HomeMy WebLinkAbout640164.tiffBROUGH AND FULLER
CERTIFIED PUBLIC ACCOUNTANTS
GREELEY, COLORADO
WELD COUNTY GENERAL HOSPITAL
Greeley, Colorado
FINANCIAL STATEMENTS
December 31, 1963
WELD CO. COV% HSSIONEIS
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WELD COUNTY GENERAL HOSPITAL
Greeley, Colorado
FINANCIAL, S"I AI"EMENTS
December 3L, 1963
Table of Contents
l ext
All Funds
Exhibit A - Conip.trative Balance Sheets
December 31., 1963 and 1962
17ant Fund
Exhibit B - Comparative Balance Sheets
December 31, 1963 and 1962
Schedule l - Statement of Changes in Fixed Assets
and Accumulated Depreciation tor the
Year Ended December 31. 1963
Schedule 2 - Statement of Changes in Assets Restricted
to Replacement and Improvement of Plant
for the Year Ended December 31, 1903
)aerating Fund
Schedule 3 - Comparative Statement of Operations
for toe Years Ended net ember 31, 1963
and 1`)62
Schedule 4 - Comparative Statement of e_!perating
Revenues for the Years Ended December
31, 1903 and 1902
Schedule 5 - Comparative Statement of Salaries for
the Years Ended December- 31, 1963
and 1962
Schedule 6 - Comparative Statement of Supplies and
uther Expense's for the Years Ended
December 31, 1963 and 1962
Mead Call Nurses' Residence Fund
Schedule 7 - Comparative Statement of operations
for the Years Ended December 31, 1963
and 1962
interns' Residence Fund
Yaffe
1-4
0
S
9
10
11
12
13
Schedule S - Stntenrent of Operations for the Period
Ended De..rrabi r 31. 1'163 14
March 30, 1964
Tic Honorable Board of Trustees
Weld County General Hospital
Greeley, Colorado
Centle ❑ et
We have examined the Balance Sheat of the Weld County Genera
hospital as of ,December 31, 1903, and the relatee Statements of
(operations for the year then ended. cur examination was made :11
accordance with generally accepted auditing standards and accordingly
included such tests of the accounting recori1s and sec other auditing
procedures as we considered necessary in the circumstances.
In our opinion. the accompanying Balance Shorts and Statements
of Operations present fairly the financial position of the Weld Counts
General Hospital as of December 31, 1.963, and the results of its op-
erations 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
(ape rations
Financial Position
Exhibit A presents the Balance Sheet of each of the funds; namely,
the Operating Fund, the Mead Hall Nurses' Residence Fund, the Ed-
ucational Trust Fund and the Plant Fund. The activites of the Interns'
Residence Fund have been combined with the Plant Fund in these fin-
ancial statements. Exhibit B presents the Plant Fund (including the
Interns' Residence Fund) in detail.
Operating Fund
The assets of the Operating Fund totaled $902, 718. 26 as of Dec-
ember 31, 1963, while liabilities to other funds and creditors totaled
$285, 845. 84. This current ratio of 3.2 to 1 is the same as the current
ratio as of December 31, 1962.
Accounts Receivable - Net increased by $127,240.68 during the
year of 1963 to $495, 834. 15. The allowance for doubtful accounts was
reduced by $72,205.29 and the accounts receivable increased by $55,035.39
to account for the net increase.
The balance of the Operating Fund Capital indicates an increase
of $51,440.41 for the year ended December 31, 1963. This was true
even though the Operating Fund showed a loss of $24, 191. 75 for 1963.
The operating loss was more than off set by the $28, 787. 81 of deprecia-
tion taken but not transferred to the Plant Fund during 1963. In addition,
Hill -Burton money in the amount of $46, 844. 35 was transferred from
the Plant Fund to the Operating Fund in 1963.
Mead Hall Nurses' Residence Fund
The increase in the fund balance of $9, 737. 79 is shown in detail
on Schedule 7, page 13. The amount due from the Operating Fund
increased by $9, 137. 79 during the year of 1963.
