Financial Update Faculty Associates, Inc. Board of Directors - PowerPoint PPT Presentation

The University of Florida College of Dentistry Financial Update Faculty Associates, Inc. Board of Directors Meeting September 17, 2018

HIGH: $18.15M 06.29.18 90-Day Reserve 6.70M LOW: ($1.07M) 01.07.13 Clinical cash balance as of 06.11.18: $17,548,221

June FY18 Summary Statement of Revenues and Expenditures Revenues Current FY Prior Year Difference Percent Actual Actual Variance ($89,372) (0.5%) Clinical $19,869,315 $19,958,687 Revenue ($11,880) (6.9%) Ancillary $160,135 $172,016 Revenue $1,221,801 19.5% Contract and $7,474,350 $6,252,550 GME Revenue $15,450 9.7% Radiology $174,745 $159,296 Internal Revenue $387 12.8% Interest $3,416 $3,029 Income $1,136,385 4.3% Total $27,681,962 $26,545,576 Revenues

June FY18 Summary Statement of Revenues and Expenditures Expenditures Current FY Prior Year Difference Percent Actual Actual Variance $707,876 5.0% Personnel $14,825,581 $14,117,705 Expenses ($130,090) (1.7%) Other $7,427,235 $7,557,324 Operating Expenses Administrative ($48,636) (5.0%) Overhead $920,255 $968,891 $529,150 2.3% Total $23,173,071 $22,643,921 Expenses

June FY18 Summary Statement of Revenues and Expenditures Current FY Prior Year Difference Percent Actual Actual Variance $607,235 15.6% Change in Net $4,508,891 $3,901,656 Assets

Changes in Net Position As of June 30, 2018 600,000 500,000 400,000 300,000 200,000 100,000 0 (100,000) Community Endodontics Oral Oral Surgery Orthodontics Pediatric Periodontics Restorative Dentistry Dept Diagnostic Dept Dept Dentistry Dept Dept Dept Sciences Dept Dept Changes in Net Position (20,129) 87,917 80,221 141,643 94,926 588,228 (27,140) 254,011 9/17/18

Clinical Revenue Budget to Actual As of June 30, 2018 4,500,000 4,000,000 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 0 Community Clinic Endodontic Oral Oral Orthodontic Pediatric Periodontic Restorative Dentistry Admin s Dept Diagnostic Surgery s Dept Dentistry s Dept Dept Dept Sciences Dept Dept Dept Actual 4,033,704 2,035,362 1,064,773 2,081,011 3,730,214 1,167,103 1,400,684 1,133,746 3,545,932 Budget 4,099,420 2,440,000 1,116,288 2,230,760 4,071,733 1,258,208 1,312,500 1,100,000 3,224,555 7/3/18

July FY19 Summary Statement of Revenues and Expenditures Revenues Current FY Prior Year Difference Percent Actual Actual Variance $34,813 2.5% Clinical $1,443,755 $1,408,942 Revenue ($5,189) (35.3%) Ancillary $9,515 $14,704 Revenue $300,864 427.5% Contract and $371,247 $70,383 GME Revenue ($339) (2.4%) Radiology $14,061 $14,400 Internal Revenue $4 11.4% Interest $289 $278 Income $330,160 21.9% Total $1,838,867 $1,508,708 Revenues

July FY19 Summary Statement of Revenues and Expenditures Expenditures Current FY Prior Year Difference Percent Actual Actual Variance $188,302 15.4% Personnel $1,410,107 $1,221,805 Expenses $64,658 12.2% Other $593,158 $528,499 Operating Expenses Administrative ($43,175) (36.0%) Overhead $76,894 $120,068 $209,786 11.2% Total $2,080,159 $1,870,373 Expenses

July FY19 Summary Statement of Revenues and Expenditures Current FY Prior Year Difference Percent Actual Actual Variance $120,374 33.3% Change in Net ($241,291) ($361,665) Assets

Changes in Net Position As of July 31, 2018 40,000 20,000 0 (20,000) (40,000) (60,000) (80,000) (100,000) (120,000) (140,000) (160,000) Community Endodontics Oral Oral Surgery Orthodontics Pediatric Periodontics Restorative Dentistry Dept Dept Diagnostic Dept Dept Dentistry Dept Dept Dept Sciences Dept Changes in Net Position (153,857) (25,290) (24,179) (15,693) 19,895 (67,887) (20,519) 38,462 9/17/18

