Notes to Financial Statements

As of June 30, 1998

NOTE 3: Balance Sheet Details

a. Accounts receivable

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

1998
 1997

Patient Care

$ 106,466

$ 87,888

Estimated Amounts Due from Third-Party Payors

9,470

15,343

Grants and Contracts

17,300

14,524

Health Services Foundation

5,993

11,664

Other

6,122

7,105

Less Allowance for Doubtful Accounts

(49,076)

(39,442)

Total

$ 96,275

$ 97,082

b. Notes receivable

Notes receivable as of June 30, 1998 and 1997, are reported net of the allowance for uncollectible student loans which amounted to $2.1 million and $2.0 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):

1998
 1997

Unrestricted Current Funds

$ 106,466

$ 87,888

University of Virginia Auxiliary Services Foundation

$ 0

$ 500

Unrestricted Quasi-Endowment Funds

University of Virginia Real Estate Foundation

$ 45,596

$ 37,389

Expendable Plant Funds

University of Virginia Law School Foundation

$ 6,500

$ 6,500  

d. Investment in plant

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

1998
 1997

Land

$ 16,906

$ 15,098

Improvements Other than Buildings

71,231

66,970

Buildings

881,307

802,957

Equipment

430,957

413,382

Library Books

64,440

58,412

Construction in Progress

48,909

93,633

Unamortized Bond Issue/Discount Cost

1,555

1,735

Total

$ 1,515,305

$ 1,452,187

e. Restatement of prior year balances

Certain June 30, 1997 balances have been restated to refiect their true classification. Current Funds have been adjusted by $9,661 to refiect a reclassification of cash and fund balance from Current Restricted to Current Unrestricted.

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 • 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

Due From Other Funds • 1997 • (in thousands)

Due to Other Funds

Current Funds

Endowment Funds

Plant Funds

Agency Funds

Total

Current Funds

$ --

$ 3,034

$ 460

$ 320

$ 3,814

Endowment and Similar Funds

--

--

--

23,076

23,076

Plant Funds

12,180

--

--

--

12,180

Total

$ 12,180

$ 3,034

$ 460

$ 23,396

$ 39,070

Note 1

Note 2

Note 3

Note 4

Note 5

Note 6

Note 7

Note 8

Note 9

Note 10

Note 11

Note 12

Note 13

Note 14

Financial Report

Notes