HDMHCD 2009 Audit
33 Pages
English
Downloading requires you to have access to the YouScribe library
Learn all about the services we offer

Description

HI-DESERT MEMORIAL HEALTH CARE DISTRICT ANNUAL FINANCIAL REPORT JUNE 30, 2009 and 2008 THOMAS L. CAMP Certified Public Accountant HI-DESERT MEMORIAL HEALTH CARE DISTRICT ANNUAL FINANCIAL REPORT JUNE 30, 2009 and 2008 INDEX PAGES MANAGEMENT’S DISCUSSION AND ANALYSIS 1 – 8 INDEPENDENT AUDITOR'S REPORT 9 FINANCIAL STATEMENTS FOR THE YEARS ENDED JUNE 30, 2009 AND 2008 Balance Sheets 10 Statements of Operations and Changes in Net Assets 11 Statements of Cash Flows 12 Notes to Financial Statements 13 – 31 Management Discussion and Analysis Hi-Desert Memorial Health Care District June 30, 2009 and 2008 Management’s Discussion and Analysis and Financial Statements This discussion and analysis of Hi-Desert Memorial Health Care District’s financial performance provides an overview of the District’s financial activities for the fiscal years ended June 30, 2009 and 2008. Please read it in conjunction with the District’s financial statements and footnotes, which begin on page 9 of this annual financial report. Unless otherwise indicated dollar amounts are rounded to the nearest thousand. Financial Highlights  The District’s net assets increased by $8,763,000 in 2009 and increased by $187,000 in 2008.  The District reported a gain from operations of $3,454,000 in 2009 and a loss from operations of $828,000 in 2008.  The District received a ...

Subjects

Informations

Published by
Reads 39
Language English
 
            
  
HI-DESERT MEMORIAL HEALTH CARE DISTRICT  ANNUAL FINANCIAL REPORT  JUNE 30, 2009 and 2008
THOMAS L. CAMP
 Certified Public Accountant
      
