NextFifty Initiative Creates New Colorado Foundation for Seniors

Aging experts welcome $196 million foundation resulting from InnovAge
sale

DENVER–(BUSINESS WIRE)–NextFifty Initiative, a new independent Colorado grant-making foundation
dedicated to the state’s vulnerable and under-served aging population
has been established. The new foundation is the recipient of the net
proceeds of $196 million from the sale of InnovAge to private equity
firm, Welsh, Carson, Anderson & Stowe. The conversion of the non-profit
InnovAge to a for-profit entity was approved by Colorado Attorney
General Cynthia Coffman on March 25, 2016. In addition to the initial
net proceeds of the sale, NextFifty Initiative has the potential to
receive an additional $8 million earn out in 2018, per the Attorney
General’s conversion agreement.

“We are pleased to announce the formation of NextFifty Initiative, a
foundation supporting senior care initiatives and programs for
Colorado’s aging and aging-disabled citizens and their caregivers. This
is an exciting development and we are honored to be in a position to
help meet some of the needs of this important group of Colorado
citizens,” said Maureen Hanrahan, interim chair of the NextFifty
transition advisory committee. “The foundation’s name, NextFifty
Initiative, establishes our intent to be on the forefront of new and
expanded services to seniors. We believe that everyone’s next fifty
years of life should be as vibrant as their first.”

Colorado’s senior population is expected to increase by 150 percent by
2030. With that statewide need in mind, NextFifty Initiative will work
to fund advances and solutions to address the most challenging needs of
aging. NextFifty Initiative will be dedicated to the aging community as
a whole including the needs of low and moderate income persons and aging
individuals with physical, cognitive, and/or behavioral disabilities.

Experts on aging are supportive of the formation of this new foundation.
“In Colorado, we are proud to be among the nation’s healthiest states,
reflecting our population as a whole. However when it comes to our
oldest citizens we have considerable room for improvement to preserve
this enviable reputation. With its bold agenda, the NextFifty Initiative
will help position our state to be able to boast about our commitment to
ensuring good health for our older adults,” said Eric Coleman, MD,
division head of health care policy and research, University of Colorado
Anschutz Medical Campus.

Eileen Doherty, executive director of the Colorado Gerontological
Society, also commented on the new foundation. “As people age and live
longer, the critical needs of the aging population increases. For
example, low-income housing for seniors is in short supply, and will
only continue to get smaller,” noted Doherty. “In order to provide the
right housing, support and services for Colorado seniors, and to ensure
they have access to the resources they need to live their day to day
lives, additional funding is crucial. NextFifty will be an important
player on helping to meet the needs of seniors.”

The foundation’s first priorities include recruitment of qualified board
members representing multiple Colorado constituencies, recruiting and
hiring a visionary and experienced CEO, and establishing the necessary
operational infrastructure to begin grant making in 2017, according to
Hanrahan. Community members interested in getting involved or applying
to serve on the board may contact NextFifty Initiative at info@next50initiative.org
or by visiting next50initiative.org.

ABOUT NEXTFIFTY INITIATIVE

The NextFifty
Initiative is an independent, Colorado-based non-profit organization
dedicated to funding mission-driven, senior care related initiatives
that improve community services for the elderly population and
caregivers. The foundation will actively seek to support and fund
innovative solutions to improve quality of life for people in the second
50 years of their lives.

Contacts

For NextFifty Initiative:
Sharon Linhart, 303-951-2550
slinhart@linhartpr.com
or
Dawn
Doty, 303-951-2552
ddoty@linhartpr.com