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As a result of ongoing financial challenges and constrains, and the displacement of patients and personnel following hurricane IRMA, on january 12, 2018, the board of directors adopted resolutions authorizing management to take ALL lawful actions to cause hospice of the florida KEYS, INC. To cease its operations by february 28, 2018, in a manner that complies with the obligations of the parties under the affiliation agreement, and with ALL applicable LAWS and regulations. Accordingly, hospice of the florida KEYS, INC. Is in the process of liquidating its assets and satisfying its remaining unrelated party obligations. Hospice of the florida KEYS, INC. Voluntarily terminated its home health license and converted its hospice license to an inactive status. ALL patients were transferred to the care of other providers prior to february 28, 2018. Hospice of the florida KEYS, INC. Is in the process of liquidating its assets and satisfying its liabilities in accordance with the terms and conditions of the affiliation agreement. During 2018, a portion of hospice of the florida KEYS, INC.'s remaining donor restricted funds were returned to the original donors. NET proceeds from the sale of hospice of the florida KEYS, INC.'s real estate were used to repay the "due to affiliates" balance that was on the balance sheet as of the DATE of the sale. During 2019, HFK sold its hospice license for $230,000. A receivable related to the sale is included in other current assets on the balance sheet at december 31, 2019. The $230,000 was collected in full during february 2020. UPON final liquidation, ANY remaining assets will be distributed to one or more organizations that are exempt from federal income TAX pursuant to section 501(c)(3) of the u.s. Internal revenue code and that are organized and operated primarily for the purpose of promoting or providing for the health, benefit, or well-being of residents of monroe county, florida. The board of directors expects to complete hospice of the florida KEYS, INC.'s liquidation no later than december 31, 2020.
In care of Kristin Nenezian
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