Reformed Presbyterian Minutes of Synod 1995 - Rparchives.org

142 MINUTES OF THE SYNOD OF THEInformation about the plans are available and may be secured by writing tothe Home.The Home offers rehabilitation services which help individuals deal withthe aging process and setbacks which come with strokes and injuries. Inaddition to our staff, we utilize professional therapists for physical therapy,occupational therapy and speech therapy.In 1994, our average occupancy rate for the Nursing Unit was 95%.This is a healthy rate. The average occupancy rate for theResidential/Personal Care Unit for the same period was 75%. We anticipatethis rate improving with our new personal care services.In 1994 our loss from operations was $336,903. This loss was met bynon-operating revenues consisting of donations, bequests from the estates ofHelen Goetz and Grace Farster, investment income and contributions fromthe Synod. When non-operating revenues were applied to the deficit, we hada net gain of $29,353.In April, the Home paid a retrospective bill for worker's compensation of$146,800. We were forced to use invested funds to meet this extraordinaryexpense, however, we anticipate a refund of most of that figure when allrecords close for the 1992-1993 policy year. At mid year, the Homecontracted for a new worker's compensation insurance policy which willresult in significant savings for the Home. At the same time the Home hired acompany to handle worker's claims and instituted an employee safetycommittee. These three steps have already proven beneficial, reducing claimsand insurance premiums.The major capitalized purchases for the year were eleven (11) electrichospital beds, six (6) patient lifts and computer software. The new patientlifts have a significant design and functional improvement which will enhanceemployee safety and resident comfort during transfers. The software willimprove reporting to regulatory agencies and allow for more efficient recordkeeping within the Home.In mid November, we learned that our mortgage with the PennsylvaniaNursing Home Loan Agency was sold to a private company. In midDecember, the company accepted our offer to satisfy our remainingobligation of $403,000 with one final payment of $240,000. This means asavings to the Home of $163,000 (because we avoid paying interest for thenext nine years and we negotiated a 17% discount off the remainingprincipal). We continue our monthly payments to Integra MortgageCompany on the large building mortgage. We are thankful that our interestfor this loan is currently 3.53%. This has saved us considerable interestexpense.The Home continues to provide a tax shelter annuity pension programfor its employees, and in 1994 we made an adjustment in the amount ofcontributions to the pension program for employees who have beenemployed longer than nineteen years. The Home continues to provide healthinsurance to employees who are scheduled to work at least 32 hours perweek.