SUMMARY OF APRIL FINANCIAL ACTIVITY:

Transcription

1 Covenant Care April 2018 Consolidated Financial Statements HIGHLIGHTS SUMMARY OF APRIL FINANCIAL ACTIVITY: Covenant Care, consolidated results: April: Operating Margin of $189,109; Net Income of $182,859 YTD: Operating Margin of $(36,808); Net Income of $366,840 Covenant Hospice realized an April Operating Margin of ($93,487); net nonoperating revenue of $52,143 produced a Net Loss ( Excess of Revenues over Expenses ) of ($41,344). YTD Operating Margin is ($674,067) and YTD Net Income is $2,639,100, due primarily to the $3,000,000 gift from Covenant Foundation. Covenant Hospice total patient days for April were 23,356, resulting in an average daily census of Covenant Home Health achieved a positive Operating Margin of $208,119, and Net Income of $164,626. YTD Operating Margin is $760,931 and Net Income of $595,166. The Residence Memory Care Center had an average of 18.3 residents for the month of April, ending the month almost fully occupied at 21 residents. This resulted in an Operating Margin of ($6,798) and a Net Loss of ($7,703), much improved over previous months. Year to date Operating Margin is ($207,772) and Net Loss is ($211,392). Covenant Health & Community Services had an April operating margin of $7,558 and a YTD operating loss of ($69,524). Covenant Hospice Foundation achieved a Net Income of $98,590 in April. YTD Net Loss is ($2,415,882), due primarily to the $3,000,000 gift to Covenant Hospice.

2 PROJECTED PROJECTED JAN FEB MAR APR COMBINED STATEMENT OF OPERATIONS MAY 2018 JUN 2018 (81,161) (110,856) (116,639) 189,109 Consolidated Operating Margin 278, ,000 Net Income (59,137) (339,080) 2,988,661 (41,344) Hospice 3,500 50, , , , ,626 Home Care 165, ,000 (218,291) 97,540 (2,802,802) 59,577 Other Companies 60,000 65,000 (117,215) (121,490) 336, ,859 Total Net income 228, ,000

3 COMBINED STATEMENT OF OPERATIONS MONTH OF APRIL 2018 HOSPICE ALZHEIMER'S FOUNDATION SERVICES MEMORY CARE CENTER CHCS HOLDING PALLIATIV E CARE PRIVATE DUTY ELIMINATIONS COMBINED BUDGET VARIANCE % VARIANCE NET PATIENT/FAMILY CARE/PROGRAM REVENUE 4,704, ,606 3, ,995-6,500 11,055 1,259,488 6,386,128 6,299,034 87, % TOTAL PATIENT/FAMILY CARE EXPENSES 3,296, ,613 5,576 70,423 6,287 12, ,900-4,136,567 4,074,847 61, % CONTRIBUTIONS FROM OPERATIONS 1,407, ,993 (2,097) 38, (1,583) 645,588-2,249,561 2,224,187 25, % CONTRIBUTION % 29.9% 0.0% 51.3% 35.2% 35.3% -0.1% GENERAL & ADMINISTRATIVE EXPENSES Other Direct 819,445 2,705 1,654 30,378 27,349 12, , ,440 (23,409) 982, ,165 84, % Payroll 276,778 37,660-10, ,639 3,315-6, , , ,458 (15,395) -1.7% Benefits 61,006 12,441-1,540 63,859-1,926 49, , ,354 16, % Allocation from CHCS 344,133 7,525 4,082 2,886 (441,406) 1,837 4,454 4,537 71, (1) 0.0% TOTAL G&A EXPENSES 1,501,362 60,331 5,736 45,370 (7,558) 17,695 4,505 18, ,469 (23,409) 2,060,452 1,973,978 86, % OPERATING MARGIN (93,487) 100,662 (7,834) (6,798) 7,558 (17,695) (4,291) (20,534) 208,119 23, , ,209 (61,100) -24.4% OPERATING MARGIN % -2.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 16.5% 3.0% 4.0% -1.0% NON-OPERATING REVENUES Other Non-Operating Revenues 58,116 2, , (23,409) 69,112 67,245 1, % Other Non-Operating Expense (5,973) (4,167) (56) (905) (375) (20,291) - - (43,596) - (75,362) (41,829) (33,533) 80.2% NET NON-OPERATING REVENUE 52,143 (2,072) (41) (905) (375) 11, (43,493) (23,409) (6,250) 25,416 (31,666) % EXCESS OF REVENUE OVER EXPENSES (41,344) 98,590 (7,874) (7,703) 7,183 (5,793) (4,291) (20,534) 164, , ,624 (92,765) -33.7%

