![]() The bank, he said, “understood where we needed to be and they were flexible in meeting our needs. In fact, at the end of the year, we paid down half of the debt and renegotiated the loan and reduced the covenant and put ourselves in a good position for 2023 and going forward.” So, we had the cash on hand at the end of the year to meet our liquidity covenant with the bank. “We’re still doing that final tallying,” he said on Friday, “but it looks like we’ll get pretty close to the $12 million, and we have a couple of generous long-term pledge-holders who agreed to accelerate their 2023 pledge into 2022. In October, Beitcher said that MPTF needed to raise $10 million-12 million by the end of the year to stay in business. It’s a hundred-plus-year marathon, and the finish line is building an investment reserve that’s large enough that the income from it, along with the annual fundraising and our events, can be an essential element of our long-term sustainability, and we’re a long way from that right now.” “I’m always reluctant to predict the future,” he told Deadline on Friday, “but we now have financial stability for the next few years, at least, and if we can continue to raise money at the level that we approximated in 2022, then we should be around for a long time. ![]() ![]() While we may not hit 100% of the 2022 goal by year end, we’ll get close enough, and will make some adjustments in our bank loan, and MPTF will continue to be in position to provide our campus residents and community-based industry members with the same high quality of compassionate care in 2023 and beyond.” “So, the hopeful news I can share with you today is that our call to action in October lit the fire under a lot of industry members who care about MPTF today and its future but weren’t paying attention to their need to provide basic financial support. “With debt obligations and year-end bank covenant compliance staring us in the face, at the end of September we were barely 20% toward our total fundraising goal for the year and could only see trouble on the horizon,” Beitcher told family members shortly before Christmas. There are still many large companies and industry leaders who can and should join in supporting us.”Īt the start of the pandemic, MPTF had over $40 million in reserves, which fell to just $16 million by the end of 2022 – a decline attributed to the cost of keeping residents and staff safe during the pandemic lost revenues from vacant beds and a moratorium on new admissions during the pandemic lost funding from its big annual events such as the Night Before the Oscars and the Evening Before the Primetime Emmys a decline in its stock portfolio, and the general uncertainty in the economy and the industry, neither of which is inducive to fundraising. It’s definitely not the time for the industry to think MPTF is fine, that others have solved the problem and that they don’t have to step up themselves. ![]() “We squeaked through our ‘whew moment,’ but the need is still there it’s still urgent. “We’ve stepped back from the brink,” MPTF president and CEO Bob Beitcher told Deadline. ![]()
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