(Houston) – The Texas County Memorial Hospital board of trustees and administration learned at the monthly board meeting on Tuesday, April 22, that TCMH had net position of negative $527,077 in excess revenues over expenses following the 2013 financial audit.
Stephanie Weis, partner at BKD, LLP of Springfield, and David Taylor, senior manager at BKD, presented the annual audit report, explaining that TCMH had a “strong balance sheet” at the end of a “challenging year”.
Taylor pointed out that the negative bottom line included $863,099 in cash and pledges belonging to the TCMH Healthcare Foundation and $1,060,000 received by TCMH from the federal government for the adoption and implementation of electronic medical records within the hospital.
The growth of the Healthcare Foundation’s assets over the past seven years requires it to be included in TCMH financial statement. In 2012, the Foundation embarked upon a $3.2 million capital campaign to raise funds to build a tornado safe room and new surgery department which added to the funds held by the Foundation in 2013.
Taylor highlighted the fact that TCMH has 106 days of cash on hand. One day is equivalent to $74,000.
BKD sends an audit team to TCMH each March, spending about a week going over hospital financial information from the previous year. The firm takes about a month to complete the audit information including income expense statements, balance sheets, statement of cash flows and other information that comprises the financial report documents presented at the April board meeting.
BKD uses historical TCMH data and data from other healthcare facilities for comparison purposes during the audit. BKD also has access to the latest information regarding hospital payers which helps the firm reach concrete numbers in the final audit report.