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Home My WebLink About670213.tiffWELD CO. C0MM/SSI0NERS GREELEY, COLO. RECEIVED SEP 2 3 1987 A.M. A.121$14?IO A WELD COUNTY GENERAL HOSPITAL FINANCIAL STATEMENTS June 30, 1967 Prepared From Records Without Audit ANDERSON, HUNTER, THOMTE & KURTZ CERTIFIED PUBLIC ACCOUNTANTS GREELEY, COLORADO BOULDER, COLORADO 6704f3 WELD COUNTY GENERAL HOSPITAL FINANCIAL STATEMENTS June 30, 1967 Prepared From Records Without Audit ANDERSON, HUNTER, THOMTE a KURTZ CERTIFIED PUBLIC ACCOUNTANTS To the Board of Trustees Weld County General Hospital In accordance with your request, we have prepared from the records of Weld County General Hospital unaudited financial statements as follows: Exhibit A --Balance Sheet June 30, 1967 and December 31, 1966 Exhibit B --Summary of Changes in Fund Balances For the Six Months Ended June 30, 1967 Exhibit C --Summary of Changes in Investment in Plant For the Six Months Ended June 30, 1967 Schedule 1 --Statement of Income For the Six Months Ended June 30, 1967 and 1966 Schedule 2 --Statement of Expenses For the Six Months Ended June 30, 1967 and 1966 Schedule 3 --Statement of Income --Mead Hall Nurses' Residence For the Six Months Ended June 30, 1967 and 1966 Schedule 4 --Statement of Income --Interns' Residences -- Reese Property For the Six Months Ended June 30, 1967 and 1966 The accompanying financial statements were not audited. There- fore, we do not express an independent accountants' opinion as to the fairness with which the statements present financial position or results of operations for the six months ended June 30, 1967. ANDERSON, HUNTER, THOMTE & KURTZ August 21, 1967 FINANCIAL STATEMENTS WELD COUNTY GENERAL HOSPITAL Balance Sheet June 30, 1967 and December 31, 1966 Prepared From Records Without Audit ASSETS I. OPERATING FUND Cash on hand and in bank Cash on deposit with County Treasurer Accounts receivable (less allowance for bad debts and contractual adjustments: June 30, 1967, $ 102,323; December 31, 1966, $ 119,607) Inventories Drugs General stores Prepaid insurance Total operating fund II. EDUCATIONAL TRUST FUND Cash Notes receivable Total educational trust fund June 30, 1967 December 31, 1966 $ 222,802 $ 319,630 94,000 37,788 658,903 707,289 36,564 36,480 85,864 89,527 8,261 17,148 1,106,394 1,207,862 12,758 11,669 24,427 11,403 12,379 23,782 III. SPECIFIC PURPOSE FUND Cash on deposit with County Treasurer - 7,000 IV. PLANT FUND Cash on deposit with County Treasurer Taxes receivable (estimated) Time deposits Due from operating fund Total current assets Land Land improvements Buildings and fixed equipment Major movable equipment Minor equipment Total land, buildings and equipment Less accumulated depreciation (NOTE 1) Net land, buildings and equipment Total plant fund 106,656 73,534 12,000 268 25,000 25,000 29,604 27,396 173,260 126,198 81,373 81,373 96,994 96,994 5,150,398 5,131,279 608,534 581,521 97,942 97,942 6,035,241 5,989,109 1,255,362 1,192,112 4,779,879 4,796,997 4,953,139 4,923,195 Total assets $6,083,960 $6,161,839 See notes to financial statements. Exhibit A LIABILITIES AND FUND BALANCES June 30, December 31, 1967 1966 I. OPERATING FUND Accounts payable Trade X-ray and staff special funds Due to plant fund Taxes payable Accrued salaries and wages Operating fund balances Unappropriated Depreciation not funded Total operating fund II. EDUCATIONAL TRUST FUND Educational trust fund balance Total educational trust fund $ 118,090 $ 158,440 1,514 2,560 29,604 27,396 30,854 8,434 5,860 176,386 407,490 348,911 512,982 485,735 1,106,394 1,207,862 24,427 23,782 24,427 23,782 _ III. SPECIFIC PURPOSE FUND (NOTE 2) Specific purpose fund balance - 7,000 IV. PLANT FUND Accounts payable _ Due on construction contract Note payable --secured (NOTE 3) Total plant fund liabilities Plant fund balances Invested in plant Reserved for plant replacement and expansion Total plant fund balance 8,284 40,270 50,270 98,436 101,025 146,990 151,295 4,632,889 4,645,702 173,260 126,198 4,806,149 4,771,900 Total plant fund 4,953,139 4,923,195 Total liabilities and fund balances $ 6,083,960 $ 6,161,839 WELD COUNTY GENERAL HOSPITAL Summary of Changes in Fund Balances For the Six Months Ended June 30, 1967 Prepared From Records Without Audit Educational Specific Operating Trust Purpose Plant Fund Fund Fund Fund BALANCE --Beginning of period $ 834,646 $ 23,782 $ 7,000 $ 4,771,900 ADDITIONS Current net income Depreciation not funded Restricted funds Contributions Interest income Additions to fund balance --replacement Mill levy for hospital addition -- fifth floor Funded depreciation Received from specific purpose fund Total additions Total DEDUCTIONS Current period's depreciation Specific purpose funds expended Property assets abandoned Total deductions BALANCE --End of period See notes to financial statements. 58,579 27,247 1,235 6,869 645 498 45,902 50,400 8,235 85,826 645 1,235 111,904 920,472 24,427 8,235 4,883,804 8,235 77,647 8 8,235 77,655 $920,472 $24,427 - $4,806,149 Exhibit B WELD COUNTY GENERAL HOSPITAL Summary of Changes in Investment in Plant For the Six Months Ended June 30, 1967 Prepared From Records Without Audit Balance Balance January 1, June 30, 1967 Additions Retirements 1967 OPERATING PLANT Land Land improvements Buildings Major movable equipment Minor equipment (NOTE 1) Total MEAD HALL NURSES' RESIDENCE Building Major movable equipment Minor equipment Total (NOTE 1) INTERNS' RESIDENCES Land Land improvements Buildings Major movable equipment Total (NOTE 1) ACCUMULATED DEPRECIATION -- OPERATING PLANT Land improvements Buildings Major movable equipment Minor equipment (NOTE 1) $ 64,873 91,340 4,785,698 546,776 94,232 $ 19,119 38,412 $14,620 $ 64,873 91,340 4,804,817 570,568 94,232 $5,582,919 $57,531 $14,620 $5,625,830 $ 238,049 $ 238,049 21,933 $ 3,228 $ 7 25,154 3,710 3,710 $ 263,692 $ 3,228 $ 7 $ 266,913 $ 16,500 5,654 107,532 12,812 $ 142,498 $ 17,915 $ 913 949,895 49,148 223,684 26,984 618 601 $ 14,396 $ 16,500 5,654 107,532 12,812 $ 142,498 $ 18,828 999,043 236,272 1,219 Total $1,192,112 $77,646 $14,396 $1,255,362 See notes to financial statements. Exhibit C WELD COUNTY GENERAL HOSPITAL Statement of Income For the Six Months Ended June 30, 1967 and 1966 Prepared From Records Without Audit 1967 1966 Amount Percent Amount Percent INCOME Routine services Operating and emergency rooms Recovery room Delivery room Intensive care X-ray Laboratory Physical therapy Pharmacy Anesthesia Blood bank and blood bank service Inhalation therapy and medical supplies Telephone Laundry Cafeteria and snack bar Total Less special allowances Balance EXPENSES --Schedule 2 NET INCOME FROM OPERATIONS OTHER INCOME Discounts on purchases Miscellaneous NET INCOME --Hospital RENTAL INCOME (LOSS) Mead Hall --Schedule 3 Reese property --Schedule 4 NET INCOME See notes to financial statements. $ 987,347 52.79 $ 845,278 51.81 116,685 6.24 110,270 6.76 15,590 .84 15,285 .94 13,139 .70 12,225 .75 10,620 .57 5,750 .35 188,364 10.07 152,975 9.38 267,902 14.33 232,332 14.24 17,685 .95 16,401 1.01 171,203 9.15 162,583 9.97 17,965 .96 18,535 1.14 27,457 1.47 22,065 1.35 113,993 6.10 99,741 6.11 339 .02 1,748 .11 14,389 .77 12,950 .79 29,321 1.57 23,464 1.44 1,991,999 106.53 1,731,602 106.15 122,410 6.53 100,269 6.15 1,869,589 100.00 1,631,333 100.00 1,829,762 97.86 1,542,047 94.53 39,827 2.14 89,286 5.47 3,852 .20 3,313 .20 13,428 .72 14,089 .86 57,107 3.06 106,688 6.53 793 2,704 679 ( 1,562) $ 58,579 $ 107,830 Schedule 1 WELD COUNTY GENERAL HOSPITAL Statement of Expenses For