financial statgments franklin^ louisiana …...parish policy jury, state of louisiana, at september...

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FINANCIAL STATgMENTS

HOSPITAL SERVICE DISTRICT NO PARISH OF ST MARY FRANKLIN^ LOUISIANA

SEPTEMBER 30^ 2011 AND 2010

Jnder provisions of state law, this report is a public document Acopy ofthe report has been submitted to the entity and other appropriate pubiic officials The report ts available for public inspection at the Baton Rouge office of the Legislative Auditor and. where appropriate, at the office of the parish clerk of court

Release Date A P R 1 fi 2012

FINANCIAL STATEMENTS

HOSPITAL SERVICE DISTRICT PARISH OF FRANKLIN,

SEPTEMBER 30,

TABLE OF

ST MARY LOUISIANA

NO 1

2011 AND 2010

CONTENTS

PAGE

Independent Auditor's Report 1

Statement of Net Assets 2-3

Statement of Revenues, Expenses and Changes m Net Assets 4

Statement of Cash Flows 5

Notes to the Financial Statements 6-16

Supplemental Information

Patient Service Revenues 17-18

Other Operating Revenues 19

Professional Services 20

General and Administrative Services 21

Report on Compliance and Internal Control over Financial Reporting 22-23

Schedule of Findings, Questioned Costs and Managements Corrective Action Plan 24

Schedule of Prior Year Findings 25

UVNEUNAES BRBUSSARB & J ^ ¥ ^ f ^ ^ '̂̂ '* '*' '^'^'"^"^ ̂ -''-^ KOHlMnlBcmm ^ ^ B ^ ^ n v S K t S J t^nsA. Katticnitewgr C.P.A., M.B.A., MM.A. Aeofporittonorc«rflll«dhtbltaAeuun(tnt» ^ ^ ^ ^ ^ ^ ^ y* Ga0a L, Faican, Ĉ PJK*

Potiick IB. GuMwy^ C.P.A. Amiftey U Breaux^ C.P,A.

Jattaiitan P- Pirlmeaux, CPJk., 1B.B.A. ifatttryn f . Baagp CP.A.

INDEPENDENT AUDITOR'S REPORT

Board of Conunissioners Hospital Services District No. 1 Parish of St. Mary, State of Louisiana Franklin, Louisiana

We have audited the financial statements and the major fund of Hospital Service Dis-rict No 1, Parish of St. Mary, State of Louisiana, a component of the St Mary Parish Police Jury, State of Louisiana, (The Hospital) as of September 30, 2011 and 2010, and the years then ended Our responsibility is to express opinions on these financial statements based on our audit.

We conducted our audit m accordance with auditing standards generally accepted m the United States of America and Government A u d i t i n g S t a n d a r d s , issued by the Comptroller General of the United States Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements An audit also includes assessing the accounting principles used and Significant estiinates made by management, as well as evaluating the overall financial statement presentation We believe that our audit provides a reasonable basis for our opinions

In our opinion, based on our audit, the component unit financial statements and the major fund referred to above present fairly, in all material respects, the financial position of Hospital Service District No 1, Parish of St Mary, State of Louisiana, a component unit of the St Mary Parish Policy Jury, State of Louisiana, at September 30, 2011 and 2010, and the respective changes in financial position, and cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

In accordance with Government A u d i t i n g S t a n d a r d s , we have also issued our report dated March 22, 2012, on our consideration of the Hospital's internal control over financial reporting and on our tests of Its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing S t a n d a r d s and should be considered in assessing the results of our audit.

Our audit was made for the purpose of forming an opinion on the financial statements taken as a whole. The supplementary information included is presented for purposes of additional analysis and is not a required part of the basic financial statements Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, IS fairly stated in all material respects in relation to the basic financial statements taken a whole In our opinion, the information is fairly stated in all material respects in relation to the financial statements as a whole.

The hospital has not presented Management's Discussion and Analysis that the Govermnental Accounting Standards Board has determined is necessary to supplement, although not required to be a part of, the basic financial statements.

BROUSSA/{D & KC^LENBERG {A Corporation of CeTTTfied Public Accountants)

March 22, 2012

2419 VeteronsMemorKsl Drive • PO Box1123 • Abbeville, Louisiana 70511-1123 • Telephone (337) 893-6232 • Fax (337) 893-6249

HOSPITAL SERVICE D I S T R I C T N O . l

P a r i s h o f S t . M a r y

F r a n k l i n . L o u i s i a n a

STATEMENT OF NET ASSETS SEPTEMBER 3 0 .

ASSETS

2011 2010

CURRENT ASSETS Cash and Cash Equ iva l en t s

Investments

Accounts r e c e i v a b l e s , l e s s a l lowance for doubt fu l

accounts of $1 ,093,881 i n 2011 and $1,572,255 in 2010

Due from Third Pa r ty Payors

Other Receivables

I n v e n t o r i e s

Prepaid Expenses

6,236,387

3,194,491

189,200

1,939,844

666,395

194,815

3,738,165

21,887

3,286,920

1,066,912

1,690,567

479,211 200,801

Total Current Assets 12,421,132 10,484,463

ASSETS WHOSE USE IS LIMITED

By Board By Bond Indenture

563,775 279,607

1,020,563 79,249

Total Assets Whose Use is Limited 843,382 1,099,812

PROPERTY, PLANT AND EQUIPMENT

Property, Plant and Equipment Cost Less Accumulated Depreciation

29,630,121 (14,206,898)

28,363,086 (12,514,377]

Total Property, Plant and Equipment 15,423,223 15,848,709

OTHER ASSETS

Start Up Cost (Net) Bond Issue Cost

Total Other Assets

TOTAL ASSETS 5

38,594 89,288

127,882

28,815,619 $ 27,

79,222 93,396

172,618

.605,602

The accompanying notes are an integral part of these financial statements

HOSPITAL SERVICE DISTRICT NO.l

Parish of St. Mary

Franklin. Louisiana

STATEMENT OF NET ASSETS S E P T E M B E R 3 0 .

