Where does all the money go? As voters are pressured to approve renewal of another eight years on the Hospital tax, let's not forget about another tax benefiting UNM in Rio Rancho.
We appreciate the doctors, nurses, and those doing the work day after day. Our issue is with Billion dollar corporations that should not be perpetually subsidized by the taxpayers.
A skeptical gentleman on Facebook asked us to show where the hospitals make millions (actually Billions)? Look at a few of their own reports (in the sidebar and below).
Presbyterian reports a $143 Million PROFIT. (below)
UNM’s revenue also reveals just how many arms it has.
This gentleman said that the money all goes back into the facilities, employees, and community. While we ponder how much is paid in bonuses to executives , here is just one example of how money is paid to one arm of UNM, then can be moved to another arm, and in some cases other companies entirely:
We have a higher education sales tax that is only supposed to be spent on acquisition, construction, renovation or improvement of facilities, or improvements to the land for those facilities within Rio Rancho.
For MONTHS Councilor Wilkins had been asking for a detailed breakdown of where UNM was spending the revenue from the higher education sales tax. The information they finally provided is... interesting.
UNM lists almost $6 million in vague “acquisition” expenses for the one and only $13 million building for UNM/ HSC (Health Sciences Center, the medical arm of UNM).
Even worse, after the taxpayers paid $8.4 million of the $13 million building, UNM still owed $11 million
on the building. In December 2015, UNM asked the Rio Rancho Governing Body to give them $2 million more to pay down this debt. UNM gave this PowerPoint presentation to the Governing Body (UNM’s numbers).
Check out the “detail of expenses” in the side bar.
Were these funds spent inappropriately; other than what was intended under the higher education sales tax?
This tax generates about $2.3 Million each year, and UNM is currently the only benefactor of these funds.
If spending $6 million just “acquiring” a $13 million
building is what you call ”giving to the community”, we can do without this kind of help.