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Home My WebLink About650229.tiff WELD COUNTY GENERAL HOSPITAL Greeley, Colorndo FINANCIAL STATEMENTS December 31. 1964 /4450,007 7 6so2a9 Table of Contents Egge 'ext 1-4 AU Funds Exhibit A - Comparative Balance Sheets December 31, 1964 and 1963 5 Plant Fund Exhibit B - Comparative Balance Sheets December 31, 1964 and 1963 6 Schedule 1 - Statement of Changes in Fixed Assets and Accumulated Depreciation for the Year Ended December 31, 1964 7 Schedule 2 - Statement of Changes in Assets Restricted to Replacement and Improvement of Plant for the Year Ended December 31, 1964 8 Operating Fund Schedule 3 - Comparative Statement of Operations for the Years Ended December 31, 1964 and 1963 9 Schedule 4 - Comparative Statement of Operating Revenues for the Years Ended December 31, 1964 and 1963 10 Schedule 5 - Comparative Statement of Salaries for the Years Ended December 31, 1964 and 1963 � 11 Schedule 6 - Comparative Statement of Supplies and Other Expenses for the Year Ended Dec- ember 31, 1964 and 1963 12 Mead Hall j' urses' Residence Fynd Schedule 7 - Comparative Statement of Operations for the Years Ended December 31, 1964 and 1963 13 Interns' Residence Fund Schedule 8 - Statement of Operations for the Year Ended December 31, 1964 14 March 18, 1965 The Honorable Board of Trustees Weld County General Hospital Greeley, Colorado Gentlemen: We have examined the Balance Sheet of the Weld County General Hospital as of December 31, 1964, and the related Statements of Op- erations for the year then ended. Our examination was made in accord- ance with generally accepted auditing standards and accordingly included such test of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the accompanying Balance Sheets and Statements of Operations present fairly the financial position of the Weld County General Hospital as of December 31, 1964, and the results of its operations for the year then ended, in accordance 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 Op- erating Fund, the Mead Hall Nurses' Residence Fund, the Educational Trust Fund and the Plant Fund. The Interns' Residence Fund has been combined with the Plant Fund in these financial statements. Exhibit B presents the Plant Fund (including the Interns' Residence Fund) in de- ' tail. Operating Fund The assets of the Operating Fund totaled $1, 005, 485. 84 as of Dec- ember 31, 1964, while liabilities to other funds and creditors totaled $321, 616. 73. This current ratio of 3. 2 to 1 is the same as the current ratio as of December 31, 1963. Accounts Receivable - Net increased by $69, 414. 87 during the year of 1964 to $558, 249. 02, The allowance for doubtful accounts was re- duced by $11, 962. 84 and the accounts receivable increased by $50, 452. 03 to account for the net increase. The balance of the Operating Fund Capital indicates an increase of $75, 996. 69 for the year ended December 31, 1964. The Operating Fund showed a profit of $38, 961. 59, and $34, 035. 10 of depreciation taken but not transferred to the Plant Fund in 1964. An additional $3, 000. 00 in- crease resulted from a $3, 000. 00 donation to the Operating Fund. Mead Hall Nurses' Residence Fund The increase in the fund balance of $4, 895. 