I . T A B I L I T I E S AND NET ASSETS

2011 2010

CURRENT LIABILITIES

Current portion of long-term debt

Accounts payable

Due to third party payors

Credit balances

Interest payable

Accrued salaries and related withholding; Accrued vacation and holiday expense

305,893

622,901

547,771

296,230

14,087

327,703 367,915

283,515

736,293

196,979

391,805 335,185

Total Current Liabilities 2,482,500 1,943,777

LONG-TERM LIABILITIES Long-Term Debt

Revenue Bonds Series 2005 Revenue Bonds Series 2010

Total Long-Term Liabilities

TOTAL LIABILITIES

4,

5 ,

10 ,

12 ,

785 , 382,

168 ,

650 ,

682 616

,298

798

4,839,133 5,874,792

10,713,925

12,657,702

NET ASSETS

Invested in capital assets, net of related debt

Restricted net assets Unrestricted

TOTAL NET ASSETS

4,949,032

843,382 10,372,407

16,164,821

6,395,897 1,099,812 7,452,191

14,947,900

TOTAL LIABILITIES AND NET ASSETS 28,815,619 27,605,602

The accompanying notes are an integral part of these financial statements 3

HOSPITAL SERVICE DISTRICT NO, 1

Parish Of St. Mary

Franklin. Louisiana

STATEMENT OF REVENtTES, EXPENSES AND CHANCES IN FUND NET ASSETS FOR THE YEARS ENDED SEPTEMBER 30

2011

OPERATING REVENUES

Net Patient Service Revenues

Advalorem Taxes

Other Operating Revenue

TOTAL OPERATING REVENUE

21,194,852

2,210,461 344,180

23,749,493

2010

22,223,478

2,249,772 300,140

24,773,390

OPERATING EXPENSES

Professional Services

General and Administrative

Depreciation and Amortization

Provision for Doubtfiil Accounts

TOTAL OPERATING EXPENSES

11,077,779

7,804,992

1,737,257

2,927,565

23,547,593

10,300,362

7,666,690

1,976,005

3,118,623

23,061,680

INCOME FROM OPERATIONS 201,900 1,711,710

NON-OPERATING REVENUES (EXPENSES)

Grant Revenue

Interest Income

Interest Expense

Loss on Disposal of Assets

TOTAL NON-OPERATING REVENUES (EXPENSES)

CHANGE IN NET ASSETS

TOTAL NET ASSETS, BEGINNING

TOTAL NET ASSETS, ENDIHG

1,499,463

8,464

(492,906)

1,015,021

1,216,921

14,947,900

$ 16,164,821

280,631

15,043

(534,572)

(18,009)

( 2 5 6 , 9 0 7 )

1 , 4 5 4 , 8 0 3

1 3 , 4 9 3 , 0 9 7

$ 14 ,947 ,900


HOSPITAL SERVICE DISTRICT NO

Parish of St. Mary

Franklinr Louisiana

STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED SEPTEMBER 30.

2011 2010

CASH FLOWS FROM OPERATING ACTIVITIES

Cash Received from Patients

Ad Valorem Taxes

Cash Received from Other Sources

Cash Payments to Suppliers for Goods and Services

Cash Payments to Employees for Services

Net Cash Provided By Operating Activities

18,262,759

2,210,461

233,689

(9,053,829) (8,599,034)

18,699,502

2,249,772

190,024

(9,864,198) (8,222,292)

3,054,046 3,052,808

CASH FLOWS FRCM CAPITAL AND RELATED FINANCIAL ACTIVITIES

Acquisition of Property and Equipment

Proceeds from Long-term Debt

Principal Payments on Long-term Debt

Interest Payments on Long-term Debt

Grant Income

Net Cash Used in Capital and Related Financial Activities

(1,267,035)

(523,249)

(478,819)

1,448,385

(661,612)

6,295,462

(6,704,266)

(534,572) 280,631

(820,718) (1,324,357)

CASH FLOWS FROM INVESTING ACTIVITIES"

Interest Income

Loss on Disposal of Assets

Net Cash Provided By (Used In) Investing Activities

8,464

8,464

15,043 (18,009)

(2,966)

NET INCREASE IN CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR

2,241,792

4,837,977

1,725,485

3.312.492

CASH AND CASH EQUIVALENTS AT END OF YEAR 7.079.769 ^ 4-R37.977

CASH FLOWS FRCM OPERATING ACTIVITIES

Operating Income

Adjustments to Reconcile Operating Income to Net Cash

Provided by Operating Activities

Depreciation and Amortization

Provision for Doubtful Accounts

Increase m Receivables and Due from Third Parties Increase in Inventories

and Prepaid Expenses Donation of Investment Loss on Disposal of Assets Increase in Bond Issue Costs

Decrease in Accounts Payable and Accrued Expenses

NET CASH PROVIDED BY OPERATING ACTIVITIES

201,900

1,737,257

2,927,565

(1,508,601)

(181,198) 21,887

(144,764) _

3,054,046 $

1,711,710

1,976,005

3,118,623

(3,634,090)

(11,876) (21,887) 18,009 (51,687) (51,999)

3,052,808


HOSPITAL SERVICE DISTRICT NO Parish of St Mary Franklin, Louisxana

NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2011 AND 2010

NOTE 1 DESCRIPTION OF REPORTING ENTITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

R e p o r t i n g E n t i t y Hospital Service District No 1, Parish of St Mary (the Hospital) was created by Ordinance No 559 of the Police Jury of St Mary Parish on September 20, 1950, to operate, control, and manage matters concerning the health care of citizens west and northwest of the Wax La)te Outlet The Hospital is governed by a board of seven commissioners who are appointed by the St Mary Parish Council For this reason, the Hospital is considered to be a component unit of the St Mary Parish Government, St Mary Parish, Louisiana

Vae of estxmates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to malte estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period Actual results could differ from those estimates

P r o p r i e t a x y fund a c c o u n t i n g The Hospital utilizes the proprietary fund method of accounting whereby revenue and expenses are recognized using the economic resources measurement focus and the accrual basis of accounting Substantially all revenues and expenses are subject to accrual

I n v e n t o r i e a Inventories of drugs and supplies are stated at the lower of cost (first-in, first-out) or market

