HOLYOKE, Mass. (WWLP) – Financial records show that the Geriatric Authority of Holyoke has not had a net profit since Fiscal 2004. They spent more than they took in.
The nursing home lost more than $700,000 per year between 2004 and 2010. The Geriatric Authority revenues came from patient services and grants.
However, that income never covered spending for food, services, administrative operations or medical fees.
The Geriatric Authority of Holyoke is over two million dollars in debt, and has no way to come up with the funds. The last patient that lived in the Geriatric Authority facility was moved out on April 24th.
120 employees are losing their jobs.