Audit cites significant decline in GMH assets - KUAM.com-KUAM News: On Air. Online. On Demand.

Audit cites significant decline in GMH assets

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by Sabrina Salas Matanane

Guam - Questioned costs of $2 million, and spending more than it took in are just some of the findings of an audit released today by the Guam Office of Public Accountability into the finances of the Guam Memorial Hospital ending Fiscal Year 2010. The report noted GMHA ended FY2010 with a $12.4 million decrease in net assets, which is a 215% decline from the previous fiscal year.

The audit also found that revenue collections declined by 57% and that the hospital incurred losses from operations of $12 million. Just before Governor Felix Camacho left office he declared the hospital in a state of emergency, only months after receiving accreditation from the Joint Commission.

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