Legal
0504
CORTLAND ACRES ASSOCIATION, INC. AND AFFILIATE
CONSOLIDATED BALANCE SHEET
December 31, 2015
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 2,363,180
Assets whose use is limited 56,675
Patient receivables, net 944,018
Other assets 233,043
TOTAL CURRENT ASSETS 3,596,916
ASSETS WHOSE USE IS LIMITED 3,480,953
PROPERTY AND EQUIPMENT, net 4,361,750
OTHER ASSETS 936,195
TOTAL ASSETS $ 12,375,814
LIABILITIES AND NET ASSETS
CURRENT LIABILITIES
Notes payable, current maturities $ 156,426
Accounts payable and accrued expenses 1,020,557
TOTAL CURRENT LIABILITIES 1,176,983
LONG-TERM LIABILITIES
Notes payable, net of current maturities 3,438,423
Equity refunds 1,046,270
TOTAL LIABILITIES 5,661,676
NET ASSETS
Unrestricted 6,709,550
Temporarily restricted 3,000
Permanently restricted 1,588
NET ASSETS 6,714,138
TOTAL LIABILITIES AND NET ASSETS $ 12,375,814
CORTLAND ACRES ASSOCIATION, INC. AND AFFILIATE
CONSOLIDATED STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS
December 31, 2015
OPERATING REVENUES
Net patient and resident services $ 9,857,171
Other operating revenues 190,127
Total revenues 10,047,298
OPERATING EXPENSES
Salaries and wages 4,588,395
Employee benefits 1,268,868
Utilities 214,310
Insurance 145,511
Depreciation and amortization 290,469
Interest 35,812
Supplies 798,737
Provider taxes 512,551
Professional fees 950,260
Bad debt 67,818
Other 432,307
Total expenses 9,305,038
Income from operations 742,260
NONOPERATING REVENUES 56,556
Excess revenues over expenses 798,816
Change in net unrealized (loss) on investments (2,236)
Change in unrestricted net assets 796,580
Temporarily restricted contributions received 11,000
Net assets released from temporary restriction (19,500)
Change in net assets 788,080
NET ASSETS, BEGINNING OF YEAR 5,926,058
NET ASSETS, END OF YEAR $ 6,714,138
Cortland Acres Association, Inc. is a not-for-profit facility.
Details supporting the content of this statement are available for public inspection and copying at the office of the West Virginia Health Care Authority, 100 Dee Drive, Charleston. West
Virginia 25311, during regular hours 9:00 a.m. to 5:00 p.m. on
any business day. There is a charge for copying.