The URL can be used to link to this page

Browse Search

Home My WebLink About670214.tiffWELD COUNTY GENERAL HOSPITAL FINANCIAL STATEMENTS December 31, 1966 WELD tt, VOMMISVOittin GREELEY. COLO. RECEIVED MAY 95 1P,S7 A.M. P.M. I?1 {9{1O{I1{12111 I141S1I ROBERT R. ANDERSON & COMPANY CERTIFIED PUBLIC ACCOUNTANTS //::> 0007 GREELEY S BOULDER. COLORADO ("0 .7(),21V eft WELD COUNTY GENERAL HOSPITAL FINANCIAL STATEMENTS December 31, 1966 ROBERT R. ANDERSON S COMPANY CERTIFIED PUBLIC ACCOUNTANTS 8TH & 8TH BUILDING GREELEY, COLORADO To the Board of Trustees Weld County General Hospital We have examined the balance sheet of Weld County General Hospital as of December 31, 1966, and the related statements of income and fund balances for the year then ended, Our examination was made in accordance 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, During the year under review, the hospital switched from a cash to an accrual method of recording insurance expense. The operating fund balance has been adjusted to reflect the amount of prepaid insurance at the beginning of the year, At December 31, 1966, accounts receivable totaling approximately $ 270,000 were subject to a five percent contractual adjustment. A reserve of $ 13,500 has been set up to reflect this adjustment. No such adjustment was made for the year ended December 31, 1965, and the amount by which the current year's income is understated is not known, In our opinion, the accompanying balance sheet presents fairly the financial position of Weld County General Hospital at December 31, 1966. The statements of income and fund balances present fairly the results of operations for the year then ended, except for the understatement of income as noted in the preceding paragraph, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year except as noted above, March 13, 1967 ROBERT R. ANDERSON & COMPANY FINANCIAL STATEMENTS WELD COUNTY GENERAL HOSPITAL Balance Sheet December 31, 1966 ASSETS I. OPF,RAI ZING FUNDS Cash on hand and in bank Cash on deposit with county treasurer Accounts receivable (less allowance for bad debts and contractual adjustments, $ 119,607) Inventories Drugs General stores Prepaid insurance $ 36,480 89,527 319,630 37,788 707,289 126,007 17,148 Total operating funds 1,207,862 II. EDUCATIONAL TRUST FUND Cash Mortgages Notes receivable Total educational trust fund 11,403 5,429 6,950 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 Time deposits Due from operating fund 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 Total assets See notes to financial statements. 73,534 268 25,000 27,396 81,373 96,994 5,131,279 581,521 97,942 5,989,109 1,192,112 126,198 4,796,997 4,923,195 $6,161,839 Exhibit A LIABILITIES AND FUND BALANCES I. OPERATING FUNDS 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 funds II. EDUCATIONAL TRUST FUND Educational trust fund balance $ 158,440 2,560 348,911 485,735 $ 161,000 27,396 8,434 176, 386 834,646 1,207,862 23,782 Total educational trust fund 23,782 III. SPECIFIC PURPOSE FUND (NOTE 2) Specific purpose fund balance 7,000 IV. PLANT FUND 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 50,270 101,025 4,645,702 126,198 151,295 4,771,900 Total plant fund 4 , 923,195 Total liabilities and fund balances $ 6,161,839 WELD COUNTY GENERAL HOSPITAL Summary of Changes in Fund Balances For the Year Ended December 31, 1966 Educational Operating Trust Fund Fund BALANCE --Beginning of Year $689,102 $22,846 ADDITIONS Current net income Adjustment for insurance expense of prior year Depreciation not funded Restricted funds Contributions --cardiac care unit Contributions Interest income Addition to fund balance --replacement Mill levy for hospital addition --fifth floor Funded depreciation Total additions Total DEDUCTIONS Elimination of unrecorded December 31, 1965 accounts payable Property assets abandoned Current year's depreciation Total deductions 101,024 13,955 43,444 936 158,423 936 847,525 23,782 12,879 12,879 BALANCE --End of Year S834,646 $23,782 See notes to financial statements. Exhibit B Specific Purpose Plant Fund Fund $4,767,038 $7,000 7,000 7,000 $7,000 3,180 379 46,043 100,800 150,402 4,917,440 1,296 144,244 145,540 $4,771,900 WELD COUNTY GENERAL HOSPITAL Summary of Changes in Investment in Plant