The Johns Hopkins Hospital

The Johns Hopkins Hospital

Financial Statements June 30, 2012 and 2011

The Johns Hopkins Hospital

Index June 30, 2012 and 2011

Page(s) Report of Independent Auditors ................................................................................................................. 1 Balance Sheets ....................................................................................................................................... 2-3 Statements of Operations and Changes in Net Assets ............................................................................. 4 Statements of Cash Flows ......................................................................................................................... 5 Notes to Financial Statements ..............................................................................................................6-36

REPORT OF INDEPENDENT AUDITORS ________

To the Board of Trustees of The Johns Hopkins Hospital: In our opinion, the accompanying balance sheets and the related statements of operations and changes in net assets and cash flows present fairly, in all material respects, the financial position of The Johns Hopkins Hospital ("JHH") at June 30, 2012 and 2011, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America. These financial statements are the responsibility of JHH's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

September 28, 2012

PricewaterhouseCoopers LLP, 100 East Pratt Street, Suite 1900, Baltimore, MD 21202-1096 T: (410) 783 7600, F: (410) 783 7680, us

The Johns Hopkins Hospital

Balance Sheets June 30, 2012 and 2011 (in thousands)

ASSETS Current assets:

Cash and cash equivalents Short-term investments Assets whose use is limited for current liabilities Patient accounts receivable, net of estimated uncollectibles of $29,636 and $47,114 at June 30, 2012 and 2011, respectively Due from others Due from affiliates - current portion Inventories of supplies Prepaid expenses and other current assets

Total current assets

Assets whose use is limited, net of current By donors or grantors for: Future campus development Pledges receivable By Board of Trustees Other

Total assets whose use is limited, net of current

Investments Property, plant and equipment Less: accumulated depreciation and amortization

Total property, plant and equipment, net

Due from affiliates, net of current portion Net pension asset Other assets

Total assets

2012

2011

$

41,074 $ 153,388

8,950

89,230

12,152

9,370

210,413 29,362 31,015 45,272 28,815

407,053

167,573 21,302 2,876 36,281 5,484

485,504

644 15,079 63,382

7,705

86,810

7,516 25,614 61,758

6,549

101,437

459,589 2,072,864

(552,048)

1,520,816

587,003 1,850,549

(514,360)

1,336,189

264,213 -

31,367

54,641 1,878 4,648

$ 2,769,848 $ 2,571,300

The accompanying notes are an integral part of these financial statements. 2

The Johns Hopkins Hospital

Balance Sheets, continued June 30, 2012 and 2011 (in thousands)

LIABILITIES AND NET ASSETS Current liabilities:

Current portion of long-term debt Accounts payable and accrued liabilities Accrued vacation Due to affiliates Advances from third-party payors Current portion of estimated malpractice costs

Total current liabilities

Long-term debt, net of current portion Estimated malpractice costs, net of current portion Net pension liability Other long-term liabilities

Total liabilities

Net assets: Unrestricted Temporarily restricted Total net assets Total liabilities and net assets

2012

2011

$ 162,625 197,090 18,240 19,725 80,257 21,846

499,783

708,198 64,121

290,783 235,495

1,798,380

$ 124,995 199,077 16,755 8,782 66,903 1,235

417,747

643,252 39,943

133,270 127,166

1,361,378

952,208 19,260

971,468

$ 2,769,848

748,394 461,528 1,209,922

$ 2,571,300

The accompanying notes are an integral part of these financial statements. 3

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