Clinical Revenue Budget to Actual As of July 31, 2018 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 Community Clinic Admin Endodontics Oral Oral Surgery Orthodontics Pediatric Periodontics Restorative Dentistry Dept Diagnostic Dept Dept Dentistry Dept Dept Dept Sciences Dept Dept Actual 240,577 127,376 54,289 163,479 287,657 105,250 149,503 66,088 264,111 Budget 365,621 178,895 85,583 173,184 324,029 102,168 117,863 88,537 274,381 9/17/18

AR Aging by Bucket (as of 08.31.18) $2,500,000.00 as of 6.30.12 60% of all 42% $2,000,000.00 A/R 90 days 37% old or less $1,500,000.00 $1,000,000.00 12% $500,000.00 5% 4% $- 0-30 31-60 61-90 91-120 Over 120 as of 08.31.18 $3,000,000 56% 78% of all $2,500,000 A/R 90 days or less $2,000,000 $1,500,000 $1,000,000 18% 14% $500,000 7% 4% $- 0-30 31-60 61-90 91-120 Over 120

FACULTY ASSOCIATES, INC ACCOUNTS RECEIVABLE AGING 6.30.12 08.31.18 Patient $ 1,044,113.59 $ 1,154,862.26 0-30 34% 55% Of $2.10M in 77% of self-pay AR $ 273,098.93 $ 289,365.23 14% 31-60 9% self-pay A/R, less than 90 days $ 163,157.12 $ 172,204.23 61-90 5% 8% $1.48M is less old (48% in 2012) $ 121,575.40 $ 122,302.75 91-120 4% 6% than 90 days $ 1,469,567.08 $ 356,366.57 17% Over 120 48% old $ 3,071,512.12 $ 2,095,101.04 6.30.12 08.31.18 Insurance $ 901,078.35 $ 1,493,231.04 0-30 57% 57% Of $2.60M in 79% of insurance $ 316,173.20 $ 388,820.86 15% 31-60 20% insurance A/R, A/R less than 90 $ 73,845.16 $ 160,225.33 61-90 5% 6% $2.04M is less days (82% in 2012) $ 52,662.88 $ 87,832.43 91-120 3% 3% than 90 days $ 240,041.02 $ 468,794.74 18% Over 120 15% old $ 1,583,800.61 $ 2,598,904.40 6.30.12 08.31.18 Totals $ 1,945,191.94 $ 2,648,093.30 0-30 42% 56% $ 589,272.13 $ 678,186.09 14% 31-60 13% $ 237,002.28 $ 332,429.56 61-90 5% 7% $ 174,238.28 $ 210,135.18 91-120 4% 4% $ 1,709,608.10 $ 825,161.31 18% Over 120 37% $ 4,655,312.73 $ 4,694,005.44

Projected Cost of 4% Merit Bonuses by Fund Source Source of Funds Qualified Salaries 4% Bonus Total Bonus with Benefits 102-CRRNT-NO_SOF $ 13,384,919.03 $535,396.76 $565,914.38 107-CRRNT-NO_SOF $ 588,343.83 $23,533.75 $24,875.18 143-CRRNT-NO_SOF $ 2,220,001.67 $88,800.07 $93,861.67 149-CRRNT-NO_SOF $ 120,249.64 $4,809.99 $5,084.15 171-CRRNT-HSC_FAI $ 9,467,637.21 $378,705.49 $400,291.70 171-CRRNT-OTHER $ 76,692.11 $3,067.68 $3,242.54 171-CRRNT-UF_Foundation $ 470,081.78 $18,803.27 $19,875.06 201-CRRNT-FEDERAL $ 2,571,197.06 $102,847.88 $108,710.21 209-CRRNT-OTHER $ 36,108.69 $1,444.35 $1,526.68 209-CRRNT-STATE $ 18,336.17 $733.45 $775.25 211-CRRNT-NO_SOF $ 415,142.60 $16,605.70 $17,552.23 214-CRRNT-OTHER $ 26,362.99 $1,054.52 $1,114.63 Grand Total $ 29,395,072.77 $1,175,802.91 $1,242,823.68

Important Reminders • October 1 – Audit Committee from 1:30-2:00 p.m. – Board of Directors meeting from 2:00-2:30 p.m. – Both meeting in D4-16 • Project list

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