2012 Med. Center net income below previous yearDonations drop by $43K
The Block Island Health Services (BIHS) lost $9,100 more in 2012 than in 2011.
The BIHS had a net loss of $66,879 in income for 2012, according to a preliminary BIHS income statement. BIHS saw a net income loss of $57,793 in 2011.
Total 2012 income for the center was $647,004, while total expenses were $713,884, according to the income statement.
BIHS Treasurer Pete Tweedy reported the 2012 year-end net loss to the BIHS board at its Monday, March 25, meeting.
Major changes in 2012 included a $43,098 drop in donations compared to the previous year. In 2011, the medical center received $118,368 in donations. For 2012, donations were reported as $75,269.
The drop in donations may have been the result of a petition that had been circulated last summer asking that donations be withheld from the Medical Center, unless Board President Pam Hinthorn and Secretary Kay Lewis step down.
When called by the B.I. Times to comment on what her thoughts were about the reduction in donations, Hinthorn said she didn’t want to speak directly to that, but said she would “like to put this behind us and look forward. I feel optimistic that we’re going forward.”
The 2012 income numbers also reflected a fall of $25,470 in rental income. Last year, the BIHS sold real estate, the Thomas Property, to the town of New Shoreham. Community members rented space in the property.
Total expenses have decreased most notably in bad debt (i.e., money from patient fees that were never paid to the center), depreciation (i.e., due to decreasing value of Med. Center equipment), fundraising and insurance. On the other hand, there were increases in building maintenance expenses and in professional fees.
At the March 25 meeting, Tweedy cautioned that these numbers are not finalized, and will not be final until the Medical Center audit has been completed.
“This is of course preliminary year-end information,” he said. “We won’t have the finals before we complete our audit — I hope sometime before the end of May.”