Traverse City Record-Eagle

Archive: Wednesday

May 8, 2013

Maples nursing home financial woes

Benzie County Administrator Chris Olson provided the following information about the Maples nursing home’s financial situation to the Benzie County Board of Commissioners on Tuesday:

- Monthly cash flow at the Maples is approximately $450,000. Monthly expenses are estimated at $500,000. The Maples owes the county $484,000 for loans to help cover payroll.

- The Maples is unlikely to secure loans in the private sector.

- Operating accounts are at a low point, with no fund balance to rely on to tide the facility over.

- The Maples’ financial hardships is not tied to the proposed construction of a new facility that is scheduled to break ground in June.

- The Maples has witnessed some positive upticks in business, but the scope of those improvements is not large enough to overcome current financial conditions.

- The Benzie County Department of Human Services needs to make a business case for repayment of $484,000 to the county, as well as offer a plan for long-term stability.

- Accountability measures need to be built in to the facility’s regular reports to the county.

 

 

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