CPMC Annual Report 2008
Community Benefit and Financial Statements
Data from the 2008 CPMC Annual Report (PDF)
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Community Benefit
[Printed Report Page 44-45] [PDF Page 25]
| For The Year Ended December 31 | 2008 | 2007 (As Restated) | ||
|---|---|---|---|---|
| Services | Amount | Percent Of Net Patient Revenue | Amount | Percent Of Net Patient Revenue |
| Traditional Charity Care | 7,582,000 | 0.69% | 5,351,000 | 0.52% |
| Unpaid Costs of Public Programs: Medi-Cal | 56,517,000 | 5.19% | 56,332,000 | 5.51% |
| Unpaid Costs of Public Programs: Medically Indigent Adult (MIA) program | 0 | 0.00% | 0 | 0.00% |
| Other Benefits for the Poor and Underserved | 11,403,000 | 1.04% | 12,373,000 | 1.21% |
| Total Quantifiable Services for the Poor and Underserved | 75,502,000 | 6.94% | 74,056,000 | 7.25% |
| For The Year Ended December 31 | 2008 | 2007 (As Restated) | ||
|---|---|---|---|---|
| Services | Amount | Percent Of Net Patient Revenue | Amount | Percent Of Net Patient Revenue |
| Nonbilled Services | 819,000 | 0.07% | 650,000 | 0.06% |
| Education and Research | 51,795,000 | 4.76% | 51,015,000 | 4.99% |
| Cash and In-kind Donations | 529,000 | 0.04% | 572,000 | 0.06% |
| Other Community Benefits | 64,000 | 0.00% | 49,000 | 0.00% |
| Total Quantifiable Benefits for the Broader Community | 53,207,000 | 4.89% | 52,286,000 | 5.12% |
| For The Year Ended December 31 | 2008 | 2007 (As Restated) | ||
|---|---|---|---|---|
| Services | Amount | Percent Of Net Patient Revenue | Amount | Percent Of Net Patient Revenue |
| Total Quantifiable Community Benefits | 128,709,000 | 11.83% | 126,342,000 | 12.37% |
| Net Patient Revenue [Includes capitation revenue] | 1,087,736,000 | 1,021,533,000 | ||
California Pacific Medical Center Financial Statements
[Printed Report Pages 48-49] [PDF Page 27]
Combined Balance Sheets (In Thousands)
| Assets | 2008 | 2007 |
|---|---|---|
| Current assets: Cash and equivalents | 38,518 | 64,479 |
| Current assets: Short-term investments | 96,801 | 130,974 |
| Current assets: Patient accounts receivable (less allowance for doubtful accounts of $58,584) | 173,002 | 169,363 |
| Current assets: Other receivables | 32,411 | 31,965 |
| Current assets: Inventories | 7,967 | 7,573 |
| Current assets: Other current assets | 4,696 | 4,594 |
| Total current assets | 353,395 | 408,948 |
| Noncurrent investments | 231,108 | 329,907 |
| Property, plant, and equipment (net) | 721,604 | 605,677 |
| Other assets: Unamortized financing costs | 1,374 | 2,374 |
| Other Assets: Investments in health care–related businesses | 532 | 532 |
| Other Assets: Other | 43,441 | 46,343 |
| Other Assets: Total | 45,347 | 49,249 |
| Total assets | 1,351,454 | 1,393,781 |
| Liabilities and Net Assets | 2008 | 2007 |
|---|---|---|
| Liabilities and net assets: Current liabilities: Current maturities of long-term obligations | 3,449 | 6,910 |
| Liabilities and net assets: Current liabilities: Accounts payable and accrued expenses | 152,259 | 159,625 |
| Total current liabilities | 155,708 | 166,535 |
| Noncurrent liabilities: Long-term obligations, less current maturities | 284,571 | 286,004 |
| Noncurrent liabilities: Other | 39,726 | 40,221 |
| Net assets: Unrestricted | 756,072 | 780,794 |
| Net assets: Temporarily restricted | 73,890 | 79,387 |
| Net assets: Permanently restricted | 41,487 | 40,840 |
| Net Assets: Total | 871,449 | 901,021 |
| Total liabilities and net assets | 1,351,454 | 1,393,781 |
California Pacific Medical Center Financial Statements
[Printed Report Pages 50-51] [PDF Page 28]
Combined Statement Of Operations And Changes In Net Assets (In Thousands)
| Unrestricted net assets | 2008 | 2007 |
|---|---|---|
| Unrestricted revenues, gains and other support: Patient service revenues | 1,129,975 | 1,056,269 |
| Unrestricted revenues, gains and other support: Investment income | -2,302 | 43,318 |
| Other revenues | 94,322 | 96,035 |
| Total revenues | 1,221,995 | 1,195,622 |
| Operating expenses:Salaries and employee benefits | 591,546 | 566,862 |
