Note 6: Affiliated Foundations


The financial statements do not include the assets, liabilities, or fund balances of the University of Virginia Health Services Foundation, the University of Virginia Auxiliary Services Foundation, or the University of Virginia Real Estate Foundation. These foundations are separately incorporated entities and the related financial statements are examined by other auditors. The following condensed summary is based solely upon the reports of other auditors or the foundation's management:

Affiliated Foundations Condensed Balance Sheet (in thousands)
  Health Services
Foundation
As of June 30,
Auxiliary Services
Foundation
As of December 31,
Real Estate Foundation
(Parent Only)
As of June 30,
 Unaudited
1996
Audited
1995
Audited
1995
Audited
1994
Unaudited
1996
Audited
1995
Assets
Current Assets Due From the University
$ 298 $ 3,588 $ 19 $ 7 $ -- $ --
Other Current Assets 46,041 39,409 246 268 3,631 1,981
Other Assets 85,126 75,095 295 313 52,439 47,438
Total $131,465 $118,092 $560 $588 $56,070 $49,419
Liabilities and Fund Balance
Current Liabilities Due to the University
$ 8,584 $ 7,114 $ -- $ -- $ -- $ --
Other Current Liabilities 21,136 16,324 54 57 2,468 2,136
Long-Term Debt Due to the University -- -- 500 500 42,384 37,235
Other Long-Term Debts 37,910 31,058 -- -- 4,048 1,973
Fund Balance 63,835 63,596 6 31 7,170 8,075
Total $131,465 $118,092 $560 $588 $56,070 $49,419
Affiliated Foundations Condensed Statement of Revenues and Expenditures (in thousands)
  Health Services
Foundation
As of June 30,
Auxiliary Services
Foundation
As of December 31,
Real Estate Foundation
(Parent Only)
As of June 30,
 Unaudited
1996
Audited
1995
Audited
1995
Audited
1994
Unaudited
1996
Audited
1995
Revenues
Professional and Technical Services Provided to the University
$ 20,840 $ 19,136 $ -- $ -- $ -- $ --
Rental Income From the University -- -- -- -- 187 298
Other 128,113 116,683 1,009 1,012 567 573
Total $148,953 $135,819 $1,009 $1,012 $ 754 $871
Expenditures
Office Space and Administrative Services Provided by the University
$ 584 $ 562 $ -- $ -- $ -- $ --
Clinical Operations Provided by the University 4,840 4,389 -- -- -- --
Gifts to the University 6,982 6,438 -- -- 3 97
Other 136,308 119,403 1,034 958 1,266 775
Total $148,714 $130,792 $1,034 $ 958 $1,269 $872
The University received gifts from the above and other foundations amounting to approximately $28.9 million and $23.3 million during 1996 and 1995, respectively.

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