April 29, 2010 - Butternut Ridge Apartments - PAID! Iola Living Assistance, Inc. made its’ final mortgage payment on Butternut Ridge Apartments. Butternut Ridge independent living apartments were constructed in 1994. ILA worked collaboratively with the Village of Iola which issued a mortgage revenue bond to finance the construction. The Village and ILA have a history of collaboration dating back to 1965 with construction of the north wing of the skilled nursing facility. The relationship is similar to that of a parent co-signing a loan for a sibling to purchase their first automobile. Over the years this cooperation has worked well for the Village and ILA. It has allowed ILA access to low interest rates when borrowing and little risk to the Village. Iola Living Assistance is a nonprofit membership corporation. The membership elects a Board of Directors. The Board hires a CEO / Administrator to manage the organization. At the recent annual meeting it was announced the Board intended to pay off the Butternut Ridge loan three years ahead of schedule. The pay off will improve the financial stability of the organization and improve cash flow. The source funds are from operations, the ILA Foundation and the settlement of the Carsten Jorgens estate. Iola Village Board member Don Loken stated “the Board is always willing to work with ILA to keep this quality organization in the community to serve the community”.   April 2010 - Note to Financial Statement - Year End 2009 Nursing Home Census: The budgeted daily census is 45 residents. The required mix of residents is 12, Medicare, 9 private pay and 24 on Medicaid. The daily resident census for the year is 9.1 Medicare, Private 12.2 and 25.9 Medicaid. The average daily census is 47.2. The number of budgeted days for is Medicare 4380 – actual is 3331, Budgeted Private Pay 3315 – actual 4412, Budgeted Medicaid 8760 – actual 9443. Revenue: Skilled nursing revenue for the year is $3,926,542 compared to budget of $3,771,899 a favorable variance of $154,633. In addition donations of $82,425 are received. The total recognized revenue is $4,008,967. Expenses: Skilled nursing expense for the year is $2,624,051 compared to budget of $2,569,026 an unfavorable variance of ($55,025). Administrative & Overhead: Expense for the year $1,197,205 compared to budget of $1,167,775 an unfavorable variance of ($29,430). Apartments: Butternut Ridge income is $86,239 and expense is $31,447. Living Oaks: Living Oaks revenue is $820,812 and expense is $729,709. Net Income: For the year the home had operating income of $187,711. Butternut Ridge had operating income of $54,792. Living Oaks had operating income of $91,103. The corporation had a combined net income after depreciation of $118,256. The recognition of the donation $82,435 is included in this total. Note: ILA made its mortgage payments as scheduled in 2009. The payments included $131,828 in interest and $185,368 in principal.   April 2010 - 2010 Annual Meeting Notes I. Financial Report FYE 12.31.09 a) ILA , Inc. $118,256 on total revenue of $4,916,019 includes $82,435 in donations ILA, Inc. $35,821 on total revenue of $4,833,584 or .7% ILA has made all debt payments on time b) Compared to FYE 12.31.08 ILA, Inc. $37,763 on total revenue of $4,667,500 or .8% c) Compared to 12.31.07 ILA, Inc. loss of $188,000 on revenue of $3,398,000 a negative 5% d) Financial impact of Wisconsin Medical Assistance Program underfunding is $381,000 e) The private pay resident about $73 per day more than MA pays for the same care f) Bed Tax of $150 per bed per month or $90,000 annually increasing to $170 per bed per month or $102, 000 on July 1,2010 matching Federal funds go to EXPAND the MA program to Family Care g) Cost of nursing home care is $200 per day or $73,000 annually. The state average rate is $225 per day or $82,000 annually h) ALOS Medicare 52 days others 434, compared to 2008 Medicare 42 days others 475, compared to 2007 Medicare 41 others 451 days, compared to 2006 Medicare 33 days others 382 i) Average nursing hone stay 1.2, years 14 to 15 months, 435 days for Medicare the ALOS has increased due to resident acuity II. Year in review a) Safety 1,740 days without a lost time work accident 4.76 years, Recognition from the Wisconsin Safety Council division of the Department of Workforce Development b) Land swap with the village state street for additional acres west of Living Oaks c) Remodel of North wing windows, doors, flooring d) Electronic Medical Record – RN’s – real time charting for nursing assistants estimated implication time 12 to 24 months completed in 9 or 10, ECS expanded to business office and electronic billing of MA, MC, insurance. Medicare was successfully billed the first time on March 31.   December 2009 - Love Lights Celebration a Success! On December 3, 2009 - Iola Living Assistance hosted the annual Love Lights celebration giving people the opportunity of remembering someone special. The holidays are a time when we gather together with those we love and to remember those who are with us in spirit and those who have touched our lives in a special way. Proceeds from Love Lights will support the Iola Living Assistance Wish List Foundation. This year we raised $3,070.25 that will be used to purchase specialized resident care equipment to enhance the “home-like” environment. The Wish List for the Love Lights Ceremony Raised $2699.00; The Bake Sale netted $251.25; Ruth's Rosettes took in $120.00!