Compass Memorial Healthcare audit released

For public record, the accounting firm of Eide Bailly LLP released an audit report for Compass Memorial Healthcare, Marengo, Iowa on March 9, 2023.

The Hospital’s operating revenue totaled $36,497,018 for the year ended June 30, 2022, a 24.3 percent increase from the previous year. Total revenue included $35,210,196 in net patient service revenue and $1,286,822 in other operating revenue.

Operating expenses for the year totaled $33,036,732, a 13.6 percent increase from the prior year, and included $18,059,442 for salaries and employee benefits; $4,180,133 for professional fees and purchased services; $7,954,227 for supplies, insurance and other expenses; and $2,842,930 for depreciation and amortization.

Net non-operating revenue was $357,074, which was comprised of $78,485 in investment income; $669,277 in interest expense; and $947,866 in noncapital grants and contributions.

A copy of the audit report is available for review in the Hospital Administrator's Office, in the Office of the Auditor of State and on the Auditor of State’s web site at https://auditor.iowa.gov/audit-reports.