Balance Sheet Details
a. Accounts receivable
Current Fund accounts receivable as of June 30 include the following (in thousands):
| 1995 | 1994 |
| Patient Care |
$ 50,764 |
$ 41,831 |
| Estimated Amounts Due from Third-Party Payors
|
8,174 |
14,562 |
| Grants and Contracts |
12,600 |
12,009 |
| Health Services Foundation |
4,339 |
5,098 |
| Other |
4,447 |
3,246 |
| Less Allowance for Doubtful Accounts |
(4,830) |
(4,910) |
| Total |
$ 75,494 |
$ 71,836 |
b. Notes receivable
Notes receivable as of June 30, 1995 and 1994 are reported net of the allowance for uncollectible student loans which amounted to $1.9 million and $1.8 million, respectively.
c. Advances to foundations
The University advances funds to affiliated foundations to enable the foundations to acquire real property in areas near the University and to enhance foundation operations.
Foundations are expected to make principal repayments
as funds become available. The Board of Visitors has
authorized up to $39 million for advances to the University of Virginia Real Estate Foundation from unrestricted quasi-endowment funds. Advances as of June 30 include the following (in thousands):
| 1994 | 1993 |
Unrestricted Current Funds
University of Virginia Auxiliary Services Foundation |
$ 500 |
$ 500 |
Unrestricted Quasi-Endowment Funds
University of Virginia Real Estate Foundation |
$ 37,235 |
$ 36,328 |
d. Investment in plant
Investment in plant as of June 30 consists of the following (in
thousands):
| 1995 |
1994 |
| Land | $ 13,358 |
$ 12,831 |
| Improvements Other than Buildings |
58,531 |
54,725 |
| Buildings |
686,750 |
620,140 |
| Equipment |
363,151 |
339,627 |
| Library Books |
53,287 |
50,436 |
| Construction in Process |
97,304 |
89,614 |
| Unamortized Bond Issue/Discount Cost |
2,098 |
2,288 |
| Total |
$1,274,479 |
$1,169,661 |
e. Restatement of prior year balances
Certain June 30, 1994 balances have been restated to reflect their true classification. Current Funds have been adjusted by $189,000 to reflect a reclassification of endowment income accounts from Current Restricted to Current Unrestricted. Current Funds have also been adjusted by $1,805,000 to reflect a reclassification of patent income from Current Restricted to Current Unrestricted. Finally, Endowment balances have been decreased by $45,000 to reflect a reclassification of Deferred Compensation accounts to agency funds.
f. Interfund obligations
Interfund obligations are recorded on each fund as due
to/due from other funds. Such borrowings are authorized
in advance by the Board of Visitors or administrative action. The borrowings have identifiable repayment schedules in most instances and provide needed working capital or cash advances for special projects. Interest is charged in appropriate instances.
Amounts due from and payable to other funds as of June 30 are
as follows:
|
Due From Other Funds, 1995 (in thousands) |
|---|
| Due to Other Funds |
Current Funds |
Endowment Funds |
Plant Funds |
Agency Funds |
Total |
| Current Funds |
$ -- |
$ 313 |
$ 498 |
$ 559 |
$ 1,370 |
| Endowment and Similar Funds |
-- |
-- |
-- |
32,834 |
32,834 |
| Plant Funds |
1,577 |
-- |
-- |
-- |
1,577 |
| Total |
$ 1,577 |
$ 313 |
$ 498 |
$ 33,393 |
$ 35,781 |
| Due From Other Funds, 1994 (in thousands) |
|---|
| Due to Other Funds |
Current Funds |
Endowment Funds |
Plant Funds |
Agency Funds |
Total |
| Current Funds |
$ -- |
$ -- |
$ 501 |
$ 571 |
$ 1,072 |
| Endowment and Similar Funds |
-- |
-- |
-- |
27,101 |
27,101 |
| Plant Funds |
971 |
-- |
-- |
-- |
971 |
| Total | $ 971 |
$ -- |
$ 501 |
$ 27,672 |
$ 29,144 |
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