| Operating expenses: Purchased services | 198,868 | 180,068 |
| Operating expenses: Supplies | 137,386 | 129,654 |
| Operating expenses: Depreciation and amortization | 63,707 | 57,171 |
| Operating expenses: Provision for bad debts | 36,373 | 34,679 |
| Operating expenses: Interest | 19,332 | 13,020 |
| Operating expenses: Rentals and leases | 17,932 | 16,507 |
| Operating expenses: Insurance | 7,624 | 8,446 |
| Operating expenses: Other | 45,555 | 43,073 |
| Total operating expenses | 1,118,323 | 1,049,480 |
| Income | 103,672 | 146,142 |
| Change in net unrealized (losses) on investments | -78,036 | -17,346 |
| Equity transfers between related entities | -54,790 | -97 |
| Net assets released from restrictions for equipment acquisition | 5,016 | 6,059 |
| Other | -584 | - |
| (Decrease) increase in unrestricted net assets | -24,722 | 134,758 |
| Temporarily restricted net assets | 2008 | 2007 |
|---|---|---|
| Contributions | 17,470 | 14,812 |
| Investment income | -2 | 385 |
| Change in net unrealized gains and losses on investments | -9,088 | -851 |
| Net assets released from restricted net assets | -13,877 | -18,698 |
| Other | - | 1,593 |
| Change in temporarily restricted net assets | -5,497 | -2,759 |
| Permanently restricted net assets | 2008 | 2007 |
|---|---|---|
| Contributions | 647 | 3,981 |
| Others | - | 965 |
| Increase in permanently restricted net assets | 647 | 4,946 |
| Net Assets | 2008 | 2007 |
|---|---|---|
| (Decrease) increase in net assets | -29,572 | 136,945 |
| Net assets, beginning of year | 901,021 | 764,076 |
| Net assets, end of year | 871,449 | 901,021 |
California Pacific Medical Center Foundation Financial Statements
[Printed Report Pages 112-113] [PDF Page 38]
Combined Statements Of Financial Position For The Year Ended December 31
| Assets | 2008 | 2007 (as restated) |
|---|---|---|
| Current assets: Cash and cash equivalents | 9,606,649 | 2,089,006 |
| Current assets: Investments | 97,088,503 | 130,702,479 |
| Current assets: Pledges receivable, net | 6,278,603 | 4,518,409 |
| Current assets: Other current assets | 3,042,453 | 940,729 |
| Total current assets | 116,016,208 | 138,250,623 |
| Investments, less current portion | 46,194,799 | 63,116,906 |
| Trust receivables | 4,450,254 | 4,747,641 |
| Pledges receivable, less current portion | 8,849,040 | 16,510,404 |
| Equipment, net of accumulated depreciation of $595,227 in 2008 ($499,556 in 2007) | 220,490 | 228,227 |
| Other noncurrent assets | 113,567 | 12,956 |
| Total assets | 175,844,358 | 222,866,757 |
| Liabilities and net assets | 2008 | 2007 (as restated) |
|---|---|---|
| Current liabilities: Accounts payable | 704,228 | 873,765 |
| Current liabilities: Obligations under annuity agreements | 595,971 | 599,658 |
| Current liabilities: Due to California Pacific Medical Center | 4,078,806 | 4,256,792 |
| Current liabilities: Due to St. Luke’s Health Care Center | 51,440 | 39,311 |
| Total current liabilities | 5,430,445 | 5,769,526 |
| Obligations under annuity agreements, less current portion | 3,511,214 | 3,546,575 |
| Deferred revenue | 2,165,000 | 2,000,000 |
| Other noncurrent liabilities | 668,072 | 18,524 |
| Net assets: Unrestricted | 62,022,357 | 114,008,640 |
| Net assets: Temporarily restricted | 60,560,201 | 56,683,235 |
| Net assets: Permanently restricted | 41,487,069 | 40,840,257 |
| Net assets: Total | 164,069,627 | 211,532,132 |
| Total liabilities and net assets | 175,844,358 | 222,866,757 |
| Operating activities | 2008 | 2007 |
|---|---|---|
| Changes in net assets | -47,462,505 | 11,399,155 |
| Adjustments to reconcile change in net assets to net cash provided by operating activities: Depreciation | 95,671 | 83,789 |
| Adjustments to reconcile change in net assets to net cash provided by operating activities: Change in net unrealized (losses) gains on investments | 46,575,075 | 9,180,595 |
| Adjustments to reconcile change in net assets to net cash provided by operating activities: Permanently restricted contributions | -646,812 | -3,981,159 |
