Present:  Directors  Daugherty, Heinisch, Dubin, Richter,  Tobias, Kirby
Absent Directors:  Kloster
Also Present:  C. Anderson,  Scavotto, Bockman 

Chairperson Heinisch called the meeting to order at 7:05 am.

A quorum was established and the agenda and minutes of the previous meeting were approved as submitted by acclamation (unanimous).

 

Old Business: None

New Business

Scavotto reviewed March and April financials.  Private pay dropped in March and, despite the record high number of Medicare days, was responsible for the lower-than-expected operating for March. In April, private pay rebounded to represent 40 percent of census days; town ship contributions from DeKalb resumes and the result was a gain of approximately $28k. IPA has overpaid the IGT in certain areas – bedholds, Medicare, private pay, for example. As a result, some cash is likely to be withheld from future payments; exposure does not appear to be a material issue; the first estimate is under $20k.

C. Anderson reported on the successful State survey and on the Alzheimer’s project, which is heading out to bid.

There was brief discussion and unanimous consent on lending the County $2.3 million at 4 percent for 10 years.

The Board discussed the ramifications and strategic significance of exploring a Supportive Living initiative with the DeKalb County Housing Authority. At the conclusion of the discussion, which included the possibility that a competing project was being developed in Genoa, the Board directed management to work up a concept draft of a possible transaction. Initial scope is $6 million for 50 units to be located on the current campus.

Next Meeting 

July 21, 2004

Meeting adjourned at 8: 25 AM. (motion Daugherty, second Tobias)

Respectfully submitted. 

Catherine Anderson
Recording Secretary