Notes to Financial Statements

As of June 30, 1998 

NOTE 6: Affiliated Foundations

The financial statements do not include the assets, liabilities, or fund balances of the University of Virginia Health 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 University received gifts from these and other foundations amounting to approximately $20.2 million and $25.9 million during 1998 and 1997, respectively. The condensed summary here is based solely upon the reports of other auditors and the management of the foundations.

Affiliated Foundations Condensed Balance Sheet (in thousands)

Health Services Foundation
As of June 30
Real Estate Foundation (Parent Only)
As of June 30

Unaudited

Audited

Unaudited

Audited

1998

1997

1998

1997

Assets

Current Assets Due From the University

$ 316

$ 464

$ --

$ --

Other Current Assets

43,166

53,423

9,705

1,797

Other Assets

76,124

82,225

72,214

53,312

Total

$ 119,606

$ 136,112

$ 81,919

$ 55,109

Liabilities and Fund Balance Current Liabilities Due To the University

$ 3,620

$ 11,663

$ --

$ --

Other Current Liabilities

31,981

34,650

8,905

1,025

Long-term Debt Due To the University

--

--

45,592

37,389

Other Long-term Debts

40,751

42,304

17,886

10,016

Fund Balance

43,254

47,495

9,536

6,679

Total

$ 119,606

$ 136,112

$ 81,919

$ 55,109

Affiliated Foundations Condensed Statement of Revenues and Expenditures (in thousands)

Health Services Foundation
For the Years Ended June 30
Real Estate Foundation (Parent Only)
For the Years Ended June 30

Unaudited

Audited

Unaudited

Audited

1998

1997

1998

1997

Revenues

Professional and Technical Services Provided to the University

$ 18,200

$ 18,831

$ --

$ --

Rental Income From the University

--

--

1,076

1,032

Other

148,187

130,299

1,230

620

Total

$ 166,387

$ 149,130

$ 2,306

$ 1,652

Expenditures

Office Space and Administrative Services Provided by the University

$ 612

$ 584

$ --

$ --

Clinical Operations Provided by the University

4,840

4,840

--

--

Gifts to the University

6,507

6,260

87

178

Other

158,569

155,765

1,833

1,567

Total

$ 170,528

$ 167,449

$ 1,920

$ 1,745

 

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Financial Report

Notes