FLORIDA HEALTH SCIENCES CENTER, INC. - Florida Auditor …
FLORIDA HEALTH SCIENCES CENTER, INC.
Consolidated Financial Statements and Reports as Required by the Uniform Guidance and Chapter 10.650, Rules of the Auditor General
September 30, 2016 (With Independent Auditors' Report Thereon)
FLORIDA HEALTH SCIENCES CENTER, INC.
Table of Contents
Independent Auditors' Report Consolidated Financial Statements:
Consolidated Balance Sheets Consolidated Statements of Operations and Changes in Unrestricted Net Assets Consolidated Statements of Changes in Net Assets Consolidated Statements of Cash Flows Notes to Consolidated Financial Statements Supplementary Information Independent Auditors' Report on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards Independent Auditors' Report on Compliance for Each Major Federal Program; Report on Internal Control over Compliance; and Report on Schedule of Expenditures of Federal Awards Required by the Uniform Guidance Independent Auditors' Report on Compliance for Each Major State Project; Report on Internal Control over Compliance; and Report on Schedule of Expenditures of State Financial Assistance Required by Chapter 10.650, Rules of Auditor General Schedule of Expenditures of Federal Awards Schedule of Expenditure of State Financial Assistance Notes to Schedules of Expenditures of Federal Awards and State Financial Assistance Schedule of Findings and Questioned Costs
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KPMG LLP Suite 1700 100 North Tampa Street Tampa, FL 33602-5145
Independent Auditors' Report
The Board of Directors Florida Health Sciences Center, Inc.:
Report on the Financial Statements We have audited the accompanying consolidated financial statements of Florida Health Sciences Center, Inc. (the Center), which comprise the consolidated balance sheets as of September 30, 2016 and 2015, and the related consolidated statements of operations and changes in unrestricted net assets, changes in net assets and cash flows for the years then ended, and the related notes to the consolidated financial statements.
Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with U.S. generally accepted accounting principles; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
Auditors' Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of Florida Health Sciences Center, Inc. as of September 30, 2016 and 2015, and the changes in its net assets and its cash flows for the years then ended in accordance with U.S. generally accepted accounting principles.
KPMG LLP is a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.
Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 20, 2016 on our consideration of the Center's internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Center's internal control over financial reporting and compliance. December 20, 2016 Certified Public Accountants
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FLORIDA HEALTH SCIENCES CENTER, INC. Consolidated Balance Sheets September 30, 2016 and 2015
Assets
Current assets: Cash and cash equivalents Short-term investments Current portion of assets limited as to use Patient accounts receivable, net of allowance for uncollectible accounts of approximately $146,055,000 in 2016 and $151,072,000 in 2015 Inventories Prepaid expenses and other current assets
Total current assets
Assets limited as to use, less current portion Property and equipment, net Investments in joint ventures Other assets
Liabilities and Net Assets
Current liabilities: Accounts payable Accrued expenses Current installments of long-term debt Estimated third-party payor settlements
Total current liabilities
Long-term debt, excluding current installments Other liabilities
Total liabilities
Net assets: Unrestricted Temporarily restricted Permanently restricted
Total net assets
2016
$ 51,278,736 30,072,781 5,841,688
2015
139,672,990 30,074,677 14,268,961
124,053,051 24,883,012 54,648,271
290,777,539
755,260,855 516,807,744
2,522,199 8,658,406
$ 1,574,026,743
117,060,965 22,957,391 28,215,272
352,250,256
702,214,691 484,203,366
3,482,843 7,783,915
1,549,935,071
$ 94,555,267 114,382,047 9,207,721 72,223,273
290,368,308
375,820,040 98,527,250
764,715,598
792,802,912 15,592,702 915,531
809,311,145 $ 1,574,026,743
112,429,933 108,273,503
8,309,721 84,613,236
313,626,393
381,246,302 115,456,316
810,329,011
723,492,696 15,200,543 912,821
739,606,060 1,549,935,071
See accompanying notes to consolidated financial statements.
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