60 is shown in detail on Schedule 7, page 13. The amount due from the Operating Fund in- creased by $1, 370. 60 during the year of 1964 to a balance of $29, 019. 57 as of December 31, 1964. Educational Trust Fund The assets of the Educational Trust Fund increased $947. 46 as a result of interest earned on Savings and Mortgage Investments. The Fund currently has $1, 500. 00 in student notes receivable and $6, 706. 34 in real estate loans receivable. The balance of $12, 762. 04 is in cash, which is in a savings account. Plant Fund The Plant Fund Capital balance increased by $9, 617. 98 during the year. The increase was due primarily to Public Funds received in the amount of $43, 495. 53 and donations of $6, 108. 93. These two items -2 were more than sufficient to offset the decrease in capital of $34, 035. 10 resulting from the non-funding of depreciation by the Operating Fund, and a $3, 000. 00 donation to Operating Fund applied to Mead Hall Fund. The balance of the decrease resulted from an increase in Interns' Resi- dence Capital of $2, 951. 38. The interns' residence statements have been prepared on the basis of actual occupancy; that is, no credit has been given unless an apartment was occupied. Operatinns Operating revenues (Schedule 4) totaled $3, 098, 983. 02, an in- crease of $341, 521. 64 over the prior year or about 12. 4%. Operating expenses (Schedule 3) totaled $2, 902, 770. 82, an increase of $235, 186. 72 over the prior year or about 8. 8%. The aggregate patient days increased about 3. 3% during the year of 1964. The following summary compares the 1964 and 1963 operating re- sults in terms of rate per inpatient day statistics. These statistics are not adjusted for outpatient costs as are the Colorado Hospital Ser- vice Cost computations. Rate Per Inpatient Day Increase 1964 1963 (Decrease) Net Operating Revenue $34. 62 $32. 15 $2. 47 Less: Salaries 22. 20 21. 32 . 88 Supplies and Other Expenses 11. 96 11, 11 . 85 Total 34. 16 32. 43 1. 73 Net Operating Income . 46 (_ 28) . 74 -3- The cooperation received from all Hospital employees was very much appreciated and most helpful in the conduct of the audit. Respectfully submitted, atk BROUGH and FULLER Certified Public Accountants -4- ) '1 WELD COUNTY GENERAL HOSPITAL All Funds Comparative Balance Sheets December 31. 1964 and 1963 ASSETS LIABILITIES AND CAPITAL December 31. Increase December 31, Increase 1964 1963 (Decrease) 1964 1963 (Decrease) Ope rating_F und Operating Fund Cash liabilities On Hand (Revolving) 5,795.00 5,918.63 ( 123.63) Accounts Payable - Trade 88,544.54 79,462.07 9,082.47 In Checking Accounts 196,520.20 160,940.33 35,579.87 Accrued Salaries and Wages 144,044,99 130,796.98 13,248.01 Deposited with County Treasurer 128.832.57 128.568.21 264.36 Payroll Withholding and Tax Totals 331,147.77 295,427. 17 35,720.60 Accruals 34,,396.34 33,250.91 1, 145.43 Sales Tax Payable 84.50 101.17 ( 16.67) Accounts Receivable 616,408.59 565,956.56 50,452.03 Other 1.'644.63 840.32 804.24 Less: Allowance for Doubtful Totals 268,715.00 244,451.52 24,263.48 Accounts ( 58.1.59.57) ( 70. 122.41) 11,962.84 Accounts Receivable - Net 558,249.02 495,834. 15 62,414.87 Dile Other Funds Plant Fund 14,882. 