A plan to convert a Denver-based non-profit to a for-profit organization will soon go to Colorado’s Attorney General for review.
InnovAge provides services to the elderly and disabled in Colorado, New Mexico and California. The non-profit is seeking first-of-its-kind approval to convert to a for-profit business.
The proposal values InnovAge at roughly $186 million, money that would be used to fund its own reconfigured foundation.
But a number of legal and public health advocates are challenging the plan. They say that valuation is more than $100 million too low.
They also say money made from an acquisition bid should not go to InnovAge’s foundation but to an independent foundation that’s working with the elderly and disabled.
InnovAge defends the plan as fair and well-thought out, and says it will continue to serve the frail and elderly.
A public comment period on the conversion ends Friday.