P r o p e r t y , P l a n t and Equipment Property and equipment acquisitions are recorded at cost Depreciation is provided over the estimated useful life of each class of depreciable asset and is computed using the straight-line method Equipment under capital lease obligations is amortized on the straight-line method over the shorter period of the lease term or the estimated useful life of the equipment Such amortization is included in depreciation and amortization in the financial statements Interest cost incurred on borrowed funds during the period of construction of capital assets IS capitalized as a component of the cost of acquiring those assets

Gifts of long-lived assets such as land, building, or equipment are reported as unrestricted support, and are excluded from the excess of revenues over expenses, unless explicit donor stipulations specify how the donated assets must be used Gifts of long-lived assets with explicit restrictions that specify how the assets are to be used and gifts of cash or other assets that must be used to acquire long-lived assets are reported as restricted support Absent explicit donor stipulations about how long those long-lived assets must be maintained, expirations of donor restrictions are reported when the donated or acquired long-lived assets are placed in service.

Cash and ca sh e q u i v a l e n t s Cash and cash equivalents include investments in highly liquid debt instruments with an original maturity of three months or less Use of restricted funds are determined by board resolution only

HOSPITAL SERVICE DISTRICT NO Parish of St Mary

Louisiana


NOTE 1 DESCRIPTION OF REPORTING ENTITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cent)

Ad va lorem Taxes The Hospital received approximately 9 0 percent m 2011 and 9.0 percent in 2010, of its financial support from ad valorem taxes. Current taxes are received beginning in October of each year and become delinquent after January 31, of the following year

Riak Management The Hospital is exposed to various risks of loss from torts, theft of, damage to, and destruction of assets, business interruption, errors and omissions, employee injuries and illnesses, natural disasters, and employee health, dental, and accident benefits Commercial insurance coverage is purchased for claims arising from such matters Settled claims have not exceeded this commercial coverage in any of the three preceding years

Accounting Standarcfs Pursuant to Governmental Accounting Standards Board (GASB) Statement No 20, Account ing and F i n a n c i a l R e p o r t i n g f o r P r o p r i e t a r y Funds and Other Governmental E n t i t i e s That Use P r o p r i e t a r y Fund Accoun t ing , the Hospital has elected to apply provisions of all relevant pronouncements of the Financial Accounting Standards Board (FASB), including those issued after November 30, 1989, that do not conflict with or contradict GASB pronouncements

Investments i n d e b t and e q u i t y s e c u r i t i e s Investments in debt and equity securities are carried at fair value except for investments in debt securities with maturities of less than one year at the time of purchase These investments are reported at amortized cost, which approximates fair value Interest, dividends, and gains and losses, both realized and unrealized, on investments m debt and equity securities are included in non-operating income when earned

Net patient service revenue The Hospital has agreements with third-party payors that provide payments to the Hospital at amounts different from its established rates. Payment arrangements include prospectively determined rates per discharge, reimbursed costs, discounted charges, and per diem payments Net patient service revenue is reported at the estimated net realizable amounts from patients, third-party payors, and others for services rendered, including estimated retroactive adjustments under reimbursement agreements with third-party payors. Retroactive adjustments are accrued on an estimated basis in the period the related services are rendered and adjusted in future periods as final settlements are determined

Operating and S o n - o p e r a t i n g Revenue Operating revenue includes net patient revenue, ad valorem taxes, cafeteria and vendor sales, rental income, and other revenues determined by management to be derived from operations of the hospital Non-operatmg revenues include grant revenue, interest income and gains or losses not considered to be derived from operations of the hospital

Grant revenue for the year ended September 30, 2011, includes payments from the Louisiana Medicaid Upper Payment Limit program and the Electronic Health Records Incentive Program, the hospital is uncertain as to funding of these programs in future years

R e s t r i c t e d Resources Restricted funds may be designated by the board m order to comply with bond covenants, contracts, or other specific purposes The board of commissioners must authorize use of restricted funds

HOSPITAL SERVICE DISTRICT NO 1 Parish of St Mary Franklin, Louisiana


NOTE 1 DESCRIPTION OF REPORTING ENTITY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont)

Jncome Taxes The Hospital is a political subdivision and exempt from taxes.

Advertising The Hospital expenses advertising costs as incurred

Environmental M a t t e r s Due to the nature of the Hospital's operations, materials handled could lead to environmental concerns However, at this time, management is not aware of any environmental matters which need to be considered

Reclassifications. To be consistent with current year classifications, some items from the previous year have been reclassified with no effect on net assets

NOTE 2 MAJOR SOURCE OF REVENUE

The Hospital participates in the Medicare and Medicaid programs as a provider of medical services to program beneficiaries The Hospital derived approximately 55% AND 57% of its gross patient service revenue in 2011 and 2010, respectively, from patients covered by the Medicare and Medicaid programs Included in net patient service revenues for 2011 and 2010, is additional reimbursement for Medicaid Uncompensated Care Adjustments of $2,542,268 and $2,622,163, respectively

NOTE 3 NET PATIENT SERVICE REVENUE

The Hospital has agreements with third-party payors that provide for payments to the Hospital at amounts different from its established rates A summary of the payment arrangements with major third-party payors follows

Medicare Inpatient services, certain outpatient services, and defined capital and medical education costs related to Medicare beneficiaries are paid based on a cost reimbursement methodology The Hospital is reimbursed for cost reimbursable items at a tentative rate with final settlement determined after submission of annual cost reports by the Hospital and audits thereof by the Medicare fiscal intermediary The Hospital's Medicare cost reports have been audited by the Medicare fiscal intermediary through September 30, 2009

Medicaid Inpatients are reimbursed at a fixed rate per day for med/surg patients Outpatient services rendered to Medicaid program beneficiaries are reimbursed under a cost reimbursement methodology, with certain limitations and exceptions. The Hospital IS reimbursed at a tentative rate with final settlement determined after submission of annual cost reports filed by the Hospital and audits thereof by the Medicaid fiscal intermediary The Hospital's Medicaid cost reports have been audited by the Medicaid fiscal intermediary through September 30, 2009

