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Printable Form 668(Z) Omaha Nebraska: What You Should Know

Your proposed financial plan for fiscal year 2 proposes a budget adjustment for operations up to 9,826,716, which would result in approximately 50% increase in revenues. As you are aware, your projected deficit is 4,906,621, and we anticipate further deficit in future years. Based on this information, we consider that your plan will not provide a return to the Commonwealth of Nebraska in fiscal year 2 that is sufficient as reported by the auditor, ‪‬CD/B/E. The audit findings are as follows: We cannot find a valid basis for your current annual operating budget that includes any new funds. The only revenue proposed in your proposed plan at this time is for the new capital improvements of the campus medical building. There are no new funds proposed in your annual operating budget to provide additional funds for campus activities. We further found that the financial statements of the corporation are not consistent with accounting principles accepted in the investment community. We have also found that the financial reports are not generally presented consistent with reporting standards and that you have inconsistently presented financial information. Based on these findings, we do not accept your current operating budget as being accurate, consistent with accounting principles accepted in the investment community, and in a sound and orderly manner. We found that the balance sheet of the corporation is significantly in excess of the amount of assets available. Further, we found that the Corporation does not presently have sufficient operating reserves to cover its obligations, and as such it is possible that these obligations could be adversely affected through adverse conditions at the corporation. However, at this stage of the audit, our review of your overall operating plan is limited. Given that we cannot determine the specific effect of the audit findings on your overall operating plan, we recommend that you consider the following in a revised operating plan: Reduce the percentage of corporate funds spent on direct employment for the corporation. Continue to focus operations on the development of a campus hospital through the development of a new medical building. Increase capital expenditures. Increase operational reserves. Provide for an increase in stockholder return. Continue to provide funding for medical research and education. Relevant portions of this audit report are set forth in Exhibit ‑ ‬ to this letter. Please be advised that a final financial statement will be released upon receipt of funds from the Corporation in accordance with state law.

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