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ANNUAL REPORT 2002

Statement of Operations

Revenues

2002

2001

Net patient service revenue $59,904 $59,193
Research revenue 34,081 28,983
Other 8,395 5,894
Total operating revenue $102,380 $94,070

Expenses

Compensation and benefits $45,707 $41,661
Supplies and other expenses 21,248 21,484
Direct research cost 25,932 22,119
Depreciation 6,142 5,424
Provision for bad debts 1,883 2,151
Interest 1,278 1,367
Total operating expenses $102,190 $94,206
Income (loss) from operations $190 ($136)

Non-operating gains (expenses)

Income (loss) from investments -860 323
Gifts and other, net of expenses 1,019 2,847
Academic and research gifts, net of expenses 1,168 163
System development funding -2,173 -1,661
Excess (deficit) of revenues over expenses ($656) $1,536

2002 and 2001 Balance Sheet

2002

2001

Current assets

Cash and investments $11,677 $13,897
Current portion of investments limited as to use 9,955 7,064
Patient accounts receivable 6,335 7,859
Other current assets 1,792 2,227
Total current assets 29,759 31,047
Investments limited as to use 16,016 15,917

Interest in the net assets of

The Massachusetts General Hospital 37,696 40,792
Property and other long-term assets 62,377 62,009
Total assets $145,848 $149,765

Current Liabilities

Accounts payable and accrued expenses $13,627 $15,533
Accrued compensations and benefits 4,441 4,345
Total current liabilities $18,068 $19,878
Other long-term liabilities $10,024 $11,330
Long-term debt, less current portion $24,098 $25,584
Total liabilities $52,190 $56,792

Net assets

Unrestricted $40,841 $47,116
Temporarily restricted 27,372 20,762
Permanently restricted 25,445 25,095
Total net assets 93,658 92,973
Total liabilities and net assets $145,848 $149,765