The Louisiana Legislature, through the Healthcare Reform Act of 2007 and Act 1 of 2010, tasked the Department of Health and Hospitals (the DHH) to create a new system of care In response, the DHH reformed its reimbursement methodology for Medicaid patients from a fee-for-service system to the use of a Coordinated Care Network (CCN) During 2011, the DHH enabled certain third-party payor companies to contract with providers under the CCN methodology. The Hospital is currently considering contracts and must be enrolled and ready to participate by April 1, 2012

HOSPITAL SERVICE DISTRICT NO Parish of St Mary Franklin, Louisiana


NOTE 3 NET PATIENT SERVICE REVENUE (cont)

The Hospital anticipates an increase in the number of days between filing and collection of Medicaid claims during transition Other factors, such as the effects on the amount of Medicaid patients the hospital will service and impact on Hospital Medicaid revenues and reimbursement are not known at this time It is not Icnown what other financial impacts the CCN will have on the Hospital, and Medicaid providers as a whole

The Hospital has also entered into payment agreements with certain commercial insurance carriers and preferred provider organizations The basis for payment to the Hospital under some of these agreements includes prospectively determined daily rates

The following schedule represents Net Patient Service Revenue

Gross Patient Service Revenue Less Contractual Adjustments Net Patient Service Revenue Before Uncompensated Care Uncompensated Care Income

Net Patient Service Revenue

$

S-

2011

35, (16,

19, 1,

_21.

,694, .145,

,548, ,646,

.AM.

522 910)

,612 ,240

_85^

2010

$ 32,470,854 (12,869,539)

19,601,315 2,622,163

22.223.478

NOTE 4 . ACCOUNTS RECEIVABLE - PATIENTS

Patients Accounts Receivable consists of the following

2011 2010

Total Patient Accounts Receivable Less Allowances for Doubtful Accounts

and Contractual Allowances

$ 6,491,463

(3,296,972)

$ 6,510,794

(3,223,874)

Net Patient Accounts Receivable $ 3.194.491 $ 3.286.920

NOTE 5 ACCOUNTS RECEIVABLE - OTHER

Other Accounts Receivable consists of the following

Accrued Ad Valorem Tax Revenue All Other

Total Accounts Receivable - Other

$

5--

2011

1,680, 259,

1,939.

,360 ,484

,844

$

i-

2010

1,584,638 105,929

1.690.567



NOTE 6 PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment, by major category, is as follows

Asset life in years

Land Land Improvements 5 - 2 5 Buildings 10 - 40 Fixed Equipment 5 - 2 5 Movable Equipment 5 - 2 5 Leasehold Improvements 5 Construction in Progress

Total Cost Less: Accumulated Depreciation Net Property, Plant and Equipment

Beginning Balance

S 563,881 860,797

15,319,023 472,095

11,088,690 16,822 41,778

28,363,086 12,514,377

i.1^848,709

Additions

$

1,

1.

5_L

57,507 4,970

394,467 -

758,650 9,850

41,591 ,267,035 ,692,521

425.486)

Deletions

5 --------

5

Ending Balance

$ 621,388 865,767

15,713,490 472,095

11,847,340 26,672 83,369

29,630,121 14,206,898

$15,423,223

Total depreciation expense for the years ended September 30, 2011 and 2010 is $1,692,521 and $1,933,238, respectively Total amortization expense for the years ended September 30, 2011 and 2010 is $44,736 and $42,767, respectively

NOTE 7 CAPITAL LEASE

A capital lease with Capital One was signed on November 19, 2004 in relation to the leases of an X-ray machine, with a depreciable basis of $112,800 and two anesthesia machines with a combined depreciable basis of $77,261. The original lease term expired during the fiscal year ended September 30, 2010 The bargain purchase option within the lease was exercised by the hospital to purchase the equipment

Total depreciation expense related to the previously leased a s s e t s was 51,584 for each of the years ended September 30, 2011 and 2010

NOTE 8 LONG TERM DEBT

Long-term debt at September 30, 2011 and 2010, consists of the following

2011 2010

Revenue Bonds - face value $5,000,000, dated September 5, 2007, bearing interest at 4.25%, collateralized by hospital revenue, maturing monthly with the final maturity October 5, 2047 4,843,929 4,894,978

Revenue bonds - face value $6,295,462 dated April 30, 2010, bearing interest at 4 45%, collateralized by Hospital operating revenue, maturing monthly with the final maturity December 1, 2027 5,630,262 6,102,462

Less Current Portion

Long-Term Portion

10,474,191

$ 10.168.298

10,997,440

$ 10.713.925

10



NOTE 8 LONG TERM DEBT (cont)

A summary of long-term debt activity for the year ended is as follows

Revenue Bonds 2005 Revenue Bonds 2010 Total

Beginning Balance

$4,894,978 6,102,462

$10.997.440

Additions Reductions $ 51,049

472,200

Ending Balance

4,843,929 5,630,262

523.249 $10.474.191

Balance due within one year

Revenue Bonds 2005 Revenue Bonds 2010

Total

$

s_

2011

58,247 247,646

305.893

$

S—

2010

55,845 227,670

283,515

Scheduled repayments on long-term debt are as follows

2012 2013 2014 2015 2016 2017-2021 2022-2026 2027-2031 2032-2036 2037-2041 2042-2046 2047

Total

Principal

305,893 341,069 356,466 372,902 390,354

2,246,196 2,804,788

608,914 742,169 917,545

1,134,363 253,532

Interest

429,909 436,149 420,757 404,677 387,865

1,658,081 1,103,911 715,874 574,496 399,749 183,710 6,520

Total

735,802 777,218 777,223 777,579 778,219

3,904,277 3,908,699 1,324,788 1,316,665 1,317,294 1,318,073 260,052

310.474.191 S 6.721.698

NOTE 9 CASH FLOWS SUPPLEMENTAL INFORMATION

Total interest paid by the Hospital was $478,819 and $534,572 for the years ended September 30, 2011, and 2010, respectively

NOTE 10 CONCENTRATIONS OF CREDIT RISK

The Hospital grants credit without collateral to its patients, most of whom are local residents and are insured under third-party payor agreements The mix of receivables (net of allowances) from patients and third-party payors i s as follows.

