The URL can be used to link to this page

Browse Search

Home My WebLink About650228.tiffWELD COUNTY GENERAL HOSPITAL Greele7, Colorado FINANCIAL STATEMENTS (Unaudited) June 30, 1965 /-/S©0O7 6,so.�g Table of Contents Page Text All Funds Exhibit A - Comparative Balance Sheet (Unaudited) June 30, 1965 and December 31, 1964 Plant Fund Exhibit B - Comparative Balance Sheets (Unaudited) June 30, 1965 and December 31, 1964 Schedule 1 - Statement of Changes in Fixed Assets - (Unaudited) for the Six Months Ended June 30, 1965 Schedule 2 - Statement of Changes in Assets to Replacement and Improvement (Unaudited) for the Six Months 30, 1965 Operating Fund ` Schedule 3 - Schedule 4 - Schedule 5 - Schedule 6 - Restricted of Plant Ended June Comparative Statement of Operations (Unaudited) for the Six Months Ended June 30, 1965 and December 31, 1964 Comparative Statement of Operating Revenues (Unaudited) for the Six Months Ended June 30, 1965 and December 31, 1964 Comparative Statement of Salaries (Unaudited) for the Six Months Ended June 30, 1965 and December 31, 1964 Comparative Statement of Supplies and Other Expenses (Unaudited) for the Six Months Ended June 30, 1965 and December 31, 1965 Mead Hall Nurses' Residence Fund Schedule.7 - Comparative Statement of Operations (Unaudited) for the Six Months Ended June 30, 1965 and December 31, 1964 Interns' Residence Fund Schedule 8 - Comparative Statement of Operations (Unaudited) for the Six Months Ended June 30, 1965 and December 31, 1964 1-3 14 5 6 7 8 9 10 11 12 September 14, 1965 The Honorable Board of Trustees Weld County General Hospital Greeley, Colorado Gentlemen: I have prepared the financial statements of the Weld County General Hospital as of June 30, 1965 as shown in the Table of Contents. I have not made a complete examination at this time and for that reason am not expressing an opinion with this report. Financial Position As of June 30, 1965 the assets of the Operating Fund totaled $1,055,590.92 while liabilities to other funds and creditors totaled $335,984.69, about a 3.1 to 1 ratio compared with 3.2 to 1 as of December 31, 1964. Accounts Receivable - Net increased by $25,544.29 during the first six months of 1965 to $583,793.31. The allowance for doubtful accounts increased by $3,193.48 and the accounts receivable increased by $28,737.77 to account for the net increase. The balance of the Operating Fund (working capital) indicates'an increase of $26,737.12 was realized in the first six months of the year. This is the net income for the period of $7,126.26, $17,610.86 of depreciation taken but not transferred to the Plant Fund during the first six months of 1965 and $2,000.00 reserved for special purposes. Mead Hall Nurses' Residence Fund The increase in the fund balance of $3,818.25 is shown in detail on Schedule 7, page 12. The amount due from the Operating Fund in- creased by $3,466.25 during the first six months of 1965. -1- Plant Fund The Plant Fund Capital balance increased by $17,842.24 during the first six months of 1965. The increase was due to the following: Current Tax Levy Prior Year Taxes Donations Operating Profit - Interns' Residence Schedule 8 Sub -Total Deduct: Non -Funding of Depreciation taken by the Operating Fund Donations transferred to Operating Fund $ 32,253.01 9.43 5,139.86 50.80 $ 37,453.10 (17,610.86) ( 2,000.00) Net Increase $ 17,842.24 The Interns' Residence property has been included in the