Assumptions - Operating Statistical Measures
Adm issions and Case Mix Assum ptions
Admissions include all admissions except normal new borns
Pediatric cases are those discharged from 7 West, 7 Central, 7 North, NICU and PICU Psychiatric cases are those discharged from 5 East
TCH cases are those discharged from the TCH, excluding any Medicare interrupted stays All other cases are reported as Adult
Short Stay Admissions include both short stay and post procedure patients Case Mix Index for All Acute Inpatients is All Payor Case Mix Index from Stat Report
Other Institutional Measures Assum ptions
Patient Days, ALOS and ADC figures include all patients except normal new borns
Surgical Cases are the number of patients/cases, regardless of the number of procedures performed on that patient
Assumptions - Operating Financial Measures
Revenues and Expenses Assum ptions:
Medicaid out of state is included in Medicaid Medicaid HMOs are included in Medicaid Physician portion of DSH is included in Other Non-recurring revenue is included
Other Institutional Measures Assum ptions
Collection % of Gross Billings includes appropriations Days of Revenue in Receivables (Gross) is the BOV definition Cost per CMI Adjusted Discharge uses All Payor CMI to adjust
UNIVERSITY OF VIRGINIA
BOARD OF VISITORS AGENDA ITEM SUMMARY
BOARD MEETING: March 24, 2015
COMMITTEE: Finance
AGENDA ITEM: II.D. Endowment/Long-Term Investments,
Including Related Foundations, as of December 31, 2014
(in thousands)
Source: Associate Vice President for Finance Date: February 10, 2015 Rector and Visitors Funds Related Foundation Funds Invested by UVIMCO Alumni Association Funds Invested by UVIMCO e ated Foundation Funds Invested by Direction of Foundation Board Total
School of Medicine and related foundations $ 968,681 $ 56,167 $ 10,691 $ - $ 1,035,539 College of Arts & Sciences and related foundations 439,443 83,542 12,511 5,754 541,250 School of Law and related foundation 54,133 285,204 - 110,767 450,104 Darden School of Business and related foundation 133,094 271,703 - 4,294 409,091 Frank Batten School of Leadership and Public Policy 132,296 - - - 132,296 School of Engineering and Applied Science and related foundation 113,179 12,129 - 2,402 127,710 McIntire School of Commerce and related foundation 55,708 - 53,044 631 109,383 University of Virginia's College at Wise and related foundation 58,845 13,909 2,802 - 75,556 Graduate School of Arts & Sciences 64,417 - - - 64,417 School of Nursing 52,807 - 2,814 - 55,621 Curry School of Education and related foundation 15,877 11,163 - - 27,040 School of Architecture and related foundation 21,660 3,794 469 - 25,923 School of Continuing & Professional Studies 2,380 - 57 - 2,437
University of Virginia Medical Center and related foundations 532,684 72,391 1,374 15,804 622,253 Jefferson Scholars Foundation - 266,446 - 13,825 280,271 Centrally Managed University Scholarships 214,657 - - - 214,657 Athletics and related foundation 48,409 68,180 493 - 117,082 Provost 111,487 - - - 111,487 Alumni Association (Funds Held for Others) - - 64,380 36,683 101,063 Alumni Association - - 89,238 - 89,238 University of Virginia Foundation and related entities - 86,323 - - 86,323 Miller Center and related foundation 62,002 11,978 - - 73,980 University Libraries 69,413 - 239 - 69,652 Alumni Board of Trustees - 64,735 - - 64,735 University Investment Management Company - 11,112 - - 11,112 University - Unrestricted but designated 375,253 - - - 375,253 University - Unrestricted Other 216,340 - - - 216,340 University - Unrestricted Quasi and True Endowment 197,768 - - - 197,768 University - Restricted 145,924 - - - 145,924 University Charitable Remainder Trusts 73,819 - - - 73,819
4,160,276
$ $ 1,318,776 $ 238,112 $ 190,160 $ 5,907,324
University Operating Funds - Short Term Investments 856,798
University Operating Funds - Long Term Investments w/ UVIMCO 1,349,786 2,206,584 $
UNIVERSITY OF VIRGINIA
BOARD OF VISITORS AGENDA ITEM SUMMARY
BOARD MEETING: March 24, 2015
COMMITTEE: Finance
AGENDA ITEM: II.E. Quasi-Endowment Actions, October 1,
2014 – December 31, 2014
The quasi-endowment actions shown on the next page were approved by either (1) the Executive Vice President and Chief Operating Officer (EVP-COO), under the following Board of Visitors' resolutions or (2) the Assistant Vice President for Finance and University Comptroller, under the delegation of authority from the EVP-COO:
• In October 1990 and June 1996, the Board of Visitors
approved resolutions delegating to the EVP-COO the
authority to approve quasi-endowment actions, including establishments and divestments of less than $2,000,000, with regular reports on such actions.