2011 2010

Medicare Medicaid Commercial and other third-party payors

Total

22% 13 65

100%

29% 15 56

100%

11

HOSPITAL SERVICE DISTRICT NO Parish of St. Mary Franklin, Louisiana

NOTES TO FINANCIAL STATEMENTS

NOTE 11 FAIR VALUE OF FINANCIAL INSTRUMENTS

The following methods and assumptions were used by the Hospital in estimating the fair value of Its financial instruments

Cash and cash e q u i v a l e n t s The carrying amount reported in the balance sheet for cash and cash equivalents approximates its fair value

I n v e s t m e n t s Fair values, which are the amounts reported in the balance sheet, are based on quoted market prices for similar securities

A s s e t s l i m i t e d a s t o use These assets consist primarily of cash, short-term investments, and interest receivable The carrying amount reported in the balance sheet is fair value

Accounts p a y a b l e and acc rued expenses The carrying amount reported in the balance sheet for accounts payable and accrued expenses approximates its fair value

Estimated third-party payor settlements The carrying amount reported in the balance sheet for estimated third-party payor settlements approximates its fair value

Long-term deb t Fair values of the Hospital's revenue notes are based on current traded value The fair value of the Hospital's remaining long-term debt is estimated using discounted cash flow analyses, based on the Hospital's current incremental borrowing rates for similar types of borrowing arrangements

The carrying amounts and fair values of the Hospital's financial instruments are as follows

2011 2010

Carrying Carrying Amount Fair Value /Amount Fair Value

Cash and cash equivalents $ 7,079,769 $ 7,079,769 $ 4,837,977 $ 4,837,977 Investments $ - $ - $ 21,887 $ 21,887

Accounts payable and accrued expenses $ 1,319,240 $ 1,319,240 $ 1,463,283 $ 1,463,283 Estimated receivable From third party payors $ 189,200 $ 189,200 $ 1,066,912 $ 1,066,912

Estimated payable To third party payors $ 547,771 $ 547,771 $ - $ Long-term debt $10,474,191 $10,474,191 $10,997,440 $ 10,997,440

12

HOSPITAL SERVICE DISTRICT NO 1 Parish of St. Mary

Louisiana


NOTE 12 ASSETS WHOSE USE IS LIMITED

Pursuant to a resolution by the Board of Commissioners of the hospital made in February of 2008, a board-designated plant fund was established to be utilized for replacement of existing capital assets and the purchase of new capital assets

In relation to the revenue bonds issued on September 7, 2005 with a face value of $5,000,000, the hospital entered an agreement with the United States Department of Agriculture to reserve cash funds as follows

"Borrowers issuing bonds or other evidences of debt pledging facility revenues as a security will plan their reserve to provide for at least an annual reserve payment equal to one-tenth of an average annual loan installment, with payments made monthly and evenly divided between a reserve fund and a depreciation and c o n t i n g e n c y fund, until an amount equal to the highest annual debt service in any future year is accumulated in the reserve fund

In relation to the revenue bonds issued April 30, 2010 with a face value of $6,295,462, the hospital entered an agreement with Capital One, N A , to reserve cash funds as follows

Debt Service (Sinking) Fund

"The maintenance of the 'Hospital Revenue Bond Sinking Fund' sufficient in amount to pay promptly and fully the principal of and the interest on the Outstanding Parity Bonds and Bonds, including any pan passu bonds issued hereafter in accordance with Outstanding Parity Bond resolution, as said bonds severally become due and payable by transferring from the Operating fund to the paying agent, monthly in advance a monthly amount of moneys sufficient to provide payment of principal and/or interest and premium, if any, on the Outstanding Parity Bonds and Bonds at the time such payment is due It is not expected that any amounts will remain m the Debt Service Fund after all payments in a Bond Year have been made therefrom "

Reserve Fund

"The maintenance of the 'St Mary Parish Hospital Service District No 1 Reserve Fund', by transferring jnonthly in advance a sum at least equal to five percent (5%) of the amount to be paid into the Sinking Fund "

Contingency Fund

"The maintenance of the *St Mary Parish Hospital District Depreciation and Contingency Fund' by transferring .monthly in advance a sum at least equal to five percent (5%) of the amount to be paid into the Sinking Fund When a sum equal to the Debt Service Reserve Requirement has been accumulated m the Reserve Fund, the monthly payments into the Contingency Fund shall be increased to an amount equal to 10% of the amount being paid monthly into the Sinking Fund said payments to continue over the life of the bonds.

The composition of assets limited as to use at September 30, 2011 and 2010 are set forth in the following table

2010

Internally designated for capital acquisitions 5 563,775 $ 1,020,563 By Bond Indenture 279, 607 79,249

Total Assets Whose Use is Limited $ 843,382 $ 1,099,812

13

5

$

2011

563,775 279,607

843,382



NOTE 13- BANK DEPOSITS AND INVESTMENTS

State statutes authorize the Hospital to invest in obligations of the U S Treasury, certificates or other obligations of the United States of America, and time certificates of deposit of state banks organized under the laws of Louisiana and national banks having the principal office in the State of Louisiana

The Hospital had bank balances as follows.

2011 2010

$ ?

7,034,534 7.578.046 7,311,899

$ $

5,456, 5.706. 5.225.

