ANNUAL REPORT
OHIO VALLEY HEALTH SERVICES AND
EDUCATION CORPORATION, WHEELING, WV
Ohio Valley Health Services and Education Corporation is a non-stock, not-for-profit, corporation which operates Ohio Valley Medical Center, Incorporated, OVHS&E Foundation, Inc., East Ohio Regional Hospital at Martins Ferry, and River Health Enterprises, Inc., which are located in Wheeling, West Virginia and Martins Ferry, Ohio.
The details concerning the contents of this advertisement, together with the other reports, statements and schedules required to be filed, are available for public inspection and copying at the office of the West Virginia Health Care Authority, 100 Dee Drive, Charleston, WV 25311, during regular hours 9:00 a.m. to 5:00 p.m. on any business day.
OHIO VALLEY HEALTH SERVICES AND EDUCATION
CORPORATION BALANCE SHEET
December 31, 2014
ASSETS
Current Assets:
Cash and cash equivalents (91,065)
Assets limited as to use –
Investments 377,479
Affiliate receivables 32,531,778
Supplies inventory 22,380
Prepaid expenses and other current assets 168,679
Total current assets 33,009,251
Assets limited as to use 237,614
Advances to subsidiaries 19,916,507
Property, plant and equipment-net 2,680,602
Other assets 75,000
TOTAL ASSETS 55,918,974
LIABILITIES AND NET ASSETS
Current Liabilities
Current portion of long-term debt 502,833
Accounts payable 11,116,478
Other accrued expenses 6,682,846
Total Current Liabilities 18,302,157
Advances from affiliate –
Long-term debt less current portion 25,793,497
TOTAL LIABILITIES 44,095,654
NET ASSETS
Unrestricted 11,589,377
Temporarily Restricted 66,443
Permanently Restricted 167,500
TOTAL NET ASSETS 11,823,320
TOTAL LIABILITIES AND NET ASSETS 55,918,974
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2014
Other revenue 17,730,453
Net assets released from restrictions used for opeartions –
Total operating revenue 17,730,453
Operating Expenses
Salaries and wages 5,521,938
Fringe benefits 1,352,474
Supplies 1,309,643
Depreciation and amortization 550,840
Professional fees and purchased services 3,808,915
Interest 1,731,932
Rental, repairs and other 3,421,466
Utilities 131
Total operating expenses 17,697,339
Income (loss) from operations 33,114
Nonoperating gains 11,274
Excess (deficit) of revenue over expenses 44,388
Change in unrealized gain on investments 15,854
INCREASE (DECREASE) IN UNRESTRICTED NET ASSETS 60,242
ANNUAL REPORT
OHIO VALLEY MEDICAL CENTER, INC. WHEELING, WV
Ohio Valley Medical Center is a non-stock, not-for-profit corporation located in Wheeling, West Virginia. The Medical Center is a controlled subsidiary of Ohio Valley Health Services and Education Corporation.
The details concerning the contents of this advertisement, together with the other reports, statements, and schedules required to be filed, are available for public inspection and copying at the office of the West Virginia Health Care Authority, 100 Dee Drive, Charleston, WV 25311, during regular hours 9:00 a.m. to 5:00 p.m. on any business day.
OHIO VALLEY MEDICAL CENTER, INCORPORATED
BALANCE SHEET AT DECEMBER 31, 2014
ASSETS
Current Assets:
Cash and cash equivalents 8,103,757
Investments 19,908
Receivables-net 12,591,000
Inventories 3,442,139
Prepaid expenses 1,956,226
Total current assets 26,113,030
Assets whose use is limited-less current portion 3,584,569
Property, plant and equipment-net 24,147,752
Other assets 2,342
TOTAL ASSETS 53,847,693
LIABILITIES AND NET ASSETS
Current Liabilities:
Accounts payable 662,237
Estimated amounts due to third party payors 843,287
Current portion of long-term debt 629,700
Other accured liabilities 2,507,621
Affiliate payable 25,144,066
Total Current liabilities 29,786,911
Other liabilities 2,587,544
Accured pension costs and deferred compensation (9,489,075)
Advances from affiliate 12,816,507
Long-term debt less current portion 1,908,228
TOTAL LIABILITIES 37,610,115
NET ASSETS:
Unrestricted 12,662,999
Temporarily Restricted 795,673
Permanently Restricted 2,778,906
TOTAL NET ASSETS 16,237,578
TOTAL LIABILITIES AND NET ASSETS 53,847,693
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2014
Net patient service revenue 97,771,115
Other revenue 5,186,511
Grants –
Net assets released from restrictions used for operations 51,893
Total operating revenue 103,009,519
Operating Expenses
Salaries and wages 37,193,446
Fringe benefits 9,368,154
Supplies 19,619,984
Purchased service 9,971,491
Depreciation and amortization 3,014,078
Intercompany allocation 10,408,696
Malpractice 459,429
Interest 166,791
Rental, repairs and other 7,108,837
Utilities 1,819,872
Total operating expenses 99,130,778
Income (loss) from operations 3,878,741
Investment income and other 56,930
Grants related to long-lived assets 13,127
Excess (deficit) of revenue over expenses 3,948,798
Net unrealized gain (loss) on investments –
Defined benefit pension plan adjustment (1,546,778)
INCREASE (DECREASE) IN UNRESTRICTED NET ASSETS 2,402,020
ANNUAL REPORT
OHIO VALLEY HEALTH SERVICES &
EDUCATION FOUNDATION, INC., WHEELING, WV
Ohio Valley Health Services and Education Foundation, Inc. is a non-stock, not-for-profit corporation which administers certain gifts, grants and bequests in Wheeling, West Virginia. The Ohio Valley Health Services and Education Foundation is a controlled subsidiary of Ohio Valley Services and Education Corporation.