| Adjustments to reconcile change in net assets to net cash provided by operating activities: Loss on disposal of equipment | - | - |
| Changes in operating assets and liabilities: Pledges receivable | 5,901,170 | -5,413,886 |
| Changes in operating assets and liabilities: Other assets | -102,589 | 269,981 |
| Changes in operating assets and liabilities: Due to California Pacific Medical Center | -177,986 | 2,259,531 |
| Changes in operating assets and liabilities: Due to St. Luke’s Health Care Center | 12,129 | -62,143 |
| Changes in operating assets and liabilities: Accounts payable and other liabilities | 601,118 | 35,812 |
| Changes in operating assets and liabilities: Obligations under annuity agreements | -39,048 | 130,730 |
| Changes in operating assets and liabilities: Deferred revenue | 165,000 | 2,000,000 |
| Net cash provided by operating activities | 4,921,223 | 15,902,405 |
| Investing activities | 2008 | 2007 |
|---|---|---|
| Purchase of equipment | -87,934 | -16,166 |
| Purchases of investments, net | 1,740,155 | -25,638,629 |
| Change in assets held in trust | 297,387 | -120,973 |
| Net cash used in investing activities | 1,949,608 | -25,775,768 |
| Financing activities | 2008 | 2007 |
|---|---|---|
| Permanently restricted contributions | 646,812 | 3,981,159 |
| Net cash provided by financing activities | 646,812 | 3,981,159 |
| Net increase (decrease) in cash and cash equivalents | 7,517,643 | -5,892,204 |
| Cash and cash equivalents, beginning of year | 2,089,006 | 7,981,210 |
| Cash and cash equivalents, end of year | 9,606,649 | 2,089,006 |
California Pacific Medical Center Foundation Financial Statements
[Printed Report Pages 114-115] [PDF Page 39]
Combined Statement Of Activities And Changes In Net Assets For The Year Ended December 31
| Unrestricted net assets | 2008 | 2007 (as restated) |
|---|---|---|
| Unrestricted contributions and other support: Contributions | 2,182,708 | 2,902,004 |
| Unrestricted contributions and other support: Other support | 2,202,564 | 1,835,482 |
| Total contributions and other support | 4,385,272 | 4,737,486 |
| Investment income and net (losses) gains | -3,234,509 | 20,570,101 |
| Service contract with California Pacific Medical Center | 6,998,637 | 5,829,811 |
| Revenues of California Pacific Medical Center Guild | 683,242 | 897,997 |
| Unrestricted net assets: Total | 8,832,642 | 32,035,395 |
| Net assets released due to satisfaction of donor restrictions | 12,899,867 | 16,503,197 |
| Total revenues and other support | 21,732,509 | 48,538,592 |
| Unrestricted expenditures and other operating expenses | 2008 | 2007 |
|---|---|---|
| Program expenditures: Programs of California Pacific Medical Center | 21,785,054 | 24,793,020 |
| Operating expenses: Fund raising | 3,501,219 | 3,192,832 |
| Operating expenses: Management and general | 1,673,254 | 1,592,529 |
| Operating expenses: California Pacific Medical Center Guild | 888,948 | 974,862 |
| Total unrestricted expenditures and operating expenses | 27,848,475 | 30,553,243 |
| (Decrease) increase before net unrealized (losses) gains on investments and other | -6,115,966 | 17,985,349 |
| Change in net unrealized (losses) on investments | -45,870,318 | -8,878,474 |
| Other | -- | -- |
| (Decrease) increase in unrestricted net assets | -51,986,284 | 9,106,875 |
| Temporarily restricted net assets | 2008 | 2007 (as restated) |
|---|---|---|
| Contributions | 17,469,813 | 14,911,469 |
| Investment income and net gains | 11,778 | 181,515 |
| Change in net unrealized (losses) gains on investments | -704,757 | -302,121 |
| Net assets released from restrictions due to satisfaction of donor restrictions | -12,899,867 | -16,503,197 |
| Other | -- | 23,455 |
| Increase (decrease) in temporarily restricted net assets | 3,876,967 | -1,688,879 |
| Permanently restricted assets: Contributions | 646,812 | 3,981,159 |
| Increase in permanently restricted net assets | 646,812 | 3,981,159 |
| Change in net assets | -47,462,505 | 11,399,155 |
| Net assets, beginning of year | 211,532,132 | 200,132,977 |
| Net assets, end of year | 164,069,627 | 211,532,132 |
