![]() ![]() We have paid it out regularly since then, but we’ve got about $13 million left outstanding on that loan. Part of it was to complete the construction of the Stark Villas, and part of it was to do other construction work around the campus. “We borrowed $20 million plus – this was before my time – in the early 2000s. The bank has a lot of options, but in theory it could push us to the point of insolvency. What the bank does after that is really unclear. “If we don’t raise $10 million-$12 million by the end of the year in cash, then we risk breaking our bank covenant. So, we wanted to put this out now and give the industry the opportunity to step up and be counted before it’s too late. ![]() ![]() The losses would have been even greater if not for $1,296,108 in federal provider-relief funding.īeitcher told Deadline that “Covid costs of over $20 million over the past three years, a decline in our investment portfolio, and lower fund-raising have all combined to create a perfect storm of putting MPTF against the wall in terms of its ability to meet its bank line compliance and continue ongoing operations. According to MPTF, the 101-year-old charity has lost an estimated $22 million from 2020 through the end of this year due to the pandemic, including more than $9 million in direct Covid expenses, over $7 million in lost revenue, and nearly $7 million in shortfalls from Covid-impacted fundraising events. The pandemic’s impact on MPTF’s finances has been profound. See his full letter to industry leaders here. We are now operating in dangerous territory, rapidly depleting our cash reserves.” Tag onto that the recent drop in our investment portfolio! Never sufficiently endowed, MPTF has always survived year to year and deficit to deficit. “Since the start of the pandemic in March 2020, MPTF has incurred a staggering operating shortfall the result of a pernicious combination of Covid-related costs for residents and staff on our campus in Woodland Hills, nursing shortages and lower occupancy rates, and lost revenues from our major events during the pandemic - all costing us over $20 million. “Coming through the pandemic, every member of the MPTF fiduciary team has been forced to take a hard look at our financial circumstances and right now, things don’t look good. “After more than a decade as CEO of MPTF, I’m writing a letter I hoped I’d never have to write: one that says we desperately and urgently need your help,” he wrote. MPTF Sees A "Significant Spike" In Requests For Financial Assistance During WGA Strike ![]()
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