The details concerning the contents of this advertisement, together with the other reports, statements, and schedules required to be filed, are available for public inspection and copying at the office of the West Virginia Health Care Authority, 100 Dee Drive, Charleston, WV, 25311, during regular hours 9:00 a.m. to 5:00 p.m on any business day.
OHIO VALLEY HEALTH SERVICES AND EDUCATION
FOUNDATION, INC. BALANCE SHEET
December 31, 2014
ASSETS
Current Assets:
Affiliate receivables –
Prepaid expenses 366,297
Total Current Assets 366,297
Assets whose use is limited-less current portion 571,434
TOTAL ASSETS 937,731
LIABILITIES AND NET ASSETS
Current Liabilities: –
Affiliate payable 310,811
NET ASSETS:
Unrestricted 41,554
Temporarily Restricted 564,465
Permanently Restricted 20,901
TOTAL NET ASSETS 626,920
TOTAL LIABILITIES AND NET ASSETS 937,731
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2014
Other operating revenues –
Net assets released from restrictions 69,278
Total operating revenue 69,278
Operating Expenses
Salaries and wages 1,440
Fringe benefits 110
Supplies 124
Professional fees –
Intercompany allocation 3,346
Rentals, repairs and other 118,853
Total operating expenses 123,873
Income (loss) from operations (54,595)
Nonoperating gains 19,235
Excess (deficit) of revenue over expenses (35,360)
Transfer to affiliate –
INCREASE (DECREASE) IN UNRESTRICTED NET ASSETS (35,360)
ANNUAL REPORT
RIVER HEALTH ENTERPRISES, INC., WHEELING, WV
River Health Enterprises, Inc., is a stock, for-profit corporation which operates various health clinics and manages property in Ohio and West Virginia. River Health Enterprises is a controlled subsidiary of the Ohio Valley health Services and Education Corporation.
The details concerning the contents of this advertisement, together with the other reports, statements, and schedules required to be filed, are available for public inspection and copying at the office of the West Virginia Health Care Authority, 100 Dee Drive, Charleston, WV, 25311, during regular hours 9:00 a.m. to 5:00 p.m on any business day
RIVER HEALTH ENTERPRISES
BALANCE SHEET
December 31, 2014
ASSETS
Current Assets:
Cash and short term investments 100
Patient accounts receivable-net (4,487)
Total current assets (4,387)
Property, plant and equipment-net 2,487,391
TOTAL ASSETS 2,483,004
LIABILITIES AND NET ASSETS
Current Liabilities:
Accounts payable –
Affiliate payables 2,086,251
Other accrued expenses 45,594
Current portion of long-term debt –
Total Current liabilities 2,131,845
Advances from affiliate 100,000
Long-term debt less current portion –
TOTAL LIABILITIES 2,231,845
Common stock 1,000
Retained earnings 250,159
TOTAL EQUITY 251,159
TOTAL LIABILITIES AND EQUITY 2,483,004
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2014
Net patient service revenue –
Other operating revenue 278,290
Total operating revenue 278,290
Operating Expenses
Salaries and wages 28,221
Fringe benefits 2,068
Purchased service 2,790
Intercompany allocation 13,013
Supplies 28,058
Utilities 58,478
Rental, repairs, insurance and other 94,463
Depreciation and amortization 195,469
Interest 0
Total operating expenses 422,560
Income (loss) from operations (144,270)
Nonoperating gain (loss) –
Excess (deficit) of revenue over expenses (144,270)
Transfer from affiliate –
INCREASE (DECREASE) IN RETAINED EARNINGS (144,270)
Int. June 6, 2015
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