• In February 2006, the Board of Visitors approved a
resolution permitting approval of quasi-endowment
transactions, regardless of dollar amount, in cases in which it is determined to be necessary as part of the assessment of the business plan for capital projects. Additionally, to the extent that the central loan program has balances, they may be invested in the long term
investment pool managed by UVIMCO or in other investment vehicles as permitted by law.
Source: Associate Vice President for Finance Date: February 10, 2015 UNIVERSITY OF VIRGINIA
Quasi-Endowment Actions October 1, 2014 – December 31, 2014
Additions from Gifts Amount
Access UVA Scholarships $ 159,000 Buchanan, Carol P. Quasi-Endowment Fund 488,970 President's Fund for Excellence Unrestricted Quasi-Endowment 83,734 University Quasi-Endowment Fund 1 220,137 Total Additions from Gifts to Quasi-Endowments $ 951,841 Additions from Endowment Income (Capitalizations)
Total Additions from Endowment Income to Quasi-Endowments $ - Divestments
Center for SCAT Restricted Quasi-Endowment $ 66,595 Mellon Prostate Cancer Research Quasi-Endowment Fund 475,000 Trolinger, Margaret M. Rheumatoid Arthritis Research 175,000 Total Divestments from Quasi-Endowments $ 716,595 Notes:
1
Includes current unrestricted gifts to the University which, under a standing Board of Visitors resolution, are required to be added to the University's Unrestricted Endowment Fund.
UNIVERSITY OF VIRGINIA
BOARD OF VISITORS AGENDA ITEM SUMMARY
BOARD MEETING: March 24, 2015
COMMITTEE: Finance
AGENDA ITEM: II.F. Sponsored Programs Restricted Grant and
Contract Activity as of December 31, 2014
As shown on the subsequent page, through the six months ended December 31, 2014, the University received sponsored
program awards totaling $159.3 million. This is an increase of 4.3% in award dollars for the same period in fiscal year 2014, which saw $152.8 million in total awards. The number of awards is also slightly higher with 1,056 awarded through December 31, 2014 versus 1,039 awarded through December 31, 2013, an increase of 1.6%. It is important to note that mid-year totals have not necessarily been predictive of performance for the full year.
Based on the federal budget outlook, we do not anticipate significant changes in future federal grant funding available. Faculty hiring, investment through the Cornerstone Plan, and continued success in faculty proposals could, of course, impact the proportion of federal funding awarded to the University.
Comprising 66% of sponsored activity, federal support to the University through December 2014 is up $7.7 million or 7.8% over the same period last year. We continue to see an increase from our largest funding agency the Department of Health and Human Services (up 13.6% to $67.7 million), as well as the Department of Education (47.9% increase to $7.1 million), and NASA (18% increase to $1.3 million). There were declines in funding from the National Science Foundation (down 14.5% to $14.8 million), the Department of Energy (down 4.9% to $3.9 million), and other federal (down 7.7% to $3.6 million).
