CORTLAND ACRES ASSOCIATION, INC. AND AFFILIATE
CONSOLIDATED BALANCE SHEET
December 31, 2014
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 1,821,079
Assets whose use is limited 44,369
Patient receivables, net 953,303
Other assets 217,057
TOTAL CURRENT ASSETS 3,035,808
ASSETS WHOSE USE IS LIMITED 1,659,999
PROPERTY AND EQUIPMENT, net 2,351,803
OTHER ASSETS 927,157
TOTAL ASSETS $ 7,974,767
LIABILITIES AND NET ASSETS
CURRENT LIABILITIES
Long-term debt, current maturities $ 8,254
Accounts payable and accrued expenses 717,284
Equity refund payment 692,365
TOTAL CURRENT LIABILITIES 1,417,903
LONG-TERM DEBT, net of current maturities 630,806
NET ASSETS
Unrestricted 5,912,970
Temporarily restricted 11,500
Permanently restricted 1,588
NET ASSETS 5,926,058
TOTAL LIABILITIES AND NET ASSETS $ 7,974,767
CORTLAND ACRES ASSOCIATION, INC. AND AFFILIATE
CONSOLIDATED STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETS
December 31, 2014
OPERATING REVENUES
Net patient and resident services $ 8,721,864
Other operating revenues 185,809
Total revenues 8,907,673
OPERATING EXPENSES
Salaries and wages 4,296,098
Employee benefits 1,368,519
Utilities 213,156
Insurance 138,821
Depreciation and amortization 283,330
Interest 12,210
Supplies 778,072
Provider taxes 447,218
Other 1,026,919
Total expenses 8,564,343
Income from operations 343,330
NONOPERATING REVENUES 50,560
Excess revenues over expenses 393,890
Change in net unrealized (loss) on investments (4,774)
Change in unrestricted net assets 389,116
Temporarily restricted contributions received 13,000
Net assets released from temporary restriction (8,750)
NET ASSETS, BEGINNING OF YEAR 5,532,692
NET ASSETS, END OF YEAR $ 5,926,058
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.