Polk Annual Report to the community

Liabilities and Net Assets

2017

2016

Current liabilities:

Current portion of long-term debt Accounts payable Accrued salary Accrued benefits Other accrued expenses

$ 154,146 556,542 157,440 794,854 760,375 711,740 1,475,692

$ 56,465 1,005,679 116,822

680,666 274,580 3,721,861 1,457,176

Estimate third-party payor settlements Due to Floyd Healthcare Management Inc.

Total current liabilities

4,620,789

7,313,249

Long-term debt, net of current portion

36,966,665

37,416,421

Total liabilities

41,587,454

44,729,670

Net assets - unrestricted

15,725,240

10,068,131

Total liabilities and net assets

$ 57,312,694

$ 54,797,801

Income Statement

2017

2016

Unrestricted revenues, gains and other support: Patient service revenue (net of contractual allowances and discounts) Provision for bad debts

$ 46,539,362 (16,220,297)

$ 39,787,516 (12,645,020)

Net patient service revenue

30,319,065

27,142,496

Other operating revenue

219,789

574,616

Total revenues, gains and other support

30,538,854

27,717,112

Expenses:

Operating expenses Interest expense Depreciation

20,472,911 1,317,280 3,110,822

17,935,869 869,956 3,470,192

Total expenses

24,901,013

22,276,017

Operating income

5,637,841

5,441,095

Nonoperating income: Investment income

19,268

5,623

Excess revenues

$ 5,657,109

$ 5,446,718

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