Financial Reports, Associate Vice President for Finance, University of Virginia

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P.O. Box 400210
Charlottesville, VA 22904-4210

Phone:: 434-924-0716
Fax:: 434-924-4091
Email:: avpfinance@virginia.edu

Financial Reports

	2011-2012 Financial Report (PDF) Patrick Hogan was appointed executive vice president and chief operating officer for the University of Virginia in October 2012. He is responsible for overseeing the financial affairs of the University and the Medical Center. The 2011–2012 Financial Report includes the University's financial statements, along with accompanying notes and management's discussion and analysis—all of which provide a detailed look at the way the University manages resources and operates efficiently.
	2010-2011 Financial Report Michael Strine joined the University of Virginia July 2011 as the new executive vice president and chief operating officer. He succeeds Leonard W. Sandridge, who stepped down on July 1 after forty-four years at U.Va. Mr. Strine was vice president for finance, chief financial officer and treasurer for the Johns Hopkins University before coming to U.Va. He oversees the financial affairs of the University and each of its schools and divisions, including the Medical Center. In addition, several key operational and administrative areas, such as human resources, facilities, real estate, and public safety, report to him.
	2009-2010 Financial Report It is with special appreciation for my time with you and confidence in our University's futher that I write this letter for the last time. We are in the midst of a very effective transition. John Casteen gave us twenty years of remarkable leardership. He successfully improved the Univiersity's physical surrounds, private support, and academic reputation. He established a strong foundation on which we can build. I now look ahead to the vision and energy of Teresa A. Sullivan.
	2008-2009 Financial Report The global economic crisis made this an extraordinary year for the University of Virginia and institutions of higher education everywhere. But even as University leaders took steps to understand and manage the downturn, we recognized that real advantages can be gained in times of financial crisis. Focusing on core missions provides an occasion to assess the University's areas of strength and emerge from the recession a stronger and smarter institution.
	2007-2008 Financial Report The past year was productive for the University in most measurable ways. It brought smooth successions in key academic leadership positions; completion of several major building projects, with others commencing; unconditional reaffirmation of the University's accreditation by the Southern Association of Colleges and Schools; and improvements in the University's financial condition because of implementation of Virginia's 2005 and 2006 restructuring bills, prudent endowment investments, and continued success in our capital campaign.
	2006-2007 Financial Report Thomas Jefferson believed that knowledge should be useful. In an 1813 letter to John Adams, he described the University he was planning to build as a place "where all the useful sciences should be taught." His insistence on the practical aspects of learning was grounded in a pressing necessity: the American Republic urgently needed educated young people who could apply their new knowledge to the governance of the nation.
	2005-2006 Financial Report The University's founder was both visionary and pragmatic. With great confidence and ambition, Mr. Jefferson described the institution he created as "the future bulwark of the human mind in this hemisphere." At the same time, he grounded the curriculum in what he called the "useful sciences." He believed in teaching practical knowledge that ordinary citizens could use to organize and govern a Republic.
	2004-2005 Financial Report In 1825, when classes were first held in the Rotunda and the Pavilions, Mr. Jefferson (nearly 82 years old at the time, and embarked on the last great adventure of his life) expressed the hope that his new University would prove "a blessing to my own state, and not unuseful perhaps to some others." In the past year, his University has proved a blessing not only to Virginia, but to the world.
	2003-2004 Financial Report More than anyone of his extraordinary generation, Thomas Jefferson recognized the power of knowledge to shape the world around him. At every stage of his life, he pursued knowledge with insatiable fervor; through close reading in many subjects, through correspondence with the leading thinkers of his time, and through his own careful observations of natural and human phenomena. We are the heirs of his enthusiasm for learning and discovery.
	2002-2003 Financial Report This period of change is no accident. It is the product of years of thought and planning conducted with the help of our alumni, students, faculty, and friends. Its most visible manifestation is physical, as we build and renovate the facilities we need to support academic and student-life programs of the first order. Equally important is the work that will take place within these new and restored walls. You will discover in these pages that we are looking anew at what we teach and how we teach; we are reshaping our culture to nurture a healthier and more open community; and we are rethinking the ways we sustain the entire enterprise.
	2001-2002 Financial Report These are difficult times for the Commonwealth of Virginia, which provide the University with a period of challenge and opportunity. Facing an accumulated budget deficit initially projected to be $3.8 billion by 2004, our elected officials have had no choice but to make substantial cuts in funding to state agencies, including the University of Virginia. We are dealing with reductions in state support of historic proportion.
	2000-2001 Financial Report At no time in its history has the University of Virginia been better prepared to fulfill the aspirations of its founder. The success of the recent campaign, the strength of our endowment in a volatile market, the support we attract for cutting-edge research, the effective management structures now in place, and the extraordinary community of students and faculty assembled on the Grounds-these and many other positive factors have enabled us to pursue ambitious goals even in difficult times.
	1999-2000 Financial Report The University of Virginia concluded fiscal year 2000 in an exceptionally strong operational and financial position. The endowment grew significantly. We ended the year with good reserves. University operations were not only efficient, but also effective. The level of professionalism, innovation, and commitment on the part of our employees rivaled that found at the most dynamic corporations. Most important, our academic and health care enterprises flourished.
	1998-99 Financial Report Over the last decade, the University of Virginia has successfully entered the ranks of the nation's premier educational institutions. We have been able to outpace many of our peers because of the generosity of alumni and friends combined with support from the state. The success of our students, the commitment and creativity of our faculty, and the dedication and professionalism of our staff have contributed to our standing among the very best universities.
	1997-98 Financial Report As we approach the twenty-first century, faculty and staff are engaged actively in formulating initiatives needed to ensure that the University of Virginia continues to offer the citizens of the Commonwealth the finest academic and health care programs of any in the nation. Over the past decade, the University has cultivated the means and specialized expertise needed to respond to new challenges and steward resources.
	1996-97 Financial Report The University of Virginia is now established firmly as one of the premier universities in the nation and the world. It is widely recognized as an exceptional place to both learn and teach, a fact that lends stability to our academic enterprise and provides a basis for further excellence. The faculty here is one of the most distinguished groups ever assembled anywhere, and each successive class of students is brighter and more talented than the one that preceded it.
	1995-96 Financial Report At a time when public resources available for higher education are limited, we have forged a unique alliance of alumni, faculty, legislators, business leaders, and administrators that has enabled us to achieve ever higher standards of quality. We have been successful in building a financial base that is supported by a broad range of reliable revenues.
	1994-95 Financial Report The 1990s have seen a remarkable resurgence of American Business, as it successfully restructured and repositioned itself for eminence. The University of Virginia has been committed to these same practices consistent with its academic mission, and the results, we believe, have been similar. Creating a system of streamlined excellence has been a matter of continuous, collaborative, and synergistic improvement promoted by every division of this institution.
	1993-94 Financial Report At the University of Virginia, we are finding new ways to serve more students while preserving the qualities that distinguish our academic programs. We must, first and foremost, teach well. We must quickly apply the discoveries of our laboratories to society's needs. Our Health Sciences Center must change the way it delivers health care. We are being asked, quite simply, to do more - and do it superbly - without the prospect of significant increases in resources.