LeadingAge New York Adviser Adviser LeadingAge NewYork Spring 2019 final - Page 26

A Goodwill Bank – Deposits, Withdrawals and Your Bottom Line Merriam-Webster defines goodwill as “…the favor or advantage that a business has acquired especially through its brands and its good reputation…” You can’t monetize goodwill on a spreadsheet, but the impact it can have on your bottom line is immeasurable. In the conference bonus session, Social and Digital Communications Strategies for Enhancing Your Community’s Reputation, Cultivating Referrals and Maintaining Your Census, participants were treated to a primer on building a goodwill bank for their organizations. A first-rate reputation can increase census, reduce employee turnover and even provide a “rainy day fund” should a crisis arise. Joan Healey of Teresian House Center for the Elderly and Paul W. Larrabee, executive vice president/managing director, Corning Place Communications, spoke extensively about managing a crisis with and without a goodwill bank. Their vast experience in the field of crisis management was evident as they took participants through the must-knows for building goodwill and the consequences of not establishing it in advance. When a crisis happens, your reputation can be gone at the speed of light. If you haven’t developed a goodwill bank in the community, where will the equity come from? You don’t need a special job title or staffing to begin this process. Effectively using your current activities calendar can inform the community about all the good things you are doing for residents. In turn, your facility is known as the place where residents are engaged, employees are happy and good things happen. Sharing a positive message doesn’t need to be one more thing on your “to-do” list. Are you holding an open house, art show or special event? Look at your activities calendar, see the two or three things that are most significant and share them via Facebook, Instagram and/or Twitter. The most effective way to do this is to be brief, do it weekly and on a specific day. Give the recipients a few highlights of past or future events, and before you know it, people will be looking forward to your updates. If/when you have a crisis, a well-established goodwill bank will help to give you the benefit of the doubt with media, families and the community. What does your community know about what you do? Don’t be afraid to share events and activities that have a meaningful impact on your residents. It can connect you to the community, and your good reputation will build Your Goodwill Bank. Low-Income Housing Tax Credit 101 At this introductory session, attendees were introduced to the concept of the Low-Income Housing Tax Credit (LIHTC) program and were walked through several examples of LIHTC transactions. Areas that were discussed included the thresholds for area median incomes in LIHTC properties, income averaging and rent setting. The presenters from Hampden Park Capital & Consulting also presented a flowchart to demonstrate exactly how tax credits eventually work their way into financing low-income housing projects. The typical legal structure of these transactions was also explained, with the limited partner generally being the passive, hands-off bank or investor with a 99.99 percent interest in the property and the general partner most often being the day-to-day, non-profit operator with a 0.01 percent interest. Different types of LIHTCs were also discussed, leaving attendees with a much better understanding of the basics of the LIHTC program. 25 Adviser a publication of LeadingAge New York | Spring 2019