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WELD COUNTY GENERAL HOSPITAL
Greeley, Colorado
FINANCIAL STATEMENTS
December 31, 1965
HScoo 7
Table of Contents
Page
Text
All Funds
Exhibit A
Plant Fund
- Comparative Balance Sheets
December 31, 1965 and 1964
Exhibit B -
Schedule 1 -
Schedule 2 -
Operating Fund
Comparative Balance Sheets
December 31, 1965 and 1964
Statement of Changes In Fixed Assets and
Accumulated Depreciation for the Year
Ended December 31, 1965
Statement of Changes in Assets Restricted
to Replacement and Improvement of Plant for
the Year Ended December 31, 1965
Schedule 3 - Comparative Statement of Operations for the
Years Ended December 31, 1965 and 1964
Comparative Statement of Operating Revenues
for the Years Ended December 31, 1965 and
1964
Comparative Statement of Salaries for the
Years Ended December 31, 1965 and 1964
Comparative Statement of Supplies and
Other Expenses for the Years Ended
December 31, 1965 and 1964
Schedule 4 -
Schedule 5 -
Schedule 6 -
Mead Hall Nurse
Schedule 7 -
s' Residence Fund
Comparative Statement of Operations for the
Years Ended December 31, 1965 and 1964
Interns' Residence Fund
Schedule 8 - Statement of Operations for the Year Ended
December 31, 1965
1-4
5
6
7
8
9
10
11
12
13
14
March 11, 1966
The Honorable Board of Trustees
Weld County General Hospital
Greeley, Colorado
Gentlemen:
I have examined the Balance Sheet of the Weld County Gen-
eral Hospital as of December 31, 1965, and the related State-
ments of Operations for the year then ended. My examination
was made in accordance with generally accepted auditing stand-
ards and accordingly included such tests of the accounting
records and such other auditing procedures as I considered
necessary in the circumstances.
In my opinion, the accompanying Balance Sheets and State-
ments of Operations present fairly the financial position of
the Weld County General Hospital as of December 31, 1965, and
the results of its operations for the year then ended, in ac-
cordance with generally accepted accounting principles.
The remainder of this report consists of the financial
statements listed in the foregoing table of contents, and other
comments arranged under the following captions:
Financial Position
Operations
-1-
Financial Position
Exhibit A presents the Balance Sheet of each of the funds;
the Operating Fund, the Mead Hall Nurses' Residence Fund, the
Educational Trust Fund and the Plant Fund. The Interns' Resi-
dence Fund has been combined with the Plant Fund in these finan-
cial statements. Exhibit B presents the Plant Fund (including
the Interns' Residence Fund) in detail.
Operating Fund
The assets of the Operating Fund totaled $1,003,514.93 as
of December 31 1965, while liabilities to other funds and cred-
itors totaled $314.412.19. This is a current ratio of 3.2 to 1
compared to a current ratio of 3.2 to 1 as of December 31, 1964.
Accounts Receivable - Net increased by $19,933.11 during
the year of 1965 50 $578,182.13. The allowance for doubtful ac-
counts was increased by $15,364.42 and the accounts receivable
increased by $35,297.53 to account for the net increase.
The balance of the Operating Fund Capital indicates a de-
crease of 3,766.37)for the year ended December 31, 1965. The
Operating F&& Showed a loss of $57,,358.35, and $51}91.98 of
depreciation taken but not transferred to the Plant Fund in 1965.
An additional $2,000.00 increase resulted from a $2,000.00 dona-
tion to the Operating Fund.
Mead Hall Nurses' Residence Fund
The increase in the fund balance of $6,340.16 is shown in
detail on Schedule 7, Page. 13. The amount due from the Operat-
ing Fund increased by $5,815.16 during the year. of 1965 to a
balance of $34,834.73 as of December 31, 1965.
Educational Trust Fund
The assets of the Educational Trust Fund increased $877.94
as a result of interest on Savings and Mortgage Investments.