Foundation, industry, and subcontracts make up 27.1% of sponsored activity, declining by 7.9% to $43.2 million. State awards make up 6.8% of our grants and contracts, increasing nearly 32% to $10.8 million thus far through December 2014. The School of Medicine was awarded 56.9% of all award dollars, followed by the School of Engineering and Applied
Sciences (18.1%), the College of Arts and Sciences (11.7%), and the Curry School of Education (8.1%). The remaining 2% was distributed among various areas within the University.
79
UNIVERSITY OF VIRGINIA
Sponsored Programs Restricted Grant and Contract Activity Fiscal Year 2015 as of December 31, 2014
(in millions)
Source: Associate Vice President for Finance Date: January 16, 2015 School Dept. of Health & Human Services Nat'l Science Found. Dept. Of Education Dept. of Defense Dept. of Energy NASA Other Federal Foundation, Industry, and Subcontract State Six Month Total Through 12/31/14 % of Six Month Total Through 12/31/14 Six Month Total Through 12/31/13 % of Six Month Total Through 12/31/13 % Inc/Dec Over Prior Year Medicine $ 61.4 $ - $ - $ 0.6 $ 0.4 $ - $ - $ 24.7 $ 3.5 $ 90.6 56.9% $ 88.1 57.6% 2.8% Engineering 0.4 8.3 - 5.1 0.1 0.5 1.3 9.3 3.8 28.8 18.1% 27.7 18.1% 4.0% Arts & Scs. 4.6 3.4 0.4 1.2 3.1 0.8 1.6 3.6 - 18.7 11.7% 18.1 11.8% 3.3% Education - 1.8 6.4 - - - - 3.5 1.2 12.9 8.1% 13.1 8.6% -1.5% Nursing 1.0 - - - - - 0.2 0.5 0.2 1.9 1.2% 1.4 0.9% 35.7% Law - - - - - - - 0.4 0.3 0.7 0.4% 0.6 0.4% 16.7% Architecture - - - - - - - 0.2 - 0.2 0.1% 0.1 0.1% 100.0% Other 1 0.3 1.3 0.3 - 0.3 - 0.5 1.0 1.8 5.5 3.5% 3.7 2.4% 48.6% Six Month Total Through 12/31/14 $ 67.7 $ 14.8 $ 7.1 $ 6.9 $ 3.9 $ 1.3 $ 3.6 $ 43.2 $ 10.8 $ 159.3
% of Total 42.5% 9.3% 4.5% 4.3% 2.4% 0.8% 2.3% 27.1% 6.8%
# of Awards 176 54 18 26 19 13 21 670 59 1,056
Six Month Total Through 12/31/13 $ 59.6 $ 17.3 $ 4.8 $ 6.9 $ 4.1 $ 1.1 $ 3.9 $ 46.9 $ 8.2 $ 152.8
% of Total 39.0% 11.3% 3.1% 4.5% 2.7% 0.7% 2.6% 30.7% 5.4%
# of Awards 181 61 13 30 13 15 23 651 52 1,039
% $ Increase/Decrease 13.6% -14.5% 47.9% 0.0% -4.9% 18.2% -7.7% -7.9% 31.7% 4.3%
% # of Awards Increase/Decrease -2.8% -11.5% 38.5% -13.3% 46.2% -13.3% -8.7% 2.9% 13.5% 1.6%
Note: Historically, mid-year totals have not been predictive of performance for the entire fiscal year
1 Includes: Center for Public Service; Chief of Police; Darden School of Graduate Business Administration; Executive Vice President and Provost; Facilities Management; Frank Batten School of Leadership and Public Policy;
Miller Center; Student Health; UVa's College at Wise; Vice President and Chief Student Affairs Officer; Vice President for Diversity and Equity; Vice President for Research; Vice Provost for Academic Affairs; Vice Provost for Academic Outreach; Vice Provost for Global Affairs; Vice Provost for the Arts; Virginia Foundation for the Humanities.