LeadingAge, an industry trade group for non-profit senior living providers, has just launched a new financial assessment and referral service for its members, dubbed “LeadingAge 911.”
The free service has been introduced in response to the growing number of nonprofit senior living providers and organizations who have expressed difficulty in meeting bond covenants, maintaining cash reserves, and sustaining overall financial health, says Larry Minnix, president and CEO of LeadingAge.
LeadingAge 911 will give the trade group’s members quick access to a group of peers and business leaders who can help them evaluate a possible financial crisis and refer them to experts who could potentially help them develop a recovery plan.
“Throughout my career, I’ve worked with many organizations to solidify their economic footing and continue to achieve their missions. LeadingAge members do an excellent job of helping each other thrive even in difficult times. I am honored to help connect members with resources that could be helpful,” says James Emerson, who will be lending his 38 years of experience and his expertise in development, management, mergers, acquisitions, and consulting in the not-for-profit sector to this LeadingAge project.
LeadingAge’s director of residential communities, Stephen Maag, will work alongside Emerson and utilize his background as an attorney with expertise in continuing care retirement communities, housing, financing, and the legalities involved with aging services financing.
Members who believe they’re facing a financial crisis can call the hotline and speak to a LeadingAge staff member, who will gather and coordinate the appropriate information and assess the situation, arrange visits with experts, and provide overall recommendations.
“I am pleased that LeadingAge is able to offer this service in response to the numerous requests I have received from our members,” says Minnix. “Members may face financial hardship for any number of reasons; LeadingAge 911 will allow them to turn to their peers and experts that know these situations well and help them get back on their feet.”
Minnix says the nonprofit senior living sector has seen a “handful” of bankruptcies in recent months, and most of them have been due to financial stress. But there have actually been many more events where a CCRC was headed for trouble, and another member helped bail them out “behind the scenes.” This new service, he says, is supposed to do just that—divert potential trouble by connecting distressed members with expert resources.
“It’s part of our history and culture that people [in our industry] have helped each other out for a long time,” Minnix says. “That’s part of the beauty of this.”
More information (including the hotline number) can be found here.
Written by Alyssa Gerace