_(~.7 ST.TA M M A NY PA R IS H H O S PITA L D E FIN E D C O N T R IB U TIO N P LA N

Size: px

Start display at page:

Download "_(~.7 ST.TA M M A NY PA R IS H H O S PITA L D E FIN E D C O N T R IB U TIO N P LA N"

Nathaniel Nelson
5 years ago
Views:

1 ST.TA M M A NY PA R IS H H O S PITA L D E FIN E D C O N T R IB U TIO N P LA N FinancialStatem ents forthe Years Ended D ecem ber31,2000 and 1999 and Independent A uditors'report IndependentA uditors'report on Com pliance and on InternalControlO verfinancialreport ing B ased U pon the A uditperform ed in A ccordance w ith G overnm enta uditing Standards Underprovisions ofslate It;w, this reportis a public doc!ml.r:r,~ A copy (;~t:.:;:-;rrl i~:-:~;br,~i1subm iltcd to tt;c (,~ltit'/ali~'~()th,1!i[!i=[,-~~-,i~ ~ r:1b!', :01f!cPfl~:."1he torpor[p:~:v;~'.!~',~',:]{i:~::,',:,;~:., I~(~L;9~'O(([ :tio;it:t]:,~~!:,',)rl. :t O!ti~: :L;~:i. :;':"~.,\,(-j'~,i;i'.i,, ;,(/ e i-l, DI)lOpli~d.d,c~ttile ofice ofuic'p~llistlṛl~:rk l:~i(.oljfl, Release Da te.. d:~.:.f/:. _(~.7

2 ST.TA M M A N Y PA R IS H H O S PITA L D EFIN ED C O NTR IB UTIO N PLA N TA BLE O F CO NTENTS Page IN D EI'I~;N I)EN T A U D ITOR S'REPO RT l FIN AN CIA l.sta TEM EN TS A S O F AN D FO R TIlE Y EA RS EN I)ED D ECEM BER 31,2000 AN D 1999: Statem entsof N eta ssetsa vailable forb enefits Statem entsof Changesin N eta ssetsa vailable forbenefits N otesto FinancialStatem ents

3 I)eloitl(,~ lou(hc [I[' Suiw ~4700 OlioSholS(iclare 701i,o7clla$StJ('c't Now ()ll('i~ll~,[otlslario ('1:(!>04)~> lax:($04)5g17293 w w w us(1(ioitl('(orn D eloitte & To uche NDEPENDENT A UDITO RS'REPO RT "]'he Pension Adm inistrative Com m ittee St.Tanm ~any Parish IlospitalD efined Contribution Plan W e have audited the accom panying statem ents& netassetsavailable for benefilsofsl.'/'~ninlany Parish llospitald efined Contribution Plan asof D ecem ber31,2000 and 1999 and the related statem entsof changesin netassetsavailable forbenefitsforthe yearsthcn ended.these financial statem entsarc the rcsponsibility of the Plan'sm anagem ent.o urresponsibility isto expressan opinion on these fin ancialslalcm entsbased on ouraudits. W e conducted ourauditsin accordance "with aiidiiing standardsgenerally accepted in the United Statesof A m ericaand thestandardsapplicable to financialauditscontained in G overm nenta uditing Standards, issued by the ComptrollerGeneralof the United Stales.Those standardsrequire thatw e plan and perform the auditto obtain reasonable assurance aboutw hetherthe financialstatcm cntsare frcc of m aterialm isstatem ent.a n auditincludesexam ining,on a testbasis,evidence supporting the am ounts and disclosuresin the financialstatem ents.a n auditalso includesassessing the accounting prineiplcs uscd and significantestim atesm ade by m anagem ent,asw ellasevaluating the overallfinancial statem entpresentation. W e believe lhatourauditsprovide a reasonable basisforouropinion. In ouropinion,such financialstatem entspresentfairly,in allm aterialrespects,the netassetsavailable forbenefitsof the l'lan asof D ecem ber31,2000 and 1999 and the changesin netassetsavailable for benefitsforthe yearsthen ended in conform ity w ith accounting principlesgenerally accepted in the U nited Statesof A m erica. ]n accordance w ith Governm entauditing Standards,w e have also issued ourreportdated June 14, 2001,on ourconsideration of St.']'am m any Parish H ospitald efined Contribution Plan'sinternal controloverfinancialreporting and ourtestsof itscom pliance w ith certain provisionsof law s, regulations,contracts,and grants.thatreportisan integralpartof an auditperform ed in accordance with GovernmentAudithtg Standcwd~'and should beread in conjunction with hisreportin considering the rcsultsof ouraudit. DJ,~~A-,-7-;.--d-<.zz/~ June

