- By Karl W Oestreich
Voluntary public disclosure on the financial impact of the COVID-19 pandemic
ROCHESTER, Minn. — Mayo Clinic submitted a financial narrative related to the impact of the COVID-19 pandemic to the Electronic Municipal Market Access (EMMA) website on Friday, April 24. EMMA is funded and operated by the Municipal Securities Rulemaking Board, the self-regulatory organization charged by Congress with promoting a fair and efficient municipal securities market.
The financial narrative covers:
- Mayo's strong financial position before the pandemic
- The projected $3 billion in operating losses for 2020, without intervention
- The steps Mayo is taking to cut expenses, including temporary workforce reductions
- Mayo's resumption of revenue-generating operations when such activities can be done safely
- Mayo's applications for federal and state emergency relief funds
- Mayo's role in the national COVID-19 pandemic response
Mayo Clinic expects to post interim financials for the quarter that ended March 31 by the end of May, as planned.
About Mayo Clinic
Mayo Clinic is a nonprofit organization committed to innovation in clinical practice, education and research, and providing compassion, expertise and answers to everyone who needs healing. Visit the Mayo Clinic News Network for additional Mayo Clinic news and An Inside Look at Mayo Clinic for more information about Mayo.
Karl Oestreich or Ginger Plumbo, Mayo Clinic Public Affairs, firstname.lastname@example.org
For the latest updates on the COVID-19 pandemic, check the Centers for Disease Control and Prevention website. For more information and COVID-19 coverage, go to the Mayo Clinic News Network and mayoclinic.org.