Genesis HealthCare – Willows Center
Parkersburg, WV
December 31, 2015
BALANCE SHEET
ASSETS
Current Assets
Cash in Bank 24,473
Accounts Receivable 1,134,442
Inventories 42,797
Prepaids & Other Current Assets (10,391)
Related Party Receivable 1,944,295
Total Current Assets 3,135,617
Property & Equipment Net 17,905,860
Identifiable Intangible Assets-Favorable Lease 0
Other Assets 0
Total Assets 21,041,476
LIABILITIES AND EQUITY
Current Liabilities
Accounts Payable 296,119
Accrued Expenses & Payroll Withholdings
271,595
Current maturities of long-term obligations
0
Total Current Liabilities 567,714
Long Term Liabilities
Escheatable Funds 0
L/T Debt Capital Lease Obligation 0
Deferred G/L Straight-Lining Leases 0
LT Debt Financing Obligation 23,550,121
Total Long Term Liabilities 23,550,121
Equity (3,076,358)
Total Liabilities and Equity 21,041,476
Genesis HealthCare – Willows Center
Parkersburg, WV
December 31, 2015
INCOME STATEMENT
Revenue
Nursing Home Revenue 11,203,723
Other Operating 3,784
Total Operating Revenue 11,207,507
Expenses
Nursing Services 2,971,873
General and Administrative 2,319,522
Other Operating 2,717,266
Lease 0
Interest 2,481,204
Depreciation and Amortization 660,830
Non-Recurring 0
Total Expenses 11,150,695
Net Income 56,812
Genesis HealthCare – Willows Center
Parkersburg, WV
December 31, 2015
Net Income 56,812
Adjustment to reconcile net income
Cash Flows from Operating Activities
Depreciation & Amortization 660,830
Increase in trade receivables (54,511)
Increase in inventory (3,423)
Increase in prepaid & other current
assets (11,528)
Decrease in accounts payable & accrued
expenses (176,780)
Increase in related party accounts (901,416)
Net cash used by operating activities (430,016)
Cash Flows from Investing Activities
Increase in Property, Plant, & Equip (41,488)
Decrease in deferred financing costs 0
Net cash used in investing activities (41,488)
Cash Flows from Financing Activities
Increase in L/T Debt Capital Lease
Obligation 0
Contributed capital 0
Increase in LT Debt – Financing Obligation
475,879
Increase in Deferred G/L Straight-Lining Leases
0
Net cash provided by financing activities 475,879
Increase in cash balance 4,375
Cash, beginning of the year 20,099
Cash, end of the year 24,473
OWNERSHIP: Genesis WV Holdings LLC
The statements are provided pursuant to the Health Care Facility Disclosure Laws. I certify that the above audited statements are true and correct to the best of my knowledge. This financial data is available for public inspection at the office of the West Virginia Health Care Cost Review Authority, 100 Dee Drive, Charleston, WV during regular hours, 9:00 a.m. to 5:00 p.m. on any business day.
Mar 24