,777 , 777 ,806

Insured (FDIC) $ 543,512 $ 250,000 Collateralized by securities held by

the pledging financial institution's trust department in the Hospital's name Total

Carrying Value

The Hospital's investments generally are reported at fair value In accordance with SFAS No 157, the Hospital groups assets and financial liabilities measured at fair value m three levels, based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. These levels are

Level 1 - Valuations for assets and liabilities traded in active exchange markets, such as the New York Stock Exchange Level 1 also includes securities that are traded by dealers or brokers in active markets. Valuations are obtained from readily available pricing sources for market transactions involving identical assets or liabilities

Level 2 - Valuations for assets and liabilities traded in less active dealer or broker markets. For example, municipal securities valuations are based on markets that are currently offering similar financial products Valuations are obtained from third party pricing services for identical or comparable assets or liabilities

Level 3 - Valuations for assets and liabilities that are derived from other valuation methodologies, including option pricing models, discounted cash flow models, and similar techniques, and not based on market exchange, dealer or broker traded transactions Level 3 valuations incorporate certain assumptions and projections m determining the fair value assigned to such assets or liabilities

Below IS a table that represents information about certain assets and liabilities measured at fair value on a recurring basis at September 30, 2010

Quoted Prices Significant In Active Markets Other Significant

For Identical Observable Unobservable Assets/Liabilities Inputs Inputs

Fair Value Bb&T Corporation 893 shares of Stock $ 21,887

Total 5 21.887

$

$

Level 1

21,887

21.887

Level 2 Level 3

14



NOTE 13: BANK DEPOSITS AND INVESTMENTS (cont)

The Hospital did not own investments for the year ended September 30, 2011

NOTE 14 UNCOMPENSATED CARE REVENUE

The Hospital receives a disproportionate share payment for uncompensated care This payment is based upon established uncompensated care cost and is subject to audit by the Louisiana Department of Health and Hospitals Coverage for uncompensated care is based on the State's fiscal year

NOTE 15 GASB STATEMENT NO 34

During fiscal year 2003, the Hospital implemented GASB Statement No 34, "Basic Financial Statements, and Management's Discussion and Analysis for State and Local Governments," as amended by GASB Statement No. 34 establishes standards for state and local governments and requires that resources be classified for accounting and reporting purposes into the following three net asset categories.

I n v e s t e d m c a p i t a l a s s e t s , n e t of r e l a t e d debt consist of capital assets, net of accumulated depreciation and reduced by outstanding balances for bonds, note, and other debt that are attributed to the acquisition, construction, or improvement of those assets.

Restricted net a s s e t s result when constraints placed on net asset use are either externally imposed by creditors, grantors, or contributions, and the like, or imposed by law through constitutional provisions or enabling legislation

U n r e s t r i c t e d n e t a s s e t s consist of net assets which do not meet the definition of the two preceding categories. Unrestricted net assets often are designated to indicate that management does not consider them to be available for general operations Unrestricted net assets often have constraints on resources which are imposed by management, but can be removed or modified

NOTE 16 GOVERNING BOARD EXPENSES

The board of commissioners of Hospital Service District No 1, Parish of St. Mary received no compensation for the years ended September 30, 2011 and 2010

NOTE 17 NET ASSETS

Net assets for the years ended September 30, are as follows-

2011 2010

Invested in Capital Assets, net of related debt $ 4,949,032 $ 6,395,897

Restricted for Capital Pro3ects (Expendable) 563,775 1,020,563 Bond Indenture (Expendable) 279,607 79,249

Unrestricted 10,372,407 7,452,191

Total Net Assets $ 16.164.821 $ 14.947.900

15

HOSPITAL SERVICE DISTRICT NO 1 Parish of St Mary Franklin, Louisiana


NOTE 18. CHARITY CARE

The Hospital provides services without charge or at amounts less than its rates to patients who meet the criteria of its charity care policy The criteria for charity care consider items such as family income, net worth, extent of financial obligations for healthcare services, etc Because the Hospital does not pursue collection of amounts determined to qualify as charity care, such amounts are not reported in revenue

The Hospital maintains records to identify and monitor the level of charity care it provides These records include the amount of charges foregone for services and supplies furnished under its charity care policy. Charges forgone, based on established rates, were approximately $94,082 and $95,470 for the years ended September 30, 2011 and 2010, respectively

Management estimates that approximately $62,066 and $67,803 of costs were related to charity care for the years ended September 30, 2011 and 2010, respectively This estimate is based on a ratio of total cost to gross patient charges applied to gross uncompensated charges associated with providing care to charity patients.

NOTE 19 RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

In July 2011, the FASB issued ASU 2011-07, Health Care Entities (Topic 954) Presentation and Disclosure of Patient Service Revenue, Provision for Bad Debts, and the Allowance for Doubtful Accounts for Certain Health Care Entities The amendments to the codification will require certain health care entities to change the presentation of their statement of operations by reclassifying the provision for bad debts associated with patient service revenue from an operating expense to a deduction from patient service revenue (net of contractual allowances and discounts) Additionally, those health care entities will be required to provide enhanced disclosure about their policies for recognizing service revenue (net of contractual allowances and discounts) as well as qualitative and quantitative information about changes m the allowance for doubtful accounts The Hospital will be subject to these amendments for fiscal years ending after December 15, 2012, with early adoption permitted The amendments will be applied retrospectively for all prior periods presented

NOTE 20 PRIOR PERIOD ADJUSTMENT

Beginning net assets for the year ended September 30, 2010 have been restated to reflect an impairment loss on the old hospital building and attached equipment and fixtures located at 1501 Hospital Avenue, Franklin, Louisiana that occurred on August 31, 2007 when the building was vacated

As a result of the restatement, net Property, Plant, and Equipment has decreased $1,544,628, depreciation expense has decreased $161,011, and unrestricted net assets has decreased $1,544,628 for the year ended December 31, 2010 The cumulative effect of the change on net assets as of the beginning of December 31, 2010 is $1,705,639

NOTE 21 SUBSEQUENT FINDINGS

In preparing these financial statements, the Hospital has evaluated events and transactions for potential recognition or disclosure through March 22, 2012, the date the financial statements were available to be issued

16

HOSPITAL SERVICE DISTRICT NO.

Parish Qf St. Mary

Franklin. Louxsiana

SCHEDULE OF PATIENT SERVICE REVENUE FOR THE YEARS ENDED SEPTEMBER 30.

INPATIENT SERVICE REVENUES 2011 2010

Daily Patient Services

Room and Board

Total

2,489,296

2,489,296

2,137,345

2,137,345

Other Nursing Services

Operating Room

Central Supplies

Labor and Delivery

Observation

Emergency Service

Total

729,279

2,857,270

240,665

3,456

175,943

527,011

2,233,279

266,518

5,607

189,383

4,006,613 3,221,798

Other Professional Services

Laboratory

Anesthesiology

EKG

Blood

Radiology

Pharmacy

Cardiac Rehab

Inhalation Therapy

Physical Therapy

Wound Care

Professional Fees

Total

TOTAL INPATIENT SERVICE REVENUE

1,160,795

76,438

191,621

203,833

361,071

2,549,879

5,863

943,374

262,318

7,330 649,365

6,411,887

12,907,796

1-

2,

4,

10,

,043,858

55,517

170,964

143,209

348,658

,074,420

500

463,433

283,167

4,297

407,341

,995,364

,354,507

17


Pariah of St. Marv

Franklin. Louisiana

SCHEDULE QF PATIENT SERVICE REVENUE FOR THE YEARS ENDED SEPTEMBER 30.

