Note 3: Balance Sheet Details


a. Accounts receivable

Current Fund accounts receivable as of June 30 include the following (in thousands):

  1996 1995
Patient Care $ 71,244 $ 68,713
Estimated Amounts Due from Third-Party Payors 17,999 8,174
Grants and Contracts 12,586 12,600
Health Services Foundation 3,569 4,339
Other 5,213 4,447
Less Allowance for Doubtful Accounts (28,603) (22,779)
Total $ 82,008 $ 75,494

b. Notes receivable

Notes receivable as of June 30, 1996 and 1995 are reported net of the allowance for uncollectible student loans which amounted to $1.9 million and $1.9 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 $55 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):

  1996 1995
Unrestricted Current Funds -- University of Virginia Auxiliary Services Foundation $ 500 $ 500
Unrestricted Quasi-Endowment Funds -- University of Virginia Real Estate Foundation $42,384 $37,235
Expendable Plant Funds -- University of Virginia Law School Foundation $ 6,500 $ --

d. Investment in plant

Investment in plant as of June 30 consists of the following (in thousands):
  1996 1995
Land $ 13,358 $ 13,358
Improvements Other than Buildings 66,120 58,531
Buildings 787,192 686,750
Equipment 388,641 363,151
Library Books 56,537 53,287
Construction in Process 60,245 97,304
Unamortized Bond Issue/ Discount Cost 1,916 2,098
Total $1,374,009 $1,274,479

e. Restatement of prior year balances

Certain June 30, 1995 balances have been restated to reflect their true classification. Current Funds have been adjusted by $455,000 to reflect a reclassification of state appropriations from Current Restricted to Current Unrestricted. Current Funds have also been adjusted by $610,000 to reflect a reclassification of Medical Center investment balances from Current Restricted to Current Unrestricted.

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, 1996 (in thousands)
Due to Other Funds Current Funds Endowment Funds Plant Funds Agency Funds Total
Current Funds $ -- $6,209 $470 $ 14 $ 6,693
Endowment and Similar Funds 221 -- -- 50,621 50,842
Plant Funds 13,352 -- -- -- 13,352
Total $13,573 $6,209 $470 $50,635 $70,887
  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


Go on to Note 4

Return to President's Report Table of Contents