umbrella), navigating complex state regulatory review before reaching a signed financing agreement.

Prior to this major development, Centurion maintained a low public profile consistent with its deal-driven model. No new cash grant programs, open funding cycles, or philanthropic announcements were identified for 2024-2025. Leadership has remained stable: Ben Mingle serves as CEO and Chairman, Greg Grove as Founder and Vice Chairman, Steve Lovoy as CFO, and the three-member board (J. Sue Painter, Mitzi G. Ball, James W. Field) provides governance continuity. The foundation continues to operate from its Atlanta headquarters at 3050 Peachtree Road NW.

The Centurion Foundation does not use a traditional grant application process — there is no portal, no letter of inquiry template, no RFP calendar, and no review committee evaluating proposals from strangers. Every engagement is relationship-based and transaction-specific. The following guidance is tailored to how Centurion actually operates.

Who qualifies: Centurion works exclusively with nonprofit health systems, institutions of higher education, and local governments. Organizations must have significant real property involvement — ownership, planned acquisition, or major leasehold interests — as a core operational need. Small nonprofits, social service agencies, arts organizations, and community groups are categorically outside Centurion's scope. If your organization does not face a material real estate financing challenge, this is not the right funder.

How to initiate contact: Call 404-233-9000 or email info@centurionmail.org. Given Centurion's small organizational size, direct outreach by name to Ben Mingle (CEO and Chairman) or Greg Grove (Founder and Vice Chairman) is both appropriate and expected. Do not route through a general inquiry form hoping for a grant review process — it does not exist.

What to present in initial outreach: Lead with a specific, concrete facility challenge. Describe current ownership or lease structure, outstanding debt obligations, the strategic importance of the facility to your mission, and what you cannot accomplish under the current financial arrangement. This is a peer-level professional conversation, not a grant pitch.

Alignment language: Centurion's published materials emphasize 'lowest cost of capital,' 'keeping occupancy costs low to conserve resources,' and 'balance sheet restructuring to enhance financial flexibility.' Use this vocabulary. 'We need to free capital currently consumed by facility debt to reinvest in patient care' is far more resonant than 'we are seeking funding support.'

Critical caution: Do not approach Centurion for unrestricted operating support, programmatic grants, capacity-building funds, or any form of cash grant. Their entire documented cash grant history amounts to $16,000 in event sponsorships over multiple years. That channel does not exist at meaningful scale.