OUTPATIENT SERVICE REVENUES 2011 2010

Other Nursing Services

Operating Room

Central Supplies

Labor and Delivery

Observation

Emergency Services

Total

2,042,205

960,203

1,018

52,721

3,355,270

1,325,209

952,028

1,286

53,345 2,929,580

6,411,417 5,261,448

Other Professional Services

Laboratory

Anesthesiology

EKG

Blood

Radiology

Pharmacy

Cardiac Rehab

Inhalation Therapy

Physical Therapy

Clinics

Wound Care

Professional Fees

Total

5,168,998

111,978

622,039

66,418

5,101,916

2,101,901

45,008

155,614

212,620

1,028,773

1,321,174

438,870

5,105,692

110,286

531,227

49,152

4,485,353

1,880,697

32,002

153,114

311,622

822,508

868,916

2,504,330

16,375,309 16,854,899

TOTAL OUPATIENT SERVICE REVENUE 22,786,726 22,116,347

GROSS PATIENT SERVICE REVENUE

Less Contractual Adjustments

35,694,522

16,145,910

32,470,854

12,869,539

Net Patient Service Revenue befori

Medicaid Uncompensated Care

Medicaid Uncompensated Care

19,548,612

1,646,240

19,601,315

2,622,163

NET PATIENT SERVICE REVENUE 21,194,852 22,223,478


Parish of St. Mary

Franklin. Louisiana

SCHEDULE QF OTHER OPERATING REVENUES FOR THE YEARS ENDED SEPTEMBER 30.

Cafeteria and Vendor sales

Rental Income

Other

TOTAL OTHER OPERATING REVENUES

2 0 1 1 2010

$ 110,491 122,551

111,138

$ 110,116

90,220

99,804

344,180 300,140

19


Parish of St. Mary

Franklin. Louisiana

SCHEDULE OF PROFESSIONAL SERVICES FOR THE YEARS ENDED SEPTEMBER 30.

2011 2010

Salaries and Fees

Nursing and Hospitalist

Operating Room

Central Supply

Labor and Delivery

Emergency Room

Laboratory

Radiology

Pharmacy

Anesthesiology

Inhalation Therapy

Physical Therapy

Occupational Therapy

Speech Therapy

Clinics

Wound Care Other

Total Salaries and Fees

2,159,442

418,080

96,668

362,947

1,153,871

706,780

850,874

248,498

319,597

424,626

194,963

95,905

78,246

1,102,097

540,505 74,601

8,827,700

1,921,920

412,293

90,018

427,775

1,855,376

802,391

716,556

271,378

299,659

415,390

299,506

52,862

47,241

607,552

399,117

76,583

8,695,617

Supplies and Other Expenses

Nursing

Operating Room

Central Supply

Labor and Delivery

Emergency Room

Laboratory

Radiology

Pharmacy

Anesthesiology

Inhalation Therapy

Physical Therapy

Clinics

Wound Care Other

Total Supplies and Other Expenses

92,514

210,106

243,347

20,798

47,888

288,888

46,551

892,823

12,710

41,640

7,475

318,629

20 26,690

83,495

66,560

200,913

15,263

49,218

210,396

35,513

747,418

8,303

34,207

8,804

114,423

1,850

28,382

2,250,079 1,604,745

TOTAL PROFESSIONAL SERVICES 11,077,779 10,300,362

20

HOSPITAL SERVICE DISTRICT NO. 1

Pariah Qf St. Mary

Franklin. Louisiana

gPWPinm.P. OF GENERAL AND ADMINISTRATIVE EXPENSES FOR THE YEARS ENDED SEPTEMBER 30

2011 2010

Salaries and Fees

Administrative

Maintenance

Housekeeping

Medical Records Dietary

Total Salaries and Fees

2,904,244

175,226

235,165

233,796

156,764

3,705,195

2,960,499

165,485

249,181

236,735

149,617

3,761,517

Supplies and Other Expenses

Administrative

Maintenance

Housekeeping

Medical Records Dietary

Total Supplies and Other Expenses

2,925,328

905,691

34,000

40,262 194,516

2,845,457

790,343

34,400

41,195 193,778

4,099,797 3,905,173

TOTAL GENERAL AND ADMINISTRATIVE SERVICES 7,804,992 7,666,690

21

LANGUIWUS J m ^ . ^ ^ ^ B J ^ ^ J ^ K K B L " mUchaci P. BrmMmaard, C.P.A.

K O H L E l M B H K t ^ ^ Q B ^ B I ^ S B V OtwimA. Kahtenberg, C,P.A., /B.B.A., MM^A, ACorporatleoflfewtffMPubnaAeeMmiinti ^^T^^Ay^ Gayia i ^ Faican, C.P.A,

^ Pat r ick M. Guidry^ C.P.A, AattfBy U Breaux , C^PJX-

J a n a t i m n P. Pr tmeaux, CPJk,, IBMJt . Kat iaryn fiT. Boag , C.P.A,

REPORT ON COMPLIANCE AND ON INTERNAL CONTROL OVER FINANCIAL REPORTING BASED ON AN ADDIT OF FINANCIAL STATEMENTS PERFORMED XN ACCORDANCE WITH GOVERNMENT APDITING STANDARDS

Board of Commissioners Hospital Service D i s t r i c t No. 1 Parish of St . Mary Franklin, Louisiana

We have audited the f inancia l s tatements of Hospital Service D i s t r i c t No 1, a component uni t of the St Mary Parish Police Jury, S ta te of Louisiana (The Hospi ta l ) , as of and for the years ended September 30, 2011 and 2010, and have issued our repor t thereon dated March 21, 2012.

