NOTES TO FINANCIAL STATEMENTS

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 University received gifts from these and other foundations amounting to approximately $25.9 million and $28.9 million during 1997 and 1996, respectively. The condensed summary below is based solely upon the reports of other auditors and the management of the foundations:

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

Unaudite 1997

Audited 1996

Audited 1996

Audited 1995

Unaudited 1997

Audited 1996

Assets

Current Assets Due From the University

$ 465

$ 298

$ 16

$ 19

$ --

$ --

Other Current Assets

56,518

40,851

290

246

1,797

3,661

Other Assets

80,200

84,057

281

295

53,345

52,514

Total

$ 137,183

$ 125,206

$ 587

$ 560

$ 55,142

$ 56,175

Liabilities and Fund Balance

Current Liabilities Due To the University

$ 14,544

$ 3,526

$ --

$ --

$ --

$ --

Other Current Liabilities

26,515

22,918

52

54

6,025

2,468

Long-term Debt Due to the University

--

--

500

500

37,389

42,384

Other Long-term Debts

41,724

37,509

--

--

5,016

4,123

Fund Balance

54,400

61,253

35

6

6,712

7,200

Total

$ 137,183

$ 125,206

$ 587

$ 560

$ 55,142

$ 56,175 

Affiliated Foundations Condensed Statement of Revenues and Expenditures (in thousands)

Health Services Foundation For the Years Ended June 30

Auxiliary Services Foundation For the Years Ended December 31

Real Estate Foundation (Parent Only) For the Years Ended June 30

Unaudited 1997

Audited 1996

Audited 1996

Audited 1995

Unaudited 1997

Audited 1996 

Revenues

Professional and Technical Services Provided to the University

$ 18,831

$ 20,345

$ --

$ --

$ --

$ --

Rental Income From the University

--

--

--

--

817

187

Other

151,059

126,607

1,089

1,009

835

597

Total

$ 169,890

$ 146,952

$ 1,089

$ 1,009

$ 1,652

$ 784

Expenditures

Office Space and Administrative Services Provided by the University

$ 584

$ 584

$ --

$ --

$ --

$ --

Clinical Operations Provided by the University

4,840

4,840

--

--

--

--

Gifts to the University

--

6,859

--

--

--

--

Other

161,319

135,373

1,060

1,034

1,072

799

Total

$ 166,743

$ 147,656

$ 1,060

$ 1,034

$ 1,072 

$ 799

Notes to Financial Statements | Note 1 | Note 2 | Note 3 | Note 4 | Note 5 | Note 6 | Note 7 | Note 8 | Note 9 | Note 10 | Note 11 | Note 12 | Note 13


President's Report 1996-97 Contents

Financial Report 1996-1997