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 Providence Life Services is able to provide a variety of services to thousands of people because
of the abundant generosity of a broad Christian family.
CONSTITUTION & BYLAWS
Article III Section 1&2
"The Purpose of this Association shall be to furnish facilities for the proper care and treatment of the sick and afflicted and the aged who are well. The purpose of extending this Christian care is not for financial profit, but rather in order to demonstrate Christian charity and philanthropy in obedience to our Savior and King."
The selected financial information of Providence Life Services as of and for the years ended December 31, 2010 and 2009, has been derived from consolidated financial statements.
A copy of our audited financial statements and the independent auditors' report thereon may be obtained by contacting Bill De Young, Chief Financial Officer, at 708.342.8100.
COMBINED BALANCE SHEETS
As of December 31, 2010 & 2009 (dollars in thousands)
| ASSETS |
2010 |
2009 |
 |
| Cash and Cash Equivalents |
$12,130 |
$11,405 |
|
| Short-term Investments |
10,101 |
9,069 |
|
| Resident Accounts Receivable Net of Allowance |
10,848 |
10,691 |
|
| Property Plant and Equipment, Net |
114,021 |
85,636 |
|
| Assets whose use is Limited |
118,407 |
— |
|
| Other Assets |
10,410 |
5,774 |
|
| Total Assets |
$275,917 |
$122,575 |
|
| LIABILITIES AND NET ASSETS |
|
|
|
| Accounts Payable and Accrued Expenses |
$24,502 |
$21,090 |
|
| Deposits from Residents |
3,153 |
3,397 |
|
| Current/Long-Term Debt |
229,548 |
79,963 |
|
| Total Liabilities |
$257,203 |
$104,450 |
|
| NET ASSETS |
|
|
|
| Unrestricted |
$17,630 |
$17,803 |
|
| Temporarily Restricted |
1,084 |
322 |
|
| Total Net Assets |
$18,714 |
$18,125 |
|
| Total Liabilities And Net Assets |
$275,917 |
$122,575 |
|
COMBINED STATEMENT OF OPERATIONS
For The Years Ended December 31, 2010 & 2009 (dollars in thousands)
| OPERATING REVENUES |
2010 |
2009 |
|
| Net Patient Service Revenue |
$78,050 |
$78,949 |
|
| Other Revenue |
6,240 |
5,797 |
|
| Total Operating Revenues |
$84,290 |
$84,746 |
|
| OPERATING EXPENSES |
|
|
|
| Cost of Resident Care |
$79,176 |
$83,132 |
|
| Interest Expense |
3,050 |
1,698 |
|
| Depreciation and Amortization |
4,176 |
4,203 |
|
| Other |
1,469 |
541 |
|
| Total Operating Expenses |
$87,871 |
$89,574 |
|
| GAIN/LOSS FROM OPERATIONS |
($3,581) |
($4,828) |
|
| Contributions |
1,195 |
660 |
|
| Investment Income |
1,774 |
1,555 |
|
| Revenue and Gains Deficient of Expenses and Losses |
($612) |
($2,613) |
|
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