Plant Fund as shown on Exhibit B. Operations Operating Revenues (Schedule 4) totaled $1,635.350.92, an in- crease of $18,742.29 over the last six months of 1964, or about 12.9%. _. Tha revenue increase resulted from increasing the rates to patients and also increasing the occupancy rate from 67.48% to 75.64%. All income areas increased with the exception of the Delivery Room, Cafeteria and Laundry. Day rate service accounted for one- third of the revenue increase; income from the Laboratory accounted _ for about one -fifth of the revenue increase as did the Pharmacy. Operating Expenses (Schedule 3) totaled $1,539,540.46, an in- - crease of $95,609.30 over the previous period or about 6.6%. This increase of expenditures was due primarily to the increased use of the hospital facilities as shown by the increased occupancy rate above. The net income for the period was $7,126.26, as compared to a net loss of $86,395.52 in the preceding six months period. -2- The following summary compares the operating results in terms of rate per in -patient day for the six months ended June 30, 1965 and December 31, 1964. Rate per In -Patient Day June 30, December 31, Increase 1965 1964 (Decrease) • Net Operating Revenue Less: Salaries Supplies and Other Expenses $ 35.31 $ 34.17 $ 1.14 22.57 23.83 (1.26) 12.57 12.51 .06 Totals $ 35.14 $ 36.34 $(1.20) Net Operating Income $ .17 $( 2.17) $ 2.34 Respectfully submitted QUINTUS C. FULLER Certified Public Accountant -3- WELD COUNTY GENERAL HOSPITAL All Funds Comparative Balance Sheets (Unaudited) June 30, 1965 and December 31, 1964 ,w• ..Iw• ASSETS June 30, December 31, Increase 1965 1964 (Decrease) Operating Fund Cash On Hand (Revolving) 4,418.94 5,795.00 ( 1,376.06) In Checking Accounts 182,847.11 196,520.20 (13,673.09) Deposited with County Treasurer 167,173.32 128,832.57 38,340.75 Totals 354,439.37 331,147.77 23,291.60 Accounts Receivable 645,146.36 616,408.59 28,737.77 Less: Allowance for Doubtful Accounts ( 61,353.05) ( 58,159.57) 3,193.48 Accounts Receivable - Net 583,793.31 558,249.02 25,544.29 Inventories Drugs 37,394.50 37,405.99 ( 11.49) Other 79,459.90 78,376.34 ,1,083.56 Due From Reese Property 503.84 306.72 197.12 Total Assets — Operating Fund 1,055,590.92 1,005,485.84 50,105.08 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 Notes and Mortgages Receivable Total Assets -Educational Trust Fund 13,406.09 13,056.09 350.00 10,000.00 10,000.00 - 32,487.82 29,019.57 3,468.25 55,893.91 52,075.66 3,818.25 12,262.04 12,762.04 ( 500.00) 9,706.34 9,206.34 500.00 21,968.38 21,968.38 Plant Fund (Exhibit B) 4,860,415.40 4,842,947.43 Total Assets - All Funds 5,993,868.61 5,922,477.31 17,467.97 71,391.30 Erhi bit A -4 WELD COUNTY GENERAL HOSPITAL All Funds Comparative Balance Sheets (Unaudited) June 30, 1965 and December 31, 1964 LIABILITIES AND CAPITAL June 30, December 31, Increase 1965 1964 (Decrease) Operating Fund Liabilities Accounts Payable — Trade 108,849.88 88,5411.54 20,305.34 Accrued Salaries and Wages 151,2114.97 144,0114.99 7,169.98 Payroll Withholding and Tax Accruals 28,601.86 34,396.34 ( 5,794.48) Sales Tax Payable 43.98 84.50 ( 40.52) Other 1,029.54 1,644.63 ( 615.09) Totals 289,740.23 268,715.00 21,025.23 Due Other Funds Plant Fund Mead Hall Nurses' Residence Fund Totals 46,244.46 43,901.73 2,342.73 Capital Reserve for Special Purposes 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' Residence Fund Education Trust Fund Donated