NOTE 3: Balance Sheet Details

a. Accounts receivable

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

1999

1998

Patient Care

$ 102,298

$ 106,466

Estimated Amounts Due from Third-Party Payors

18,391

9,470

Grants and Contracts

19,841

17,300

Health Services Foundation

7,965

5,993

Other

7,206

5,820

Less Allowance for Doubtful Accounts

(61,466)

(49,076)

Total

$ 94,235

$ 95,973

b. Notes receivable

Notes receivable as of June 30, 1999 and 1998, are reported net of the allowance for uncollectible student loans which amounted to $2.4 million and $2.1 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):

1999

1998

Unrestricted Quasi-Endowment Funds

University of Virginia Real Estate Foundation

$ 36,351

$ 45,596

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):

1999

1998

Land

$ 17,376

$ 16,906

Improvements Other than Buildings

76,007

71,231

Buildings

898,453

881,307

Equipment

459,134

430,957

Library Books

66,946

64,440

Construction in Process

92,229

48,909

Unamortized Bond Issue/Discount Cost

(1,529)

1,555

Total

$ 1,608,616

$ 1,515,305

e. Restatement of prior year balances

Certain June 30, 1998 balances have been restated to reæect their true classification. Current Funds have been adjusted by $102,000 to reæect a reclassification of cash and fund balance from Current Restricted to Current Unrestricted. Prior year's current unrestricted fund balance has been adjusted $686,000 to restate prior years accounts receivable and other items.

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 --1999-- (in thousands)

Due to Other Funds

Current Funds

Endowment Funds

Plant Funds

Agency Funds

Total

Current Funds

$ --

$ 3,133

$ 398

$ 37

$ 3,568

Endowment and Similar Funds

--

--

--

33,730

33,730

Plant Funds

8,694

--

--

--

8,694

Total

$ 8,694

$ 3,133

$ 398

$ 33,767

$ 45,992

Due From Other Funds -- 1998 -- (in thousands)

Due to Other Funds

Current Funds

Endowment Funds

Plant Funds

Agency Funds

Total

Current Funds

$ --

$ 3,718

$ 450

$ 359

$ 4,527

Endowment and Similar Funds

--

--

--

29,808

29,808

Plant Funds

14,754

--

--

--

14,754

Total

$ 14,754

$ 3,718

$ 450

$ 30,167

$ 49,089

 


Notes

Note 1

Note 2

Note 3

Note 4

Note 5

Note 6

Notes 7 - 14