youth academy

YOUTH ACADEMY, LLC AND AFFILIATES
BALANCE SHEETS
December 31, 2013
ASSETS
CURRENT ASSETS
Cash $ 593,552
Accounts Receivable, net 543,714
Deposits and prepaid expenses 53,839
TOTAL CURRENT ASSETS 1,191,105
PROPERTY AND EQUIPMENT, net 4,620,048
OTHER ASSETS 39,416
TOTAL ASSETS $ 5,850,569
LIABILITIES AND MEMBERS’ EQUITY
CURRENT LIABILITIES
Borrowings on line of credit $ 4,744
Current maturities of long-term debt 104,773
Accounts payable and accrued expenses 303,140
Total current liabilities 412,657
LONG-TERM DEBT, net of current portion 4,527,608
MEMBERS’ EQUITY 910,304
TOTAL LIABILITIES AND
MEMBERS’ EQUITY $ 5,850,569
YOUTH ACADEMY, LLC AND AFFILIATES
STATEMENTS OF INCOME
Year Ended December 31, 2013
REVENUES
Net client service revenue $ 4,568,539
Interest income 26
Other 32,830
Total Revenues 4,601,395
EXPENSES
Salaries and wages 2,399,093
Employee benefits and payroll taxes 624,271
Interest 146,883
Office 61,816
Depreciation 208,812
Utilities 79,054
Contracted and professional services 107,715
Telephone and communications 31,254
Medicaid provider tax 81,684
Insurance 92,883
Other 518,820
Total Expenses 4,352,285
NET LOSS (249,110)
MEMBERS EQUITY,
BEGINNING OF YEAR 791,694
Distributions to members (130,500)
MEMBERS’ EQUITY, END OF YEAR $ 910,304
The financial statements above represent the combined financial position and results of operation for Youth Academy, LLC and Affiliates, also sometimes collectively referred to as Academy Programs, which is comprised of following related entities:
• Youth Academy, LLC, a limited liability company,
• Yore Academy, Inc., a corporation,
• YALE Academy, LLC, a limited lability company
• Academy Management, LLC, a limited liability
company, and
• Crosswind Properties, LLC, a limited liability
company.
Ownership of each of the entities is the same with
percentage of ownership greater than 5{4ceb532c6f579389df471c6c1e832caf2346b74dc60fcbf6aabd4d29df3baf9c} are as follows:
• Ronald Pearse 50.{4ceb532c6f579389df471c6c1e832caf2346b74dc60fcbf6aabd4d29df3baf9c}
• F. David Bonasso 50.{4ceb532c6f579389df471c6c1e832caf2346b74dc60fcbf6aabd4d29df3baf9c}
Details supporting the content of this statement are available for public inspection and copying at the office of the West Virginia Health Care Authority, 100 Dee Drive, Charleston, West Virginia, 25305, during regular hours 9:00 am to 5:00 pm, on any business day. There is a charge for copying.
Times: March 18, 2015