16 13,745.35 1. 136.81 Inventories Mead Hall Nurses' Residence Drugs 37,405.99 32,977.08 4,428.91 Fund 29.019.57 27.648.97 1.370.60 Other 78,376.34 78,479.86 ( 103.52) Totals 43,901.73 41,394.32 2,507.41 Due from Reese Property 306.72 - 306.72 Capital • Acquired from Plant Fund 388,699,33 351,664.23 37,035. 10 Accumulated Earnings 304.',169.78 265.208.19 8. 96J.59 Totals 692,'p69.11 616,872.42 75,996.69 Total Liabilities and Capital - On- Total Assets - Operating Fund 1.005.485.84 902.718_26 102.767.58 erating Fund L 005.485.84 902.718.26 102.767.58 Mead Hall Nurses' Residence Fund Mead Hall Nurses' Residence Fund Assets Deposited with County Capital - Schedule 7 52,075.66 47, 180.06 4,895.60 Treasurer Cash 13,056.09 4,531.09 8,525.00 Certificates of Deposit 10,000.00 15,000.00 ( 5,000.00) Due from Operating Fund 29,019.57 27,648.97 1,370.60 Total Assets - Mead jiall Nurses' Total Capital - Mead Hall Nurses' Residence Fund 52.075.66 47.180_(2.6_, 4.895.60 Residence Fund 52.075.6-6 47. 180.06 4.895.60 Educational Trust Fund Educational Trust Fund Cash - First National Bank 12,762.04 20,520.92 ( 7,758.88) Donated Capital 21,A68.38 21,020.92 947.46 Notes and Mortgages Receivable 9,206.34 500.00 8,706.34 1 • Total Liabilities'- Educational Trust Total Assets - Educational Trust Fund 21.968.38 21.020.92 947.46 Fund 21.968.38 21.020.92 947.46 plant Fund (Exhibit B) 4,842,947.43 4,829,486.19 13,461.24 • Plant Fund (Exhibit B) 4,842,947.43 4,829,486, 19 13,461.24 Total Liabilities and Capital - Total Assets - All Funds 5.922.477.31 5.800.405_43 122.071.88 All Funds 5.922.477.31 5.800.405.43 122,071,88 Exhibit A 5 e ) ) ) ) WELD COUNTY GENERAL HOSPITAL Plant Fund , Comparative Balance Sheets • December 31. 1964 and 1963 • ASSETS LIABILITIES AND CAPITAL December 31. Increase December 31. Increase 1964 1963 (Decrease) 1464 1963 (Decreasel Fixed Assets - At Cost (See Schedule 1) Liabilities Operating Plant 5,200,017.82 5,163,256.95 36,760.87 Accounts Payable 148.75 ( 148.75) Less: Accumulated Depreciation 941.910.23 832.061.37 109.848.86 Due to Public Works Fund - County Operating Plant - Net 4,258,107.59 4,331,195.58 ( 73,087.99) Building 8„604.46 1,396.88 7,207.58 Mead Hall Nurses' Residence 264,671.01 264,671.01 - Mortgage Payable - Greeley Interns' Residence 140.319.03 138.151.70 2,167.33 National Bank 1254 019.97 128,578.86 ( 3,558.89) Fixed Assets - Net 4,663,097.63 4,734,018.29 ( 70,920.66) Due to Operating Fund .343.32 - 343.32 Total Liabilities 133,967.75 130,124.49 3,843.26 Assets Restricted to Replacement and Improvement of Plant (See Schedule 2) Capital Public Works Fund (Resolution of 1951) 121,328.81 79,683.00 41,645.81 Aapuired from Furniture Account - Interns' Residence • 323.47 2,039.55 ( 1,716.08) Public Funds 4,909.908,67 4,866,413.14 43,495.53 Public Works - Hospital Fund Additions 43,315.36 - 43,315.36 Donations 188j 640.06 182,531.13 6,108.93 Mead Hall Residence 2:455.53 2.455.53 - Other Assets Totals 5, 101,004.26 5,051,399.80 49,604.46 Due from Operating Fund - Current 14,882. 16 13,745.35 1, 136.81 Less: Interns' Residence Capital ' (Schedule 8) 3,325.25 373.87 2,951.38 Amount Retained by the Operating Fund - Note 1 388,699.3.3_ 351.664.23 37.035.1Q Total Capital 4,708,979,68 4,699,361.70 9,617.98 Total Assets 4.842.947.43 4.829.486.19 13.461.24 Total Liabilities and Capital 4,842,947.43 4.829.486. 