Erlanger Reports Profitable Quarter With Help From Stimulus Funds
Monday, January 25, 2021
Erlanger Health System CFO Britt Tabor reported at Monday’s Budget and Finance Committee meeting that the total net income from operations for the first six months of the fiscal year ending on Dec. 31 is $19,472,219 compared to a budgeted loss of $9,844,456 and prior year loss of $8,644,660.
The positive budget picture took into account stimulus funds received in connection with the COVID-19 pandemic, the quarterly report says.
That is allowable under one governmental reporting standard (FASB), but GASB requires the stimulus funds to be reported as non-operating income, it was stated.