Board meeting minutes for Nathan Adelson Hospice, September 22, 1982

Received Dec 06 1982 DIRECTOR'S OFFICE LIBRARY MINUTES MEETING OF THE NATHAN Adelson HOSPICE BOARD OF TRUSTEES DATE: SEPTEMBER 22, 1982 CALL TO ORDER: 4:00 P.M. ATTENDING: Merv Adelson, Co-chairman I. R. Ashleman, Secretary-Treasurer and Acting Chairman A1 Benedict Marydean Martin Mary Ann Michel Susan Molasky Willis Russell William K. Stephan Muriel Stevens Charles Kilduff Ernest W. Libman ACTING CHAIRMAN'S OPENING REMARKS Mr. Ashleman called the meeting to order in the absence of Mr. Adelson who was unavoidably delayed. The minutes of the previous meeting which had been mailed to all members were approved. ADMINISTRATIVE REPORT Mr. Libman gave a report on the status of construction of the hospice facility which included presenting a detailed listing of all contractual arrangements. See the attached list. The following resolution was passed: The Board authorized the contractual arrangements with Martin-Harris Construction Company in the amount of $1,688,154 and all other contracts entered into for construction purposes. The Board authorized the Executive Committee to enter into any other contractual arrangements necessary for completion of construction, and the authority to modify any established contracts. LOAN REQUIREMENTS FOR CONSTRUCTION OF HOSPICE FACILITY Mr. Libman discussed the need to secure long-term financing necessary to complete construction of the hospice facility. The expanded forecast prepared by Alexander Grant demonstrates the ability of The Nathan Adelson Hospice to repay a two and a half million dollar loan over a 12-year period at a fixed interest rate of 16%. The difficulty of securing long-term financing from conventional lending institutions is a result of the facility being built on University property leased to the hospice thus the facility itself cannot be used as security or collateral for a loan. Stan Krolak Industries, Inc., estimates the value of the facility at approximately $3,200,000. The hospice staff is preparing a presentation to the University of Nevada Board of Regents requesting con-sideration of a proposal that the University of Nevada Board of Regents approve a two and a half million dollar mortgage for the development of The Nathan Adelson Hospice Since the University owns the land and is looking for high yield long-term investments, we believe a loan of this nature represents a unique opportunity to the University. The Board authorized the hospice staff to make the presen-tation as stated. In order to continue construction, pay outstanding debts related to the development of the facility, Mr. Molasky and Mr. Adelson secured an $850,000 six-month construction loan from Valley Bank. The loan has been personally guaranteed by both Mr. Adelson and Mr. Molasky. The Board approved the following resolution: Mr. Ashleman and the Executive Committee will proceed with assuming the $850,000 loan entered into by Merv Adelson and Irwin Molasky as personal guarantors under terms and conditions agreed to when the loan was negotiated. The Board approved the following resolution: Allie Rockhill, Hospice Office Manager, is authorized to be an additional signator on the Nathan Adelson Hospice checking account. Presently authorized signators are Ernest W. Libman, Willis M. Russell, Irwin A. Molasky, I. R. Ashleman and Allie A. Rockhill. The report prepared by the hospice staff regarding patient care is attached and is a part of these minutes. REPAYMENT OF CONSTRUCTION LOAN OTHER BUSINESS PATIENT CARE PROGRAM PROGRESS REPORT The meeting was adjourned at 4:55 p.m Ernest W. Libman Administrator NATHAN AUELSON HOSPICE Home Care Program Jan. 1 - Sept. 20, 198? PATIENTS NURSING VISITS SOCIAL SERVICE MONTH TOTAL NEW HOME HOSPITAL VISITS DEATHS JANUARY 34 7 202 28 8 11 FEBRUARY 32 9 167 28 5 7 MARCH 38 15 191 27 6 15 APRIL 37 14 222 45 7 12 MAY 31 6 212 16 5 8 JUNE 35 8 221 17 13 8 JULY 29 4 210 7 16 AUGUST 34 10 246 10 19 8 SEPTEMBER (20 days) 29 2 108 14 3 75 1,558 178 93 76 Average number of patients per month 33 Highest daily census 34 Lowest daily census 21 Total patients served to date 201 Total deaths to date 1982 76 Male - 47 (62%) Female - 29 (38%) At home - 51 (67%) In facility - 25 (33%) 98% of patients served in 1982 would have used the facility either for respite, terminal or residential care. NATHAN ADELSON HOSPICE CONSTRUCTION CONTRACTS/AGREEMENTS Martin-Harris Construction $1,688,154.00 Nevada Rock & Sand 94,593.00 VTN Consulting Engineers 9,830.00 Converse Ward Davis Dixon Geotechnical Cons. 2,424.00 John A. Fitzpatrick & Assoc. 8,000.00 Nevada Power Company, line extension contract 12,488.00 Southwest Gas Corp. service agreement & permit for installation of service line 2,824.00 (security deposit) Las Vegas Valley Water District, Indenture of Easement 9,388.00 Times Mirror Cable Television of Nevada, Inc. Cental Business Systems 47,000.00 Tamarind - Interior decorations Contracts/agreements to be made re: Signing (interior & exterior) Landscaping Furnishings (may be by Tamarind) f/j> ohx