CEO Report Resolution; Question

All topics about cryopreservation costs, membership dues, etc.
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LazarusLong
Posts: 21
Joined: Wed Sep 28, 2011 3:37 pm
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CEO Report Resolution; Question

Post by LazarusLong » Thu Oct 04, 2012 4:23 pm

Greatings,

In reading the CEO report for the newsletter that was sent out, it seems that the following resolution was passed:
"Alcor shall tender to the PCT the full amount of the current PCT minimums for all underfunded cases, as soon as practicably consistent with Alcor's cash flow needs, except to the extent that the PCT board waives some amount. Any amount not immediately paid shall be recorded as a liability to be discharged as soon as practicably possible."
I know that PCT means Patient Care Trust, but I cannot decipher the actual meaning of this resolution. Can somebody (Dr. More?) please explain this to me in way that might be easier to understand?

Max.More
Posts: 35
Joined: Tue Aug 30, 2011 1:48 pm
Relationship with Alcor: CEO
Location: Arizona
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Re: CEO Report Resolution; Question

Post by Max.More » Thu Oct 11, 2012 10:18 pm

Lazarus: The context of this is a concern that we must ensure the patient care trust (PCT) fund receives the full amount due to it, even if someone being cryopreserved is underfunded. This puts pressure on operations and perhaps on the CMS fund, but bolsters Alcor's long-term strength in being able to care for members who are cryopreserved. This resolution commits us to providing full funding to the PCT, even if that means drawing from operations or from the reserve fund, or by creating a liability to be paid off as soon as possible. It means that, when a member is underfunded, when they are cryopreserved the PCT will receive its full allocation regardless.

If the money is simply not available in the general account, this resolution means we can't simply shrug off the shortfall, but must record it as a liability and pay into the PCT when possible until the obligation is discharged.

This is the latest in a series of measures adopted by the board and myself to make Alcor as financially responsible as possible and to protect patients over the long term.

--Max
Max More, PhD
President & CEO, Alcor Life Extension Foundation
7895 E. Acoma Dr # 110
Scottsdale, AZ 85260
480/905-1906 ext 113

LazarusLong
Posts: 21
Joined: Wed Sep 28, 2011 3:37 pm
Relationship with Alcor: Member

Re: CEO Report Resolution; Question

Post by LazarusLong » Fri Oct 12, 2012 3:27 pm

Max,

Thank you for the detailed reply. I understand now the meaning of this resolution. I agree it is crucial to maintain a viable PCT.

Regards,
LazarusLong

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