NEW PALTZ, N.Y. — Following approval from the New York State Department of Health, Woodland Pond at New Paltz, a continuing care retirement community in New Paltz approximately midway between New York City and Albany, will now be self-sponsored.
The former owner, Health Alliance Inc., has voluntarily passed the property onto its current operator. As part of the ownership transfer, former executive director Michelle Gramoglia will now act as president and CEO.
HealthAlliance provided financial support to Woodland Pond as the community opened in 2009 and attempted to reach a level of occupancy that would allow its cash flow to stabilize. Beginning in April 2012, Woodland Pond become self-funded, and cash flow support from HealthAlliance ceased.
“Rather than just a separation, we see this move as a celebration of Woodland Pond’s coming of age and its passage to total self-sufficiency,” says David Scarpino, HealthAlliance president and CEO.
The Woodland Pond board, through this reorganization, has gained a number of powers formerly held by the HealthAlliance board. These include the ability to appoint the president and CEO and all board members, the ability to approve changes in ownership and the incurrence of corporate debt, and the approval of all operating and capital budgets.
Woodland Pond is situated on an 83-acre campus. It features 24 cottage-style residences and 177 apartments.