Cleveland Clinic Health System Obligated Group - FMSbonds.com

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Cleveland Clinic Health SystemConsolidated Balance Sheets(In Thousands)AssetsCurrent assets:Cash and cash equivalents 268,081December 312007 2006$ $ 460,632Patient receivables, net of allowances for uncollectibleaccounts of $98,315 in 2007 and $95,931 in 2006 552,270 488,073Investments for current use 101,452 61,726Other current assets 570,442 396,967Total current assets 1,492,245 1,407,398Investments, including securities pledged to creditorsof $349,650 in 2007 and $202,697 in 2006:Investments 1,979,101 1,403,058Funds held by bond trustees 55,225 240,178Assets held for self-insurance 171,403 250,527Donor restricted assets 338,279 279,2952,544,008 2,173,058Property, plant, and equipment, net 2,503,309 2,174,831Other assets:Pledges receivable, net 140,924 140,420Trusts and interests in foundations 121,371 112,262Other noncurrent assets 75,049 199,990337,344 452,672Total assets $ 6,876,906 $ 6,207,9592
Liabilities and net assetsCurrent liabilities:Accounts payable 286,955December 312007 2006$ $ 271,344Compensation and amounts withheld from payroll 101,502 94,323Estimated amounts due to third-party payors 35,233 36,094Current portion of long-term debt 15,941 9,655Other current liabilities 653,662 480,396Total current liabilities 1,093,293 891,812Long-term debt:Hospital revenue bonds 1,468,480 1,473,121Notes payable and capital leases 52,261 62,7711,520,741 1,535,892Other liabilities:Accrued self-insurance 183,397 265,245Accrued retirement benefits 378,095 365,243Other noncurrent liabilities 271,341 248,235832,833 878,723Total liabilities 3,446,867 3,306,427Net assets:Unrestricted 2,763,227 2,315,489Temporarily restricted 476,407 416,440Permanently restricted 190,405 169,603Total net assets 3,430,039 2,901,532Total liabilities and net assets $ 6,876,906 $ 6,207,959See notes to consolidated financial statements.3 .
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NEW ISSUEBOOK ENTRY ONLYSee “RATI
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TABLE OF CONTENTSINTRODUCTORY STATE
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OFFERING CIRCULARRelating to$452,34
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Security and Sources of Payment for
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Upon issuance of the Series 2008A B
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(ii) acquisition of magnetic resona
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$147,200,000 Term Bonds Due January
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that the redemption is conditional
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Use of Certain Terms in Other Secti
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County BondsThe Cleveland Clinic an
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The Cleveland Clinic regularly revi
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ESTIMATED SOURCES AND USES OF FUNDS
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DEBT SERVICE COVERAGEThe following
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MedicareGeneralApproximately 29% of
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there is no assurance that the Obli
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Medicare Conditions of Participatio
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fiscal year’s budget that are in
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Federal Regulatory and Contractual
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Stark-type statutes have fewer exce
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party or for any services rendered
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typically in a position to refer pa
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OhioOhio Certificate of Need Progra
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performance demonstration programs
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manifest injustice would otherwise
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and properties owned or operated by
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plan of reorganization, with one ex
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percentage may be composed wholly o
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The Internal Revenue Service Form 9
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Charity Care, Underinsured and Unin
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• Proposals to eliminate the tax-
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acting in the capacity of underwrit
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Frederick R. Nance, Regional Managi
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FINANCIAL POSITION — D. BALANCE S
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The CommissionBecause the Series 20
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APPENDIX ACLEVELAND CLINIC HEALTH S
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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
Page 81 and 82: Voting Members of theBoard of Trust
Page 83 and 84: Principal Operating Officers. The d
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
Page 109 and 110: The following table sets forth the
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
Page 117 and 118: • Clinic Care, Inc. (“Clinic Ca
Page 119 and 120: APPENDIX BCERTAIN FINANCIAL STATEME
Page 121 and 122: A UDITED C ONSOLIDATED F INANCIAL S
Page 123: • Ernst & Young LLPSuite 1300925
Page 127 and 128: Changes in Net AssetsNet AssetsTemp
Page 129 and 130: Cleveland Clinic Health SystemNotes
Page 159 and 160: Other Financial Information
Page 161 and 162: • Ernst & Young LLPSuite 1300925
Page 163 and 164: Liabilities and net assetsCurrent l
Page 165 and 166: Liabilities and net assetsCurrent l
Page 167 and 168: Cleveland Clinic Health SystemConso
Page 169 and 170: Cleveland Clinic Health SystemConso
Page 173 and 174: APPENDIX CSUMMARY OF BASIC DOCUMENT
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APPENDIX CSUMMARY OF BASIC DOCUMENT
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“Bond Indenture” means the Bond
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period of three months from the com
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PROPERTY”, and all improvements,
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direct, express or charitable trust
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Rate Hedge” for purposes of this
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Debt according to a fixed schedule
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“Officer’s Certificate” means
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provided, however, that Series 2008
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(t) liens on money or obligations d
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Project Administrator. In the event
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“Stated Maturity” means, when u
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(b) the Cleveland Clinic, or if the
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(d) the Master Trustee receives an
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(g) the loan of cash or other non-O
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under this caption shall be deemed
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Supplemental Indenture to which suc
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emedy thereunder, unless the Noteho
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purchase or other acquisition or re
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limitation, (A) the Special Funds a
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(b) Default in the payment of the p
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Fund Requirements, in the order of
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(g) to evidence the appointment of
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THE LEASEThe Lease contains various
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(a) Failure by the Cleveland Clinic
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APPENDIX DPROPOSED FORM OF OPINION
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PROPOSED TEXT OF LEGAL OPINION OFSQ
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October __, 2008Page 32008A Bonds c
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