FINANCIAL REPORT OF THE
GOOD SHEPHERD NURSING HOME, L.C.
159 Edgington Lane, Wheeling, West Virginia
BALANCE SHEET, YEAR ENDED
DECEMBER 31, 2014
ASSETS
Current Assets
Cash $1,945,175
Patient receivables, net 1,193,539
Inventories 201,239
Assets whose use is limited 55,548
Prepaid expenses and other current assets 281,189
Total current assets 3,676,690
Property and Equipment, at cost
Grounds 132,191
Land 110,000
Building and leasehold improvements 16,741,861
Equipment 5,001,274
Vehicles 222,604
Construction in progress 525,666
22,733,596
Less accumulated depreciation (11,447,832)
Total property and equipment 11,285,764
Total assets $14,962,454
LIABILITIES AND NET ASSETS
Current Liabilities
Accounts payable and accrued expenses $833,642
Total current liabilities 833,642
Net Assets (Unrestricted)
Non-operating funds:
Grants from Clara Welty Trust 7,800,085
General donations 1,415,152
BOD Endowment 100,000
Operating Fund 4,813,575
14,128,812
Total liabilities and net assets $14,962,454
STATEMENT OF OPERATIONS
Year Ended December 31, 2014
Revenues:
Medicaid Revenue $9,891,014
Medicare Revenue 346,331
Private Revenue 4,934,981
Other revenue 377,849
Total revenues 15,550,175
Expenses:
Salaries and wages 7,288,038
Employee benefits and payroll taxes 2,309,853
Utilities 270,107
Nursing supplies 576,123
Food costs and supplies 649,858
Supplies and other expenses 442,349
Depreciation 944,310
Provision for bad debts 159,408
Purchased services 800,763
Insurance 151,348
Taxes 859,577
Total expenses 14,451,734
Excess of revenues over expenses
from operations 1,098,441
Non-operating income (expense):
Investment income 17,563
Unrestricted other contributions 100,149
Gain on disposal of fixed assets (12,301)
Unrestricted contributions from
related party 45,488
Total non-operating income 150,899
Excess of revenues over expenses
and increase in unrestricted net assets $1,249,340
STATEMENT OF CHANGES IN NET ASSETS
Year Ended December 31, 2014
Balance, December 31, 2012 $12,312,952
Increase in unrestricted net assets 566,520
Balance, December 31, 2013 $12,879,472 Increase in unrestricted net assets 1,249,340
Balance, December 31, 2014 $14,128,812
STATEMENT OF CASH FLOWS
Year Ended December 31, 2014
Cash Flows From Operating Activities
Increase in unrestricted net assets $1,249,340
Adjustments to reconcile increase in
unrestricted net assets to cash flows
provided by operating activities:
Depreciation 944,310
(Gain) on disposal of fixed assets 12,301 Provision for bad debts 159,408
Changes in operating assets and liabilities:
(Increase) in patient receivables (33,945)
(Increase) in inventories (2,125)
(Increase) in prepaid expenses and
other current assets (64,482)
Increase (decrease) in accounts payable and
accured expenses (57,316)
Net cash provided by operating activities 2,207,491
Cash Flows From Investing Activities
Purchase of property and equipment (2,045,596)
Net cash used in investing activities (2,045,596)
Net increase in cash and cash
equivalents 161,895
Cash and cash equivalents:
Beginning 1,838,828
Ending $2,000,723
Location of cash and cash equivalents on
the balance sheet:
Cash $1,945,175
Assets whose use is limited 55,548
Total cash and cash equivalents $2,000,723
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. June 24, 2015
N.R. June 24, 2015
234475