For the Year Ended December 31, 1966 Balance Retirements Balance January 1, and December 31, 1966 Additions transfers 1966 OPERATING PLANT Land $ 64,873 $ 64,873 Land improvements 91,340 91,340 Buildings 4,525,382 $260,316 4,785,698 Major movable equipment 431,700 127,562 $ 12,486 546,776 Minor equipment 90,529 3,703 94,232 Construction in progress Buildings 129,058 122,739 251,797 Major movable equipment 113,089 113,089 Minor equipment (NOTE 1) 3,703 3,703 Total $5,332,882 $631,112 $381,075 $5,582,919 MEAD HALL NURSES' RESIDENCE Building $ 238,049 $ 238,049 Major movable equipment 22,912 $ 317 $ 1,296 21,933 Minor equipment 3,710 3,7]0 Total (NOTE 1) $ 264,671 $ 317 $_ 1,296 $ 263,692 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) Total See notes to financial statements $ 16,500 5,500 $ 154 106,600 932 12,563 249 $ 141,163 $ 1,335 $ 16,088 $ 1,827 855,693 94,202 187,807 47,597 618 $ 1,059,588 $144,244 $ 16,500 5,654 107,532 12,812 $ 142,498 $ 17,915 949,895 $ 11,720 223,684 618 $ 11,720 $1,192,112 Exhibit C WELD COUNTY GENERAL HOSPITAL Statement of Income For the Year Ended December 31 1966 Amount Percent INCOME Room and board 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 Mead Hall (Schedule 3) Reese property (Schedule 4) $1,691,500 50.68 228,484 6.84 31,005 .93 25,175 .75 13,316 .40 325,344 9.75 475,527 14.24 31,317 .94 319,725 9.58 36,695 1.10 49,332 1.48 203;110 6.08 2,423 .07 26,817 .80 49,821 1.49 3,509,591 105.13 171,228 5.13 3,338,363 100.00 3,275,365 98.11 62,998 1.89 6,633 .20 26,277 .78 95,908 2.87 4,523 593 NET INCOME $ 101,024 See notes to financial statements. Schedule 1 WELD COUNTY GENERAL HOSPITAL Statement of Expenses For the Year Ended December 31, 1966 ALLOCATED EXPENSES Administrative Dietary Laundry Housekeeping Plant operations Building maintenance Land maintenance Motor service Central supply and oxygen inhalation Nursing Intern and medical education X-ray Laboratory Operating room Delivery room Pharmacy Physical therapy Blood bank Total allocated expenses UNALLOCATED EXPENSES Telephone Insurance (NOTE 1) Employee welfare Social security Depreciation --funded Depreciation --not funded Bad debts and collection expense Miscellaneous Total unallocated expenses Total expenses See notes to financial statements. Salaries and contract Other services expenses $ 197,726 $ 50,024 175,505 155,460 62,230 6,343 74,630 15,075 21,372 60,353 39,461 19,439 7,227 1,895 296 26,852 54,022 919,379 63,891 31,778 1,620 126,526 52,693 218,092 73,254 102,883 89,332 20,003 6,106 29,398 105,994 14,909 305 7,146 22,834 $2,075,117 $778,936 Total $ 247,750 330,965 68,573 89,705 81,725 58,900 9,122 296 80,874 983,270 33,398 179,219 291,346 192,215 26,109 135,392 15,214 29,980 2,854,053 20,981 19,496 41,590 75,898 100,800 43,444 118,958 145 421,312 12.62 Percent 7.42 9.91 2.05 2.69 2.45 1.76 .27 .01 2.42 29.45 1.00 5.37 8.73 5.76 .78 4.06 .46 .90 85.49 .63 .58 1.25 2.27 3.02 1.30 3.57 $3,275,365 98.11 Schedule 2 WELD COUNTY GENERAL HOSPITAL Mead Hall Nurses' Residence Statement of Income For the Year Ended December 31, 1966 INCOME FROM RENTALS $ 11,433 EXPENSES Utilities Laundry Housekeeping Telephone Maintenance Supplies Insurance Total expenses 1,910 441 465 306 1,965 1,737 86 6,910 NET INCOME $ 4,523 See notes to financial statements . Schedule 3 WELD COUNTY GENERAL Interns' Residences --Reese Statement of Income For the Year Ended December INCOME FROM RENTALS EXPENSES Interest Insurance Maintenance Supplies Utilities Total expenses NET INCOME See notes to financial statements HOSPITAL Property 31, 1966 $ 13,788 6,284 57 1,862 2,457 2,535 13,195 $ 593 Schedule 4 WELD COUNTY GENERAL HOSPITAL Notes to Financial Statements NOTE 1 --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 in 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 --This fund consists of contributions designated specifically for a cardiac care unit. NOTE 3 --Note payable secured The Reese property is subject to a deed of trust securing a note payable in the amount of $101,025. NOTE 4--A lawsuit is pending against the hospital and one of its former nurses in the amount of $178,159.08. According to information received from the hospital's insurance company, their liability coverage at this time was $50,000. Hello