WESTBROOK HEALTH SERVICES, INC.
STATEMENTS OF FINANCIAL POSITION
AS OF JUNE 30, 2016 AND 2015
ASSETS
2016 2015
CURRENT ASSETS:
Cash and cash equivalents $ 1,069,862 $ 2,345,203
Accounts receivable, less allowance for doubtful accounts
of $458,344 and $366,394 in 2016 and 2015 2,702,898 1,233,067
Federal and state grants receivable 645,614 1,287,303
Prepaid expenses 80,292 69,992
Total current assets 4,498,666 4,935,565
INVESTMENTS 852,027 932,973
PROPERTY AND EQUIPMENT, net 4,121,006 4,053,132
Total assets $ 9,471,699 $ 9,921,670
LIABILITIES AND NET ASSETS
CURRENT LIABILITIES:
Accounts payable $ 242,454 $ 456,167
Advanced billings – 90,723
Salaries payable 432,288 366,622
Accrued expenses 365,136 201,383
Accrued vacation payable 319,662 270,852
Other liabilities 41,889 36,943
Total current liabilities 1,401,429 1,422,690
NET ASSETS:
Unrestricted, undesignated operating 3,949,264 4,445,848
Unrestricted, undesignated property and equipment 3,381,424 3,454,661
Unrestricted, board designated 739,582 598,471
Total net assets 8,070,270 8,498,980
Total liabilities and net assets $ 9,471,699 $ 9,921,670
The accompanying notes are an integral part of these financial statements
WESTBROOK HEALTH SERVICES, INC.
STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS
FOR THE YEARS ENDED JUNE 30, 2016 AND 2015
2016 2015
REVENUE:
PATIENT REVENUE:
Patient revenue (net of discounts, adjustments, and
write-offs of $7,178,528 and $7,148,872 in 2016 and 2015) $ 15,068,286 $ 18,141,584
FEDERAL REVENUE 1,606,868 1,453,886
STATE REVENUE 4,659,582 4,321,620
LOCAL REVENUE 254,424 258,900
OTHER REVENUE 341,598 249,252
Total revenue 21,930,758 24,425,242
OPERATING EXPENSES:
Salaries and wages 14,311,945 4,605,385
Fringe benefits and payroll taxes 2,777,174 2,986,723
Contracted services 1,356,712 1,738,535
Medicaid taxes 561,245 665,549
Depreciation 448,198 483,036
Travel 443,606 469,182
Maintenance 426,512 398,329
Rental 507,958 398,184
Utilities 420,607 347,475
Program operations and supplies 279,905 253,989
Telephones and pagers 119,273 188,840
Food products 157,431 175,841
Insurance 214,774 172,670
Advertising 107,226 156,039
Miscellaneous 54,385 77,483
Office 67,574 68,453
Staff training 83,836 59,738
Interest 7,948 10,771
Non-capitalized equipment 5,759 8,974
Fundraising 7,400 6,230
Total operating expenses 22,359,468 23,271,426
Changes in net assets (428,710) 1,153,816
NET ASSETS, beginning of the year 8,498,980 7,345,164
NET ASSETS, end of the year $ 8,070,270 $ 8,498,980
The accompanying notes are an integral part of these financial statements.
WESTBROOK HEALTH SERVICES, INC.
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED JUNE 30, 2016 AND 2015
2016 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Changes in net assets $ (428,710) $ 1,153,816
Net adjustments to reconcile changes in net assets to net cash
provided by (used in) operating activities:
Depreciation expense 448,198 483,036
Bad debt expense 330,468 176,078
Realized/unrealized loss on investments 10,188 6,580
(Increase) decrease in operating assets:
Accounts receivable (1,800,299) (255,218)
Federal and state grants receivable 641,689 (427,012)
Prepaid expenses (10,300) (5,665)
Increase (decrease) in operating liabilities:
Accounts payable (213,713) (15,534)
Advanced billings (90,723) 18,160
Salaries payable 65,666 18,256
Accrued expenses 163,753 8,197
Accrued vacation payable 48,810 (476)
Other liabilities 4,946 (263)
Net adjustments (401,317) 6,139
Net cash provided by (used in) operating activities (830,027) 1,159,955
CASH FLOWS FROM INVESTING ACTIVITIES:
Payments for the purchase of property and equipment (374,961) (362,377)
Cash designated for the repairs and replacement fund (141,111) (598,471)
Payment for the purchase of investments (334,547) –
Proceeds from the sale of investments 405,305 –
Net cash used in investing activities (445,314) (960,848)
Net increase (decrease) in cash and cash equivalents (1,275,341) 199,107
CASH AND CASH EQUIVALENTS, beginning of the year 2,345,203 2,146,096
CASH AND CASH EQUIVALENTS, end of the year $ 1,069,862 $ 2,345,203
The accompanying notes are an integral part of these financial statements.
Dec 22