Capital Total Liabilities - Educational Trust Fund Plant Fund (Exhibit B) Total Liabilities and Capital - All Funds 13,756.64 14,882.16 ( 1,125.52) 32,487.82 29,019.57 3,468.25 2,000.00 - 2,000.00 406,310.19 388,699.33 17,610.86 311,296.04 304,169.78 7,126.26 719,606.23 692,869.11 26,737.12 1,055,590.92 1,005,485.84 50,105.08 55,893.91 52,075.66 3,818.25 55,893.91 52,075.66 3,818.25 21,968.38 21,968.38 21,968.38 21,968.38 4,860,415.40 4,842,947.43 17,467.97 5,993,868.61 5,922,477.31 71,391.30 Exhibit A -4- WELD COUNTY GENERAL HOSPITAL Plant Fund Comparative Balance Sheets June 30, 1965 and December 31, 1964 ASSETS Fixed Assets - At Cost (see Schedule Operating Plant Less: Accumulated Depreciation Operating Plant - Net Mead Hall Nurses' Residence Interns' Residence Fixed Assets - Net Assets Restricted To Replacement and June 30, 1965 1) 5,198,035.32 992,052.64 4,205,982.68 264,671.01 140,319.03 4,610,972.72 Improvement of Plant ee Schedule 2) Public Works Fund (Resolution of 1951) Furniture Account - Interns' Residence Public Works - Hospital Fund Additions Other Assets Due from Operating Funds - Current Total Assets 160,987.67 74,698.37 13,756.64 4,860,415.40 Exhibit B -5- December 31, Increase 1964 (Decrease) 5,200,017.82 941,910.23 4,258,107.59 264,671.01 140,319.03 4,663,097.63 ( 1,982.50) 50,142.41 (52,124.91) (52,124.91) 121,328.81 39,658.86 323.47 ( 323.47) 43,315.36 31,383.01 14,882.16 ( 1,125.52) 4,842,947.43 17,467.97 WELD COUNTY GENERAL HOSPITAL Plant Fund Comparative Balance Sheets June 30, 1965 and December 31, 1964 LIABILITIES AND CAPITAL June 30, December 31 Increase 1965 Liabilities Accounts Payable Due to Public Works Fund - County Building Mortgage Payable - Greeley National Bank Due to Operating Fund 10,253.76 122,835.88 503.84 3965 / `f‘ y (Decrease) OPP 8,604.46 125,019.97 343.32 1,649.30 ( 2,184.09) 160.52 Total Liabilities 133,593.48 133,967.75 ( 374.27) 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 Total Liabilities and Capital 4,942,171.11 193,779.92 2,455.53 5,138,406.56 3,274.45 408,310.19 4,726,821.92 4,860,415.40 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 4,909,908.67 188,640.06 2,455.53 32,262.44 5,139.86 5,101,004.26 37,402.30 3,325.25 ( 50.80) 388,699.33 19,610.86 4,708,979.68 17,842.24 4,842,947.43 17,467.97 276,032.07 80,433.77 46,844.35 5,000.00 408,310.19 Exhibit B -5- WELD COUNTY GENERAL HOSPITAL Plant Fund Statement of Changes in Fixed Assets and Accumulated Depreciation For the Six Months Ended June 30, 1965 Balance Retirements January 1, and 1965 Additions Transfers Operating Plant Land 64,673.47 Land Improvements 91,340.34 Hospital Construction in Process Hospital Addition Building and Fixed Equipment Major Movable Equipment Minor Equipment Totals 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 4,523,439.96 429,835.26 90,528.79 5,200,017.82 238,048.68 22,912.15 3,710.18 264,671.01 16,500.00 5,500.00 106,600.00 11,719.03 140,319.03 14,261.20 765,188.93 162,460.10 927,649.03 870.00 1,769.50 13,790.49 16,429.99 913.40 Balance June 30, 1965 64,873.47 91,340.34 870.00 4,525,209.46 18,412.49 425,213.26 90,528.79 18,412.49 5,198,035.32 45,260.94 21,836.52 17,868.45 67,097.46 17,868.45 976,878.04 238,048.68 22,912.15 3,710.18 264,671.01 16,500.00 5,500.00 106,600.00 11,719.03 140,319.03 15,174.60 810,449.87 166,428.17 941,910.23 68,010.86 17,868.45 992,052.64 Schedule 1 -6- WELD COUNTY GENERAL HOSPITAL Plant Fund