Educational T rust Fund
The donated capital was obtained from the following sources:
Weld County General Hospital - Operating Fund $ 5, 000. 00
Weld County General Hospital Staff 2, 500. 00
Hensel Phelps Construction Company 750. 00
David H. Petzhe legacy 12. 770.92
Total $21, 020. 92
Plant Fund
The Plant Fund Capital balance decreased by $18, 030. 33 during
the year. The decrease was due primarily to the transfer to the Op-
erating Fund of Hill -Burton money in the amount of $46, 844. 35 and
the non -funding of $28, 787. 81 of depreciation by the Operating Fund.
These two items were sufficient in amount to more than offset the in-
crease in capital from donations and public funds.
The interns' residence property purchased during the year has
been included in the Plant Fund as shown on Exhibit B.
Operations
Operating revenues (Schedule 4) totaled $2, 757, 461. 38, an in-
crease of $335, 228.07 over the prior year or about 13. 8%. Operat-
ing expenses (Schedule 3) totaled $2, 667, 584. 10, an increase of
$333, 877. 25 over the prior year or about 14. 3%. Nursing service ex-
pense accounted for over half of the increase in operating expenses.
The aggregate patient days increased about 6.4% during the year
of 1963; whereas, the occupancy percentage was 70.42% for 1963 com-
pared to 75. 73% for 1962.
The following summary compares the 1963 and 1962 operating
results 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
1963 1962 (Decrease)
Net Operating Revenue
Less:
Salaries
Supplies and Other
Expenses
Total
Net Operatin4 Income
32.15 $30.25 $1.90
21.32 19.62 1.70
11.11 10.63 .48
32.43 30.25 2.18
( 28 ( .28
The cooperation received from all Hospital employees was very
much appreciated and most helpful in the conduct of the audit.
Respectfully submitted,
BROUGH and FULLER
Certified Public Accountants
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Other Assets
Due from Operating Fund - Current
276,032.07
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46,844.35
WELD COUNTY GENERAL HOSPITAL
Plant Fund
Statement of Changes in Fixed Assets and Accumulated Depreciation
For The Year Ended December 31, 1963
Operating Plant
Land
Land Improvements
Hospital
Building and Fixed
Equipment
Major Movable
Equipment
Minor Equipment
Totals
Balance
January 1
1963
Additions
64, 873. 47
72, 390.67 18, 829. 67
4, 491, 294. 18
24, 197. 80
Retirements
and
Transfers
Balance
December 31
1963
64, 873. 47
91, 220. 34
4, 515, 491. 98
617, 837. 90 42, 308. 02 259, 003. 55 401, 142. 37
90, 528. 79 90, 528. 79
5, 336, 925. 01 85, 335. 49 259, 003. 55 5, 163, 256. 95
Mead Hall Nurses' Residence
Building and Fixed
Equipment 238, 048. 68 238, 048. 68
Major Movable
Equipment 22, 912. 15 22, 912. 15
Minor Equipment 3, 710. 18 3. 710. 18
Totals 264, 671. 01 - 264, 671.01
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
16, 500. 00
5, 500. 00
106, 000. 00
_ 10, 151. 70
138, 151.70
10, 823.35 1, 611.65
16, 500. 00
5, 500. 00
106, 000. 00
10, 151.70
138. 151. 70
12, 435.00
584, 740.81 90, 032. 86 674, 773. 67
364, 007, 83 37. 943.30 257, 098. 43 144, 852. 70
948, 748.64 127, 976. 16 257, 098. 43 819, 626. 37
959. 571.99 ].29.587.81 257, 098.43
832. 061. 37
SchfAule 1
WELD COUNTY GENERAL HOSPITAL
Plant Fund
Statement of Changes in Assets Restricted to
Replacernent and Improvement of Plant
For The Year Ended December 31. 1963
