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GLH posts April loss of $875,629, cash burn of $3.39 million

Tuesday, May 18, 2021, 4:14 pm News Flash Archive

Today, the Greenwood Leflore Hospital Board of Trustees held its regular monthly meeting.

According to the financial report provided by Mrs. Dawne Holmes, the Hospital had an operating loss of $2.04 million in April.

However, the Hospital posted a lower overall loss for April of $875,629, by drawing down $1.1 million in CARES ACT and other grant money being held in reserve to offset the large operating loss.

The cash and cash equivalents burn for April was $3.39 million.

The amount of CARES ACT and other grant money still held in reserve is $1.72 million, which must be applied to offset COVID-19 losses by June 2021.

GLH was not able to draw down more money from the COVID CARES ACT grant because of the grant restrictions. It may be that the Hospital will not be able to use all of the grant money by the June deadline, in which case the remaining portion will be returned to the federal government.

The Medicare advanced payment of $16.5 million, which the Hospital has not dipped into, is now being paid back. In April, GLH paid back around $310,000.

The Board went into executive session and excluded the media and the public for 131 minutes.

The Board of Trustees meeting may be viewed here: GLH Board Meeting, May 18, 2021

John Pittman Hey
The Taxpayers Channel

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