BIg changes are coming to PHMC 18 months after the nonprofit's longtime CEO Richard J. Cohen retired.
BIg changes are coming to PHMC 18 months after the nonprofit's longtime CEO Richard J. Cohen retired.
PHMC’s chief executive Michael Pearson in an interview said he did not have details on how many children were served by those programs. “The census was very low,” said Pearson, a former board member who became permanent CEO a year ago. The latest available financial statement for PHMC, the corporate parent, shows that it had $293 million in annual revenue in the year ended June 30, 2023, down from $340 million the year before. Revenue from Philadelphia agencies plummeted to $110 million from $192 million.
Carson Valley was struggling financially for years before the acquisition, logging five straight years of operating losses. In some years, Carson Valley borrowed money from a beneficial trust to repay other debt or to meet operating expenses, according to audited financial statements.
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