Showing only a $68 loss for the year, the Indian Valley Health Care District’s annual audit revealed that the district continues to operate at a sustainable level.
“From an operational standpoint, the amount of money that we have coming into the district is paying our bills and we have enough money to continue operation,” said newly elected chairman Guy McNett.
The audit was conducted by Matsom & Isom, who have been working with the district every year for the past 20 years.
Although a qualified opinion was reported, the auditor, Marilyn Everett, CPA, said there is nothing to be concerned about as it is being considered unqualified. An unqualified opinion is given when an auditor finds no specific reservations in the financial statements. A qualified opinion is issued when the financial statements are misstated or certain documentation is unavailable.
In the case of the district, it is holding $4,000 for the Friends of the Indian Valley Hospital Foundation, causing a hiccup in the auditing process. There has been no activity in the account for several years, and the foundation is no longer active. McNett said because it is affiliated with the district, the foundation requires its own audit.
Everett said in cases where a “legally separate component” is involved, an audit is often treated in the same manner as the district’s audit.
During its annual meeting Dec. 2, the board agreed to research the appropriate steps needed to dissolve the foundation because it is inactive.
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