Statement of Changes in Assets Restricted to Replacement and Improvement of Plant (Unaudited) For the Six Months Ended June 30, 1965 Public Works Fund Resolution Resolution of 1963 of 1951 Cash Receipts Donations - Other Depreciation Funding (from Operating Fund) Reimbursement - Prior Year Tax Levies 32,253.01 3,139.86 50,400.00 9.43 Totals 32,253.01 53,549.29 Cash Disbursements Plant Assets Building and Group I Equipment 870.00 1,976.24 Group II Equipment 11,914.19 Totals Increase (Decrease) During the Period Fund Balance - January 1, 1965 Fund Balance - June 30, 1965 Schedule 2 -7- 870.00 13,890.43 31,383.01 43,315.36 74,698.37 39,658.86 121,328.81 160,987.67, WELD COUNTY GENERAL HOSPITAL Operating Fund Comparative Statement of Operations (Unaudited) For the Six Months Ended June 30, 1965 and December 31, 1964 Operating Revenues (Schedule 4) Less: Blue Cross and Other Discounts Provision for Doubtful Accounts Total Net Operating Revenue Operating Expenses Nursing Service Dietary and Snack Bar Administration Laboratory Operating and Delivery Room 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 Accumulated Earnings -End of Period June 30, 1965 1,635,350.92 49,829.56 38,719.59 88,549.15 1,546,801.77 485,927.22 170,445.97 126,841.13 142,950.16 102,757.56 68,010.86 80,147.62 78,105.47 46,652.74 37,477.27 32,836.72 43,457.93 30,438.82 31,534.08 14,214.99 8,432.40 11,005.59 8,096.08 280.56 19,927.29 1,539,540.46 7,261.31 ( 135.05) 7,126.26 304,169.78 311,296.04 Schedule 3 -8- December 31, 1964 1,448,608.63 67,916.95 23,008.54 90,925.49 Increase (Decrease) 186,742.29 ( 18,087.39) 15,711.05 ( 2,376.34) 1,357,683.14 189,118.63 459,878.89 170,843.72 132,233.85 123,398.34 98,152.79 68,661.61 74,771.58 62,546.23 41,307.21 37,788.79 31,914.42 42,350.14 33,859.23 29,110.55 11,065.21 7,962.39 10,566.40 6,966.40 553.41 26,048.33 ( 397.75) ( 5,392.72) 19,551.82 4,604.77 ( 650.75) 5,376.04 15,559.24 5,345.53 ( 311.52) 922.30 1,107.79 ( 3,420.41) 2,423.53 3,149.78 470.01 439.19 1,129.68 272.85) 19,927.29 ( 1,443,931.16 95,609.30 86,248.02) 147.50) 93,509.33 12.45 ( 86,395.52) 93,521.78 390,565.30 ( 86,395.52) 304,169.78 7,126.26 WELD COUNTY GENERAL HOSPITAL Operating Fund Comparative Statement of Operating Revenues (Unaudited) For the Six Months Ended June 30, 1965 and December 31, 1964 June 30, December 31, Increase 1965 1964 (Decrease) Operating Revenues — Day Rate Service 671,707.00 609,872.00 61,835.00 Laboratory 245,994.50 205,380.40 40,614.10 Pharmacy 182,622.42 145,454.72 37,167.70 X-ray 7115,388.15 130,279.27 15,108.88 Medical Supplies and Inhalation .— Therapy 117,246.29 102,773.74 14,472.55 Operating and Emergency Rooms 116,892.50 106,260.07 10,632.43 Cafeteria 27,572.16 28,805.83 ( 1,233.67) Blood Bank Service 22,007.08 19,872.50 2,134.58 Anesthesia Service 19,828.00 18,153.00 1,675.00 Delivery Room 14,303.00 15,995.00 ( 1,692.00) Recovery Room 16,218.00 111,480.00 1,738.00 Physical Therapy 14,831.40 13,395.00 1,436.40 Laundry 14,102.80 14,510.40 ( 407.60) Miscellaneous 11,789.12 10,435.40 1,353.72 Snack Bar 824.71 657.22 167.49 Telephone 1,742.31 1,591.04 151.27 Cash Discounts on Purchases 3,619.58 3,061.04 558.54 Intensive Care Unit 8,661.90 7,632.00 1,029.90 Total Operating Revenue 1,635,350.92 1,448,608.63 186,742.29 Schedule 4 -9- WELD COUNTY GENERAL HOSPITAL Comparative Statement o£ Salaries (Unaudited) For the Six Months Ended June 30, 1965 and December 31, 1964 June 30, December 