STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION

University of Virginia
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION (in thousands)

FOR THE YEAR ENDED JUNE 30, 2015 (WITH COMPARATIVE INFORMATION FOR THE YEAR ENDED JUNE 30, 2014)

2015 2014
REVENUES    
Operating revenues    
Student tuition and fees (net of scholarship allowances of $105,681 and $99,386) $491,027 $459,166
Patient services (net of charity care of $3,196,694 and $2,741,511) 1,428,736 1,237,157
Federal grants and contracts 225,466 218,394
State and local grants and contracts 4,553 4,750
Nongovernmental grants and contracts 48,414 44,818
Sales and services of educational departments 26,309 21,434
Auxiliary enterprises revenue (net of scholarship allowances of $16,792 and $13,325) 129,855 124,922
Other operating revenues 58,976 51,188
TOTAL OPERATING REVENUES 2,413,336 2,161,829
EXPENSES    
Operating expenses (Note 9)    
Compensation and benefits 1,534,256 1,389,272
Supplies and other services 949,906 855,193
Student aid 74,527 73,802
Depreciation 216,172 199,188
Other 3,544 3,851
TOTAL OPERATING EXPENSES 2,778,405 2,521,306
OPERATING LOSS (365,069) (359,477)
NONOPERATING REVENUES (EXPENSES)    
State appropriations (Note 10) 152,841 161,641
Gifts 171,705 153,561
Investment income 428,406 869,910
Pell grants 12,957 12,619
Interest on capital asset–related debt (59,440) (49,449)
Build America Bonds rebate 8,116 7,200
Losses on capital assets (1,572) (4,479)
Other nonoperating expenses (35,253) (18,114)
NET NONOPERATING REVENUES 677,760 1,132,889
INCOME BEFORE OTHER REVENUES, EXPENSES, GAINS, OR LOSSES 312,691 773,412
Capital appropriations 37,907 42,414
Capital grants and gifts 19,676 22,651
Additions to permanent endowments 17,907 11,738
TOTAL OTHER REVENUES 75,490 76,803
INCREASE IN NET POSITION 388,181 850,215
NET POSITION    
Net position — beginning of year 7,926,540 7,076,325
Net effect of change in accounting and reporting entity (Note 1) (518,783) -
NET POSITION — BEGINNING OF YEAR AS RESTATED 7,407,757 7,076,325
NET POSITION — END OF YEAR $7,795,938 $7,926,540

Certain 2014 amounts have been restated to conform to the 2015 classifications.
The accompanying Notes to Financial Statements are an integral part of this statement.