The Fund currently has $5,250.00 in student notes receivable
and $6,087.97 in real estate loans receivable. The balance of
$11,508.35 is in cash, which is in a savings account.
Plant Fund
The Plant Fund Capital balance decreased by $357.36 during
the year. The decrease was due to the decrease in capital of
-2-
$53,591.98 resulting from the non -funding of depreciation by
the Operating Fund and a $2,000.00 donation to Operating Fund
applied to Mead Hall Fund. The balance of the decrease re-
sulted from a decrease in Interns'Residence Capital of $1,483.00.
The Public Funds received in the amount of $44,028.40 and dona-
tions of $10,689.22 were not sufficient to offset the decreases.
The Interns' Residence statements have been prepared on the
basis of actual occupancy; that is, no credit has bein given
unless an apartment was occupied.
Operations
Operating revenues (Schedule 4) totaled $3,147,044.83,
an increase of $48,061.81 over the prior year or about 1.5%.
Operating expenses (Schedule 3) totaled $3,028.396.57, an in-
crease of $125,625.75 over the prior year or about 4.1%.
The aggregate patient days decreased about 2.9% during
the year of 1965; from 84,962 in 1964 to 82,509 in 1965.
The following summary compares the 1965 and 1964 operating
results in terms of rate per in -patient day statistics. These
statistics are not adjusted for out -patient costs as are the
Colorado Hospital Service Cost Computations
Rate Per In -Patient Day
Increase
1965 1964 (Decrease)
Net Operating Revenue
Less:
Salaries
Supplies and Other
Expenses
Total
Net Operating Income
36.01 34.62 1.39
24.00 22.20 1.80
12.70 11.96 .74
36.70 34.16 2.54
($ .69) $ .46 ($1.15)
-3-
The cooperation received from all Hospital employees was
very much appreciated and most helpful in the conduct of the
audit.
Respectfully submitted,
Quintus C. Fuller
Certified Public Accountant
WELD COUNTY GENERAL HOSPITAL
All Funds
Comparative Balance Sheets
December 31, 1965 and 1964
ASSETS
December 31,
1965
Operating Fun
Ca
J n Hand (Revolving)
hIn Checking Accounts•-
eposited With County Treasurer
'gotals
Accounts Receivable
Less: Allowance for
Doubtful Accounts
Accounts Receivable - Net
Inventories
Drugs
Other
Due From Reese Property
Total Assets - Operating Fund
Mead Hall Nurses' Residence Fund
Assets Deposited With County
Treasurer
Cash
Certificates of Deposit
Due From Operating Fund
-Total Assets - Mead Hall Nurses'
Residence Fund
Educational Trust Fund
Cash - First National Bank
L Notes and Mortgages Receivable
Total Assets - Educational Trust
Fund
Plant Fund - Exhibit B
Total Assets - All Funds
25,770.57
204,174.43
75,396.05
305;341.D5
651,706.12
( 73,523.99) (
578,182.13
35,228.38
811,355.22
408.15
1,003,514.93
13,581.09
10,000.00
34,834.73
58,415.82
11,508.35
11,337.97
22,846.32
December 310 Increase
1964 (Decrease)
5,795.00
196,520.20
128,832.57
331,147.77
616,408.59
58,159.57
558,249.02
19,975.57
