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PACE Conversion

Pursuant to HB 15-137, codified at C.R.S. 25.5-5-412, before converting to a for-profit entity, a non-profit Program for All-inclusive Care for the Elderly (“PACE”) must transmit a copy of a conversion plan and written notice of the same to the Attorney General. The conversion plan must include the following:

  • A copy of the results of an independent valuation of the fair market value of the business that proposes to convert;
  • A detailed explanation of the plans for distribution of the proceeds of the conversion, including whether the proceeds will be distributed to a new nonprofit entity or to an existing organization and, if to an existing nonprofit organization, which organization and the reasons for selecting that organization, or, if to a new nonprofit organization, how the initial board of directors will be selected;
  • A detailed explanation of the plans for distributions of the proceeds of the conversion, including whether the proceeds will be distributed to a new nonprofit entity or to an existing organization and, if to an existing nonprofit organization, which organization and the reasons for selecting that organization, or, if to a new nonprofit organization, how the initial board of directors will be selected;
  • Information about any compensation, bonus, or inducement to any officers or directors of the converting entity resulting from the conversion; and
  • The PACE organization’s audited financial statements for its three most recent fiscal years for Colorado, and separately, for those operations outside of Colorado, for any such operations that may be related to the conversion.

The Attorney General is required to post the complete conversion plan, including all of the documents detailed above, within ten days of receipt.

The Attorney General received the documents required pursuant to C.R.S. § 25.5-5-412 on November 6, 2015 from Total Community Options, Inc. d/b/a InnovAge which constituted notice of InnovAge’s plan to convert from a not-for-profit to a for-profit entity. Those materials, as well as supplemental materials provided by InnovAge at the request of the Attorney General are posted below.

The Attorney General’s Office received public comment on the conversion plan through close of business on January 8, 2016. The comment period has now closed. The public comments that were submitted during the comment period are posted below. The Department of Law held a public hearing on December 17, 2015 to hear public comment on InnovAge’s conversion plan. A link to the audio recording from that public hearing is posted below. InnovAge’s conversion plan and the public comments received during the comment period are currently under consideration by the Attorney General’s Office. Please check this website for updates on the status of InnovAge’s conversion.

 

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