06 - MINUTES OF BOARDS, COMMISSIONS, AND COMMITTEES

Home Browse Search

PARIS -LAMAR COUNTY HEALTH DISTRICT Notes to the Financial Statements (Continued) Sept.emhkr. 30, 2016 II. Detailed Notes on A11_Acti,,ities�Cor-,tirl.ued) D. Patient Receivables The patient receivables are for payments from insurance companies on behalf of patients for services which were provided during the year ended September 30, 2016. There was an allowance for uncollectible patient accounts as of September 30, 2016, of $3,140. E. Capital Assets Capital assets, which include leasehold improvements and a vehicle, are reported in the financial staternents. Capital assets are defined by the government as assets with an initial, individual cost of more than $5,00o and an estimated useful life in excess of two years. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated fair market value at the date of donation. Property and equipment consists of the following: Leasehold Improvements Furniture, Fixtures and Equipment Property and Equipment (Cost) Less: Accumulated Depreciation Property and Equipment (Net) F. Pension Plan 9/30/2015 $ 119,495 8,191 127,686 Additions Retirements $ 9/30/2016 $ 119,495 8,191 127,686 7,053 4,702 _ - 11,755 $ 120,633 $ 4,702 _ $ $ 115,931 The District has a defined contribution pension plan, a 5304 Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) IRA Plan, administered by Edward Jones. The SIMPLE IRA covers all employees immediately upon being hired if they choose to enroll in the Plan. The District contributes 3% of an employee's salary directly to each employee's Individual Retirement Account. Pension expense charged to operations for the year ended September 30, 2016, was $15,816. G. Risk Management The District is exposed to various risks of loss and has obtained insurance related to general liability, errors and omissions liability, and automobile liability. Xi