7,654.23
(53,436.52)
(25,806.72)
35,297.53
(15,364.42)
19,933.11
37,405.99 ( 2,177.61)
78,376.34 5,978.88
306.72
1,005,485.84
13,056.09
10,000.00
29,019.57
101.43
( 1,970.91)
525.010
5,815.16
52,075.66 6,340.16
12,762.14 ( 1,253.69)
9,206.34 2,131.63
21,968.38
14, 8414,593 .148 4,8142 , 947.43
877.94
1,646.05
5,929,370.55 5,922,477.31 6,893.24
Exhibit A
-5-
WELD COUNTY GENERAL HOSPITAL
All Funds
Comparative Balance Sheets
December 31, 1965 and 1964
LIABILITIES AND CAPITAL
December 31,
1965
Operating Fund
Liabilities
Accounts Payable - Trade
Accrued Salaries and Wages
Payroll Withholding and
Tax Accruals
Sales Tax Payable
Other
Totals
Due Other Funds
Plant Fund
Mead Hall Nurses' Residence
Fund
Totals
Capital
Acquired From Plant Fund
Accumulated Earnings
Totals
Total Liabilities and Capital -
Operating Fund
Mead Hall Nurses' Residence Fund
Capital - Schedule 7
Total Capital - Mead Hall Nurses'
Fund
Educational Trust Fund
Donated Capital
Total Capital - Educational Trust Fund
Plant Fund - Exhibit B
Total Liabilities and Capital -
All Funds
88,218.34
148,504.73
35,213.73
2.45
889.55
272,828.80
6,748.66
34,834.73
41,583.39
442,291.31
246,811.43
689,102.74
December 31,
1964
88,544.54
144,044.99
34,396.34
84.50
1,644.63
268,715.00
14,882.16
29,019.57
43,901.73
388,699.33
304,169.78
692,869.11
Increase
(Decrease)
( 326.20)
4,459.74
817.39
(05)
755.08)
4,113.80
( 8,133.50)
5,815.16
( 2,318.34)
53,591.98
(57,358.35)
( 3,766.37)
1,003,514.93 1,005,485.84 ( 1,970.91)
58,415.82
58,415.82
22,846.32
22,846.32
52,075.66
52,075.66
21,968.38
21,968.38
4,844,593.48 4,842,947.43
5,929,370.55 5,922,477.31
Exhibit A
-5-
6,340.16
6,340.16
877.94
877.94
1,646.05
6,893.24
WELD COUNTY GENERAL HOSPITAL
Plant Fund
Comparative Balance Sheets
December 31, 1964 and 1965
ASSETS
December 31,
1965
Fixed Assets - At Cost (See
Schedule 1)
Operating Plant
Less: Accumulated Depreciation
Operating Plant - Net
Mead Hall Nurses' Residence
Interns' Residence
Fixed Assets — Net
Assets Restricted To Replacement and
Improvement of Plant (See Schedule 2)
Public Works Fund (Resolution of
1951)
Furniture Account - Interns'
Residence
Public Works - Hospital Fund
Additions
Other Assets
Due from Operating Fund - Cur-
rent
5,332,882.07
1,059,588.16
4,273,293.91
264,671.01
141,162.91
4,679,127.83
140,532.43
18,184.56
6,748.66
December 31,
1964
Increase
(Decrease)
5,200,017.82 132,864.25
941.910.23 117,677.93
4,258,107.59 15,186.32
264,671.01 —
140,319.03 843.88
4,663,097.63 16,030.20
121,328.81
323.47
43,315.36
19,203.62
( 323.47)
( 25,130.80)
14,882.16 ( 8,133.50)
Total Assets 4,844,593.48 4,842,947.43 1,646.05
Exhibit B
-6-
WELD COUNTY GENERAL HOSPITAL
Plant Fund
Comparative Balance Sheets
December 31, 1964 and 1965
LIABILITIES AND CAPITAL
December 31,
1965
Liabilities
Accounts Payable
Due to Public Works Fund -
County Building
Mortgage Payable - Greeley
National Bank
Due to Operating Fund
Total Liabilities
