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Note 1

Note 2

Note 3

Note 4

Note 5

Note 6

Notes 7 - 14


NOTE 3

NOTE 3: Balance Sheet Details

a. Accounts receivable

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

2000

1999

Patient Care

$ 110,393

$ 102,298

Estimated Amounts Due from Third-Party Payors

11,781

18,391

Grants and Contracts

20,815

19,841

Health Services Foundation

5,046

7,965

Other

10,368

7,206

Less Allowance for Doubtful Accounts

(58,029)

(61,544)

     

TOTAL

$ 100,374

$ 94,157


b. Notes receivable

Notes receivable as of June 30, 2000 and 1999, are reported net of the allowance for uncollectible student loans which amounted to $2.2 million and $2.4 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):

2000
1999
Unrestricted
Quasi-Endowment Funds
University of Virginia
Real Estate Foundation
$36,578
$36,351


d. Investment in plant

Investment in plant as of June 30 consists of the following (in thousands):


2000

1999

Land

$ 30,073

$ 17,376

Improvements Other than Buildings

77,109

76,007

Buildings

913,374

898,453

Equipment

473,047

459,134

Software Capitalization
7,884
--

Library Books

76,641

66,946

Construction in Process

166,453

92,229

Unamortized Bond Issue/Discount Cost

(1,419)

(1,529)

TOTAL

$ 1,743,162

$ 1,608,616


e. Restatement of prior year balances

Certain June 30, 1999 balances have been restated. Current Unrestricted, Current Restricted, and Loan Funds have been reduced by $78,680, $30, and $35,630, respectively.

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 listed on chart below.

g. Goodwill

On October 1, 1997 the Medical Center acquired from the University of Virginia Health Services Foundation the Medicine Clinical Laboratories in a transaction accounted for as a purchase. Accordingly, $1,800,000 was recorded as goodwill and is being amortized over five years.

On May 12, 2000 the Medical Center acquired from Augusta Health Care, Inc. the Kidney Dialysis Assets in a transaction accounted for as a purchase. Accordingly, $987,188 was recorded as goodwill for the purchase of the assets and is being amortized over five years. An additional $800,000 was recorded as goodwill for a Non-Competition Agreement and is being amortized over its ten year life.

DUE FROM OTHER FUNDS (see section f above) -- 2000 (in thousands)

Due to Other Funds

Current Funds

Endowment Funds

Plant Funds

Agency Funds

Total

Current Funds

$ --

$ 3,713

$ 525

$ 475

$ 4,713

Endowment and Similar Funds

--

--

--

45,379

45,379

Plant Funds

8,886

--

--

--

8,694

Agency Funds
10,856
--
--
--
10,856

TOTAL

$ 19,742

$ 3,713

$ 525

$ 45,854

$ 69,834



DUE FROM OTHER FUNDS (see section f above) -- 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

 

Financial Notes Home

Note 1

Note 2

Note 3

Note 4

Note 5

Note 6

Notes 7 - 14


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