19 13.461.24 Note 1: Includes the following: Prior Years Depreciation not transferred to the Plant Fund 276,032.07 1963 Depreciation taken but not funded Z8,787.81 Hill-Burton money transferred to the Operating Fund 46,844.35 1964 Depreciation taken but not funded 340 035.10 Donations to Operating Fund to apply to Mead Hall fund 3,000.00 3881.699.33 yyibit B _--- —l; 6 4 _ WELD COUNTY GENERAL HOSPITAL Plant Fund Statement of Changes in Fixed Assets and Accumulated Depreciation For The Year Ended December 31 . 1964 Balance Retirements Balance January 1 and December 31 1964 Additions Transfers 1964 Operating Plant Land 64, 873. 47v% 64, 873. 47 0 Land Improvements 91, 220, 34.+ 120. 00n 91, 340. 34. Hospital Building and Fixed Equipment 4, 515, 491. 980 7, 947. 98o 4, 523, 439. 96 H Major Movable Equipment 401, 142. 370 54, 888. 99r 26, 196. 100 429, 835. 26 N Minor Equipment 90. 528. 790 90. 528. 790 Totals 5. 163. 256. 950 62. 956. 97., 26. 196. 100 5. 200. 017.J20 Mead Hall Nurses' Residence Building and Fixed Equipment 238, 048. 68 0 238, 048. 68✓i Major Movable Equipment 22, 912. 150 22, 912. 15✓' Minor Equipment 3. 710. 18n 3. 710. 18 0 Totals 264. 671. 010 - - _264. 671. 010 Intern Residence Land 16, 500. 00 16, 500. 00 Land Improvements 5, 500. 00 5, 500. 00 Building and Fixed Equipment 106, 000. 00 600. 00 106, 600. 00 Major Movable Equipment 10. 151. 70 1. 567. 33 11. 719. 03 Total@ 138. 151. 70 2. 167. 33 - 140. 319. 03 Accumulated Depreciation Land Improvements 12, 435. 00 1, 826. 20 14, 261. 20n Hospital Building and Fixed Equipment 674, 773. 67 90, 415. 26 765, 188. 93v Major Movable Equipment 144. 852. 70 42. 594. 64 24. 987. 24 _JJ 2. 460. 10� Totals 819, 626. 37 133, 009. 90 24, 987. 24 927, 649. 03 Grand Totals 832. 061. 37 134. 836. 10 24. 987. 24 941. 910. 23 • Schedule 1 7 r-. W.FLD COUNTY_ GENERAL IiOSPIT_I�L F'1gnt F Wad Statement of ch ngea t'.ssets R tricted to Replacgment and Improvement of Plant For The Year inded December 31. 1964 Pablic Works Fund esol4tipn _of 1963 1951 Cd.h_ljeceipts Donations - Other 6, 108. 93 Depreciation Funding (From Operating Fund) 100, 800. 00 Reimbursements - Prior Year 60. 17 Tax Levies 43, 315. 36 Oil and Gas Lease 120. 00 Totals 43, 315. 36 107, 089. 10 Cash Disbursements P14at Assets Building and Group I Equipment 7, 750. 35 Group II Equipment 54, 572. 94 Land and Land Improvements 120 . 00 �. non_ 00 Transfer to Operating Fund —_ Totals - 65, 443. 29 Increase (Decrease) During the Period 43, 315. 36 41, 645. 81 Fund Balance - January 1, 1964 - 79. 683. 00 Fund Balance - December 31, 1964 44. 315. 36 12,1.3Z8. 81 Schedule 2 8 WELD COUNTY GENERAL HQSPITA • Operating Fund comparaljy_e Statement of Operations For The Years Ended December 31. 1964 and 1963 December 31, Increase Lao 1963 (Decrease) Qperatin.r Revenues (Schedule 4) 3, 098, 983. 02 2, 757, 461. 38 341, 521. 64 Less: Blue Cross and Other Discounts 118, 214. 43 86, 781. 25 31, 433. 18 Provision for Doubtful Accounts 38. 738. 68 46.2.Q0. 78 12. 537. 90 Totals 156, 953. 11 112, 982. 03 43, 971. 