HI-DESERT MEMORIAL HEALTH CARE DISTRICT  ANNUAL FINANCIAL REPORT JUNE 30, 2009 and 2008    INDEX
         MANAGEMENT’S DISCUSSION AND ANALYSIS  INDEPENDENT AUDITOR'S REPORT  FINANCIAL STATEMENTS FOR THE YEARS ENDED JUNE 30, 2009 AND 2008   Balance Sheets   Statements of Operations and Changes in Net Assets   Statements of Cash Flows   Notes to Financial Statements
PAGES 1 – 8 9 10 11 12 13 – 31
 dnA nnasiH lasynt Dgemessioiscu anaM    0290a dn2 00 8strict June 30, eH lhtlaraC iD eDei-rtseem Miaor
  Management’s Discussion and Analysis and Financial Statements  This discussion and analysis of Hi-Desert Memorial Health Care District’s financial performance provides an overview of the District’s financial activities for the fiscal years ended June 30, 2009 and 2008. Please read it in conjunction with the District’s financial statements and footnotes, which begin on page 9 of this annual financial report. Unless otherwise indicated dollar amounts are rounded to the nearest thousand.  Financial Highlights    The District’s net assets increased by $8,763,000 in 2009 and increased by $187,000 in 2008.   The District reported a gain from operations of $3,454,000 in 2009 and a loss from operations of $828,000 in 2008.    The District received a $4.25 million donation in 2009 from the liquidation of a trust benefiting Hi-Desert Memorial Hospital, Inc., an unrelated charity.   Investments increased by $10.7 million during 2009 and declined by $3.3 million in 2008.   Investment income amounted to $1.4 million in 2009 and $1.3 million in 2008.   Total cash and cash equivalents increased by $531,000 in 2009 and by $245,000 in 2008.  Net patient accounts receivable increased to $8,297,000 in 2009 compared to $8,003,000 in 2008, a 3.7%  increase in 2009 and a 23.5% increase in 2008.   Debt service coverage on outstanding indebtedness increased in 2009 to 7.4x compared to 2.9x in 2008. This is well above the minimum 1.25x required by the Bond indentures.   and by $414,000 in 2008 due to bondNet long term debt decreased in fiscal year 2009 by $634,000 principle payments made on the 1998 and 2002 bond series, amortization of the deferred loss on refunding the 1994 bonds and payments on a capitalized lease for equipment.   The volume of services provided at the Medical Center showed significant increase from 2008, with a 7% increase in acute patient days, and a 15% increase in outpatient visits. Only modest volume increases occurred in 2008 when compared with 2007 service volume.  Annual Report  The District’s financial statements consist of three statements – a Balance Sheet; a Statement of Operations and Changes in Net Assets; and a Statement of Cash Flows. These financial statements and related notes provide information about the activities of the District, including resources held by the District but restricted for specific purposes by contributors, grantors, or enabling legislation.       
1
nc idelull aes rsehTts emetastneits activities.  serosruec sna d Dhe tuttictrisamrofni oba noitssetet Aports rehCnana dniN eg sitar snofo tepO atStenemd ane th ehSee t eaBalcnsets  Thn Net Asi segnahC dna snioaterOpf  ontmeatetdnS tea S ehance Bal  cit sen tsaesst and the changesowt ats emet stnpore trt Dhetrissir sa hev dceieaid.or phese   Tocca otnager tnu osslerd cenwhf and expeevenues t kanei snsea ers si aofuacrbal A .gr lluoccnitnilitliaball and  eca ghtsuniei sreund and teictr stessa detcirtsinancial factorslaoso htren nof-ngtiTh. e ere ar gnid roretearoint batieand ase iDtsht esp irtcha cash n  iesngsnoc ot cus redimmnuti,y oht eocovides tce it prs foivrelauq ytif  oe thasmeesurtl hh aearllo ev thesesso asrs totcaf cimonoce lcalos  allwes  assa  ste dnabailitils ie ois wnei  nhtme .hT eidfference betweenh laicnao ,htlaencnafir sipol ia oemyat  ehtsarustrie Di fincts tin Dheeacrs seen ssa trtsitcier time,tion. Ovseo  redi cnersal iancnafis itr vorpmi si htlaeh ind one aresetsteeh fhwroo cita tre atsfeif dhe stcirtessa tensetss as lia and eebercn ntiwteeind he tal Bceanilibseitper etro1. The DistrictS ehteo  napeg1 367,8$ yb desaernc itsseast nes  y1$deb ersai cn and2009 in ,000T nielbahs s nwo20n  a08,087 i00cndea $ e pxreeiDistrict 2. The ehD fot ci.tsirtatem  Stof Cent wolF hsaf ehT  sta salin intmete sht etStamene tof Cash Flows. T sihtatsnemeer trtpocas  rsheiecymenh pa caspts,hcnaen tna dst ,sureh as cins gearepo morf gnitlnvestingtions, inaicgna a dnf ni  s.et NivctieitehT siD ssA  ste.  T,000$957was mo ei cnitgnepar-oon nalot t0820 ni ;9002 ni noi5.2 millme was $ni gnioc-nporetataTonol 20n . 09ocnii emtare gni3,10 $23    8,69 32,77 $313 266, $  stes5,909,24Cu    tsast enrr 902802 00 7sAes Net Assets  200aiL ilibseitdna leab:  1ss As,et ni gnitluser ,9eropm ro fingaa itgneparnio sa e 200s inense expa sea dner gunev d00reec$8n ,070oi nnirc.3 4imlloperatinease in eddd aty m254. $i noillipo non nme de-tiibutistrrfmooi nahira c rapeontiins 00 2na 802 d .70no Aations compared otl soes srfmoo     nv IAst tsse660,eN  42  552, net of  assets,c patilaseet dniia Lalot T2 735,50,51  606,765,4,434,374  21,4737,54  12itseibil54,208,62  4884,s et,6 2,069  22ciet dsaesst  63,868     Unrestr 093,8623,997,1 d telare1,  btdetsir  eRa sstcde3,8642  2   1,01st$ 6 ,1at lsAes$ 52,807941,961 05,547,1236,5 $ tili &es L3 biiarrne-nuc rontOeh,032  19setst as913,145,02  483,To  47,899,123  99,334    Long tre medtb ,elssc reur mnturatieit1  s48,326,41  4 ass net   Cets tnl ruerilitaiib,9 7 $es $49,8008,608,6 1,9 $ 82 $65,129totalinggni  nhtr seluitcah tapi00,0it witub snooc lirtn, th2008 In ets.o eptcstsir eiDnc i90,263,7$8e ssa ten ni esaerde$ 250.m liilno with a gain fro.55$im 4oillna nexd nspe tesalotitgneparneeur vetales to,244d $5tarepo m$ fo noi863,453,-oon N0.egnani sna shC dReg ltsuerOpinat107,34   2 $555,2,807,63,961 $ 5 delatot seuneve rngtirape oscttsir eiD ,ht0290 In ets  Ass Net  ts,140,496  88oT   lat teNessA,052  24,896,7972,950,67  721,77s etss A41,961$ itilibaiteN & se77  46,6al L Tot331,134,132,89  
2
   led tota0 mi$52.gnr ariteu svenealot tes.852 $edna noillsnepxe dresulted in a lom liilno ,hwci h ons$8f ,128. 25f ss morrepooita