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ANNUAL REPORT 2003

Statement of Operations

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