08 NO Operating Revenue 2, 942, 029. 91 2, 644, 479. 35 297, 550. 56 Operating ExF.enjs Nursing Service 928, 857. 40 869, 556. 66 59, 300. 74 Dietary and Snack Bar 354, 309. 68 336, 826. 14 17, 483. 54 Administration 240, 136. 88 207, 195. 52 32, 941. 36 Laboratory 255, 080. 02 223, 163. 53 31, 916. 49 Operating and Delivery Rooms 200, 091. 55 172, 981. 95 27, 109. 60 Depreciation 134, 835. 10 129, 587. 81 5, 247. 29 X-ray 148, 500. 32 128, 637. 93 19, 862. 39 Pharmacy 133, 473. 20 129, 623. 74 3, 849. 46 Central Supply 85, 836. 64 76, 488. 07 9, 348. 57 Plant Operation 76, 546. 67 69, 152. 76 7, 393. 91 Laundry 63, 199. 71 62, 998. 78 200. 93 Housekeeping 81, 903. 93 72, 969. 31 8, 934. 62 Maintenance and Repairs 64, 429. 86 53, 172. 68 11, 257. 18 Social Security 58, 882. 20 55, 140. 00 3, 742. 20 Blood Bank Service 25, 138. 19 26, 430. 25 ( 1, 292. 06) Telephone 15, 994. 31 16, 616. 44 ( 622. 13) Intern Service 22, 534. 97 20, 779, 35 1, 755. 62 Physical Therapy 12, 366. 11 11, 018. 16 1, 347. 95 Motor Service 654. 08 245. 02 409, 06 Nursing Education - 5. 000, 00 ( 5. 00Q, 09) Tojal Operating Expenses 2, 902, 770. 82 2, 667, 584. 10 235, 186. 72 Net Operating Income 39, 259. 09 ( 23, 104. 75) 62, 363. 84 Less: Special Charge - Anesthe- tist 297. 50 1, 087. 00 ( 789. 50) Net Income 38, 961. 59 ( 24, 191. 75) 63, 153. 34 Accumulated earnings - Beginning of Period 265, 208. 19 289, 399. 94 ( 24, 191, 75) Accumulated Earnings - End of • Period 301. 169. 78 265. 2.08.19 38. 961. 59 Schedule 3 9 n. WELD COUNTY GENERAL HOSPITAL Ope rAting F and Comparative Statement of Operating Revenues For The Years Ended December 31. 1964 and 1963 December 31. Increase • 194_4 1261 (Decrease) ' Qperating Revenues Day Rate Service 1, 304, 696. 00 1, 104, 990. 50 199, 705. 50 Laboratory 445, 431. 95 408, 682. 50 36, 749. 45 Pharmacy 316, 265. 03 304, 050. 12 12, 214. 91 X-ray 271, 282. 69 240, 189. 05 31, 093. 64 Medical Supplies and Inhalation Therapy 218, 553. 42, 195, 930. 50 22, 622. 92 Operating and Emergency Rooms 222, 736. 44 197, 722. 83 25, 013. 61 Cafeteria 64, 883. 18 68, 813. 30 ( 3, 930. 12) Blood Bank Service 44, 971. 50 39, 735, 50 5, 236, 00 Anesthesia Service 38, 220. 80 37, 041. 80 1, 179. 00 Delivery Room 31, 515. 00 30, 691. 00 834. 00 Recovery Room 30, 220. 00 29, 005. 00 1, 215. 00 Physical Therapy 27, 060. 10 23, 066. 75 3, 993. 35 Laundry 27, 261. 40 19, 942. 15 7, 319. 25 Miscellaneous 21, 838. 70 21, 508. 16 330. 54 Snack Bar 6, 904. 80 13, 010. 69 ( 6, 105. 89) Telephone 3, 324. 21 3, 836. 32 ( 51'2. 11) Cash Discounts on Purchases 5, 976. 40 4, 174. 46 1, 801. 94 Intensive CareUnit 17, 831. 40 15, 070. 75 2, 760. 65 Total Operating Revenues 3. P98. 983. 02 Z,. 757. 4¢1. 38 341. 511. 64 Schedule 4 10 i WELD COUNTY GENERAL HOS PIT[bie Operating F and ompar+tivo tat. m nt of Salaries For The Year Ended December 31. 1964 and 1963 December 31, Increase 1964 1963 (Decrease) Salaries Nursing Service 852, 891. 88 818, 658. 95 34, 232. 93 Dietary and Snack Bar 183, 105. 93 168, 569, 28 14, 536. 65 Administration 1/8, 164. 29 163, 951. 59 14, 212. 70 Laboratory 195, 797. 33 171, 838. 91 23, 958. 42 Operating and Delivery Rooms 106, 180. 21 94, 475. 06 11, 705. 15 X-ray 101, 452. 