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WELD COUNTY GENERAL HOSPITAL
FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 1961
DUNHAM, STEPHENSON & ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
DENVER. COLORADO
'7
WELD COUNTS GENERAL HOSPIXAI4
INDEX TO REPORT
DECEMBER 31, 1961
AUDITORS' OPINION
COMMENTS
ALL FUNDS - BALANCE SHEET, DECEMBER 31, 1961, AND DECEMBER 31,
1960 FOR COMPARISON Exhibit A
Plant Fund Balance Sheet Schedule A-1
Summary of Changes in Fixed Assets and Accumulated
Depreciation Schedule A-2
Summary of Changes in Assets Restricted to Replacement and
Improvement of Plant Schedule A-3
OPERATING FUND - SUMMARY OF OPERATING REVENUES, EXPENSE, AND
ACCUMULATED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1961, AND
DECEMBER 31, 1960, FOR COMPARISON Exhibit B
Schedule of Operating Revenues Schedule B-1
MEAD HALL NURSES RESIDENCE FUND - SUMMARY OF NET INCOME AND
CAPITAL BALANCES FOR THE YEAR ENDED DECEMBER 31, 1961, AND
DECEMBER 31, 1960, FOR COMPARISON Exhibit C
NOTES TO FINANCIAL STATEMENTS - DECEMBER 31, 1961 Exhibit D
MEMBERS OF THE
AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS
DUNHAM, STEPHENSON & ASSOCIATES
CERTIFIED PUBLIC ACCOUNTANTS
777 GRANT STREET
DENVER 3. COLORADO
MAIN 3-4357
AUDITORS' OPINIO4
The Honorable Board of Trustees
Weld County General Hospital
Greeley, Colorado
HERBERT R. DUNHAM
WILLIAM J.STEPHENSON
CHARLES C. LEHMAN, JR.
Gentlemen:
We have examined the Balance Sheet of Weld County General Hospital as of
December 31, 1961, and the related Statements of Revenues, Expenses, Accumulated
Earnings, and Capital for the year then ended. Our examination was made in ac-
cordance with generally accepted auditing standards and, accordingly, included
such tests of the accounting records and such other auditing procedures as we
considered necessary in the circumstances.
In our opinion, the accompanying Balance Sheet and Statements of Revenues,
Expenses, Accumulated Earnings, and Capital present fairly the financial position
of Weld County General Hospital at December 31, 1961, and the results of its
operations for the year then ended in conformity with generally accepted ac-
counting principles applied on a basis consistent with that of the preceding year.
Yours very truly,
DUNHAM, STEPHENSON & ASSOCIATES
Herbert R. Dunham
Certified Public Accountant
February 19, 1962
WELD COUNTY GENERAL HOSPIT4T,
COMMENTS
DECEMBER 31, 1961
The following comments are presented for supplemental analysis purposes
only:
FINANCIAL POSITION
Operating Fund:
As of December 31, 1961, the assets of the Operating Fund totaled $773,659.99;
while liabilities to other funds and creditors totaled $211,345.35, approximately
a 3.7 to 1 ratio, the same as it was at December 31, 1960.
The balance of the Operating Fund (working capital) indicates that an in-
crease of $56,617.41 was realized for the year ended December 31, 1961. This was
primarily the result of favorable operation of the hospital for the year.
Mead Hall Nurses Residence Fund:
The increase in the fund balance of $7,350.16 is the result of net income
totaling $9,643.41 less cash outlay for purchases of fixed assets totaling
$2,293.25 which assets were recorded in the Plant Fund.
Plant Fund:
The Plant Fund capital balance increased $782,854.32 during the period which
is primarily the result of the proceeds of mill levies for the Weld County Public
Works Fund of $247,820.61, and the receipt of a federal grant of Hill -Burton funds
totaling $526,493.71.
The accumulated costs to date of construction in process on the hospital
addition, $1,224,493.79, are reflected in this fund at December 31, 1961. An
additional $50,000.00 has been expended on equipment which was placed in service.
