I. CONSENT AGENDA

A. INTENT TO ISSUE BOND FOR THE MEDICAL OFFICE BUILDING - The Medical Office Building, to be located at the Fontaine Research Park, will provide approximately 45,000 gross square feet of space for the Musculoskeletal Center of the University of Virginia Health System. The University will issue bonds, in an amount not to exceed $8.5 million, to reimburse expenditures incurred in the purchase/construction of the Medical Office Building.

B. CONTRACT RATES FOR DINING SERVICES, 1997-98 - Contract dining rates for the Academic Division and Clinch Valley College for the following academic year are set at the April Board meeting. The proposal calls for average dining rate increases of 5.0 percent for the Universitys Academic Division and 3.1 percent for Clinch Valley College.

C. FACULTY AND STAFF HOUSING RATES, 1997-98 - Faculty and Staff housing rates for the University and Clinch Valley College for the following academic year are set at the April Board meeting. The proposal calls for increases averaging 2.6 percent for the University and 4.4 percent for Clinch Valley College.

D. DELEGATION OF AUTHORITY TO SET PARKING FEES - The proposed policy to authorize the Executive Vice President and Chief Financial Officer to establish rates for parking on University Grounds will supersede any and all previous resolutions pertaining to the establishment of parking fees.

E. REFERRAL ITEMS FROM HEALTH AFFAIRS COMMITTEE -- The Health Affairs Committee will refer three items to the Finance Committee for consideration: a proposal for a Remuneration Plan for Clinical Faculty of the School of Medicine, a proposal to expand the current Gainsharing Program and an amendment to the 1996-97 Medical Center Operating Budget to reflect improved revenues and additional expenditures to support operations.

II. ACTION ITEMS

A. ACADEMIC DIVISION AND CLINCH VALLEY COLLEGE TUITION AND REQUIRED FEES, 1997-98 -- Tuition and required fees for the University's Academic Division and Clinch Valley College are set at the April Board meeting. The proposal calls for no increase in tuition and required educational and general (E&G) fees for in-state, undergraduate students. We propose a four-percent increase in out-of-state tuition and E&G fees for undergraduate and graduate students. Base tuition increases of 3.5 percent for all Law students and 4.0 percent for all Darden students are proposed. Entering in-state Law students will pay a $4,500 surcharge, and entering in-state Darden students will pay a $3,000 surcharge. Base tuition increases for medical students are recommended at 3.5 percent.

Required fees are proposed to increase by $134, or 18.2 percent, for in-state students and $50, or 6.1 percent, for out-of-state students. In-state tuition and E&G fees at Clinch Valley College will remain constant. Out-of-state tuition and E&G fees at Clinch Valley College (CVC) are recommended to rise by 5.0 percent. The required fees at CVC will increase by $90 (10.1 percent).

B. CAPITAL ADVANCES TO THE UNIVERSITY OF VIRGINIA REAL ESTATE FOUNDATION -- This item authorizes a capital advance to the University of Virginia Real Estate Foundation in the amount of $6.5 million to fund the purchase/construction of the Medical Office Building.

III. REPORTS BY THE EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER

A. ENDOWMENT REPORT -- As of February 28, 1997, the market value of the endowment under the control of the Rector and Visitors totaled approximately $906 million, an increase of $20 million since December 31, 1996. The increase is attributable to approximately $4 million in gifts and transfers and $16 million in appreciation.

B. YEAR 2000 IMPACT AND PLAN - At the November Board meeting, the Vice President for Information Technologies provided the Finance Committee with initial assumptions about the impact of the Year 2000 century change on University systems. Since that meeting, the University has completed the initial phase of analysis of the extent to which its information systems will be impacted by the Year 2000 century change. Ms. McClure will report that the plan for responding to the issues calls for all repair and replacement to be completed before December 31, 1998. The most recent estimate of the out-of-pocket costs the University will incur for the current fiscal year is $2.1 million. The estimated cost the University will incur for future years are: 1997-98, $4.1 million; and 1998-99, $2.4 million.

C. 1997 GENERAL ASSEMBLY REPORT - The General Assembly concluded its 1997 Session on February 22. The General Assembly added $30.5 million in general fund support to higher education, excluding amounts related to classified salary increases, which are held in a central account. The Academic Divisions general fund appropriation will increase in 1997-98 by 2.7 percent, or $3.2 million. The general fund appropriation for Clinch Valley College will increase by four percent, or $258,173.

Most new capital outlay authorizations consist of nongeneral funds. In the Academic Division, funds were allocated for Law School Cable Repair ($4.4 million, $1.75 million of which is general funds), planning for the Medical Research Building ($4 million), planning for expansion to Scott Stadium ($6 million), the acquisition of property for Environmental Sciences ($600,000), a planning supplement for Clark Hall ($600,000), and installation of a sprinkler system in Bice House ($504,000). At Clinch Valley College, funds were allocated to replace a water tank ($454,000 general funds), complete the renovation of the Zehmer Building ($950,000, of which $200,000 is general funds), and to construct athletic and recreational fields ($3 million).

The University worked for passage of two bills, one of which was successful. Higher education institutions will now have on-line access to the State Police computer system in order to conduct criminal history checks on prospective employees. The second bill, which would have increased the threshold for requiring the use of competitive sealed bids from the current $30,000 to $100,000, was defeated.

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