The Accueil Notre-Dame de Magog has issued a call for financial support, as the assisted living retirement home continues to face a cash flow crisis, prompting the board to consider closing the 36-year-old institution.
According to a press release sent out on Tuesday, there are 32 residents currently living in the 81-unit retirement home. But between mortgage payments and finding qualified nurses and healthcare workers, it has become nearly impossible for the home to stay afloat financially. The problem stems from the home’s inability to quickly access funds at the Société d’habitation du Québec (SHQ). The funds are frozen, according to Accueil Notre-Dame Board President Maurice Rancourt, and there is a mountain of paperwork needed to access it.
In a phone interview with The Record, Rancourt said the retirement home has about $300,000 tied up in the SHQ, however, he needs to wait out a long bureaucratic process before gaining access to the funds. He claims the funds will only be released in May or June.
But it might be too late by then, Rancourt continued, which is why the board president has asked for a rapid financial aid of $150,000 to keep the home above water until the summer. According to Rancourt, the facility suffers about $35,000 worth of losses every month.
The pandemic presented additional issues for the retirement home, as residents were in need of more services, and Accueil Notre-Dame wasn’t necessarily equipped to handle the sudden increase in demands. They also incurred debt in purchasing personal protective equipment.
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