Capital
Acquired From:
Public Funds
Donations
Mead Hall Residence
Totals
Less: Interns' Residence
Capital (Schedule 8)
Amount Retained by the
Operating Fund - Note 1
Total Capital
14,644.57
120, 918.41{
408.15
135,971.16
4,953,937.07
199,329.28
2,455.53
5,155,721.88
4,808.25
442,291.31
December 31,
1964
mip
8,604.46
125,019.97 (
343.32
133,967.75
4,909,908.67
188,640.06
2,455.53
5,101,004.26
3,325.25
388,699.33
Increase
(Decrease)
de
6,040.11
4,101.53)
64.83
2,003.41
44.,028.40
10,689.22
54,717.62
1,483.00
53,591.98
4,708,622.32 4,708,979.68 ( 357.36)
Total Liabilities and Capital 4,844,593.48
Note 1: Includes the following:
Prior Years Depreciation Not Transferred
to the Plant Fund
1963, 1964 and 1965 Depreciation Taken
but not Funded
Hill -Burton money Transferred to the
Operating Fund
Donations to Operating Fund
Exhibit B
-6-
4,842,947.43
276,032.07
114,414.89
46,844.35
5,000.00
442,291.31
1,646.05
WELD COUNTY GENERAL HOSPITAL
Plant Fund
Statement Of Changes In Fixed Assets And Accumulated Depreciation
For The Year Ended December 31, 1965
Balance
January 1,
1965
Operating Plant
Land 64,873.47
Land Improvements 91,340.34
Hospital
Construction in Process
Hospital and Fixed
Equipment
Building and Fixed
Equipment 4,523,439.96
Major Movable Equip-
ment 429,835.26
Minor Equipment 90,528.79
Totals 5,200,017.82
Mead Hall Nurses' Residence
Building and Fixed
Equipment
Major Movable Equipment
Minor Equipment
Totals
Intern Residence
Land
Land Improvements
Building and Fixed
Equipment
Major Movable Equipment
Totals
Accumulated Depreciation
Land Improvements
Hospital
Building and Fixed
Equipment
Major Movable
Equipment
Totals
Grand Totals
238,048.68
22,912.15
3,710.18
264,671.01
16,500.00
5,500.00
106,600.00
11,719.03
Retirements
and
Additions Transfers
Balance
December 31,
1965
64,873.47
91,340.34
129,057.96 129,057.96
1,941.80 4,525,381.76
20,352.98 18,488.49 431,699.75
90,528.79
151,352.74 18,488.49 5,332,882.07
OM
843.88
140,319.03 843.88
14,261.20 1,826.80
765,188.93 90,503.94
162,460.10 43,261.24 17,914.05
238,048.68
22,912.15
3,710.18
264,671.01
16,500.00
5,500.00
106,600.00
12,562.91
141,162.91
16,088.00
855,692.87
187,807.29
927,649.03 133,765.18 17,914.05 1,043,500.16
941,910.23 135,591.98 17,914.05 1,059,588.16
Schedule 1
-7-
vaMmi
WELD COUNTY GENERAL HOSPITAL
Plant Fund
Statement Of Changes In Assets Restricted To
Replacement And Improvement Of Plant
For The Year Ended December 31, 1965
Cash Receipts
Donations - Other
Depreciation Funding (From Operating Fund)
Reimbursements - Prior Year
Tax Levies
Public Works Fund
Resolution Resolution
of 1963 of 1951
44,016.70
8,68 9.22
92,400.00
11.70
Totals 44,016.70 101,100.92
Cash Disbursements
— Plant Assets
Building and Group I Equipment
-- Group II Equipment
Totals
Increase (Decrease) During the Period
` Fund Balance - January 1, 1965
Fund Balance - December 31t 1965
104
Schedule 2
-8-
69,147.50 2,036.11.
