WESTBROOK HEALTH SERVICES, INC.
STATEMENTS OF FINANCIAL POSITION
AS OF JUNE 30, 2015 AND 2014
ASSETS
2015 2014
CURRENT ASSETS:
Cash and cash equivalents $2,345,203 $2,146,096
Accounts receivable, less allowance for doubtful accounts
of $366,394 and $430,801 in 2015 and 2014 1,233,067 1,153,927
Federal and state grants receivable 1,287,303 860,291
Prepaid expenses 69,992 64,327
Total current assets 4,935,565 4,224,641
INVESTMENTS 932,973 939,553
PROPERTY AND EQUIPMENT, net 4,053,132 3,575,320
Total assets $9,921,670 $8,739,514
LIABILITIES AND NET ASSETS
CURRENT LIABILMES:
Accounts payable $ 456,167 $ 471,701
Advanced billings 90,723 72,563
Salaries payable 366,622 348,366
Accrued expenses 201,383 193,186
Accrued vacation payable 270,852 271,328
Other liabilities 36,943 37,206
Total current liabilities 1,422,690 1,394,350
NET ASSETS
Unrestricted, undesignated operating 4,445,848 3,769,844
Unrestricted, undesignated property and equipment 3,454,661 3,575,320
Unrestricted, board designated 598,471 —
Total net assets 8,498,980 7,345,164
Total liabilities and net assets $9,921,670 $8,739,514
The accompanying notes are an integral part of these financial statements.
WESTBROOK HEALTH SERVICES, INC.
STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS
FOR THE YEARS ENDED JUNE 30, 2015 AND 2014
2015 2014
REVENUE:
PATIENT REVENUE:
Patient revenue (net of discounts, adjustments, and write-offs
of $7,148,872 and $8,180,540 in 2015 and 2014) $18,141,584 $17,620,366
FEDERAL REVENUE 1,453,886 1,214,976
STATE REVENUE 4,321,620 4,788,916
LOCAL REVENUE 258,900 286,838
OTHER REVENUE:
Miscellaneous income 249,252 88,559
Total revenue 24,425,242 23,999,655
OPERATING EXPENSES:
Salaries and wages 14,605,385 14,525,948
Fringe benefits and payroll taxes 2,986,723 2,933,668
Contracted services 1,738,535 1,542,043
Medicaid taxes 665,549 657,066
Depreciation 483,036 472,796
Travel 469,182 529,260
Maintenance 398,329 386,972
Rental 398,184 358,310
Utilities 347,475 298,665
Program operations and supplies 253,989 372,362
Telephones and pagers 188,840 225,408
Food products 175,841 164,920
Insurance 172,670 142,110
Advertising 156,039 94,839
Miscellaneous 77,483 165,167
Office 68,453 43,072
Staff training 59,738 56,977
Interest 10,771 12,673
Non-capitalized equipment 8,974 13,383
Fundraising 6,230 —
Total operating expenses 23,271,426 22,896,639
Changes in net assets 1,153,816 1,103,016
NET ASSETS, beginning of the year 7,345,164 6,242,148
NET ASSETS, end of the year $8,498,980 $7,345,164
The accompanying notes are an integral part of these financial statements.
Oct 29