It is anticipated that the hospital addition will cost approximately $1,725,000.00
when complete; consequently, , p , q y, $450,000.00 of the ultimate cost was still to be
expended at December 31, 1961. It is expected that the funds for the remaining
cost will come from the following sources:
WELD COUNTY GENERAL HOSPITAL
Page 2
COMMENTS
DECEMBER 31, 1961
Federal giant - Hill Burton Funds $175,000.00
County Public Works Fund (Resolution of 1958)
balance at December 31, 1961 124,000.00
County Public Works Fund, .75 mill property
tax levy - 1962 112,500.00
Public Works Fund - Resolution of 1951 (by
transfer) 68,500.00
Total $480,000.00
Less amount due to Operating Fund (borrowed
during 1961) 30,000.00
Total $450,000.00
Since the hospital addition will not be placed in service until 1962, the
accumulated costs are carried as "construction in progress" at December 31, 1961,
and no depreciation has been provided.
OPERATING RESULTS
Operating revenues during the year ended December 31, 1961, aggregated
$2,173,365.22, an increase of $171,139.09 over the prior year. Operating expenses
totaled $2,013,390.10, an increase of $106,492.54 over the year ended December 31,
1960, Net income for 1961 was $70,262.55 compared to $4,978,92 for the preceding
year.
The aggregate patient days remained approximately the same during 1961 and
1960; occupancy percentage was 77.097. for 1961 as compared to 76.83% for 1960.
The increase in net income during the year is primarily attributable to an
increase of $105,259.25 in rate service revenue. As of January 1, 1961, room
rates were increased $1.00 per room throughout the hospital. All department and
categories of revenue show increases during.1961 over the prior year. This was
primarily due to the increased volume of services rendered especially in the out-
patient department. Statistics show that the number of outpatient visits in-
creased from 13,368 in 1960 to 15,341 in 1961, a 157. increase.
The increase in oper;.tj.,.g expenses was primarily caused by an increase of
approximately $73,000.00 in salaries. This was the result of a general pay
WELD COUNTY GENERAL HOSPITAL
Page 3
COMMENTS
DECEMBER 31, 1961
increase of $10.00 per month for most employees as of January 1, 1961. In ad-
dition, nurses were granted an additional pay increase of $15.00 per month ef-
fective September 1, 1961.
The following summary compares the 1961 and 1960 operating results in terms
of rate per inpatient day statistics. These statistics are not adjusted for
outpatient costs as are the Colorado Hospital Service cost computations.
Rate Per Inpatient Day
Increase
1961 1960 (Decrease)
NET OPERATING REVENUE ,f29.62 $27.17 $2.45
Less:
Salaries $18.48 $17.45 $1.03
Supplies and other expense10.15 9.65 .50
Total $28.63 $27.10 $1.53
NET OPERATING INCOME $ .99 $ .07 $ .92
WELD COUNTY GENERAL HOSPITAL
Exhibit A
ALL FUNDS - BALANCE SHEET
DECEMBER 31, 1961, AND 1960, FOR COMPARISON
WELD COUNTY GENERAL HOSPITAL
ALL FUNDS - BALANCE SHEET
DECEMBER 31, 1961, AND 1960, FOR COMPARISON
ASSETS
OPERATING FUND:
Cash:
On hand
In checking accounts
Deposited with County Treasurer
Total
Accounts receivable (less allowance
for doubtful accounts, December
31, 1961 - $147,385.63, December
31, 1960 - $139,707.04)
Inventories:
Drugs
Other
Due from Plant Fund
December 31,
1961 1960
19,550.96
133,463.07
232,513.77
385,527.80
279,974.34
26,426.31
51,731.54
30,000.00
$ 7,537.18
127,600.11
224,952.61
$ 360,089.90
250,879.47
24,538.70
56,574.34
Increase
(Decrease)
12,013.78
5,862.96
7,561.16
25,437.90
29,094.87
1,887.61
(4,842.80)
30,000.00
Total Operating Fund $
MEAD HALL NURSES RESIDENCE FUND:
Assets deposited with County
Treasurer:
Cash
Certificates of deposit, 3% (1961
due March 6, 1962, $10,000 and July 30, 1962, $5,000) 15,000.00
Due from Operating Fund 10,194.75
Total Mead Hall Nurses
Residence Fund . . . $ 28,657.79
PLANT FUND (Schedule A-1) . . . . . . $4,467,922.45
TOTAL - All Funds $5,270.240,23
773,659.99 $ 692,082.41 $ 81,577.58
3,463.04 $ 456.29 $ 3,006.75
15,000.00
5,851.34
4,343.41
$ 21,307.63 $ 7,350.16
$3,655,068.13 $812,854.32
$4,368,458.17 $901.782.06
Reference is made to the footnotes appearing on Exhibit D which are
an integral part of this financial statement.