79,861.19
69,147.50 81,897.30
( 25,130.80)
43,315.36
19,203.62
121,328.81
18,184.56 140,532.43
WELD COUNTY GENERAL HOSPITAL
Operating Fund
Comparative Statement of Operations
For The Years Ended December 31, 1965 and 1964
Operating Revenues (Schedule 4)
Less: Blue Cross and Other
Discounts
Provision for Doubtful
Accounts
Totals
Net Operating Revenue
Operating Expenses
— Nursing Service
Dietary and Snack Bar
Administration
Laboratory
Operating and Delivery Rooms
Depreciation
X-ray
Pharmacy
Central Supply
Plant Operation
Laundry
Housekeeping
Maintenance and Repairs
Social Security
Blood Bank Service
— Telephone
Intern Service
Physical Therapy
Motor Service
Employees' Pension Plan
Total Operating Expenses
Net Operating Income
Less: Special Charge - Anes-
thetist
Net Income (Loss)
Accumulated Earnings - Beginning
of Period
December 31,
1965 1964
3,147,044.83 3,098,983.02
92,924.19 118,214.43
82,799.24 38,738.68
175,723.43 156,953.11
2,971.321.40% 2,942,029.91
976,398.78
306,097.94
269,289.63
273,228.50
202,654.50
135,591.98
156,728.62
143,412.91
87,298.36
74,332.32
66,472.72
89,195.87
59,386.90
61,507.97
29,612.62
16.643.80
16,076.86
15,895.40
536.10
48,034.79
928,857.40
354,309.68
240,136.88
255,080.02
200,091.55
134,835.10
1118, 500.32
133,473.20
85,836.64
76,546.67
63,199.71
81,903.93
64,429.86
58,882.20
25,138.19
15,994.31
22,534.97
12,366.11
654.08
3,028,396.57 2,902,770.82
( 57,075.17) 39,259.09
283.18 297.50
( 57,358.35) 38,961.59
304,169.78 265,208.19
Accumulated Eranings - End of
Period 246,811.43
Schedule 3
-9-
Increase
(Decrease)
48,061.81
( 25,290.24)
44,060.56
18,770.32
(
29,291.49
47,541.38
48,211.74)
29,152.75
18,148.48
2,562.95
756.88
8,228.30
9,939.71
1,461.72
2,214.35)
3,273.01
7,291.94
5,042.96)
2,625.77
4,474.43
649.49
6,458.11)
3,529.29
( 117.98)
48,034.79
125,625.75
( 96,334.26)
( 14.32)
( 96,319.94)
38,961.59
304,169.78 ( 57,358.35)
WELD COUNTY GENERAL HOSPITAL
Operating Fund
Comparative Statement of Operating Revenues
For The Years Ended December 31, 1965 and 1964
December 31, Increase
1965 1964 (Decrease)
Operating Revenues
Day Rate, Service
Laboratory
Pharmacy
X-ray
Medical Supplies and Inhalation
Therapy
Operating and Emergency Rooms
Cafeteria
Blood Bank Service
Anesthesia Service
Delivery Room
Recovery Room
Physical Therapy
Laundry
Miscellaneous
Snack Bar
Telephone
Cash Discounts on Purchases
Intensive Care Unit
1,365,901.00
455,855.70
331,480.21
282,274.32
212,249.15
218,606.60
27,512.15
46,555.58
36,865.00
29,372.75
30,263.00
27,524.40
28,080.09
27,245.76
1,900.43
3,421.68
6,697.21
15,239.80
1,304,696.00
445,431.95
316,265.03
271,282.69
218,553.42
222,736.44
64,883.18
414, 971.50
38,220.80
31,525.00
30,220.00
27,060.10
27,261.40
21,838.70
6,904.80
3,324.21
5,976.40
17,831.40
(
(
61,205.00
10,423.75
15,215.18
10,991.63
6,304.27)
4,129.84)
37,371.03)
1,584.08
1,355.80)
2,152.25)
43.00
464.30
818.69
5,1407.06
5,004.37)
97.47
720,81
2,591.60)
Total Operating Revenues 3,147,044.83 3,098,983.02 48,061.81
Schedule 4
-10-
WELD COUNTY GENERAL HOSPITAL
Operating Fund
Comparative Statement of Salaries
For The Years Ended December 31, 1965 and 1964
Salaries
Nursing Service
_ Dietary and Snack Bar
Administration
Laboratory
Operating and Delivery Rooms
