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GLH posts May loss of $2.61 million, cash burn of $2.8 million

Tuesday, June 22, 2021, 4:36 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 $3.22 million in May.

However, the Hospital posted a lower overall loss for May of $2.61 million, by drawing down $595,809 in CARES ACT and other grant money being held in reserve to offset the large operating loss.

The cash and cash equivalents burn for May was $2.8 million.

The amount of CARES ACT and other grant money still held in reserve is $1.1 million, which must be applied to offset COVID-19 losses. An extension has been given for spending the rest of this grant money past the original June 2021 deadline.

The Medicare advanced payment of $16.5 million, which the Hospital has not dipped into, is now being paid back. As of the end of May, GLH has paid back almost $700,000.

The Board received a report on the 2020 audit of the pension program.

The Board went into executive session and excluded the media and the public for 99 minutes.

The Board of Trustees meeting may be viewed here: GLH Board Meeting, June 22, 2021

John Pittman Hey
The Taxpayers Channel

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