4 ST.TA M M A NY PA R IS H H O S PITA L D EFIN ED C O N TR IB U TIO N PLA N STATEM ENTS O F NET A SSETS AVA ILA BLE FO R BENEFITS D ECEM BER 31,2000 A ND 1999 A SSETS Investm entsatestim ated fairvalue $14,855~529 $14,132,603 NET A SSETS N ET A SSI~TS A V A II.A BLI~FO R t~en EFITS - 2 -

5 ST.TA M M A NY PA R IS H H O SPITA L D EFIN ED C O NTR IBUTIO N PLA N STATEM ENTS O F CHANG ES IN NET ASSETS AVA ILABLE FO R BENEFITS YEA RS ENDED D EC EM BER A ND A 1)I)I'I'ION S: ]l~vcstlnentilconle ConIributionsfrom em ployer Totaladditions I)EI)U CTION S: B cncfitpaym cnts N ET 1NCRF.A SE N I;T A SSETS A V A ILA BLE FO R BEN EFITS A T BI.;G IN N IN G O 17Y EAR N 1'71'A SSETS AV AILABLE FOR BEN EFITS A T F.N I)O F Y F.AR $ (317,813 $ 1,925, ,454, , , ,926 2,995,310 14,132,603 11,137,293 $14,8,= = =~ 55,529 $14,132,603 See notesto financialstatem ents - 3 -

6 ST.TA M M A NY PA R IS H H O S PITA L D EFIN ED C O NTR IB UTIO N PLA N NOTES TO FINA NCIA L STATEM ENTS YEA RS ENDED DECEM BER 31,2000 A ND SIG N IFICA N T A C C O UN TIN G PO LICIES BasisofAceountlng -ThefinancialstatementsoftheSt.Tammany Parish HospitalDefined Contribulion Plan (theplan)havebeen prepared oltheaccrualbasisofaccounting. Investntents-ThePlan'sinvestmentsarcheld by theplan'strustee,m anulifefinancial(m anulife). U nderthe term sof the trustagreem ent,the trustee adm inistersthe investm enttransactionsof the Plan on behalf of the participanlsand hasdiscretionary authority overthe Plan'sassets,which can includc investing in the trustee'sadm inistered accounts.the investm entsand changestherein are reported al fairvalue as determ ined by the truslec. A llinvestm entsare invcsted in M anulife m utualfunds.the m utualfundsarc m anaged and adm inistered by the trustee and related entities.a sadm inistralor,the truslec isresponsible for calculaling the perunitm arketvalue of the respective funds'netassets.u nderthe term soflhe m utual fund prospectuses,lhe Plan can divestilself of the investm cnlsby reselling them to the respective fund daily ata unitprice equalto the perunitinterestof the m arketvalue of the funds'netassets.the invcstm enlsin these fundsare slated althe Plan'spro rata interestin the m arketvalue oflhe funds'nel assels. lnvesm w ntincom e -lnveslm entincom e isprim arily com prised & realized and unrcalized apprcciation and depreciation oflhe fairvalue of the investm ents. Paymentof Benefits-Benefitsarerecorded when paid AdmhfsO'ativeEaTJenses-St.Tammany Parish Hospital(thePlan Sponsor)bcarsmostof the adm inistrative costsoflhe Plan.The trustee feesthatare born e by the Plan are treated asan invcstm cnt expense and are dcductcd from inveshnentearningsallocated to the participants'accounts. Use of Estimates-Thepreparation offinancialstatementsin confonnily with accounting principles generally accepted in lhe U nited Sta lesof A m erica requiresm anagem entto m ake estim alcsand assum ptionsthalaffectthe reported am ountsof assets,liabilities,and changestherein,and disclosure of contingentassetsand liabilities.a ctualresultscould differfrom those estim ales. 2. D ESC R II'TIO N O F TIlE PLA N Thel'lan isanoncontributory,defined contribution pension plan covering allfull-timeemployees(907 and822 atl)cccmber31,2000 and 1999,respectively)ofSt.Tammany Parish l]ospital(theemployer) w ho have com pleted the m inim um requirem entof one yearof service. A n em ployee iscredited w ith one yearof service foreach twelve consecutive m onthsin which the participanthascom pleted 1,000 or m ore hoursof service w ith the em ployer. The Plan requiresem ployercontributionsequalto 6% of the aggregate com pensation of allparticipants Contributionsa~v rem itted to the trustee and are invested in accordance w ith the provisionsof the P/an. ]'artieipantsdircclthe investm entof contribulionson theirbehalf into variousinvestm entoptions ofcred by lhe Plan.Em ployerconlribulionson bchalfofparticipantsare 100% vested aflcrfivc years of crediled service

