FINANCIAL STATEMENTS JUNE 30, 2019 AND 2018

FINANCIAL STATEMENTS JUNE 30, 2019 AND 2018

MARION GENERAL HOSPITAL, INC. TABLE OF CONTENTS

JUNE 30, 2019 AND 2018

Page Report of Independent Auditors ............................................................................................................................................... 1 Financial Statements

Balance Sheets .............................................................................................................................................................................. 3 Statements of Operations and Changes in Net Assets ................................................................................................. 5 Statements of Cash Flows......................................................................................................................................................... 6 Notes to Financial Statements ................................................................................................................................................ 7

REPORT OF INDEPENDENT AUDITORS

Board of Directors Marion General Hospital, Inc. Marion, Indiana

We have audited the accompanying financial statements of Marion General Hospital, Inc. (the Hospital), which comprise the balance sheets as of June 30, 2019 and 2018, and the related statements of operations and changes in net assets, and cash flows for the years then ended, and the related notes to the financial statements.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Hospital's preparation and fair presentation of the 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 Hospital'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 financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

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Board of Directors Marion General Hospital, Inc. Marion, Indiana Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Hospital as of June 30, 2019 and 2018, and the results of its operations, changes in its net assets and its cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America. Change in Accounting Principles As discussed in Note 2 to the financial statements, effective July 1, 2018, the Hospital adopted Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. 2016-14, Presentation of Financial Statement of Not-for-Profit Entities, FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), and early adopted FASB ASU No. 2016-01, Financial Instruments--Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. Our opinion is not modified with respect to these matters.

Indianapolis, Indiana October 16, 2019

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MARION GENERAL HOSPITAL, INC.

BALANCE SHEETS JUNE 30, 2019 AND 2018

ASSETS

Current assets Cash Current portion of assets limited as to use Account receivable Patient services, less allowances for uncollectible accounts of $7,272,000 in 2018 Physician services, less allowances for uncollectible accounts of $71,000 in 2018 Other Accrued interest Inventories Current portion of notes receivable Prepaid expenses

Total current assets

2019

2018

$

8,144,406 $ 11,374,378

-0-

761,199

23,581,628

3,166,527 458,828 -0-

2,052,978 926,265

3,064,771 41,395,403

22,401,149

1,713,425 543,825 4,245

1,266,339 870,764

2,807,777 41,743,101

Assets limited as to use Board designated funds Trustee held Donor restricted

Total assets limited as to use, net Less current portion

Total assets limited as to use, net

253,893,430 1,393,016 -0-

255,286,446 -0-

255,286,446

242,586,178 3,862,892 10,155

246,459,225 761,199

245,698,026

Property and equipment, net

82,804,360

87,168,343

Other assets Investment in joint ventures Notes receivable, net Goodwill and other intangible assets, net Other

Total other assets

Total assets

1,446,459 2,139,032 3,489,859 2,640,330

9,715,680

$ 389,201,889

1,480,380 2,633,848 1,968,096 2,004,383

8,086,707

$ 382,696,177

See accompanying notes to financial statements. 3

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