Genesis HealthCare – Willows Center
Parkersburg, WV
December 31, 2016
BALANCE SHEET
ASSETS
Current Assets
Cash in Bank 24,842
Accounts Receivable 1,037,626
Inventories 39,562
Prepaids & Other Current Assets (22,200)
Related Party Receivable 2,738,041
Total Current Assets 3,817,872
Property & Equipment Net 17,280,897
Total Assets 21,098,769
LIABILITIES AND EQUITY
Current Liabilities
Accounts Payable 347,601
Accrued Expenses & Payroll Withholdings 226,945
Total Current Liabilities 574,546
Long Term Liabilities
Escheatable Funds 1,292
LT Debt Financing Obligation 23,697,158
Total Long Term Liabilities 23,698,450
Equity (3,174,227)
Total Liabilities and Equity 21,098,769
INCOME STATEMENT
Revenue
Nursing Home Revenue 11,128,695
Other Operating 11,008
Total Operating Revenue 11,139,702
Expenses
Nursing Services 3,095,799
General and Administrative 2,403,543
Other Operating 2,582,925
Interest 2,469,056
Depreciation and Amortization 657,441
Total Expenses 11,208,764
Net Income (69,061)
Net loss (69,061)
Adjustment to reconcile net loss
Cash Flows from Operating Activities
Depreciation & Amortization 657,441
Decrease in trade receivables 96,815
Decrease in inventory 3,235
Decrease in prepaid & other current assets 11,809
Increase in accounts payable & accrued
expenses 8,124
Increase in related party accounts (822,553)
Net cash used by operating activities (114,191)
Cash Flows from Investing Activities
Increase in Property, Plant, & Equip (32,478)
Net cash used in investing activities (32,478)
Cash Flows from Financing Activities
Increase in LT Debt – Financing Obligation 147,038
Net cash provided by financing activities 147,038
Increase in cash balance 369
Cash, beginning of the year 24,473
Cash, end of the year 24,842
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.
Apr 7