Inperium Inc.'s preliminary agreement in May gave the Reading nonprofit the right to appoint five of nine RHD board members, a highly unusual move.
Getting board members as part of a preliminary agreement is unheard of, experts said. The deal is not expected to be completed until next year. Inperium operates mainly in four segments of the health and human services industry: intellectual and developmental disabilities; substance use disorders; behavioral health services; and foster care and other children, youth, and family services. Medicaid, the state/federal insurance program for the poor,To find acquisition targets, Smith’s system compiles data from 990 tax returns collected by Guidestar, an information service on nonprofits.
RHD had a $3 million loss in fiscal 2023. One of the reasons for RHD’s deepening financial hole is that it spent $30 million on pay raises since 2020. The cost wasRHD’s administrative and back-office staff increased 25%, to 250 employees this year from 200 in 2019, CFO Deanna Cerwin told employeesCerwin also noted that RHD was not efficient at financial management. It took RHD 30 days to close the financial books on the previous month.