Note 6: Affiliated Foundations

[This page requires an expanded window]

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 following condensed summary is based solely upon the reports of other auditors:

Affiliated Foundations Condensed Balance Sheet (in thousands)
  Health Services Foundation As of June 30, Auxiliary Services Foundation As of December 31, Real Estate Foundation As of June 30,
  1995 1994 1994 1993 1995 1994
Assets
Current assets due from the University
$  $ 3,588 $  $ 2,943 $  $ 7 $  $ -- $   $ -- $  $ $ --
Other current assets 39,409 30,599 268 205 2,964 2,552
Other assets 75,095 79,719 313 331 64,149 62,068 64,149 62,068
Total $ 118,092 $113,261 $  588 $  536 $ 67,113 $ 64,620
Liabilities and Fund Balance
Current liabilities due to the University
$ 7,114 $ 7,549 $ -- $ -- $ -- $ --
Other current liabilities 16,324 16,517 57 59 4,214 3,829
Long-term debt due to the University -- -- 500 500 37,235 36,328
Other long-term debts 31,058 30,626 -- -- 17,589 16,106
Fund balance 63,596 58,569 31 (23 ) 8,075 8,357
Total $ 113,261 $   588 $   536 $ 67,113 $ 64,620

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 For the Years Ended June 30,
  1995 1994 1994 1993 1995 1994
Revenues
Professional and technical services provided to the University
$   19,136 $   16,737 $   -- $   -- $   -- $   --
Rental income from the University -- -- -- -- 298 279
Other 116,683 109,469 1,012 1,001 13,152 12,969
Total $ 135,819 $ 126,206 $   1,012 $   1,001 $   13,450 $  13,248
Expenditures
Office space and administrative services provided by the University
$  562 $  546 $  -- $  -- $  -- $  --
Clinical operations provided by the University 4,389 4,834 -- -- -- --
Gifts to the University 6,438 6,629 -- -- 97 19
Other 119,403 113,510 958 955 13,688 13,284
Total $ 130,792 $ 125,519 $   958 $   955 $  13,785 $  13,303

The University received gifts from the above and other foundations amounting to approximately $23.3 million and $13.8 million during 1995 and 1994, respectively.




Office of University Publications Home Page
University of Virginia Home Page