SILAS SIMMONS UFFICIBL CATAHOULA PARISH HOSPITAL DISTRICT I ANNUAL FINANCIAL STATEMENTS AS OF APRIL 30,2007 AND FOR THE YEAR THEN ENDED

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1 UFFICIBL SEKB OU (Xerox necessary copies from this cr.py and PLACE 3ACK In FILE) CATAHOULA PARISH HOSPITAL DISTRICT I ANNUAL FINANCIAL STATEMENTS AS OF APRIL 30, AND FOR THE YEAR THEN ENDED Under provisions of state law, this report is a pub :; o document Acopy of the report has been submitted :o the entity and other appropriate public officials. The report is available for public inspection at the Baton Rouge office of the Legislative Auditor and, where appropriate, at the office of the parish clerk of court. Release Date SILAS SIMMONS CERTIFIED PUBLIC ACCOUNTANTS and ADVISORS LLP

2 Annual Financial Statements As of and For the Year Ended April 30, CONTENTS ACCOUNTANT'S REPORT BASIC FINANCIAL STATEMENTS: Statement of Net Assets 2 Statement of Activities 3 Statement of Cash Flows 4 Notes to the Financial Statements 5-7

3 SILAS SIMMONS LLP CERTIFIED PUBLIC ACCOUNTANTS and ADVISORS 209 N.Commerce Street P.O. Box 1027 Natchez, Mississippi Telephone: Fax B551 ACCOUNTANT'S REPORT To the Board of Directors Catahoula Parish Hospital District I Jonesville, Louisiana We have compiled the accompanying financial statements of the business-type activities and the aggregate remaining fund information of Catahoula Parish Hospital District I, as of April 30,, which collectively comprise the District's basic financial statements as listed in the table of contents, in accordance with Statements on Standards for Accounting and Review Services issued by the American Institute of Certified Public Accountants. A compilation is limited to presenting in the form of financial statements information that is the representation of management of Catahoula Parish Hospital District I. We have not audited or reviewed the accompanying basic financial statements and, accordingly, do not express an opinion or any other form of assurance on them. Management has not presented the management's discussion and analysis and budgetary comparison information that the Governmental Accounting Standards Board has determined is required to supplement, although not required to be a part of, the basic financial statements. This report is intended solely for the information and use of management of Catahoula Parish Hospital District I and the Louisiana Legislative Auditor, as applicable, and should not be used by anyone other than these specified parties. Under Louisiana Revised Statute 24:513, this report is distributed by the Legislative Auditor as a public document. Natchez, Mississippi October 3, v: American IiwhtitU' <>/ C'/H", tlfuwlwipf.n Sth'ichj i>f CPA,i hnn,nan<i Stiae.ty iij CPA

4 STATEMENT OF NET ASSETS APRIL 30, ASSETS Current assets Cash in bank Certificate of deposit Accrued interest receivable Prepaid insurance Total current assets Fixed assets Land Land improvements Building and improvements Accumulated depreciation 6, , , ,860 30,980 70,601 1,128,133 1,229,714 ( Y Net fixed assets 310,203 Total assets 426,063 LIABILITIES Current liabilities Accounts payable Accrued interest payable Note payable - current maturities Total current liabilities 4, ,927 26,456 Long-term liabilities Note payable - net of current maturities Total liabilities 23, NET ASSETS Investment in capital assets, net of related debt Unrestricted Total net assets 265, , See accountant's report and the accompanying notes.

5 STATEMENT OF ACTIVITIES Business-type activities Program revenues Rental income Total revenues Expenses Advertising Board expense Building insurance Depreciation Interest Legal and accounting Office expense Repairs and maintenance Security Utilities Bank charges Miscellaneous 81,210 81, ,895 4,358 20,630 3,071 6,964 2,204 18,963 1,019 31, Total expenses Net revenue (expenses) General revenues Interest earnings Total general revenues 92,158 (10,948^ ,519 Change in net assets Net assets/ beginning of year Net assets, end of year (6,429) 382, See accountants report and the accompanying notes.

