Revenues |
2003 |
2002 |
| Net patient service revenue |
$62,064 |
$59,904 |
| Research revenue |
39,445 |
34,081 |
| Other |
8,007 |
8,395 |
| Total operating revenue |
$109,916 |
$102,380 |
|
|
| |
|
Expenses |
|
| Compensation and benefits |
$50,454 |
$45,707 |
| Supplies and other expenses |
22,705 |
21,248 |
| Direct research cost |
29,196 |
25,932 |
| Depreciation |
6,152 |
6,142 |
| Provision for bad debts |
1,394 |
1,883 |
| Interest |
1,234 |
1,278 |
| Total operating expenses |
$111,135 |
$102,190 |
|
|
| |
|
|
| Income (loss) from operations |
($1,619) |
$190 |
| |
|
|
|
|
NON-OPERATING GAINS (EXPENSES) |
|
| Income (loss) from investments |
$21 |
($860) |
| Gifts and other, net of expenses |
(122) |
1,017 |
| Academic and research gifts, net of expenses |
799 |
1,168 |
| System development funding |
(2,409) |
(2,173) |
| Total non-operating gains (expenses), net |
($1,711) |
($853) |
| Excess (deficit) of revenues over expenses |
($3,330) |
($663) |
|
| |
|
|
2003 and 2002 Balance Sheet |
2003 |
2002 |
Current assets |
|
| Cash and investments |
$11,908 |
$11,677 |
| Current portion of investments limited as to use |
14,571 |
9,955 |
| Patient accounts receivable |
6,161 |
6,335 |
| Other current assets |
2,614 |
1,792 |
| Total current assets |
$35,254 |
29,759 |
|
|
| Investments limited as to use |
$16,074 |
$16,016 |
| Interest in the net assets of |
|
| The Massachusetts General Hospital |
44,303 |
37,696 |
| Property and other long-term assets |
61,309 |
62,377 |
| Total assets |
$156,940 |
$145,848 |
|
|
| |
|
CURRENT LIABILITIES |
|
| Accounts payable and accrued expenses |
$17,649 |
$13,627 |
| Accrued compensations and benefits |
5,442 |
4,441 |
| Total current liabilities |
$23,091 |
$18,068 |
| |
|
|
| Other long-term liabilities |
$8,009 |
$10,024 |
| Long-term debt, less current portion |
25,810 |
$24,098 |
| Total liabilities |
$56,910 |
$52,190 |
|
|
| |
|
NET ASSESTS |
|
| Unrestricted |
$43,062 |
$40,841 |
| Temporarily restricted |
31,152 |
27,372 |
| Permanently restricted |
25,816 |
25,445 |
| Total net assets |
$100,030 |
$93,658 |
| Total liabilities and net assets |
$156,940 |
$145,848 |
