SHRINERS HOSPITALS FOR CHILDREN
SHRINERS HOSPITALS FOR CHILDREN Combined Financial Statements and Schedules
December 31, 2019 (With Independent Auditors' Report Thereon)
SHRINERS HOSPITALS FOR CHILDREN Table of Contents
Independent Auditors' Report Combined Statement of Financial Position Combined Statement of Operations and Changes in Net Assets Combined Statement of Cash Flows Notes to Combined Financial Statements
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KPMG LLP Suite 1700 100 North Tampa Street Tampa, FL 33602-5145
Independent Auditors' Report
The Board of Directors Shriners Hospitals for Children:
We have audited the accompanying combined financial statements of Shriners Hospitals for Children, which comprise the combined statement of financial position as of December 31, 2019, and the related combined statements of operations and changes in net assets and cash flows for the year then ended, and the related notes to the combined financial statements.
Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these combined 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 combined 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 combined financial statements based on our audit. We conducted our audit 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 combined financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the combined financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the combined 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 combined 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 combined 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 combined financial statements referred to above present fairly in all material respects, the financial position of Shriners Hospitals for Children as of December 31, 2019, and the changes in their net assets and their cash flows for the year 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.
Emphasis of Matter As discussed in Note 1(s) to the combined financial statements, Shriners Hospitals for Children adopted Financial Accounting Standards Board Accounting Standard Update 2014-09, Revenue from Contracts with Customers (ASC 606), as amended, during 2019. Our opinion is not modified with respect to this matter. April 15, 2020
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SHRINERS HOSPITALS FOR CHILDREN
Combined Statement of Financial Position
December 31, 2019
(In thousands)
Assets
Cash and cash equivalents Cash and cash equivalents held as collateral under securities lending transactions Patient accounts receivable Receivables, net Accrued interest and dividends Inventories and deferred charges Patient transportation funds held by Shrine temples Investments:
Marketable securities Charitable gift annuities Beneficial interest in trusts Real estate and mineral interests Miscellaneous investments Estates in process Land, buildings, and equipment, net of accumulated depreciation
Total assets
Liabilities and Net Assets
Liabilities: Accounts payable and accrued expenses Pension and postretirement benefits Liabilities under securities lending transactions Other liabilities
Total liabilities
Net assets: Without donor restrictions (net of cumulative foreign currency translation adjustment of $9,351 With donor restrictions
Total net assets
Total liabilities and net assets
See accompanying notes to combined financial statements.
$
40,980
531,229
28,467
12,448
21,859
40,033
70,477
7,769,561 48,098
574,397 288,715
31,122 249,788 875,945
$ 10,583,119
$
152,298
242,126
531,229
41,681
967,334
8,239,945 1,375,840
9,615,785
$ 10,583,119
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