University of Virginia Financial Report Financial Statements
Report of the Executive
Vice President and
Chief Operating Officer
Management's Discussion
and Analysis (Unaudited)
Management
Responsibility
Auditor's Opinion
Financial Statements
Notes to Financial Statements
University Administration
President's Report

Financial Statements
27.8 K
Download Adobe Acrobat Reader

 



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

NET ASSETS
   
Net assets—beginning of year   3,188,800
Net assets—end of year
$
3,226,896


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

>>next