4 COMBINED STATEMENT OF OPERATIONS YEAR-TO-DATE APRIL 2018 HOSPICE ALZHEIMER' FOUNDATION S SERVICES MEMORY CARE CENTER CHCS HOLDING PALLIATIV E CARE PRIVATE DUTY ELIMINATIONS COMBINED BUDGET VARIANCE % VARIANCE Alzheimer's Memory Care Home Health Palliative Hospice Foundation Services Center Holding Care Private Duty Home Health NET PATIENT/FAMILY CARE/PROGRAM REVENUE 17,808, ,634 18, ,339-10,459 39,290 4,656,609 23,527,006 24,252,062 (725,056) -3.0% TOTAL PATIENT/FAMILY CARE EXPENSES 12,754, ,560 25, ,124 34,639 48,295 2,190,542-15,521,742 16,015,100 (493,358) -3.1% CONTRIBUTIONS FROM OPERATIONS 5,053, ,074 (6,893) 13, (24,181) (9,005) 2,466,067-8,005,264 8,236,962 (231,698) -2.8% CONTRIBUTION % 28.4% 0.0% 53.0% 34.0% 34.0% 0.1% GENERAL & ADMINISTRATIVE EXPENSES Other Direct 3,058,851 8,020 5, , ,809 62, , ,365 (93,637) 3,768,520 3,587, , % Payroll 1,072, ,527-35,042 1,404,680 13,260 30, ,398-3,580,178 3,613,838 (33,660) -0.9% Benefits 220,659 33,807-6, ,657-5, , , ,416 (41) 0.0% Allocation from CHCS 1,376,531 30,098 16,328 11,544 (1,765,623) 7,349 17,815 18, ,810 - (0) 0 (1) 0.0% TOTAL G&A EXPENSES 5,728, ,453 22, ,987 69,524 83,222 18,784 66,293 1,705,136 (93,637) 8,042,073 7,894, , % OPERATING MARGIN (674,067) 290,621 (29,152) (207,772) (69,524) (83,222) (42,964) (75,297) 760,931 93,637 (36,808) 342,707 (379,516) % OPERATING MARGIN % -3.8% 0.0% 0.0% 0.0% 0.0% 0.0% % 16.3% -0.2% 1.4% -1.6% NON-OPERATING REVENUES Other Non-Operating Revenues 3,405, , ,565 1,766 (93,637) 3,762, ,764 3,417, % Other Non-Operating Expense (92,440) (3,016,667) (56) (3,620) (1,500) (77,048) - - (167,530) - (3,358,861) (167,740) (3,191,121) % NET NON-OPERATING REVENUE 3,313,166 (2,706,503) (12) (3,620) (1,500) 61, (165,764) (93,637) 403, , , % EXCESS OF REVENUE OVER EXPENSES 2,639,100 (2,415,882) (29,163) (211,392) (71,024) (21,705) (42,964) (75,297) 595, , ,731 (152,891) -29.4% Note: The above classifications may differ from those of the auditors who prepare statements in conformity with Generally Accepted Accounting Principles