31, Increase 1965 1964 (Decrease) Salaries Nursing Service 445,266.47 422,530.25 22,736.22 Dietary and Snack Bar 90,059.62 92,115.58 ( 2,055.96) Administration 93,119.29 93,831.06 ( 711.77) — Laboratory 109,901.33 96,305.49 13,595.84 Operating and Delivery Rooms 55,975.55 54,603.45 1,372.10 X-ray 56,053.57 50,204.45 5,849.12 — Laundry 28,523.05 28,499.34 23.71 Housekeeping 34,176.53 34,667.96 ( 491.43) Maintenance and Repairs 21,712.76 22,889.32 ( 1,176.56) Plant Operation 10,530.56 10,523.98 6.58 Pharmacy 13,172.40 11,928.95 1,243.45 Central Supply 12,544.77 12,626.91 ( 82.14) Physical Therapy 7,658.32 6,669.42 988.90 Intern Service 6,705.00 6,285.00 420.00`,\ Blood Bank Service 3,361.25 3,067.37— 293.88 \ Totals 988,760.47 946,748.53 42,011.94 \ Schedule 5 -10- WELD COUNTY GENERAL HOSPITAL Comparative Statement of Supplies and Other Expenses (Unaudited) For the Six Months Ended June 30, 1965 and December 31, 1964 June 30, December 31, Increase 1965 1964 (Decrease) Supplies and Other Expenses Nursing Service Dietary and Snack Bar Administration Laboratory Operating and Delivery Rooms Depreciation X-ray Pharmacy Central Supply Plant Operations Laundry Housekeeping Maintenance and Repairs Social Security Blood Bank Service Telephone Intern Service Physical Therapy Motor Service Employees' Pension Plan Total Supplies and Other Expenses 40,660.75 37,348.64 80,386.35 78,728.]4 33,721.84 38,402.79 33,048.83 27,092.85 46,782.01 43,549.34 68,010.86 68,661.61 24,094.05 24,567.13 64,933.07 50,617.28 34,107.97 28,680.30 26,946.71 27,264.81 4,313.67 3,415.08 9,281.40 7,682.18 8,726.06 10,969.91 31,534.08 29,110.55 10,853.74 7,997.84 8,432.40 7,962.39 4,300.59 4,281.40 437.76 296.98 280.56 553.41 19,927.29 - 3,312.11 1,658.21 4,680.95) 5,955.98 3,232.67 650.75) 473.08) 111,315.79 5,427.67 318.10) 898.59 1,599.22 2,243.85) 2,423.53 2,855.90 470.01 19.19 140.78 272.85) 19,927.29 550,779.99 497,182.63 53,597.36 Schedule 6 -11- WELD COUNTY GENERAL HOSPITAL Mead Hall Nurses' Residence Fund Comparative Statement of Operations (Unaudited) For the Six Months Ended June 30, 1965 and December 31, 1964 June 30, December 31, Increase 1965 1964 (Decrease) Gross Rentals Operating Expenses Maintenance and Repairs Power and Lights Gas Supplies Laundry Telephone Housekeeping Water Insurance Other 6,359.50 5,732.70 728.09 446.00 357.00 521.36 232.20 153.00 308.83 90.00 51.84 2.93 — Total Operating Expenses 2,891.25 Net Operating Income Other Income - Interest on Investment Net. Income Capital - Beginning of Period Capital - End of Period 868.71 549.50 335.05 1,256.11 257.10 153.00 102.60 90.00 3,612.07 3,468.25 2,120.63 350.00 200.00 3,818.25 2,320.63 52,075.66 49,755.03 55,893.91 52,075.66 Schedule 7 -12- ( 626.80 ]110.62) 103.50) 21.95 734.75) 24.90) 206.23 51.84 2.93 ( 720.82) 1,347.62 150.00 1,497.62 2,320.63 3,818.25 WELD COUNTY GENERAL HOSPITAL Reese Property (Intern Residence) Comparative Statement of Operations (Unaudited) For the Six Months Ended June 30, 1965 and December 31, 1964 Gross Rentals Operating Expenses Interest Expense Maintenance Supplies and Miscellaneous Gas and Lights Insurance Total Operating Expenses Net Income (Loss) June 30, 1965 December 31, Increase 1964 (Decrease) 5,988.10 5,341.32 3,727.48 752.25 129.54 1,297.03 31.00 5,937.30 4,417.94 903.53 350.29 925.68 6146.78 690.46) 151.28) 220.75) 371.35 31.00 6,597.44 ( 660.14) 50.80 ( 1,256.12) Schedule 8 -13- 1,306.92 Hello