NOTE
3: Balance Sheet Details
a.
Accounts receivable
Current Fund accounts receivable as of June 30 include the following
(in thousands):
|
|
2001
|
2000
|
|
Patient
Care
|
$
135,336
|
$
110,393
|
|
Estimated
Amounts Due from Third-Party Payors
|
17,064
|
11,781
|
|
Grants
and Contracts
|
22,121
|
20,815
|
|
Health
Services Foundation
|
5,751
|
5,046
|
|
Other
|
13,585
|
10,368
|
|
Less
Allowance for Doubtful Accounts
|
(69,497)
|
(58,029)
|
| |
|
|
|
TOTAL
|
$
124,360
|
$
100,374
|
b. Notes receivable
Notes receivable as of June 30, 2001 and 2000, are reported net
of the allowance for uncollectible student loans, which amounted
to $2.6 million and $2.2 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):
| |
2001
|
2000
|
Unrestricted
Quasi-Endowment Funds |
|
|
University
of Virginia
Real Estate Foundation |
$45,014
|
$36,578
|
d. Investment in plant
Investment in plant as of June 30 consists of the following (in
thousands):
|
|
2001
|
2000
|
|
Land
|
$
31,934
|
$
30,073
|
|
Improvements
Other than Buildings
|
168,715
|
77,109
|
|
Buildings
|
965,958
|
913,374
|
|
Equipment
|
484,699
|
473,047
|
| Software
Capitalization |
14,366
|
7,884
|
|
Library
Books
|
79,261
|
76,641
|
|
Construction
in Process
|
135,435
|
166,453
|
|
Unamortized
Bond Issue/Discount Cost
|
(1,309)
|
(1,419)
|
|
TOTAL
|
$
1,879,059
|
$
1,743,162
|
e. Restatement of prior year balances
Certain June 30, 2000 balances have been restated. Current Funds
have been adjusted by $1,667,000 to reflect a reclassification
of fund balance from Current Restricted to Current Unrestricted.
Prior year's current unrestricted fund balance has been adjusted
$24,000 to restate prior year's accrued compensated absences 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 -- 2001 (in thousands)
|
Due
to
Other
Funds
|
Current
Funds
|
Endowment
Funds
|
Plant
Funds
|
Agency
Funds
|
Total
|
|
Current
Funds
|
$
--
|
$2,325
|
$450
|
$
--
|
$2,775
|
|
Endowment
and Similar Funds
|
--
|
--
|
--
|
48,394
|
48,394
|
|
Plant
Funds
|
20,129
|
--
|
--
|
--
|
20,129
|
| Agency
Funds |
--
|
--
|
--
|
--
|
--
|
|
TOTAL
|
$20,129
|
$2,325
|
$450
|
$48,394
|
$71,298
|
DUE
FROM OTHER FUNDS -- 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
|
--
|
--
|
--
|
8,886
|
| Agency
Funds |
10,856
|
--
|
--
|
--
|
10,856
|
|
TOTAL
|
$19,742
|
$3,713
|
$525
|
$45,854
|
$69,834
|
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.
On December 15, 2000, the Medical Center acquired from the University
of Virginia Health Services Foundation (HSF) its interest in the
Hyperbaric Oxygen Unit. In July 1994 the Medical Center and HSF
entered into a Memorandum of Agreement for the purpose of joint
purchase and operation of a Hyperbaric Oxygen Unit. The Memorandum
provided that HSF would own 67 percent interest and the Medical
Center would own 33 percent. Accordingly, $1,166,615 was recorded
as goodwill for the purchase of the assets and is being amortized
over five years.
|