WELD COUNTY GE.'ERAL HOSPITAL
Exhibit A
ALL FUNDS - BALANCE SHEET
DECEMBER 31, 1961, AND 1960, FOR COMPARISON
December 31, Increase
1961 1960 (Decrease)
LIABILITIES AND CAPITAL
OPERATING FUND:
Liabilities:
Accounts payable - trade $ 65,227.66 $ 62,116.77 $ 3,110.89
Accrued salaries and wages. . 97,259.41 88,022.60 9,236.81
Payroll withholdings and tax.
accruals 21,405.69 17,642.49 3,763.20
Sales tax payable 783.45 515.57 267.88
Donations for special purposes. 778.50 (778.50)
Other 141.12 141.12
Total $ 184,817.33 $ 169,075.93 $ 15,741.40
Due other funds:
Plant Fund $ 16,333.27 $ 11,457.91 $ 4,875.36
Mead Hall Nurses Residence Fund 10,194.75 5851.34 4,343.41
Total $ 26,528.02 $ 17,309.25 $ 9,218.77
Capital:
Acquired from Plant Fund
Accumulated earnings (Exhibit B)
Total $ 562,314.64
Total Operating Fund q 773,659.99
MEAD HALL NURSES RESIDENCE FUND:
Capital - Exhibit C $ 28,657.79
271,344.08
290,970.56
267,660.72 $ 3,683.36
238,036.51 52,934.05
505,697.23 $ 56,617.41
692,082.41 $ 81,577.58
21,307.63 $ 7,350.16
Total Mead Hall Nurses
Residence Fund . . . $ 28,657.79 $ 21,307.63 $ 7,350.16
PLANT FUND (Schedule A-1) . . . . . . $4,467,922.45 $3,655,068.13 $812,854.32
TOTAL - All Funds ,,270.240.23•. $4.368.458.17 $901.782.06
Reference is made to the footnotes appearing on Exhibit D which are
an integral part of this financial statement.
WELD COUNTY GENERAL HOSPITAL
Schedule A-1
PLANT FUND BALANCE SHEET
DECEMBER 31, 1961, AND 1960, FOR COMPARISON
WELD COUNTY GENERAL HOSPITAL
PLANT FUND BALANCE SHEET
DECEMBER 31, 1961, AND 1960, FOR COMPARISON
December 31, Increase
1961 1960 (Decrease)
ASSETS
FIXED ASSETS - At Cost (see
Schedule A-2):
Operating plant $3 638,442.95 $3,561,959.88 $ 76,483.07
Less accumulated depreciation . . _ 837,038,59 733,570.55 103,468.04
Operating plant - net . . $2,801,404.36 $2,828,389,33 $ (26,984.97)
Mead Hall nurses residence. . . . 264,769.33 262,476.08 2,293.25
Construction in progress (see
Note 1, Exhibit D) 1 224 493 79 101,099.67 1,123,394.12
Fixed assets - net . $4,290,667.48 $3,191,965.08 $1,098,702.40
ASSETS RESTRICTED TO REPLACEMENT
AND IMPROVEMENT OF PLANT:
Cash deposited with County
Treasurer (see Schedule A-3):
Public Works Fund (Resolution (18,738.95)
of 1951) $ 36,940.30 $ 55,679.25 $
Public Works Fund (Resolution
of 1958) 123,981.40 385,608.39 (261,626.99)
Other assets:
Accounts receivable (refund). 5,670.00 (5,670.00)
Accrued interest receivable . . 4,687.50 (4,687.50)
Due from Operating Fund . . . . 16,333.27 11,457.91 4,875.36
Total $ 177,254.97 $ 463,103.05 $ (285,848.08)
Total Plant Fund -
to Exhibit A . . $4,467,922,45 $3.655.068.13 $ 812,854.32
yLD COTi*1Ty GEN°RAL HOSPITAL
Schedule A-1
PLANT FUND BALANCE SHEET
DECEMBER 31, 1961, AND 1960, FOR COMPARISON
December 31,
1961 1960
LIABILITIES AND CAPITAL
LIABILITIES:
Due to Operating Fund (temporary
borrowing)
$ 30,000.00
Committments (see Note 1,
Exhibit D)
CAPITAL:
Acquired from (see Note 2,
Exhibit D):
Public funds
Donations
Mead Hall residence
Total
Increase
(Decrease)
$ 30,000.00
Less portion retained by Operating
Fund (prior year depreciation not
transferred to Plant Fund). . . .