6 STATEMENT OF CASH ROWS Cash flows from operating activities: Cash received from customers and users Cash payments to suppliers for goods and services Net cash provided by operating activities Cash flow from capital and related financing activities: Proceeds from issuance of long-term debt Principle payments of long-term debt Purchase of capital assets 81,210 (67,330) 13,880 60,548 (51,427) (48,557) Net cash used for capital and related financing activities (39,436) Cash flows from investing activities: Interest on temporary investments Net cash provided by investing activities Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year Reconciliation of operating loss to net cash provided by operating activities Operating loss Adjustments to reconcile operating loss to net cash provided by operating activities Depreciation Change in assets and liabilities Increase in accrued interest receivable Increase in prepaid insurance Increase in accounts payable Decrease in accrued interest payable Total adjustments Net cash provided by operating activities 4,519 4,519 (21,037) 133, (10,948> 20,630 (110) (118) 4,476 (50) 24, See accountant's report and the accompanying notes.

7 NOTES TO THE FINANCIAL STATEMENTS INTRODUCTION Catahoula Parish Hospital District I was created by the Catahoula Parish Police Jury for the purpose of operating a hospital in Catahoula Parish. The Police Jury appoints all seven members of the District's Board. Board members are not compensated except for a per diem of per board meeting for the chairperson and secretary and 40 for all other board members. 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Reporting Entity Catahoula Parish Hospital District I is a component unit of the Catahoula Police Jury. Based on the criteria established by Governmental Accounting Standards Board Statement No. 14, there are no component units which should be included in the financial statements of Catahoula Parish Hospital District I. B. Fund Accounting The District uses fund accounting to report its financial position and results of its operations. A fund is a separate accounting entity with a self-balancing set of accounts. Funds are classified into three categories: governmental, proprietary, and fiduciary. The District is operated as a proprietary fund. Proprietary Funds Proprietary funds are used to account for activities similar to those found in the private sector, where the determination of net income is necessary or useful to sound financial administration. Proprietary funds differ from governmental funds in that their focus is on income measurement, which together with the maintenance equity is an important financial indicator. Proprietary funds include enterprise and internal service funds. The District is operated as an enterprise fund. Enterprise funds account for operations (a) where the intent of the governing body is that the costs (expenses, including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges, or (b) where the governing body has decided that periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability, or other purposes. C. Basis of Accounting The District's enterprise fund is accounted for on a flow of economic resources measurement focus and a determination of net income and capital maintenance. With this measurement focus, all assets and all liabilities associated with the operations are included on the balance sheet. The District uses the accrual basis of accounting. Revenues are recognized when earned, and expenses are recognized at the time liabilities are incurred. D. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

8 NOTES TO THE FINANCIAL STATEMENTS 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) E. Cash and Cash Equivalents Cash includes amounts in demand deposits and time deposits. Cash equivalents include amounts in time deposits with original maturities of less than six months. Cash and cash equivalents consisted of the following at April 30,: Cash in bank Certificate of deposit Total cash and cash equivalents 6, , These deposits are stated at cost Under state law, these deposits must be secured by federal deposit insurance or the pledge of securities owned by the fiscal agent bank. At April 30,, the District had unsecured deposits of 5,637. F. Fixed assets Fixed assets used in the proprietary fund operations are included on the balance sheet, net of accumulated depreciation. Depreciation of all exhaustible fixed assets used by proprietary fund operations is charged as an expense against operations. Depreciation is computed using the following methods and useful lives: Equipment Land improvements Building and improvements The changes in fixed assets were as follows: Straight-line Straight-line Straight-line/MACRS 7 years 15 years years Balance 4/30/06 Balance Additions Deductions 4/30/07 Land Land and improvements Buildings and improvements 30,980 70,601 1,079, ,557 30,980 70,601 1,128,133 Subtotal 1,181,157 48,557-1,229,714 Less accumulated depreciation (898,881) (20,630) (919311) Total

9 NOTES TO THE FINANCIAL STATEMENTS 2. COMPENSATION PAID TO BOARD MEMBERS The following compensation was paid to the Districts board members during the fiscal year ended April 30,: Hiram Evans, Chairman 150 Dr. Basil Trunzler, Vice Chairman 320 Susan Bean 400 Leona Guise 360 Jackie Rouse, Secretary 825 Lester Fanni, Treasurer 160 Billy Ray Johnson (resigned March ) 280 Carolyn Price 400 S NOTE PAYABLE Note payable as of April 30,, consisted of the following: Note payable to CatahouIa-LaSalle Bank with principal and interest due at 2,000 monthly, final payment being due April 15,2009, secured by Certificate of Deposit. Interest rate is 6.15% Maturities expected over the next five years are as follows: Year ending April 30, Amount , ,