Public Works Fund
Resolution of
1951 1958
Cash Receipts
Hill Burton Funds
Donations to Educational Trust Fund
Donations - Other
Depreciation Funding (from Operating Fund)
Reimbursement - Prior Year
Transfer from Resolution of 1958 Funds
Totals
Cash Disbursements
Plant Assets
Building and Group I Equipment
Group II Equipment
Land and Land Improvements
Transfer to Operating Fund
Transfer to Educational Trust Fund
Transfer to Reese Property
Transfer to Resolution of 1951 Funds
Totals
Increase (Decrease) During the Period
Fund Balance - January 1, 1963
Fund Balance - December 31, 1963
46,844.35
21,020.92
10, 371.84
102, 900. 00
759.51
1,413.28
183,309.90
24,229.10
55, 261. 73
18,829.67
56,844.35
21,020.92
10, 000. 00
1,413.28
186, 185. 77 1, 413.28
( 2,875.87) (1,413.28)
82,558.87 1.413.28
72,682.00
-
Schedule 2
8
WELD COUNTY GENERAL HOSPITAL
Operating Fund
Comparative Statement of Operations
For The YearsEnded December 31, 1963 and 1962
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 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
Nursing Education
Total Operating Expenses
Net Operating Income
Less: Special Charge - Anesth-
etist
Net Incom_e
December 31
1963 19_62
2, 757, 461.38
86,781.25
26, 200.78
112, 982.03
2, 422, 233. 31
63, 874.01
23, 013. 07
86, 887. 08
2, 644, 479. 35 2, 335, 346.23
869, 556. 66
336, 826. 14
207, 195.52
223, 163. 53
172, 981.95
129, 587.81
128, 637. 93
129, 623. 74
76, 486. 07
69, 152.76
62, 998.78
72, 969. 31
53, 172. 68
55, 140.00
26, 430.25
16, 616. 44
20, 779. 35
11, 018.16
245.02
5,000.00
2, 667, 584. 10
( 23, 104.75)
1, 087.00
( 24, 191.75) (
Accumulated Earnings - Beginning
of Period
Accumulated Earnings - End of
Period
289, 399.94
265, 208. 19
698, 883. 83
307, 901.63
199, 544. 68
188, 044. 16
167, 095. 85
132, 240.40
115, 371.90
112, 204.43
69, 833.76
64, 673. 20
56, 512.89
55, 200.33
51, 337.86
39, 987.72
23, 812. 34
19, 335.34
18, 149. 86
13, 061. 64
515. 03
2, 333, 706.85
1,639.38
3,210.00
Increase
(Decrease)
335, 228.07
22, 907. 24
3. 187.71
26, 094. 95
309, 133. 12
170, 672. 83
28,924.5]
7,650.84
35, 119. 37
5, 886. 10
2,652.59)
13, 266.03
17, 419.31
6,654.31
4,479.56
6,485.89
17, 768. 98
1, 834. 82
15, 152.28
2, 617. 91
2,718.90)
2,629.49
2,043.48)
270. 01)
5,000.00
333, 877.25
( 24, 744. 13)
2, 123. 00
1,570.62) ( 22, 621.13)
290, 970. 56
289, 399.94
( 1,570.62)
( 24, 191. 75)
Schedule 3
WELD COUNTY GENERAL HOSPITAL
Operating Fund
Comparative Statement of Operating Revenues
For The Yeats Ended December 31, 1963 and 1962
December 31 Increase
1963 1962 (Decrease)
Operating Revenues
Day Rate Service 1, 104, 990. 50 1 011, 783. 00 93, 207. 50
Laboratory 408,682.50 338,726.50 69,956.00
Pharmacy 304, 050. 12 255, 829.25 48, 220.87
X-ray 240, 189. 05 216, 018.65 24, 170. 40
Medical Supplies and Inhalation
_ Therapy 195,930.50 171,113.88 24,816.62
Operating and Emergency Rooms 197, 722. 83 157, 440. 16 40,282.67
Cafeteria 68, 813. 30 67, 828.01 985.29
Blood Bank Service 39, 735. 50 39, 183. 50 552. 00
Anesthesia Service 37, 041.80 35, 227.00 1,814.80
Delivery Room 30, 691.00 26, 948.00 3, 743.00
Recovery Room 29, 005. 00 26, 013. 00 2, 992.00
Physical Therapy 23, 066.75 23, 519. 65 ( 452. 90)
Laundry 19, 942, 15 17, 459. 70 2, 482.45
Miscellaneous 21, 508. 16 14, 609. 06 6, 899. 10
Snack Bar 13, 010. 69 7, 059. 13 5, 951. 56
Telephone 3,836.32 5,107.11 ( 1,270.79)