Capital
$4,557,914.39 $3,781,087.37 $776,827.02
148,798.29 141,380.88 7,417.41
2,553.85 260.60 2,293.25
$4 709 266 53 $3,922,728.85 $786,537.68
271,344.08
$4 437 922.45
267,660.72
$3,655,068.13
3,683.36
$782,854.32
Total Plant Fund -
to Exhibit A . . . $4,467,922.45 $3,655,068.13 $812,854.32
Schedule A-2
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WELD COUNTY GENERAL HOSPITAT•
Schedule A-3
PLANT FUND
SUMMARY OF CHANGES IN ASSETS
RESTRICTED TO REPLACEMENT AND IMPROVEMENT OF PLANT
(PORTIONS HELD IN CUSTODY OF COUNTY TREASURER)
FOR THE YEAR ENDED DECEMBER.31, 1961
Public Works Fund
Resolution
of 1958
(Hospital
Addition)
CASH RECEIPTS:
Hill Burton funds
Tax levies and revenue
Interest on investments
Depreciation funding (from Operating Fund). .
Donations
Transfer from Public Works Fund - Resolution
of 1951
Transfer from Operating Fund (temporary
borrowing)
Total
CASH DISBURSEMENTS:
Plant assets:
Building and Group I equipment
Group II equipment
Group III equipment
Land improvements
Total
DECREASE DURING THE PERIOD
FUND BALANCES (To Schedule A-1):
Beginning of the year
End of the year
$ 102,868.38
7,417.41
(101,000.00)
$ 9,285.79
18,497.64
5,014.52
4,512.58
28,024.74
18,738.95
55,679.25
36.940.30
$ 526,493.71
247,820.61
7,200.20
101,000.00
30,000.00
$ 912,514.52
$1,112,676.94
54,669.55
3,132.02
3,663.00
$1,174,141.51
$ 261,626.99
385,608.39
S 123 981.40
WELD COUNTY GENERAL HOSPITAT.
Exhibit B
SUMMARY OF OPERATING REVENUES, EXPENSE, AND ACCUMULATED EARNINGS
FOR TEE YEAR ENDED DECEMBER 31, 1961, AND
DECEMBER 31, 1960, FOR COMPARISON
OPERATING REVENUE (Schedule B-2).
LESS:
Blue Cross and other discounts.
Provision for doubtful accounts
Total .
.
Operating revenue - net
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
Total operating expenses
NET OPERATING INCOME
OTHER INCOME
NET INCOME
LESS:
Special charge applicable to
prior year earnings (see Note).
NET INCOME AFTER SPECIAL CHARGE .
ACCUMULATED EARNINGS:
Balance at the beginning of the
year
Balance at the end of the year -
to Exhibit A
December
1961
$2,173,365.22
$ 57,239.08
32,473.49
S 89,712.57
$2,083,652.65
$ 569,415.18
274,448.52
191,660.47
158,999.37
149,290.96
105,633.72
105,097.78
103,532.81
60,699.91
54,437.07
53,466.43
48,054.05
42,261.98
33,805.90
20,116.84
14,863.71
14,493.39
12,732.42
379.59
$2,013,390.10
$ 70,262.55
$ 70,262.55
31,
1960
Increase
(Decrease)
$2,002,226.13 $171,139.09
$ 54,731.74
37,811.16
$ 92,542.90
$1,909,683.23
$ 535,357.19
261,367.87
164,303.71
152,431.88
137,815.26
102,022.57
102,776.65
105,585.28
62,119.94
50,414.76
53,084.97
43,326.26
43,300.01
31,687.83
18,658.81
14,419.88
14,610.67
12,052.26
561.76
$1,905,897.56
$ 3,785.67
1,193.25
$ 4,978.92
$ 2,507.34
(5,337.67)
$ (2,830.33)
$173,969.42
$ 34,057.99
13,080.65
27,356.76
6,567.49
11,475.70
3,611.15
2,321.13
(2,052.47)
(1,420.03)
4,022.31
381.46
4,727.79
(1,038.03)
2,118.07
1,458.03
443.83
(117.28)
680.16
(182,17)
$107,492.54
$ 66,476.88
(1,193.25)
$ 65,283.63
17,328.50 17,328.50
$ 52,934.05 $ 4,978.92 $ 47,955.13
238,036.51
233,057.59 4,978.92
$ 290,970.56 $ 238,036.51 $ 52 934.05
NOTE - The special charge of $17,328.50 represents fees paid to
the anesthetist in 1961 which related to fees billed to
patients and was included in the net income of prior
years. At April 1, 1961, the anesthetist commenced
billing the patients directly.