X-ray
Laundry
_ Housekeeping
Maintenance and Repairs
Plant Operations
Pharmacy
Central Supply
Physical Therapy
Intern Service
Blood Bank Service
Totals
December 31,
1965 1964
902,155.63
170,592.67
193,748.82
209,722.00
113,637.97
108,404.09
59,474.16
71,061.87
44,758.46
21,885.46
27,541.68
24,838.92
15,288.54
10,565.00
6,889.65
1,980,564.92 ✓
Schedule 5
-u-
852,891.88
183,105.93
178,164.29
195,797.33
106,180.21
101,452.62
55,950.55
67,579.22
44,409.57
19,458.94
23,582.13
24,303.60
11,820.73
13,420.00
8,331.12
1,886,448.12
Increase
(Decrease)
49,263.75
( 12,513.26)
15,584.53
13,924.67
7,457.76
6,951.47
3,523.61
3,482.65
348.89
2,426.52
3,959.55
535.32
3,467.81
( 2,855.00)
( 1,441.47)
94,116.80
WELD COUNTY GENERAL HOSPITAL
Operating Fund
Comparative Statement Of Supplies And Other Expenses
For The Years Ended December 31, 1965 and 1964
December 31,
1965 1964
Supplies and Other Expenses
Nursing Service
Dietary and Snack Bar
Administration
Laboratory
Operating and Delivery Rooms
Depreciation
X-ray
Pharmacy
Central Supply
— Plant Operation
Laundry
Housekeeping
Maintenance and Repair
Social Security
Blood Bank Service
Telephone
Intern Service
Physical Therapy
Motor Service
Group Insurance
Employee Pension Plan
Total Supplies and
Other Expenses
74,243.15
135,505.27
73,159.26
63,506.50
89,016.53
135,591.98
48,324.53
115,871.23
62,459.44
52,446.86
6,998.56
18,134.00
14,628.44
61,507.97
22,722,97
16,643.80
5,511.86
606.86
536.10
2,381.55
48,034.79
75,965.52
171,203.75
61,972.59
59,282.69
93,911.34
134,835.10
47,047.70
109,891.07
61,533.04
57,087.73
7,249.16
14,324.71
20,020.29
58,882.20
16,807.07
15,994.31
9,114.97
545.38
654.08
Increase
(Decrease)
1,722.37)
35,698.48)
11,186.67
4,223.81
4,894.81)
756.88
1,276.83
5,980.16
926.40
4,640.87)
250.60)
3,809.29
5,391.85)
2,625.77
5,915.90
649.49
3,603.11)
61.48
117.98)
2,381.55
48,034.79
1,047,831.65 1,016,322.70 31,508.95
Schedule 6
-12-
WELD COUNTY GENERAL HOSPITAL
Mead Hall Nurses' Residence Fund
Comparative Statement of Operations
For The Years Ended December 31, 1965 and 1964
Gross Rentals
Operating Expenses
Maintenance and Repairs
Power and Lights
Gas
Supplies
Laundry
Telephone
Housekeeping
Water
Insurance
Other
Total Operating Expenses
Net Operating Income
Other Income - Interest on Investment
Net Income
Capital - Beginning of Period
Capital - End of Period
December 31,
Increase
1965 1964 (Decrease)
12,964.62
1,440.58
1,011.75
714.00
2,343.56
499.20
306.00
599.03
180.00
51.84
3.50
7,149.46
5,815.16
525.00
6,340.16
52,075.66
12,086.20 878.42
1,628.72 ( 188.14)
1,071.50 ( 59.75)
801.62 ( 87.62)
2,994.02 ( 650.46)
476.70 22.50
306.00 -
205.20 393.83
180.00 -
51.84 -
3.50
7,715.60 ( 566.14)
4,370.60 1,444.56
525.00
4,895.60
47,180.06
1,444.56
4,895.60
58,415.82 52,075.66 6,340.16
Schedule 7
-13-
WELD COUNTY GENERAL HOSPITAL
Reese Property -Intern Residence
Statement of Operations
For The Year Ended December 31, 1965
Gross Rentals Received
Operating Expenses
Interest Expense
Maintenance
Supplies and Miscellaneous
Gas and Lights
Insurance
Total Operating Expenses
10,728.10
7,398.44
1,457.13
1,033.40
2,291.13
31.00
12,211.10
Net Loss ( 1,483.00)
Schedule 8
-14-
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