New York Society for the Relief of the Ruptured and Crippled, Maintaining the Hospital for Special Surgery

Transcription

1 New York Society for the Relief of the Ruptured and Crippled, Maintaining the Hospital for Special Surgery FINAN IAL STATEMENT (unaudited) December 1

2 York Society for the Relief of the Ruptured and Crippled, Maintaining the Hospital for Special Surgery Statements of Financial Position Other (Unaudited) December (In Thousands) 89,867 94,286 17,138 18, ,837 (Audited) December ,926 86,147 21,555 17, ,335 Liabilities and net assets Current liabilities: (Unaudited) December ,271 38,808 39,852 3,125 17,138 23, ,224 (Audited) December ,328 33,130 31,557 3,649 21,555 24, , ,631 8,157 5,812 13, ,699 7,133 12, , ,268 59,507

3 (Unaudited) (Audited) Year Ended December (In Thousand.\~ 820, ,138 16, , , ,554 17, , , , ,973 8,201 54,417 8, , , , ,909 9,697 53,696 8, ,958 76,790 53,467 31,813 29,348 39,006 (7,193) 34,385 (5,037) 8,091 6,748 2,671 33,445 84,436 84, ,243 84,546

4 New York Society for the Relief of the Ruptured and the Hospital for Statement Year Ended December 3 I, 2015 Quasi- Interest in Total Total Temporarily Permanently 419,720 85,243 3, ,439 85,243 2,572 2,572 53,103 43,974 66, , , ,678 85,243 2,572 subsidiary (807) (807) (807) 3,363 3,363 3,363

5 New York for the Relief of the Ruptured and Crippled, Maintaining the Hospital for Special Surgery Statement of Changes in Net Assets Year Ended December 3 1, Unrestricted Temporarily Restricted Total Unrestricted Endowment Total Unrestricted Specific Purpose Plant Research Temporarily Restricted Permanently Restricted Total at December Operating Income assets released from restrictions for capital 376,479 84,546 6, ,479 84,546 6,605 48,378 42,260 60, , , ,853 84,546 6,605 1,889 1,889 1,889 7,169 57,605 69,826

6 Year Ended December Thousands) 100,856 71,825 (8,091) (2,671) ,603 55,724 (329) (360) 4,319 46,799 (6,931) (7,641) (6,241) (9,311) (12,221) ~net (10,768) (7,169) (22,000) (30,790) accrued salaries (8,919) (13,848) 1,074 (2,311) 5,465 9,621 27,415 (524) 1,272 27,887 21,774 (4,266) (1,644) 133, ,473 (136,721) (71,046) (43,133) (66,437) 35,767 (59,137) (144,087) (196,620) (36,769) (26,635) 44,536 90,393 net 10,768 7,169 9,311 12,221 27,846 83,148 16,941 36,001 72,926 36,925 89,867 72,926

7 for the R,elief of Crippled, Maintaining Special 5 Presentation and Significant Accounting Policies New York Society for the Relief uuvvu.u Surgery (the "Hospital") and but do not include the Hospital's Corporation ("Properties"), The Hospital for Ventures, Inc. and have read or have access to the additional disclosures needed for management to be of seasonal variations caused by a climate and weather conditions, 0lvHUl0 and other factors relating to the Monthly operating results are not necessarily reasons, including levels of occupancy and items and other seasonal 6

8 for the of Crippled, Maintaining Special 5 ""',:,"",.."'"uvu and Significant Accounting Policies (continued) U.S. generally accepted estimates and assumptions that affect the uncollectibles for accounts receivable for to third-party payors, and the financial statements. Estimates during the reporting period. The to third-party payors, among results could differ from those on estimates and assumptions are should not have a material impact rsu~u.suuvu exempt ft01n Federal income tax under Section exempt from New York state and local income taxes. months ended December 31, 2015 percentage of the non-controlling an1ount is reflected in unrestricted net 6, which is the date the financial require disclosure in or

9 for the Relief Crippled, Maintaining Special Surgery Statements 15 actions opinion out of the normal course of its ultimate liability, if any, with effect on financial position, defined benefit pension plan for Pension expense pertaining to the and 20.3 million, respectively, value, the Hospital measures fair value an asset or paid to transfer a liability in an at the measurement date. Fair value perspective. level at which the other accounting prioritizes observable are described unobservable inputs at the measurement highest priority to on not active markets, but is available. The fair

10 for the Crippled, Special Statements 5 the valuation hierarchy is based upon the lowest measurernfnt. In determining fair value, the LLLUAlHHL"-" the use of observable inputs and minimize the nonperformance risk in its benefit below at fair value as of categories described Levell Level2 Level3 Total 124,329 22, , , ,134 42,635 25, ,329 22, , , ,134 42,635 25, ,435 13,815 12,157 33,644 22,646 82,262-13, ,157 33,644-22,646 3,086 3,086 3, ,783 9

11 for the Relief 'UVUUV'"" benefit below carried at fair value as of the three categories described Total 145,615 15, , , ,670 23,773 13,405 12,978 20,353 16, domiciled in the United '"on-term debt securities, deposit. unvuh.hj.v.lhu equity mutual fhnds and exchange 10

12 for the Relief Crippled, Maintaining Special Statements (continued) 5 HHHllLU..lU.:> a diverse portfolio of shortmortgage backed security, U.S. credit quality (average Aa2/ AA-) fixed income mortgage and asset backed with u.u 5.tur, frmn three months to trust common of corporations domiciled outside of the United traded equity holdings with both returns largely independent of...,.. U.UV.lh~ to domestic stock and bond markets. relative value and various L'ti"DC'C'e>rl debt 1"'\<:lrlr\Ai"C'htr"\C' alternative investlnents in the defined benefit therefore, are not included in the valuation methodologies for assets measured at fair market prices. Fair value for Level 2 is based markets, quoted prices for identical or similar techniques for which all 11

13 for the of Crippled, Maintaining Special market or can be corroborated by observable are obtained from various sources, assets consist of private equity which is described in the table that tnay not be indicative of net Hospital believes its market participants, the use of of certain financial reporting date. hierarchy defined Fair Value Measurements Using Significant Unobservable Inputs (Level3) Alternative InvestJnents Total 12/31/15 12/31/14 Thousands) 3, (687) (50) +1Y\.Flftf"'>1r:tl

14 ., for the Relief of Crippled, Maintaining Special Surgery uu.uu.n.... u Statements 5 """'"''L''-''llL>J, including alternative investments reported using the on the Hospital's ability to redeem its investments at commitments and investments strategies of the UCV.LUAVUo benefit Unfunded Redemption Fair Value Commitments Notice Period Funds Availability 18 n/a 0-30 davs 1 month to 3 years davs 1 week to 1.5 years days 3 months to 3 years davs 6 months to 2 years n/a 0-45 days 3 months to 7 months -- 9 months to 9.5 years 14 3

15 5 are not required 12/31/15 12/31/14 Value Carryi~g Value Fair Value Carrying Value 318, ,825 ls V_1,\.4o...7>J.lA.J..V"--- flow analysis, using 2 within the valuation,.,,h... UJcALH....,... certain donors (the. receive distributions from the probate administration process is finalized. As a reserve for potential liabilities against the reserve is contingent upon the resolution of any revenue from the ended Decen1ber 31, 2015 and 14

16 Relief of Manhattan, LLC (The ASC). early