Visiting day is a day that prospective grad students visit the campus, meet potential advisors in person and meet other grad students to find out what it's "really like".
Congrats! Funding is the money for tuition. Some places will offer full-funding for some students so they don't have to pay anything, and partial funding for other students and they typically have to pay for their tuition through teaching, scholarships, and fellowships.
So it sounds like, once they finish decisions on acceptance, they figure out funding.