5 CONSOLIDATED STATEMENT OF CONDITION APRIL 30, 2018 CH CF CAS CMC CHCS CHHH CPC CPD CHHC ELIMINATIONS COMBINED ASSETS CASH & EQUIVALENTS 2,532, , , ,118 18, ,001 15,487 5,450 1,101,385 4,959,193 INVESTMENTS - FIXED - 2,274,864 2,274,864 INVESTMENTS - BALANCED 15,810,914 19,693 15,830,607 TOTAL INVESTMENTS 15,810,914 2,294,557-18,105,471 TOTAL CASH & INVESTMENTS 18,343,761 2,933, , ,118 18, ,001 15,487 5,450 1,101,385-23,064,664 GROSS ACCOUNTS RECEIVABLES 10,424,111 4,403-25,911 8,963 1,802,701 12,266,088 RECEIVABLE ALLOWANCES (1,129,815) (25,911) (7,198) (130,612) (1,293,535) NET ACCOUNTS RECEIVABLES 9,294,296-4, ,765 1,672,089-10,972,552 GRANTS / PLEDGES RECEIVABLE - 43,584 43,584 CRUT RECEIVABLE 2,557,791 2,557,791 MISCELLANEOUS RECEIVABLE 78, , ,002 DUE TO/FROM CONSOLIDATED 5,417,249 (98,164) (701,934) (942,814) 4,670,439 (10,560,292) (292,631) (333,910) 2,842,047 (8) PREPAID EXPENSE 2,060,557 18,167 1,300 23,014 71,855-4,140 3,050 2,182,083 INVENTORY 224, ,145 CASH VALUE ON LIFE INSURANCE 1,147,874 1,147,874 TOTAL CURRENT ASSETS 39,124,526 3,039,608 (421,711) (811,682) 4,760,354 (10,295,291) (277,086) (322,554) 5,619,521-40,415,687 LAND 1,936,722 1,936,722 BUILDINGS & IMPROVENTS 14,564,400 14,564,400 LEASEHOLD IMPROVEMENTS 4,139,436 32,935 4,172,371 FURNITURE, FIXTURES & EQUIPMENT 9,252, , ,610 9,959,113 CONSTRUCTION IN PROGRESS 288, ,087 30,180, , ,545-30,920,693 LESS ACCUMULATED DEPRECIATION (13,486,840) (17,289) (305,886) (13,810,015) NET PROPERTY & EQUIPMENT 16,693, , ,659-17,110,678 INVESTMENT - PEOPLES 4,249,785 (4,249,785) - CON COSTS MOBILE 105, ,038 CON COSTS TALLAHASSEE 256, ,314 NO COMPETE - BREWTON - - GOODWILL 1,457 1,457 GOODWILL - PEOPLES 9,073,350 9,073,350 LOAN ORIGINATION FEES - - TOTAL INTANGIBLE ASSETS 362, ,323, (4,249,785) 9,436,159 TOTAL ASSETS 56,181,226 3,039,608 (421,711) (438,555) 4,760,354 3,027,844 (277,086) (322,554) 5,663,180 (4,249,785) 66,962,524 LIABILITIES & FUND BALANCE CURRENT LIABILITIES CURRENT PORTION L/T DEBT 483, ,954 ACCOUNTS PAYABLE 3,015,282 56,648-10,931 (21,778) 19, ,304 3,179,176 ADVANCES AGAINST ACCOUNTS RECEIVABLE 2,392,687 2,392,687 DEFERRED REVENUE ACCRUED SALARY & WAGES 3,200, , , ,856 13,260 27, ,631 4,869,542 TOTAL CURRENT LIABILITIES 9,092, , , ,078 33,049-27, ,935-10,925,359 LONG-TERM LIABILITIES NOTES PAYABLE - - MORTGAGE PAYABLE 5,824,766 5,824,766 OTHER LONG TERM LOANS 367,335 7,445,125 7,812,460 LINE OF CREDIT LOANS 4,300,000 4,300,000 LESS CURRENT PORTION (483,954) (483,954) BOND ISSUANCE COSTS (57,563) (57,563) LONG-TERM CHARITABLE ANNUITIES - 14,338 14,338 TOTAL LONG-TERM LIABILITIES 9,950,584 14, ,445, ,410,047 TOTAL LIABILITIES 19,043, , ,525 8,037,203 33,049-27, ,935-28,335,405 NET ASSETS: UNRESTRICTED 34,569,128 1,758,783 (493,500) (553,241) (3,276,849) 2,994,795 (277,086) (349,600) 4,735,245 (4,249,785) 34,857,891 BOARD DESIGNATED BECKER TRUST 71,094-71,094 BOARD DESIGNATED CHILDREN'S PROGRAM 444, ,999 BOARD DESIGNATED MARIANNA OFFICE 54,185-54,185 BOARD DESIGNATED PANAMA CITY OFFICE 250, ,000 BOARD DESIGNATED GOLDENBERG FUND 33,489-33,489 BOARD DESIGNATED HERO'S WISH 17,287-17,287 TEMPORARILY RESTRICTED - EVENTS 0 0 TEMPORARILY RESTRICTED - COVENANT SUPPORT FND 12,586-12,586 TEMPORARILY RESTRICTED - NATHANIEL'S LEMONADE 13,480-13,480 TEMPORARILY RESTRICTED - SNOOK FUND TEMPORARILY RESTRICTED - TOP OF GAS 10, ,965 TEMPORARILY RESTRICTED - MOBILE FUND 1,000 1,000 TEMPORARILY RESTRICTED - MOBILE FUND 243, ,023 TEMPORARILY RESTRICTED - ONE LAST WISH 33,333 33,333 TEMPORARILY RESTRICTED - ST JOE COMM 3,000 3,000 TEMPORARILY RESTRICTED - APPLE CORPS MC - - TEMPORARILY RESTRICTED - AOF - - TEMPORARILY RESTRICTED - MEMORY CARE 22,161 22,161 TEMPORARILY RESTRICTED - HIBBARD TRUST 2,557,791-2,557,791 TOTAL NET ASSETS 37,137,759 2,866,124 (422,406) (531,080) (3,276,849) 2,994,795 (277,086) (349,600) 4,735,245 (4,249,785) 38,627,119 TOTAL LIABILITIES & NET ASSETS 56,181,226 3,039,608 (421,710) (438,555) 4,760,354 3,027,844 (277,086) (322,554) 5,663,180 (4,249,785) 66,962,524