7 Incom e earned on investm entsand the netrealized and unrealized appreciation in estim ated fairvalue of investmentsareallocated to participants'accountsin theratio ofeach participant'sadjusted beginning balanceto theadjusted beginning balanceforalparticipants.theadjusted beginning balanceisdefined asthe accountbalance atthe beginning of the period lessw ithdrawals,distributions,forfeituresand otherpaym entsm ade during the period,forfeituresof term inated em ployees'nonvested aeeount balancesare applied asa reduction of em ployercontributions.d uring 2000 and 1999,em ployer contributionswere reduced by $220,840 and $12,606,respectively,from forfeited nonvested accounts. AtD ecem ber31,2000 and 1999,forfeited nonvested accountslotaled 5;106,301and 5;74,027, respectively,which m ay be used to reduce future em ployercontributions. Upon retirem ent,death,ordisability,the participantisentitled to receive the value of hisaccountw ithin 60 daysafterthe close of the plan yearin w hich the eventoccurred.the participanlm ay electto receive the vested portion of the aeeountin a lum p-sum distribution orin periodic paym ents.term inated em ployeesreceive benefitsno laterthan 60 daysafterthe end of the firstplan yearafterthe break in service occurs. A dditionalinform ation regarding the description & the Plan isprovided in the Sum m my of l'lan D escription of St.Tam naany Parish ]lospitald efined Contribution Plan w hich ism ade available to al 3. IN V ESTM ENTS A tl)ceem bcr31,2000 and 1999,the estim ated fairvaluesof the Plan'sinvestm entsw ere asfollow s M anulife Lifestyle Fund -Conservative Portfolio M anulifc l,ifcstyle Fund -M oderate Portfolio M anulifc Lifestyle Fund -B alanced Portfolio M anulifc Lifestyle Fund -G rowth Portfolio M anulife Lifestyle Fund -A ggressive ]'orlfolio O therm anulife m utualfunds $ 365,660 4,293,248 2,947,282 4,278,164 2,231, ,945 $ 516,809 4,012,065 2,921,241 4,539,713 2,142,775 5;14,855,529 $ 14,132,603 A summaly ofnetrealized and unrealized (depreciation)appreciation in valueofinvestmentsfollows forthe yearsended D ecem bcr31,2000 and 1999: M anulifc Lifestyle Fund -Conselwative Portfolio M anulifc Lifestyle Fund -M oderate Portfolio M annlife Lifestyle Fund -B alanced Porlfolio M anulife Lifestyle Fund -Growt h Portfolio M anulife I.ifestyle Fund -A ggressive Portfolio O therm anulife m utualfunds $ 20,468 96,972 45,050 (195,853) (179,958) (104,492) $ 25, , , , ,160 Netrealizedand unrealized(depreciation)appreciation in value of investm ents.$ (317,81 3 ) $1,925,

