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New York Society for the Relief of the Ruptured and Crippled, Maintaining
the Hospital for Special Surgery
FINAN IAL STATEMENT (unaudited)
December 1
Other
York Society for the Relief of the Ruptured and Crippled, Maintaining
the Hospital for Special Surgery
Statements of Financial Position
(Unaudited) December 31
2015
(Audited) December 31
2014
$
(In Thousands)
89,867
94,286 17,138 18,413
129,837
391,631 8,157 5,812
13,589
$ 72,926
86,147 21,555 17,633
125,335
353,699 7,133
12,129
Liabilities and net assets Current liabilities:
(Unaudited) December 31
2015
$ 64,271 38,808 39,852
3,125 17,138 23,030
186,224
278,411
(Audited) December 31
2014
$ 60,328 33,130 31,557
3,649 21,555 24,692
174,911
279,268 59,507
$
$
(Unaudited) (Audited) Year Ended December 31 2015 2014
(In Thousand.\~
820,689 145,138
16,343 982,170
387,836 120,132 325,973
8,201 54,417
8,821 905,380
76,790
31,813
39,006 (7,193)
8,091 6,748
84,436
807 85,243
$
$
759,497 129,554
17,374 906,425
358,290 111,849 310,909
9,697 53,696
8,517 852,958
53,467
29,348
34,385 (5,037)
2,671 33,445
84,546
84,546
$ 419,720 $
85,243
subsidiary
3,363
Quasi-
New York Society for the Relief of the Ruptured and
the Hospital for
Statement
Year Ended December 3 I, 2015
Interest in Total
3,719 $ $ 423,439 $
85,243
2,572 2,572
(807) (807)
3,363
Total Temporarily Permanently
53,103 $ 43,974 $ 66,595 $ 163,672 $ 114,567 $ 701,678 85,243
2,572
(807)
3,363
at December Operating Income
assets released from restrictions for capital
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 , 2 0 14
Unrestricted Temporarily Restricted Total Temporarily
Restricted Unrestricted Endowment Total
Unrestricted
$ 376,479 $
84,546
6,605
1,889
- $ 376,479 $
84,546
6,605
1,889
Specific Purpose
48,378 $
Plant
42,260 $
7,169
Research
60,390 $
Permanently Restricted
151,028 $ 102,346 $
57,605
Total
629,853 84,546
6,605
1,889
69,826
Year Ended December 31 2015 2014
Thousands)
100,856 $ 71,825
(8,091) (2,671) 383
57,603 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)
(8,919) (13,848) 1,074
(2,311) 5,465 accrued salaries
9,621 27,415 (524) 1,272
27,887 21,774 (4,266) (1,644)
133,182 149,473
(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
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
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
for the Relief Crippled, Maintaining
Special Surgery
Statements
15
actions opinion
effect on
out of the normal course of its ultimate liability, if any, with
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
prioritizes observable are described
on not
perspective.
level at which the other accounting
unobservable inputs
at the measurement highest priority to
active markets, but
is available. The fair
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
benefit below
Levell
$ 124,329 22,539
181,060 121,914 109,134 42,635 25,824
$ 627,435
9
Level2
$ -
-
--
13,815 12,157
33,644 22,646
$ 82,262
nonperformance risk in its
$
$
at fair value as of categories described
Level3 Total
·- $ 124,329 22,539
·- 181,060 121,914 109,134 42,635 25,824
- 13,815 -- 12,157
33,644 - 22,646
3,086 3,086 3,086 $ 712,783
for the Relief
'UVUUV'"" benefit below
$
$ 631
carried at fair value as of the three categories described
$
Total
$ 145,615 15,926
204,365 129,206 112,670 23,773
13,405 12,978 20,353 16,651
domiciled in the United
'"on-term debt securities, deposit.
unvuH.HJ.V.lHU equity mutual fhnds and exchange
10
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.u5 .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
for the of Crippled, Maintaining
Special
market or can be corroborated by observable
+1Y\.Flftf"'>1r:tl
2
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)
$ $ 3,250 244 329
(687) (50)
$ 244 $ 329
., 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
14-120 davs 1 week to 1.5 years
11.762 45-180 days 3 months to 3 years
60-120 davs 6 months to 2 years
n/a 0-45 days 3 months to 7 months
9 months to 9.5 years --
14
3
5
are not required
12/31/15 12/31/14
Value Carryi~g
Value
$ 318,263
lS V_1,\.4o...7>J.lA.J..V"---
$
Fair Value
Carrying Value
$ 310,825
flow analysis, using 2 within the valuation
certain donors (the . receive distributions from the
probate administration process is finalized. As ,.,,H .... UJcALH .• ...., ...... a reserve for potential liabilities against the
reserve is contingent upon the resolution of any
14
revenue from the ended Decen1ber 31, 2015 and
Relief of
Manhattan, LLC (The ASC). early 2017.
5
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