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Indian River Memorial - Hospital , Inc . and Subsidiaries Notes to Consolidated Financial Statements For the Years Ended September 30 , 2002 and 20D1 1. Summary of Significant Accounting Policies Principles of Consolidation and Reporting Entity The accompanying consolidated financial statements include Indian River Memorial Hospital, Inc. ( MMI-P'), and its wholly-owned subsidiaries, Health Systems of Indian River, Inc. (USM!), Indian River Health Services Corporation ("HSC"), Indian River Hospital Foundation, Inc. (the "Foundation") and Treasure Coast Billing, Inc. ("TCB") (collectively referred to as the "Hospital"). IRMH applies the equity method of accounting for investments between 20% and 50%. IRUH wasincorporated in December 1984 as a not-for_profit corporation under the laws of the State of Florida. IRIAH operates a261 -bed short-term acute care hospital and a 28-bed skilled nursing unit ("SNU") located in Veru Beach, Florida. In February 1989, IlZMH - purchased the Psychiatric Institute of Vero Beach ("PIVB' and transferred its ownership to the Indian River County Hospital District (the "District"), an affiliated organization which is a special taxing district. During fiscal year 1994, PNB changed its name to the Center for Emotional and Behavioral Health ("CEBH") . CEBH is a 46-bed acute- care unit located proximate to the IRMH campus . CEBH is operated as a department of IRMI3. Collectively the aforementioned entities are referred to as the "Hospital Facility" . IRMH is leasingxhe Hospital Facility from the District. -The lease expires in December 2010, unless extended due to the financing of additions or improvements, at which time the net assets of IRMH will be transferred to the District. - - In 1997, IlZMH established HS IR to assist in the development of an integrated delivery system. HSIR is a not for-profit corporation under the laws of the State of Florida and is exempt from federal and state income taxes under Section 501 (c)(3) of the Internal Revenue Code. HS1R is the parent of two subsidiaries, Indian River Walk In Clinic - Vero Beach, LLC ("Vero Beach") and Indian River Walk In Clinic — Sebastian, LLC ("Sebastian"). These clinics were established in June 2001 . Operations began in Sebastian on July 16, 2001 and on August 1 , 2001 for Vero Beach. The Hospital gave the operations of the Vero Beach Clinic to a third party effective August 1 , 2002 (see Note 4) . In 1987, IRMH established HSC to function as a parent holding company for TCB . HSC is a - not-for-profit corporation under the laws of the State of Florida and is exempt from federal and state income taxes under Section 501 (c) (3 ) of the Internal Revenue Code. TCB was incorporated as a for-profit corporation under the laws of the State of Florida. TCB was formed primarily to provide billing services for various entities . The Foundation was incorporated in September 1985 as a not-for-profit corporation under the laws of the State of Florida and is exempt from federal and state income taxes under Section 501 (c) (3 ) of the Internal Revenue Code. The Foundation was formed to solicit and administer funds for the benefit of H MH. - s -