Tucker

Cortland Acres Statement

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.

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