We conducted our audit in accordance with general ly accepted audi t ing standards of the United Sta tes and the standards appl icable to f inancia l aud i t s contained m Government Auditing Standards, issued by the Comptroller General of the United S t a t e s .

INTERNAL CONTROL OVER FINANCIAL REPORTING

In planning and performing our audit of the financiai statements of the hospital as of and for the year ended September 30, 2011 and 2010, in accordance with auditing standards generally accepted m the United States of America, we considered the Hospital's internal control over financial reporting (internal control) as a basis for designing our auditing procedures for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Hospital's internal control. Accordingly, we do not express an opinion on the effectiveness of the Hospital's internal control

Our consideration of internal control was for the limited purpose described in the preceding paragraph and was not designed to identify all deficiencies m internal control that might be significant deficiencies or material weaknesses and therefore there can be no assurance that all such deficiencies have been identified However, as discussed below, we identified certain deficiencies m internal control that we consider to be material weaknesses and other deficiencies that we consider to be significant deficiencies

A deficiency in internal control exists when the design or operation of a control does not allow management or ecployees, in the normal course of perforirj.ng their assigned functions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency or combination of deficiencies m internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected on a timely basis We consider all deficiencies described in the accompanying "Schedule of Findings and Questioned Costs and Management's Corrective Action Plan" to be material weaknesses

A significant deficiency is a deficiency, or a combination of deficiencies, m internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. We consider all deficiencies described in the accompanying "Schedule of Findings and Questioned Costs and Management's Corrective Action Plan" to be significant deficiencies.

2419 Veterans Mdmorlal Drive • PO Box1123 • AbbevUte.LouiSKano 70511-1123 • Telephone (337) 893-6232 • Fax (337) 893-6249

COMPLIANCE

As part of obtaining reasonable assurance about whether the Hospital*s financiai statements are free of material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts and grants, nonconpliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed instances of noncompliance that are required to be reported under Government Auditing S t a n d a r d s , which are described in the accompanying "Schedule of Findings and Questioned Costs and Management's Corrective Action Plan"

The hospital's responses to the findings identified in our audit are described in the accompanying Schedule of Findings and Questioned Costs and Management's Corrective Action Plan". We did not audit the Hospital's responses and, accordingly, we express no opinion on It.

This report is intended for the information of the Hospital Service District No. 1 Parish of St. Mary and the Legislative Auditor of the State of Louisiana and is not intended to be and should not be used by anyone other than these specified parties.

We acknowledge with appreciation the courtesies extended our representatives during the audit

Sincerely,

LANGL INAJJ9^BR0USSARl\&Jf0HLENBERG (A Corporation of Certified Public Accountants)

March 22, 2012

HOSPITAL SERVICE DISTRICT NO 1 PARISH OF ST MARY FRANKLIN, LOUISIANA

SCHEDtTLE OF FINDINGS AND QUESTIONED COSTS AND MANAGEMENT'S CORRECTIVE ACTION PLAN

For the year ended September 30, 2011

We have audited the financial statements of Hospital Service District Number 1 of St. Mary Parish as of and for the year ended September 30, 2011 and 2010, and have issued our report thereon dated March 22, 2012. We conducted our audit m accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government A u d i t i n g S t a n d a r d s , issued by the Comptroller General of the United States, and the provisions of OMB Circular A-133 Our audits of the financial statements as of September 30, 2011 and 2010 resulted m unqualified opinions.

Section 1 Summary of Auditor's Results

A Report on Intemal Control and Complxance Material to the Financial Statements

Internal Control

Material Weaknesses Yes Significant Deficiencies Yes

Compliance Compliance Material to Financial Statements Yes

Section II Financial Statement Findings

A - Issues of Noncompliance

None Noted

B- Significant Deficiencies and Material Weak.nesses

Finding 2011-1 Segregation of Duties

Condition and Criteria The authorization, recording, and reconciling of transactions as well as the custody of assets related to those transactions are not adequately segregated

Effect This represents a material weakness in the hospital's internal control system

Recommendation The authorization, recording, and reconciliation of transactions and decisions as well as custody of assets related to those transactions and decisions should be segregated functions

Management Response Because of the small size of our hospital, complete segregation of duties is not possible

Section III Management Letter Items

There are no management letter items at September 30, 2011

HOSPITAL SERVICE DISTRICT NO PARISH OF ST MARY

LOUISIANA

SCHEDULE OF PRIOR YEAR FINDINGS For the Year Ended September 30, 2011

Section I-Intemal Control and Compliance Material to the Financial Statements

Finding 2010-1 Compliance with Bond Covenants

Condition and Criteria The cash amount reserved at September 30, 2010 was not sufficient to comply with Series 2005 bond covenants The reserve balance was approximately $1,780 short of the required balance

Status Resolved

Finding 2010-2 Coiig>liance with Bond Covenants

Condition and Criteria The hospital did not establish and fund the required Debt Service Fund, Reserve Fund, and Contingency Fund as required by the Series 2010 bond covenants

Status. Resolved

Finding 2010-3 Investments

Condition and Criteria The hospital owns shares of stock in a publicly traded company.

Status* Resolved.

Finding 2010-4: Related Party Contract

Condition and Criteria Subsequent to the year end, the hospital contracted with a board member and employee of the hospital

Status Resolved

Finding 2010-5 Financial Statement Preparation

Condition and Criteria: The Hospital relies on its outside auditors to assist in the preparation of external financial statements and related disclosures and Schedule of Expenditures of Federal Awards Under U.S. generally accepted auditing standards, outside auditors cannot be considered part of the Hospital's internal control structure, and, because of limitations of the Hospital's small accounting staff, the design of the Hospital's internal control structure does not otherwise include procedures to prevent or detect a material misstatement in the external financial statements

Status Resolved

Finding 2010-6 Segregation of Duties

Condition and Criteria The authorization, recording, and reconciling of transactions as well as the custody of assets related to those transactions are not adequately segregated

Status Unresolved See 2011-1

25

financial statgments franklin^ louisiana …...parish policy jury, state of louisiana, at september...

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