Cleveland Clinic Health System Obligated Group - FMSbonds.com
Cleveland Clinic Health System Obligated Group - FMSbonds.com Cleveland Clinic Health System Obligated Group - FMSbonds.com
Cleveland Clinic Health SystemAudited Consolidated Financial Statementsand Other Financial InformationDecember 31, 2007 and 2006ContentsReport of Independent Auditors.......................................................................................................1Audited Consolidated Financial StatementsConsolidated Balance Sheets ...........................................................................................................2Consolidated Statements of Operations and Changes in Net Assets ...............................................4Consolidated Statements of Cash Flows..........................................................................................6Notes to Consolidated Financial Statements....................................................................................7Other Financial InformationReport of Independent Auditors on Other Financial Information..................................................37Consolidating Balance Sheets........................................................................................................38Consolidating Statements of Operations and Changes in Net Assets ............................................42Consolidating Statements of Cash Flows ......................................................................................45Notes to Consolidating Financial Statements ................................................................................47
• Ernst & Young LLPSuite 1300925 Euclid AvenueCleveland, Ohio 44115• Phone: (216) 861-5000www.ey.comThe Board of TrusteesThe Cleveland Clinic FoundationReport of Independent AuditorsWe have audited the accompanying consolidated balance sheets of The Cleveland ClinicFoundation and controlled affiliates, d.b.a. Cleveland Clinic Health System (the System), as ofDecember 31, 2007 and 2006, and the related consolidated statements of operations and changesin net assets and cash flows for the years then ended. These financial statements are theresponsibility of the System’s management. Our responsibility is to express an opinion on thesefinancial statements based on our audits.We conducted our audits in accordance with auditing standards generally accepted in the UnitedStates. Those standards require that we plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free of material misstatement. We were not engagedto perform an audit of the System’s internal control over financial reporting. Our audit includedconsideration of internal control over financial reporting as a basis for designing auditprocedures that are appropriate in the circumstances, but not for the purpose of expressing anopinion on the effectiveness of the System’s internal control over financial reporting.Accordingly, we express no such opinion. An audit also includes examining, on a test basis,evidence supporting the amounts and disclosures in the financial statements, assessing theaccounting principles used and significant estimates made by management, and evaluating theoverall financial statement presentation. We believe that our audits provide a reasonable basis forour opinion.In our opinion, the financial statements referred to above present fairly, in all material respects,the consolidated financial position of the System at December 31, 2007 and 2006, and theconsolidated results of its operations, changes in net assets, and cash flows for the years thenended in conformity with accounting principles generally accepted in the United States.As discussed in Notes 10 and 12 to the consolidated financial statements, in 2007, the Systemadopted the provisions of FASB Interpretation No. 48, Accounting for Uncertainty in IncomeTaxes, and the recognition provisions of Statement Financial Accounting Standards No. 158, anInterpretation of FASB Statement 109, Employers’ Accounting for Defined Benefit Pension andOther Postretirement Plans, an Amendment of FASB Statements No. 87, 88, 106, and 132(R),respectively.March 12, 2008eyA member firm of Ernst & Young Global Limited1
- Page 71 and 72: TABLE OF CONTENTSPageINTRODUCTION .
- Page 73 and 74: This Appendix to the Offering Circu
- Page 75 and 76: A. ORIGINS AND FUNDAMENTAL MISSIONT
- Page 77 and 78: C. GOVERNANCE OF THE CLEVELAND CLIN
- Page 79 and 80: Voting Members of theBoard of Trust
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- Page 85 and 86: In addition to the broad range of o
- Page 87 and 88: The main campus also includes a com
- Page 89 and 90: GovernanceThe Cleveland Clinic is t
- Page 91 and 92: E. UTILIZATIONThe following tables
- Page 93 and 94: Statistical Information. The follow
- Page 95 and 96: I. COLLABORATIVE PROGRAMSIn additio
- Page 97 and 98: Clinic’s charity care policy, see
- Page 99 and 100: statements filed with Digital Assur
- Page 101 and 102: CLEVELAND CLINIC HEALTH SYSTEMConso
- Page 103 and 104: OBLIGATED GROUPConsolidated Stateme
- Page 105 and 106: PART IV.MANAGEMENT’S DISCUSSION A
- Page 107 and 108: increase in minor equipment purchas
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- Page 111 and 112: pension plans’ funded status in t
- Page 113 and 114: of funding to the pension plan offs
- Page 115 and 116: portfolio. Offsetting the decrease
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- Page 119 and 120: APPENDIX BCERTAIN FINANCIAL STATEME
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- Page 127 and 128: Changes in Net AssetsNet AssetsTemp
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<strong>Cleveland</strong> <strong>Clinic</strong> <strong>Health</strong> <strong>System</strong>Audited Consolidated Financial Statementsand Other Financial InformationDecember 31, 2007 and 2006ContentsReport of Independent Auditors.......................................................................................................1Audited Consolidated Financial StatementsConsolidated Balance Sheets ...........................................................................................................2Consolidated Statements of Operations and Changes in Net Assets ...............................................4Consolidated Statements of Cash Flows..........................................................................................6Notes to Consolidated Financial Statements....................................................................................7Other Financial InformationReport of Independent Auditors on Other Financial Information..................................................37Consolidating Balance Sheets........................................................................................................38Consolidating Statements of Operations and Changes in Net Assets ............................................42Consolidating Statements of Cash Flows ......................................................................................45Notes to Consolidating Financial Statements ................................................................................47
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