First River Advisory (FRA) is a full-service financial advisory (FA) firm specializing in capital formation and debt management solutions for non-profit health care organizations. Shelley Aronson, FRA's principal, has over 30 years' experience performing these functions in several capacities. FRA’s engagements are comprehensive in nature – FRA, not investment bankers, leads and coordinates the efforts of financing teams in connection with transactions. FRA is a Municipal Advisor registered with the Securities and Exchange Commission and the Municipal Securities Rulemaking Board (MSRB). FRA is a member of the National Association of Municipal Advisors (NAMA). FRA is singularly focused on non-profit health care organizations. Since its founding in 1995, only three clients have ever fallen outside this category, none of which were solicited. To underscore this commitment, FRA is one of the few registered Municipal Advisors that specializes in health care transactions. Most of FRA's clients are smaller, independent organizations which are infrequent participants in the capital markets or even “first-time” borrowers. Accordingly, FRA "rolls up the sleeves" to supplement its clients' staffs and provides that extra degree of attention to foster complete understanding of prior proceedings and upcoming events. FRA stands firmly on its clients' side. FRA is an independent FA that is not affiliated in any manner with a bank, investment banking firm (broker/dealer), other financial institution or investment manager. As an independent FA, FRA is singularly focused on being an advocate for its clients, and is accountable solely to its clients. Because FRA has no “products” (i.e., loans, letters of credit, bond underwriting services) to sell, it has the latitude to consider products offered by any financial institution, in any combination. FRA voluntarily applies a fiduciary duty standard to all clients, even when not required by law.