8 4. PLA N 'I'ERM IN A TIO N A lthough the Plan Sponsorhasnotexpressed any intentto do so,the Plan Sponsorhasthe rightto m odify,suspend,ordiscontinue contributionsto the Plan atany tim e,and such action shallnotbe deem ed to be a term ination of the Plan.The Plan Sponsoralso hasthe right1o term inate the Plan subjectto theprovisionsof ERISA. In the eventthe Plan term inates,the balance in each participant'sorretired participanfsaccountshall becom e fldly vested im m ediately and nonforfeitable.each participant,refircd participantorbeneficiary shallbc entitled 1o receive any am ountsthen credited to hisorheraccount. 5. IN('O M E TA X STA TUS TheInternalRevenueServicehasruled thaitheplan qualifiesundersection 401(a)ofthelnterual RevenueCode(IRC)andis,therefore,notsubjectto tax underpresentincometax law.oncequalified the Plan isrequired to operate in conform ity w ith the IRC to m aintain itsqualification. The Pension Adm inistrative Com m ittee isnolaw are of any course of action orseriesof eventsthathave occurred thaim ightadversely affectthe Plan'squalified status

9 [)c,l(>ill~~>~"loclfhoitp Stile 31oo OleoSh~'H~(!tBlO 701l'oydlog~ll('['t New eli(;llls,iouisialla le1:(!,[14) Iax:504)S w l,vw usdclelitte.(onl D eloitte & Touche INDEPENDENT A UDITO RS'R EPO RT O N CO M PLIA NC E A N D O N INTERNA L CO NTRO L OVER FINA NCIA L REPO RTING BASED UPO N THE A UDIT PERFO RM ED IN A CCO RDA NCE W ITH G O VERNM EN T A UD ITIN G S TA NDA RD S The Pension A dm inistrative Couuniiiee St.Tam nlany Parish ]lospilald efined Contribution Plan W ehaveaudited thefinancialstatementsofst.tamnlany Parish t]ospitaldefined Contribution Plan (tileplan) asof and fortheyearended D ecem ber31,2000,and have issued ourreportthereon dated June 14,2001. W e conducted ourauditin accordance w ith auditing standardsgenerally accepted in the U nited Statesof Am erica and the standardsapplicable to financialauditscontained in Goverm nentauditing Standards,issued by tile Com ptrollerg eneralof the U nited States. Com pliance A spartof obtaining reasonable assurance aboutw hetherthe Plan'sfinancialstatem entsare free of m aterial m isstatem eut,w e perform ed testsof itscom pliance w ith certain provisionsof law s,regulations,contracts,and granls,noncom pliance w ith w hich w ould have a directand m aterialeffecton the detem aination of finaueial statementamounts.]lowever,providing an opinion on compliancewith thoseprovisionswasnotan objective of ourauditand aeeordingly,w e do notexpresssuch an opm on. The resultsof ourtestsdisclosed no instances ofuoueom pliauce thatare required to be reporled undergoverm tm ltauditing Standards. InternalConho]O verfinancialreporling In planning and perform ing ouraudit,w e considered the Plan'sintern alcontroloverfinancialreporting in order to determ ine ourauditing proceduresforthe purpose of expressing ouropinion on the financialstatem entsand riot1o provide assurance on the intern alcoltro]overfinancialreporting.o urconsideratiou of the internal coulroloverfinancialreporting w ould riotnecessarily disclose allm attersilthe intern alcontroloverfinancial Jeporting thatm ightbem aterialw eaknesses.a m aterialw eaknessisa condition in w hich thedesign or operation of oue orm ore of the iutenialcontrolcom ponentsdoesnotreduce to a relatively low levelthe risk thaim isstatem entsin am ouulsthaiw ould bem aterialin relation to the financialstatem entsbeing audited m ay occurand nolbe detected w ithin a tim ely period by em ployeesin the nom aalcourse ofperfom ling their assigned functions. W e noted no m attersinvolviug the intern alcontroloverfinancialreporting and its operation thaiw e considerto be m aterialw eaknesses. Thisreport isintended solely fortheinformation and use of thepension A dm inistrative Com m ittee, m anagem ent,and the State of Louisiana Legislative A uditorand isnotintended to be and should notbeused by anyoue otherthan these specified parties. June 14,2001

ST.T A M M A N Y PA R ISH H O SPITA L D E FIN ED C O N TR IBU T IO N PLA N. Decem ber3 l,2003. A uditsof FinancialStatem ents

~ 0Jz ST.T A M M A N Y PA R ISH H O SPITA L D E FIN ED C O N TR IBU T IO N PLA N Decem ber3 l,2003 A uditsof FinancialStatem ents D ecem ber31,2003 and Decem ber 3 I,2002 Underprovisions ofstate law,this