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 SystemConsolidated Statements of Operationsand Changes in Net Assets(In Thousands)OperationsYear Ended December 312007 2006Unrestricted revenuesNet patient service revenue $ 4,354,781 $ 3,969,429Other 452,445 429,620Total unrestricted revenues 4,807,226 4,399,049ExpensesSalaries, wages, and benefits 2,564,129 2,352,799Supplies 549,166 499,051Pharmaceuticals 258,545 239,668Purchased services 257,982 226,497Administrative services 145,562 125,197Facilities 256,960 214,094Insurance 11,120 18,040Provision for uncollectible accounts 147,161 99,3084,190,625 3,774,654Operating income before interest, depreciation,and amortization expenses 616,601 624,395Interest 56,193 57,275Depreciation and amortization 211,307 194,919Operating income 349,101 372,201Nonoperating gains and lossesInterest and dividends 44,295 49,556Net realized and unrealized gains on investmentsclassified as trading 81,407 104,851Other, net 11,637 (7,162)Net nonoperating gains and losses 137,339 147,245Excess of revenues over expenses 486,440 519,4464
Changes in Net AssetsNet AssetsTemporarily PermanentlyUnrestricted Restricted Restricted TotalBalances at January 1, 2006 $ 1,707,121 $ 376,023 $ 164,715 $ 2,247,859Excess of revenues over expenses 519,446 – – 519,446Discontinued operations 28,479 – – 28,479Donated capital and assets released fromrestrictions for capital purposes 10,212 (9,735) – 477Gifts and bequests – 84,277 5,886 90,163Transfer of net assets 5,115 (5,115) – –Net investment income – 21,010 – 21,010Net assets released from restrictionsused for operations includedin other unrestricted revenues – (50,020) – (50,020)Minimum pension liability adjustment 37,628 – – 37,628Change in value of derivatives 7,720 – – 7,720Change in value of perpetual trusts – – (998) (998)Foreign currency translation adjustment (232) – – (232)Increase in net assets 608,368 40,417 4,888 653,673Balances at December 31, 2006 2,315,489 416,440 169,603 2,901,532Excess of revenues over expenses 486,440 – – 486,440Donated capital and assets released fromrestrictions for capital purposes 6,636 (6,232) – 404Gifts and bequests – 88,433 16,819 105,252Net investment income – 22,210 – 22,210Net assets released from restrictionsused for operations includedin other unrestricted revenues – (48,920) – (48,920)Minimum pension liability adjustment 94,725 – – 94,725Adjustment to adopt FASB Statement No. 158 (141,771) – – (141,771)Change in value of derivatives 1,693 – – 1,693Change in beneficial interests in foundations 4,476 2,304 6,780Change in value of perpetual trusts – – 1,679 1,679Foreign currency translation adjustment 36 – – 36Change in unrealized investment net gainson nontrading investments 8,261 – – 8,261Increase in net assets before cumulativeeffect of accounting change 456,020 59,967 20,802 536,789Cumulative effect of change in accountingfor income taxes (8,282) – – (8,282)Increase in net assets 447,738 59,967 20,802 528,507Balances at December 31, 2007 $ 2,763,227 $ 476,407 $ 190,405 $ 3,430,039See notes to consolidated financial statements.5 .
- 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
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- Page 125: Liabilities and net assetsCurrent l
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- Page 159 and 160: Other Financial Information
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- Page 167 and 168: Cleveland Clinic Health SystemConso
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- Page 173 and 174: APPENDIX CSUMMARY OF BASIC DOCUMENT
- Page 175 and 176: APPENDIX CSUMMARY OF BASIC DOCUMENT
Changes in Net AssetsNet AssetsTemporarily PermanentlyUnrestricted Restricted Restricted TotalBalances at January 1, 2006 $ 1,707,121 $ 376,023 $ 164,715 $ 2,247,859Excess of revenues over expenses 519,446 – – 519,446Discontinued operations 28,479 – – 28,479Donated capital and assets released fromrestrictions for capital purposes 10,212 (9,735) – 477Gifts and bequests – 84,277 5,886 90,163Transfer of net assets 5,115 (5,115) – –Net investment in<strong>com</strong>e – 21,010 – 21,010Net assets released from restrictionsused for operations includedin other unrestricted revenues – (50,020) – (50,020)Minimum pension liability adjustment 37,628 – – 37,628Change in value of derivatives 7,720 – – 7,720Change in value of perpetual trusts – – (998) (998)Foreign currency translation adjustment (232) – – (232)Increase in net assets 608,368 40,417 4,888 653,673Balances at December 31, 2006 2,315,489 416,440 169,603 2,901,532Excess of revenues over expenses 486,440 – – 486,440Donated capital and assets released fromrestrictions for capital purposes 6,636 (6,232) – 404Gifts and bequests – 88,433 16,819 105,252Net investment in<strong>com</strong>e – 22,210 – 22,210Net assets released from restrictionsused for operations includedin other unrestricted revenues – (48,920) – (48,920)Minimum pension liability adjustment 94,725 – – 94,725Adjustment to adopt FASB Statement No. 158 (141,771) – – (141,771)Change in value of derivatives 1,693 – – 1,693Change in beneficial interests in foundations 4,476 2,304 6,780Change in value of perpetual trusts – – 1,679 1,679Foreign currency translation adjustment 36 – – 36Change in unrealized investment net gainson nontrading investments 8,261 – – 8,261Increase in net assets before cumulativeeffect of accounting change 456,020 59,967 20,802 536,789Cumulative effect of change in accountingfor in<strong>com</strong>e taxes (8,282) – – (8,282)Increase in net assets 447,738 59,967 20,802 528,507Balances at December 31, 2007 $ 2,763,227 $ 476,407 $ 190,405 $ 3,430,039See notes to consolidated financial statements.5 .
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