Vermilion Healthcare Foundation was organized as part of the 1987 agreement for the purchase of Lakeview Medical Center by the Franciscan Sisters Health Care Corporation. The Foundation has funded both capital projects and programs, particularly start-up programs.

One half of the spending amount is distributed to OSF Sacred Heart Medical Center and the remaining half is distributed through grants to not-for-profit corporations with activities in the Danville area recognized as tax exempt pursuant to Section 501(c)(3) and 170(c)(1) of the Internal Revenue Code. Since 1988, nearly $11 million dollars have been donated to the local hospital with another nearly $11 million dollars given to local schools and not-for-profit organizations for a variety of projects and programs.