62 87, 090. 09 14, 362. 53 Laundry 55, 950. 55 55, 042. 74 907. 81 Housekeeping 67, 579. 22 60, 071, 58 7, 507. 64 Maintenance and Repairs 44, 409. 57 39, 656. 11 4, 753. 46 Plant Operations 19, 458. 94 17, 345. 67 2, 113. 27 Pharmacy 23, 582. 13 23, 636. 96 ( 54. 83) Central Supply 24, 303. 60 20, 224. 61 4, 078. 99 Physical Therapy 11, 820. 73 10, 722. 40 1, 098. 33 Intern Service 13, 420. 00 12, 050. 00 1, 370. 00 Blood Bank Service 8, 331. 12 10, 182. 04 ( 1, 850. 92) Totals 1. 886. 448. 12 1. 753. 515. 99 1,32. 932. 13 .` • Schedule 5 11 WELD COUNTY GENERAL HOSPITAL Operating Fund Comparative Statement of Supplies and Other Expenses For The Years Ended December 31. 1964 and 1963 December 31, Increase 1964 1963 (Decrease) Supplies and Other Expenses Nursing Service 75, 965. 52 50, 897. 71 25, 067. 81 Dietary and Snack Bar !171, 203. 75 168, 256. 86 2, 946. 89 Administration . 61, 972. 59 43, 243. 93 18, 728. 66 Laboratory 59, 282. 69 51, 324. 62 7, 958. 07 Operating and Delivery Rooms 93, 911. 34 78, 506. 89 15, 404. 45 Depreciation 134, 835. 10 129, 587. 81 5, 247. 29 X-ray 47, 047. 70 41, 547. 84 5, 499. 86 , Pharmacy 109, 891. 07 105, 986. 78 3, 904. 29 Central Supply 61, 533. 04 56, 263. 46 5, 269. 58 Plant Operations 57, 087. 73 51, 807. 09 5, 280. 64 Laundry 7, 249. 16 7, 956. 04 ( 706. 88) Housekeeping 14, 324. 71 12, 897. 73 1, 426. 98 Maintenance and Repairs 20, 020. 29 13, 516. 57 6, 503. 72 Social Security 58, 882. 20 55, 140. 00 3, 742. 20 Blood Bank Service 16, 807. 07 16, 248. 21 558. 86 Telephone 15, 994. 31 16, 616. 44 ( 622. 13) Intern Service 9, 114. 97 8, 729. 35 385. 62 Physcial Therapy 545. 38 295. 76 249. 62 Motor Service 654. 08 245. 02 409. 06 Nursing Education - 5, 000. 00 ( 5, 000. 00) Total Supplies and Other Ex- penses 1„01/2. 31? 7Q 9.14, 468. 11 (102A.zk4. 59) Schedule 6 12 J WELD COUNTY GENERAL HOSPITAL Mead Hall Nurses' Residence Fund Comparative Statement of Operations For The Years Ended December 31. 1964 and 1963 December_ 3L Increase 1964 1963 (Decrease) Gross Rentals 12. 086. 20 15, 903. 50 (3, 817. 30) Operating Expenses Maintenance and Repairs 1, 628. 72 1, 363. 66 265. 06 Power and Lights 1, 071. 50 1, 216. 25 ( 144. 75) Gas 801. 62 518. 98 282. 64 ' Supplies 2, 994. 02 1, 996, 24 997. 78 Laundry 476. 70 665. 70 ( 189. 00) Telephone 306. 00 306. 00 - Housekeeping 205. 20 205. 20 - Water 180. 00 180. 00 - Insurance 51, 84 103. 68 ( 51. 84) Window Washing - 210. 00 ( 210. 00) Total Operating Expenses 7, 715. 60 6, 765. 71 949. 89 Net Operating Income 4, 370. 60 9, 137. 79 (4, 767. 19) Other Income - Interest on Investments 525. 00 600. 00 ( 75. 00) Net Income 4, 895. 60 9, 737. 79 (4, 842. 19) Capital - Beginning of Period 47, 180. 06 37, 442. 27 9, 737. 79 Capital - End of Period 52. 075. 6 47. 180. 06 4. 895. 60 Jol Schedule 7 13 • WELD COUNTY GENERAL HOSPIT8I., Reese Property (intern Residence) Statement of Operations For The Year Ended Decemker 31. 1964 GrQss Rentals Received 10, 458. 49 Operating Expenses Interest Expense 7, 617. 91 Maintenance 2, 253. 56 Supplies and Miscellaneous 1, 656. 31 Gas and Lights 1, 828. 25 Insurance 53. 84 Total Operating Expenses 13, 409. 87 Net Doss (_ 95j,,,,,}Q) Schedule 8 14 Hello