FMC Board of Trustees Meeting – September 2024
BOARD OF TRUSTEES MEETING
Wednesday, September 4, 2024
MEMBERS PRESENT ABSENT
Curt Arnell, President Elaine Stanhope, Board Member
Evelyn Neary, Secretary
Erin Lutts, Board Member
Michele Gray, Board Member
Del Espinosa, Board Member
OTHERS PRESENT
David Espeland, CEO Terry Losing, Dietary Manager
Marjorie Losing, CFO Susan Stevens, IT/Privacy/Recruitment
Heather Schwindt, Recorder & HR Director
| I. CALL TO ORDER Curt called the meeting of the FMC Board of Trustees to order at 5:30 p.m. in the FMC Community Room. II. PUBLIC INPUT– There was no public input. III. APPROVAL OF MINUTES No additions or corrections to the August 7, 2024 board minutes as distributed. Del moved to adopt approval of the minutes. Evelyn seconded the motion. All aye, 0 nay. Minutes stand approved as written. IV. MANAGER REPORTS Terry Losing reported that he has been here for 6 months. His goal has been to upgrade the food options that were previously available and use as much raw and fresh product, which has improved the quality and nutrition value of the food for the residents, patients, staff and guests. He said that overall it has been very well received. He is still having challenges with staffing the aide positions. He reported that we will be getting a new POS system for the department to better track inventory, payments and income/expenses. Since he has started, the inventory cost is down 17%, which is attributed to more raw and fresh product. Heather Schwindt passed out the Associated Employer’s assessment that was done in 2022 and discussed her progress on the areas that were identified as “need to improve”. All but a couple of areas have been implemented to date. Job Descriptions, Supervisor Training and the Employee Complaint Process are the final areas being implemented. The job description project is 1/4 of the way complete and the supervisor training is dependent on the budget. A checklist has been implemented to assist in noting and monitoring supervisory duties. Heather has been working with Managers about how they wish to see the employee complaint process improved and she is working on a policy to put it into action. V. FINANCIALS FYE A 2024 Financials: Marjorie went through the FYE financials in great detail and noted the adjusting entries made to the June Interim Financials. Adjustments of note include $52,000 for increased inventory counts, an estimated $51,000 for Dr. Jaszczak, whose invoice has not been received, and an adjustment of $44,500 for the FMC portion of the parking lot seal coating, which will go on our deprecation schedule. Financials: Gross Patient Revenue $9.5 M, $535,000 under budget. Net Operating Revenue $9.9 M, $313,000 under budget. Expenses $12.4 M with the estimated $51,000 to Dr. Jaszczak, $103,000 on the negative side of the budget. Operating Loss ($2.5 M), a $460,000 budget variance. Non-operating Income $1.0 M, $562,000, over budget. Net Loss of ($1.4 M), $145,000 on the positive side of the budget. This is $130,000 worse than last year and we will be looking at loss leading departments at the next meeting. YTD STATS, and YTD Change in Cash Equivalents did not change from the June interim financials presented last month. Marjorie encouraged the Board to look at the detailed reports by department in the packet. Margie went through all cash accounts in detail, including investments and the FMC Foundation. B. AR Project Update: Our current collection agency, CB1, does not offer early out services. Marjorie has contacted Revenue Enterprises and they will be getting us a proposal by the next meeting. If we use their services, they would also require us to use them for our statements and bad debt. Their fees are less than what be pay CB1. C.Audit Proposal Consideration: We received a letter of engagement from Eide Bailley for this year’s services, including the annual audit and FY2024 cost report. Marjorie recapped that last year we looked at another firm but stayed with Eide Bailley. The Board discussed. Evelyn made a motion to keep Eide Bailley as our auditors. Michele seconded the motion. All aye, 0 nay. Motion passed. Margie noted to the Board that the Auditors will be here September 16-19. The Board went into closed executive session VI. CLOSED EXECUTIVE SESSION A.New Provider Contract: Evelyn made a motion, Erin seconded the motion. All Aye, 0 nay. Motion passed. Evelyn made a motion to resume regular session, Del Seconded the Motion, all aye, 0 nay. The Board resumed regular session. | VII. OLD BUSINESS A. 3-D Mammography: The purchase of the new machine is complete and will be up and running in the next few weeks. Margie will know by the next meeting what the Foundation is willing to fund. A resolution will be sought at the October Board meeting for the final amount that will need to be financed. B. Clinic Manager Replacement: Sandra Rabenberg was the applicant chosen as the Clinic Manager. She started on August 26, 2024. C.Mill Levy Project Update: The architect and engineer have presented their final estimates and it is being presented to the Commissioners on September 6, 2024. D. List of Equipment Needs Update: The Board was presented with a list of equipment needs and costs from various departments as requested. VIII. NEW BUSINESS A. Medical Staff Credentialing: David presented a list of providers to be credentialed or re-credentialed under our Medical Staff bylaws. Erin made a motion to approve the candidates, Del seconded the motion. All aye, 0 nay. Motion passed B. October Board Meeting Date: David will be attending conferences the week of the next regular meeting. It was proposed to move the meeting, or possibly let him attend remotely. The board agreed to hold the meeting the following week on October 9, 2024 at 5:30 p.m. C.Board Nominating Committee: David Kirschten resigned his position on the board due to a conflict with his new job, leaving an interim position to be filled. Additionally, the by-laws state that in September, a nominating committee shall identify Board members whose terms are expiring and nominate replacements, if necessary, ahead of the December Annual Meeting. The board discussed possible persons to contact and will report at the next meeting. The Board adjourned their regular session having completed the agenda. s\Curt Arnell, President s\ Heather Schwindt, Recorder and Transcriber |
