LSC Senior Services OPERATIONS STATEMENT FINANCIAL STATEMENT

The fiscal year ended with an operating income of $7,625,992 which was well above budgeted expectations and FYE 2021 results. Revenue included significant Medicaid rate add-ons during the year resulting in additional Medicaid revenue of $7.1 million despite skilled nursing occupancy being well below historical norms. Moreover, there were $2.4 million in COVID related revenues: $1.5 million was provider relief funds (PRF) that were reported on during the year and $900k was a North Carolina Direct Care Worker bonus that was passed on to eligible health care workers. As revenue grew by approximately 4.7%, expense also grew by a similar 4.4% compared to 2021. The largest category of growth was Salaries and Wages which increased almost 8% (which included the expense for the North Carolina Direct Care Worker bonus referenced above). Unfortunately, workforce issues remain one of the major significant issues facing LSC senior services and the industry in general.