WELD COONTY GENERAL HOSPITAL
Schedule B-1
SCHEDULE OF OPERATING REVENUES
FOR THE YEAR ENDED DECEMBER 31, 1961, AND
DECEMBER 31,1960, FOR COMPARISON
December 31, Increase
1961 1960 (Decrease)
Day rate service $ 889,758.00 $ 784,498.75 $105,259.25
Laboratory 286,979.65 278,179.57 8,800.08
Pharmacy 233,970.12 231,080.63 2,889.49
X-ray 194,932.30 183,328.94 11,603.36
Medical supplies and inhalation
therapy 154,155.67 150,202.44 3,953.23
Operating and emergency rooms 146,190.04 130,541.78 15,648.26
Cafeteria 60,176.07 56,831.33 3,344.74
Blood bank service 47,712.25 42,377.88 5,334.37
Anesthesia service 34,496.50 31,243.50 3,253.00
Delivery room 28,389.00 25,170.00 3,219.00
Recovery room 23,320.00 22,075.00 1,245:00
Physical therapy 22,061.60 21,145.31 916.29
Laundry 15,189.02 14,723.90 465.12
Miscellaneous 13,739.17 11,501.58 2,237.59
Snack bar 13,729.75 11,780.64 1,949.11
Telephone 4,702.38 4,268.51 433.87
Cash discounts on purchases . . 3,863.70 3,276.37 587.33
Total
171.1
WELD COUNTY GENERAL HOSPITAL
Exhibit C
MEAD HALL NURSES RESIDENCE FUND
SUMMARY OF NET INCOME AND CAPITAL BALANCE
FOR THE YEAR ENDED DECEMBER 31, 1961, AND
DECEMBER 31, 1960, FOR COMPARISON
December 31,
1961 1960
Increase
(Decrease)
GROSS RENTALS $14,966.66 $14,781.11 $ 185.55
OPERATING EXPENSES:
Maintenance and repairs $ 844.61
and lights 1,024.30
645.74
881.49
532.80
306.00
155.20
180.00
40.00
133.65 (133.65)
Power
Gas
Supplies
Laundry
Telephone
Housekeeping
Water
Window washing
Insurance
Total
NET INCOME FROM OPERATIONS
INTEREST ON INVESTMENTS
NET INCOME
CAPITAL:
Balance at the beginning
Total
Less fixed assets purchased (trans-
ferred to the Plant Fund)
Balance at the end of the year - to
Exhibit A
$ 1,463.44
1,092.00
834.38
819.21
614.10
306.00
274.12
180.00
40.00
$ 5,623.25
$ 9,343.41
. 300.00
$ 9,643.41
of the year. . 21,307.63
$3O,951ti.04
2,293.25
$28.657.79
618.83
67.70
188.64
(62.28)
81.30
118.92
$ 4,743.79 $ 879.46
$10,037.32
227.60
$10,264.92
11,303.31
$21,568.23
260.60
$21,307.63
$ (693.91)
72.40
$ (621.51)
10,004.32
$ 8,382.81
2,032.65
$ 7,350,16
ZEI,D COUNTY GENES I
Exhibit D
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 1961
NOTES:
1. Included in Plant Fund assets at December 31, 1961, is an item of con-
struction in progress in the amount of $1,224,493.00, and equipment
of approximately $50,000.00, which represent the accumulated expendi-
tures on a hospital addition which will be completed in 1962 at an
estimated total cost of $1,725,000.00. At December 31, 1961, the
hospital was committed for approximately $425,000.00 under existing
contracts and purchase orders which is not reflected in the accompa-
nying statements. The remaining cost of the hospital addition will
'be paid with funds available at December 31, 1961, anticipated reve-
nues resulting from a United States Government (Hill Burton) grant,
and a Public Works levy of .75 mills.
2. The source of Plant Fund capital set forth in previous years has been
in order to show all
from donations. Such
restated in the accompanying Schedule A-1
private contributions as capital acquired
tributions received during the period from 1946 through 1955
($137,706.16) were previously reflected as capital acquired from
This change has no effect on the total capital balance
public funds.
of the Plant Fund.
1
con-
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