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Auditor gives Petersburg Medical Center a clean opinion; FY2024 shows positive operating results and large construction grants
Summary
An independent auditor delivered an unmodified opinion on Petersburg Medical Center—s fiscal year ending June 30, 2024, and hospital leaders reported improved operating margins, increased capital assets tied to a new building project and ongoing work to formalize financial policies.
Sean Johnson of DZA, the hospital—s auditor, told the Petersburg Medical Center Board of Trustees that DZA issued an unmodified (clean) opinion on the medical center—s financial statements for the fiscal year ended June 30, 2024. The board heard that operating results improved and that capital grant funding for a new facility materially increased net position.
Johnson told trustees the audited statements are "fairly stated in all material respects," and that DZA found no material weaknesses or significant deficiencies in internal control. He identified two areas for improvement: the hospital needs written policies and procedures for key financial-reporting processes and formalized policies for tracking and administering federal awards.
The auditor and hospital finance staff summarized fiscal…
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