NOTE 6: Affiliated Companies

The financial statements do not include the assets, liabilities, or fund balances of the University of Virginia Health Services Foundation, the University of Virginia Real Estate Foundation, nor any other 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 $17.5 million and $20.2 million during 1999 and 1998, respectively. The condensed summary on page 46 is based solely upon the reports of other auditors and the management of the foundations.

AFFILIATED FOUNDATIONS CONDENSED BALANCE SHEET (in thousands)

Real Estate Foundation

Health Services Foundation
(Parent Only)

As of June 30
As of June 30

Assets

Audited 1998
Unaudited 1999
Audited 1998

Current Assets Due From the University

$ 316

$ --

$ --

Other Current Assets

43,166

8,725

9,909

Other Assets

76,124

86,095

71,694

Total

$ 119,606

$ 94,820

$ 81,603

Liabilities and Fund Balance

Current Liabilities Due To the University

$ 3,620

$ --

$ --

Other Current Liabilities

31,981

7,721

3,900

Long-term Debt Due To the University

--

36,351

45,592

Other Long-term Debts

40,751

42,243

22,782

Fund Balance

43,254

8,505

9,329

Total

$ 119,606

$ 94,820

$ 81,603

AFFILIATED FOUNDATIONS CONDENSED STATEMENT OF REVENUES AND EXPENDITURES (in thousands)

Real Estate Foundation

Health Services Foundation
(Parent Only)

For the Year Ended June 30
For the Years Ended June 30

Revenues

Audited 1998
Unaudited 1999
Audited 1998

Professional and Technical Services Provided to the University

$ 18,200

$ --

$ --

Rental Income From the University

--

1,191

1,076

Other

148,187

1,203

1,455

Total

$ 166,387

$ 2,394

$ 2,531

Expenditures

Office Space and Administrative Services Provided by the University

$ 612

$ --

$ --

Clinical Operations Provided by the University

4,840

--

--

Gifts to the University

6,507

226

87

Other

158,569

3,154

2,126

Total

$ 170,528

$ 3,380

$ 2,213


Notes

Note 1

Note 2

Note 3

Note 4

Note 5

Note 6

Notes 7 - 14