UNIVERSITY
OF VIRGINIA
STATEMENT OF NET ASSETS
As of June 30, 2002 (in thousands) |
|
2002 |
 |
| ASSETS |
|
|
| Current
assets |
|
|
| Cash
and cash equivalents (Note 2) |
$
|
205,509 |
| Short-term
investments (Note 2) |
|
205,096 |
| Accounts
receivable, net (Note 3a) |
|
155,939 |
| Prepaid
expenses |
|
6,940 |
| Inventories |
|
13,246 |
| Notes
receivable, net |
|
4,712 |
| Other |
|
3 |
|
 Total
current assets |
|
591,445 |
|
| |
|
|
| Non-current
assets |
|
|
| Restricted
cash and cash equivalents (Note 2) |
|
30,171 |
| Endowment
investments (Notes 1, 2) |
|
1,801,066 |
| Other
long-term investments (Note 2) |
|
220,502 |
| Deposit
with bond trustee |
|
8,881 |
| Appropriations
available for plant |
|
31,927 |
| Notes
receivable, net |
|
22,263 |
| Pledges
receivable, net |
|
30,529 |
| Capital
assets, net (Note 3e) |
|
1,198,072 |
| Goodwill
(Note 3f) |
|
1,983 |
| Other |
|
429 |
|
| Total
non-current assets |
|
3,345,823 |
|
| |
|
|
| Total
assets |
$
|
3,937,268 |
|
| LIABILITIES |
|
|
| Current
liabilities |
|
|
| Accounts
payable and accrued liabilities |
$
|
122,007 |
| Deferred
revenue |
|
57,690 |
| Obligations
under securities lending (Note 2) |
|
3,853 |
| Deposits
held in custody for others |
|
133,744 |
| Long-term
liabilities, current portion (Note 4) |
|
53,151 |
| Advance
from Treasurer of Virginia |
|
321 |
|
| Total
current liabilities |
|
370,766 |
|
| |
|
|
| Non-current
liabilities (Note 4) |
|
|
| Long-term
debt |
|
318,967 |
| Other
non-current liabilities |
|
20,639 |
|
| Total
non-current liabilities |
|
339,606 |
|
| |
|
|
| Total
liabilities |
$
|
710,372 |
|
|
| NET
ASSETS |
|
|
| Invested
in capital assets, net of related debt |
$
|
868,783 |
| Restricted: |
|
|
| Non-expendable |
|
282,440 |
| Expendable |
|
1,201,241 |
| Unrestricted |
|
874,432 |
|
| Total
net assets |
$
|
3,226,896 |
|
|
UNIVERSITY
OF VIRGINIA
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS
For the year ended June 30, 2002 (in thousands) |
|
2002 |
|
| REVENUES |
|
|
| Operating
revenues |
|
|
Student
tuition and fees (net of scholarship
allowances of $34,115,874) |
$
|
177,913 |
| Patient
services (net of charity care of $250,689,581) |
|
568,372 |
| Federal
grants and contracts |
|
210,624 |
| State
and local grants and contracts |
|
7,632 |
| Non-governmental
grants and contracts |
|
43,558 |
| Sales
and services of educational departments |
|
21,464 |
Auxiliary
enterprises revenue
(net of scholarship allowances
of $5,398,179) |
|
77,070 |
| Other
operating revenues |
|
10,374 |
|
| Total
operating revenues |
|
1,117,007 |
|
| |
|
|
| EXPENSES |
|
|
| Operating
expenses (Note 8) |
|
|
| Compensation
and benefits |
|
796,959 |
| Supplies
and other services |
|
426,501 |
| Student
aid |
|
34,156 |
| Utilities |
|
56,227 |
| Depreciation |
|
98,628 |
| Other |
|
22,522 |
|
| Total
operating expenses |
|
1,434,993 |
|
| Operating
income (loss) |
|
(317,986) |
|
NON-OPERATING REVENUES (EXPENSES) |
|
|
| State
appropriations (Note 7) |
|
176,177 |
| Payments
from Commonwealth for indigent care |
|
21,195 |
| Gifts |
|
65,016 |
| Investment
income |
|
26,975 |
| Interest
on capital asset-related debt |
|
(12,038) |
| Losses
on affiliated company sold |
|
(12,113) |
| Other
non-operating revenues (expenses) |
|
(935) |
|
Net non-operating revenues |
|
264,277 |
|
Income before other revenues, expenses, gains,
or
losses |
|
(53,709) |
| |
|
|
| Capital
appropriations |
|
16,595 |
| Capital
grants and gifts |
|
11,509 |
| Additions
to permanent endowments |
|
63,701 |
|
| Total
other revenues |
|