the Six Months Ended June 30, 1967 and 1966 Prepared From Records Without Audit 1967 Salaries and contract Other services expenses Total Percent ALLOCATED EXPENSES Administrative Dietary Laundry Housekeeping Plant operations Building maintenance Land maintenance Motor service Inhalation therapy and medical supplies Nursing Intern and medical education X-ray Laboratory Operating and emergency rooms Delivery room Pharmacy Physical therapy Blood bank Total allocated expenses UNALLOCATED EXPENSES Telephone Insurance Employee welfare Social Security Depreciation --funded Depreciation --not funded Bad debts and collection expense Miscellaneous Total unallocated expenses $ 109,749 $ 32,332 $ 142,081 7.60 88,319 81,950 170,269 9.11 32,359 2,363 34,722 1.86 39,255 8,114 47,369 2.53 11,159 27,978 39,137 2.09 24,745 6,007 30,752 1.64 2,750 1,224 3,974 .21 201 201 .01 14,013 26,816 40,829 2.18 501,099 34,710 535,809 28.67 21,143 5,999 27,142 1.45 75,649 25,955 101,604 5.43 117,917 49,692 167,609 8.96 73,841 50,375 124,216 6.64 13,688 4,178 17,866 .96 17,158 51,824 68,982 3.69 7,668 300 7,968 .43 4,135 12,781 16,916 .90 $1,154,647 $422,799 1,577,446 84.36 13,149 .70 12,647 .68 26,401 1.41 52,447 2.81 50,400 2.70 27,247 1.46 70,015 3.74 10 252,316 13.50 Total expenses $1,829,762 97.86 See notes to financial statements. Schedule 2 1966 Salaries and contract Other services expenses Total Percent $ 92,538 $ 22,579 $ 115,117 7.06 86,262 75,139 161,401 9.89 29,846 2,831 32,677 2.00 36,750 7,291 44,041 2.70 10,644 30,855 41,499 2.54 18,588 6,914 25,502 1.56 3,141 746 3,887 .24 167 167 .01 13,475 27,932 41,407 2.54 446,766 29,706 476,472 29.21 6,095 740 6,835 .42 58,302 25,219 83,521 5.12 106,379 33,206 139,585 8.56 46,351 39,559 85,910 5.27 8,392 2,245 10,637 .65 12,767 54,195 66,962 4.10 7,368 145 7,513 .46 3,431 10,062 13,493 .83 $987,095 $369,531 1,356,626 83.16 7,916 .49 2,549 .16 15,508 .95 37,021 2.27 50,400 3.09 17,052 1.05 54,906 3.36 69 185,421 11.37 $1,542,047 94.53 WELD COUNTY GENERAL HOSPITAL Mead Hall Nurses' Residence Statement of Income For the Six Months Ended June 30, 1967 and 1966 Prepared From Records Without Audit INCOME FROM RENTALS EXPENSES Utilities Laundry Housekeeping Telephone Maintenance Supplies Insurance Total expenses 1967 1966 $4,374 $6,529 761 931 176 234 282 240 153 153 1,440 772 589 1,365 180 343 3,581 4,038 NET INCOME $ 793 $ 2,491 See notes to financial statements. Schedule 3 WELD COUNTY GENERAL HOSPITAL Interns' Residences --Reese Property Statement of Income For the Six Months Ended June 30, 1967 and 1966 Prepared From Records Without Audit INCOME FROM RENTALS EXPENSES Utilities Maintenance Supplies Insurance Interest Total expenses 1967 1966 $6,078 $6,033 1,353 1,315 711 904 186 1,922 150 229 2,999 3,225 5,399 7,595 NET INCOME (LOSS) FROM OPERATIONS $ 679 ($ 1,562) See notes to financial statements. Schedule 4 WELD COUNTY GENERAL HOSPITAL Notes to Financial Statements NOTE 1 --Allowance for depreciation It was the policy of the hospital to make no provision for depreciation on minor equipment in the hospital prior to 1966. Minor equipment acquired after January 1, 1966 is being depreciated over a three-year period. The hospital makes no provision for depreciation on the Mead Hall or Reese properties. NOTE 2 --Specific purpose fund This fund consists of contributions designated for specific purposes by the donors. NOTE 3 --Note payable secured The Reese property is subject to a deed of trust securing a note payable in the amount of $ 98,436. NOTE 4 --Contingent liability A lawsuit is pending against the hospital and one of its former nurses in the amount of $ 178, 159. According to information received from the hospital's insurance company, their liability coverage at the time was $50,000. Hello