FLORIDA HEALTH SCIENCES CENTER, INC. - Florida Auditor General
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
Page
Independent Auditors¡¯ Report
1
Consolidated Financial Statements:
Consolidated Balance Sheets
3
Consolidated Statements of Operations and Changes in Unrestricted Net Assets
4
Consolidated Statements of Changes in Net Assets
5
Consolidated Statements of Cash Flows
6
Notes to Consolidated Financial Statements
7
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
36
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
38
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
40
Schedule of Expenditures of Federal Awards
42
Schedule of Expenditure of State Financial Assistance
43
Notes to Schedules of Expenditures of Federal Awards and State Financial Assistance
44
Schedule of Findings and Questioned Costs
45
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
2
FLORIDA HEALTH SCIENCES CENTER, INC.
Consolidated Balance Sheets
September 30, 2016 and 2015
Assets
2016
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
$
2015
51,278,736
30,072,781
5,841,688
139,672,990
30,074,677
14,268,961
124,053,051
24,883,012
54,648,271
117,060,965
22,957,391
28,215,272
290,777,539
352,250,256
755,260,855
516,807,744
2,522,199
8,658,406
702,214,691
484,203,366
3,482,843
7,783,915
$ 1,574,026,743
1,549,935,071
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
See accompanying notes to consolidated financial statements.
3
94,555,267
114,382,047
9,207,721
72,223,273
112,429,933
108,273,503
8,309,721
84,613,236
290,368,308
313,626,393
375,820,040
98,527,250
381,246,302
115,456,316
764,715,598
810,329,011
792,802,912
15,592,702
915,531
723,492,696
15,200,543
912,821
809,311,145
739,606,060
$ 1,574,026,743
1,549,935,071
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