91,805 |
|
| Increase
in net assets |
|
38,096 |
|
UNIVERSITY
OF VIRGINIA
STATEMENT OF CASH FLOWS
For the year ended June 30, 2002 (in thousands) |
|
2002 |
|
| CASH
FLOWS FROM OPERATING ACTIVITIES |
|
|
| Tuition
and fees |
$
|
176,115 |
| Grants
and contracts |
|
265,354 |
| Receipts
from patients and third parties |
|
535,901 |
| Sales
and services of educational activities |
|
21,339 |
| Sales
and services of auxiliary enterprises |
|
76,545 |
| Payments
to employees and fringe benefits |
|
(783,610) |
| Payments
to vendors and suppliers |
|
(469,399) |
| Payments
for student aid |
|
(34,165) |
| Loans
issued to students |
|
(6,794) |
| Collection
of loans to students |
|
6,531 |
| Other
receipts (payments) |
|
20,502 |
|
| Net
cash used by operating activities |
|
(191,681) |
|
| |
|
|
| CASH
FLOWS FROM NON-CAPITAL FINANCING ACTIVITIES |
|
|
| State
appropriations |
|
172,958 |
| Payments
from Commonwealth for indigent care |
|
21,195 |
| Additions
to true endowments |
|
63,701 |
| Direct
lending receipts, including PLUS |
|
52,441 |
| Direct
lending payments, including PLUS |
|
(52,441) |
| Receipts
on behalf of agencies |
|
71,244 |
| Payments
on behalf of agencies |
|
(65,210) |
| Non-capital
gifts and grants and endowments received |
|
48,219 |
| Other |
|
2,104 |
|
| Net
cash provided by non-capital financing activities |
|
314,211 |
|
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES |
|
|
| Capital
appropriations |
|
10,086 |
| Capital
gifts and grants received |
|
14,756 |
| Proceeds
from capital debt |
|
4,923 |
| Proceeds
from sale of capital assets |
|
3,267 |
| Acquisition
and construction of capital assets |
|
(188,184) |
| Principal
paid on capital debt and leases |
|
(19,685) |
| Interest
paid on capital debt and leases |
|
(12,038) |
| Reduction
in deposit with trustee |
|
26,803 |
|
| Net
cash used by capital and related financing activities |
|
(160,072) |
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
| Proceeds
from sales and maturities of investments |
|
2,307,116 |
| Interest
on investments |
|
57,816 |
| Purchase
of investments and related fees |
|
(2,309,543) |
| Other
investment activities |
|
1,566 |
|
| Net
cash provided by investing activities |
|
56,955 |
|
Net increase in cash and cash equivalents |
|
19,413 |
| Cash
and cash equivalents, July 1 |
|
216,267 |
|
| Cash
and cash equivalents, June 30 |
$
|
235,680 |
|
Reconciliation
of operating loss to net cash used
by operating activities: |
|
|
| Operating
loss |
$
|
(317,986) |
| Adjustments
to reconcile operating loss to net cash |
|
|
| used
by operating activities: |
|
|
| Depreciation
expense |
|
98,628 |
| Provision
for uncollectible loans and writeoffs |
|
239 |
| Miscellaneous
non-operating income |
|
(315) |
| Changes
in assets and liabilities: |
|
|
| Receivables,
net |
|
(4,660) |
| Inventories |
|
(778) |
| Prepaid
expenses |
|
(1,028) |
| Notes
receivable, net |
|
(1,218) |
| Accounts
payable and accrued liabilities |
|
17,915 |
| Non-cash
adjustment to supplies and services |
|
8,876 |
| Deferred
revenue |
|
4,801 |
| Accrued
vacation leave—long term |
|
3,876 |
| Accrued
vacation leave—current |
|
(31) |
|
| Total
adjustments |
|
126,305 |
|
| Net
cash used by operating activities |
$
|
(191,681) |
|
| |
|
|
| Non-cash
investing, capital, and financing activities: |
|
|
| Assets
acquired through assumption of a liability |
|
8,799 |
| Assets
acquired through a gift |
|
18,317 |
| Change
in fair value of investments |
|
(81,095) |
| Increase
in receivables related to non-operating income |
|
68 |
|
|
