Annual Report

Annual Report July 2021 – June 2022

Board of Directors:

  • Don Murray, President – Fayston
  • Polly Bednash, Vice President – Waitsfield
  • Bill Zekas, Treasurer – Moretown
  • Suzanne Peterson, Secretary – Waitsfield
  • Tom Emory – Waitsfield
  • Manny Apigian – Waitsfield
  • Joe Grant – Warren
  • Dick Valentinetti – Moretown

The fiscal year began as Covid-19 pandemic began to turn more towards an endemic. Board meetings resumed in person.

Despite the ongoing issues revolving around COVID-19 the Health Center was fully rented and our tenants remained current on their rent payments. As had been the practice in past years, rent increase was limited to the CPI. There was no turnover of tenants during the year. On June 30, the following health care providers were using the Health Center to deliver their services.

  • Mad River Valley Family Practice (CVMC)
  • Three Moons Wellness
  • Hannah’s House
  • Dr. Richard Davis

With the vision and energy of board member Polly Bednash, towards the end of 2021 Covid testing, vaccinations and test kits were made available in the Valley. This effort was a complex task, involving Polly’s rallying the support of, and coordination of, several different organizations including the Waterbury Ambulance Service, the Vermont Department of Health, the Valley Reporter, the Waitsfield United Church of Christ, and the Mad River Valley Ambulance Service.

The Board also took action to evaluate the best use of its cash accounts. A decision was made to accelerate pay down of the mortgage. The mortgage was off in November 2021 which should help free up cash for operations. Sufficient cash remains in reserve to pay for reasonably expected maintenance and repairs. The Board has maintained a very conservative approach to investment of the Health Center’s cash reserves.

During the year, the Board met with our majority tenant, Central Vermont Health Center. Their operation remains heavily impacted by Covid-19 and by the shortage of health care workers, a situation which is not unique to just the Valley. CVMC has affirmed its commitment to the Mad River Valley.

The Health Center building is approaching 20 years old which will likely trigger significant capital expenses going forward. The painting of the entire exterior was completed in late June. That project included some siding repairs. Replacement of the HVAC systems will likely be the next significant project. Fortunately the maintenance reserves built up over the last few years should be enough to cover these expenses. The Board is taking more proactive measures to prepare for anything untoward.

The Board of Directors is confident that the Health Center is financially stable and remains the highest quality facility in the Mad River Valley for health care professionals.