Genesis HealthCare – Willows Center
Parkersburg, WV
December 31, 2014
BALANCE SHEET
ASSETS
Current Assets
Cash in Bank 20,099
Accounts Receivable 1,079,931
Inventories 39,374
Prepaids & Other Current Assets (21,919)
Related Party Receivable 1,075,983
Total Current Assets 2,193,467
Property & Equipment Net 18,525,202
Identifiable Intangible Assets-Favorable Lease 0
Other Assets 0
Total Assets 20,718,668
LIABILITIES AND EQUITY
Current Liabilities
Accounts Payable 395,720
Accrued Expenses & Payroll Withholdings
348,774
Current maturities of long-term obligations
0
Total Current Liabilities 744,494
Long Term Liabilities
Escheatable Funds 0
L/T Debt Capital Lease Obligation 0
Deferred G/L Straight-Lining Leases 0
LT Debt Financing Obligation 23,074,241
Total Long Term Liabilities 23,074,241
Equity (3,100,067)
Total Liabilities and Equity 20,718,668
Genesis HealthCare – Willows Center
Parkersburg, WV
December 31, 2014
INCOME STATEMENT
Revenue
Nursing Home Revenue 10,925,248
Other Operating 14,124
Total Operating Revenue 10,939,372
Expenses
Nursing Services 3,011,054
General and Administrative 2,047,009
Other Operating 2,792,645
Lease 0
Interest 2,426,761
Depreciation and Amortization 653,064
Non-Recurring 0
Total Expenses 10,930,533
Net Income 8,839
Genesis HealthCare – Willows Center
Parkersburg, WV
December 31, 2014
Net Income 8,839
Adjustment to reconcile net income
Cash Flows from Operating Activities
Depreciation & Amortization 653,064
Increase in trade receivables (111,229)
Decrease in inventory 4,181
Decrease in prepaid & other current assets1,826
Increase in accounts payable & accrued
expenses 143,359
Increase in related party accounts (958,454)
Net cash used by operating activities (258,415)
Cash Flows from Investing Activities
Increase in Property, Plant, & Equip (163,741)
Decrease om deferred financing costs 0
Net cash used in investing activities (163,741)
Cash Flows from Financing Activities
Increase in L/T Debt Capital Lease Obligation 0
Contributed capital 0
Increase in LT Debt – Financing Obligation
434,755
Increase in Deferred G/L Straight-Lining Leases
0
Net cash provided by financing activities 434,755
Increase in cash balance 12,598
Cash, beginning of the year 7,500
Cash, end of the year 20,098
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