Community Benefit Spending, Balance Sheet Entries, and Statement of Operations

Financial Management
Name
Department
Course
Instructor
Due Date
Financial Management
1 Community Benefit Spending
Trust Hospice Service spending on community benefit would target community health improvement, including providing care to low-income individuals and householders. Community benefit expenditure improves health outcomes and health safety. Community benefit spending also targets community health improvement advocacy, training, and community support. Training the health practitioners supports improving leadership skills making it easier for the community members to work together to improve community health and address local community needs (Chaiyachati, Qi & Werner, 2018). Local health improvement initiatives, subsidized health services, and health research are some of the community benefits that are part of community health improvement.
Community health-promoting activities supported by subsidized services would also improve access to services, and some families would get the cost burden of paying for hospice and palliative services lowered. Nurses and other healthcare professionals should develop advocacy skills to improve community health outcomes and effective policies. Thus expenditure will prioritize community needs, with health practitioners with experience in community health services actively involved in care delivery. Health practitioners are part of the solution in promoting the organization’s community-building activities. Evaluating community health services and needs is necessary to address community priorities besides hospice and palliative care services, including complex health needs.
Community benefit expenditures not only focus on health promotion. They also link research community health outcomes and quality improvement to benefit communities. The delivery of community health services is linked with community involvement. There are initiatives to sensitize the community on interventions to improve peephole well-being and how services offered at the facility meet patient and family needs. Furthermore, encouraging community members to participate in health education initiatives will be crucial to adapt practices. Addressing diverse patients’ preferences and interests requires a good understanding of community members' needs.
2. Balance Sheet

Projected Balance Sheet


for the year ended December 31


2022

2023

Cash

950,000

1,550,000

Accounts Receivable

40,000

38,000

Inventory

25,500

26700

Prepaid expenses



Other Current Assets

31,000

31000

Total Current Assets

1,046,500

1,645,700




Long-Term Assets



Land, buildings, and equipment

$750,000

$750,000

Accumulated Depreciation

($62,500)

($125,000)

Vehicles

$75,000

$75,000

Total Long-Term Assets

$762,500

$700,000


 

 

Total Assets

$1,809,000

$2,345,700




Accounts Payable

56,000

57,500

Notes Payable



Income Taxes Payable

21,500

17,400

Sales Taxes Payable



Short-Term Debt

40,100

41,500

Prepaid Revenue






Total Current Liabilities

117,600

116,400

Long-Term Debt

473,400

420,300

Long-Term Liabilities

300,000

250,000

Total Liabilities

417,600

366,400




Paid-In Capital

200,000

200,000

Retained Earnings



Earnings

1,018,000

1,609,000

Total Owner’s Equity




 

 

Total liabilities and
net assets

$1,809,000

$2,345,700

A balance sheet is a statement of a company's financial position at specific times and in the case of Trust Hospice Service or the financial years 2022 and 2023. The balance sheet shows assets that generate money, and liabilities are the debts and obligations plus the net assets. Assets are either current assets (short-term) or long-term (non-current). The balance of the total assets is equal to that of the Total liabilities and net assets at $1,809,000 in 2022 and projected to be $2,345,700 in 2023.
For the year ended December 31, 2020, cash is the biggest current asset at $ 950,000 and is projected to increase to $ 1,550,000 the following year. There are no prepaid expenses, but there is an assumption the expenses will increase in the future. The accounts receivable (debtors) are $ 40,000 and $ 38,000 respectively for the two years, while the inventory is $ 25,500 and $ 26 700. The total current asset in FY 2022 is projected as $1,046,500 and $1,645,700 the following year.
3. Statement of Operations

Statements of Operations



for the year ended December 31



2022

2023

Gross patient services revenues:



Daily patient services

1,200,000

1,750,000

Other professional services

900,000

1,100,000

Gross patient services revenues

2,100,000

2,850,000




Less deductions from patient services revenues

($210,000)

($285,000)

Net patient services revenues

1,890,000

2,565,000

Other operating revenues

120,000