FINANCIAL REPORT OF THE
GOOD SHEPHERD NURSING HOME, L.C.
159 Edgington Lane, Wheeling, West Virginia
BALANCE SHEET, YEAR ENDED
DECEMBER 31, 2015
ASSETS
Current Assets
Cash $2,153,183
Patient receivables, net 1,758,111
Inventories 237,260
Assets whose use is limited 91,213
Prepaid expenses and other current assets 275,927
Total current assets 4,515,694
Property and Equipment, at cost
Grounds 229,533
Land 110,000
Building and leasehold improvements 17,129,285
Equipment 5,377,992
Vehicles 222,604
Construction in progress 778,769
23,848,183
Less accumulated depreciation (12,405,647)
Total property and equipment 11,442,536
Total assets $15,958,230
LIABILITIES AND NET ASSETS
Current Liabilities
Accounts payable and accrued expenses $1,081,413
Current portion of notes payable 167,537
Total current liabilities 1,248,950
Long-term debt 1,748,291
Net Assets (Unrestricted)
Non-operating funds:
Grants from Clara Welty Trust 6,760,534
General donations 1,796,800
BOD Endowment 100,000
Operating Fund 4,303,655
14,128,812
Total liabilities and net assets $15,958,230
STATEMENT OF OPERATIONS
Year Ended December 31, 2015
Revenues:
Medicaid Revenue $10,709,292
Medicare Revenue 590,026
Private Revenue 4,304,486
Other revenue 626,013
Total revenues 16,229,817
Expenses:
Salaries and wages 7,876,267
Employee benefits and payroll taxes 2,325,069
Utilities 281,063
Nursing supplies 799,424
Food costs and supplies 693,438
Supplies and other expenses 717,863
Depreciation 957,815
Provision for bad debts 10,361
Purchased services 1,013,003
Insurance 161,674
Interest expense 40,331
Taxes 900,571
Total expenses 15,776,879
Excess of revenues over expenses
from operations 452,938
Non-operating income (expense):
Investment income 21,551
Unrestricted other contributions 381,648
Gain on (Loss) disposal of fixed assets –
Unrestricted contributions from (to)
related party (2,023,960)
Total non-operating income (loss) (1,620,761)
Excess (deficiency) of revenues over expenses
and increase (decrease) in
unrestricted net assets (1,167,823)
STATEMENT OF CHANGES IN NET ASSETS
Year Ended December 31, 2015
Balance, December 31, 2014 $14,128,812
Increase in unrestricted net assets (1,167,823)
Balance, December 31, 2015 $12,960,989
STATEMENT OF CASH FLOWS
Year Ended December 31, 2015
Cash Flows From Operating Activities
Increase (decreas in unrestricted)
net assets $ (1,167,823)
Adjustments to reconcile increase in
unrestricted net assets to cash flows
provided by operating activities:
Depreciation 957,815
(Gain) on disposal of fixed assets – Provision for bad debts 10,361
Changes in operating assets and liabilities:
(Increase) decrease patient receivables (574,933)
(Increase) decrease in inventories (36,021)
(Increase) decrease in prepaid expenses and
other current assets 5,262
Increase (decrease) in accounts payable and
accured expenses 248,811
Net cash provided by operating activities (556,528)
Cash Flows From Investing Activities
Purchase of property and equipment (1,114,587)
Net cash used in investing activities (1,114,587)
Cash Flows from Financing Activities
Proceeds from note 1,914,788
Net cash provided by financing activities 1,914,788
Net increase in cash and cash equivalents 243,673
Cash and cash equivalents:
Beginning 2,000,723
Ending $2,244,396
Location of cash and cash equivalents on
the balance sheet:
Cash $2,153,183
Assets whose use is limited 91,213
Total cash and cash equivalents $2,244,396
NOTICE
The Good Shepherd Nursing Home, L.C. is a non-profit manager, managed West Virginia limited liability company whose sole member is The Welty Home for the Aged, Inc. and operates a 192 bed, fully certified, skilled care facility at 159 Edgington Lane, Wheeling, West Virginia. Good Shepherd Nursing Home, L.C. does not discriminate based on the grounds of race, color, religion, national origin, sex, political affiliation or ancestry. The Welty Home for the Aged is a non-profit corporation operated under the general supervision of the Roman Catholic Diocese of Wheeling-Charleston. An annual financial report is required of Good Shepherd by Chapter 16, Article 5F of the West Virginia Code.
All other reports, statements and schedules required to be filed with the Director of Health will be 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.
Int. August 9, 2016
N.R. August 9, 2016
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