Cash Discounts on Purchases 4, 174.46 3, 978. 24 196.22
Intensive Care Unit 15, 070.75 4, 389.47 10, 681.28
Total Operating Revenues 2, 757. 461.38 2, 422, 233. 31 135, 228. 07
Schedule 4
10
WELD COUNTY GENERAL HOSPITAL
Operating Fund
Comparative Statement of Salaries
For The YearsEnded December 31, 1963 and 1962
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
December 31,
1963 1962
818, 658.95
168, 569.28
163, 951.59
171, 838. 91
94, 475.06
87,090.0)
55, 042. 74
60, 071.58
39, 656. 11
17, 345.67
23, 636. 96
20, 224.61
10, 722.40
12, 050.00
10, 182. 04
655, 397.87
161, 989. 22
152, 981.93
145, 897. 75
96, 229. 41
82, 731.93
51, 156. 99
47, 991.95
38, 294.51
17, 199. 39
17, 608. 51
15, 652. 52
12, 633. 20
11, 700.00
7,250.11
Increase
(Decrease)
163, 261. 08
6, 580.06
10, 969. 66
25, 941. 16
( 1, 754. 35)
4, 358. 16
3, 885. 75
12, 079.63
1,361.60
146. 28
6,028.45
4,572.09
( 1,910.80)
350. 00
2, 931.93
Totals 1, 753, 515.99 1, 514, 715.29 238, 800.70
Schedule 5
11
WELD COUNTY GENERAL HOSPITAL
Operating Fund
Comparative Statement of Supplies and Other Expenses
For The YeaisEnded December 31, 1963 and 1962
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 Repairs
Social Security
Blood Bank Service
Telephone
Intern Service
Physical Therapy
Motor Service
Nursing Education
December 31.
1963 1962
Increase
(Decreasel
50,897.71 43,485.96 7,411.75
168, 256. 86 145, 912.41 22, 344.45
43,243.93 46,562.75 ( 3,318.82)
51, 324. 62 42, 146.41 9, 178.21
78,506.89 70,866.44 7,640.45
129,587.81 133,822.54 ( 4,234.73)
41.547.84 32,639.97 8,907.87
105, 986.78 94, 595.92 11, 390.86
56,263.46 54,181.24 2,082.22
51,807.09 47,473.81 4,333.28
7, 956.04 5, 355.90 2, 600. 14
12,897.73 7,208.38 5,689.35
13, 516.57 13, 043. 35 473. 22
55, 140.00 39, 987. 72 15, 152. 28
16,248.21 16,562.23 ( 314.02)
16,616.44 19,335.34 ( 2,718.90)
8,729.35 6,449.86 2,279.49
295.76 428.44 ( 132.68)
245.02 515.03 ( 270.01)
5, 000. 00 - 5,000.00
Total Supplies and Other Expenses 914, 068. 11 820, 573. 70 93, 494.41
Schedule 6
i=
WELD COIIIVTY GENERAL HOSPITAL
Mgad Hall Nurses' Residence Fund
Comparative Statement of Operations
For The Years Ended December 31. 1963 and 1962
December 31,
1963 1962
Gross Rentals 15, 903.50 14, 237.85
Operating Expenses
Maintenance and Repairs
Power and Lights
Gas
Supplies
Laundry
Telephone
Housekeeping
Water
Insurance
Window Washing
Apartment Expense
Total Operating Expenses
Net Operating Income
Other Income - Interest on Investments
Net Income
Capital - Beginning of the Period
Capital - End of Period
1,363.66 1,093.76
1, 216. 25 1, 135. 57
518.98 496.74
1,996.24 791.62
665.70 664.20
306.00 306.00
205.20 205.20
180.00 180.00
103.68 210.00 210.00
838. 33
6,765.71 5,921.42
9,137.79 8,316.43
600.00 468.05
9, 737.79 8,784.48
37, 442.27 28, 657.79
Increase
(Decrease)
1, 665.65
269.90
80.68
22.24
1,204.62
1.50
103. 68
( 838. 33)
844. 29
821.36
131.95
953. 31
8,784.48
47, 180.06 37,442,27 9,737.79
Schedule 7
13
WELD COUNTY GENERAL HOSPITAL
Reese Property (intern Residence)
Statement of Operations
For The Period Ended December 31, 1963
Gross Rentals
Operating Expenses
Interest Expense
Legal Services and Appraisals
Maintenance
Supplies and Miscellaneous
Gas and Lights
Total Operating Expenses
Net Loss
4, 840. 10
3,235.86
565.00
715.07
462. 89
Z35.15
5,213.97
Schedule 8
14
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