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Meeting Information

MINUTES OF THE BOARD OF VISITORS
February 7-8, 1997

 


Index:

Report from the Ad Hoc Committee on Policy Reform

 

MINUTES OF THE BOARD OF VISITORS
February 7-8, 1997


REPORT FROM THE AD HOC COMMITTEE ON POLICY REFORM

The Rector asked Mr. Clark for a report on his project to catalogue and edit policies and procedures adopted by the Board over the last forty years. Mr. Clark said he had just finished cataloguing the policies and that he will have a report for the Board at the April meeting on the next phase of his project. Mr. Sandridge, Executive Vice President and Chief Financial Officer, commented that Mr. Clark was being overly modest in that his project has involved a great deal of work.

The Rector noted that as Mr. Clark's project is well underway, it is time to consider revising the Board Manual. The President suggested that the Rector appoint a committee of the Board to undertake this, as is customary. (Index)


INTRODUCTION OF MR. CHARLES F. IRONS AS THE STUDENT MEMBER ON THE BOARD OF VISITORS

The Rector introduced Mr. Charles F. Irons, the Student Member chosen to complete Mr. Bryant's term on the Board; Mr. Irons will serve through the April Board meeting. Mr. Irons is a fourth-year student in the College from Chapel Hill, North Carolina. (Index)


ESTABLISHMENT OF THE JOHN L. NAU III PROFESSORSHIP IN THE HISTORY OF THE AMERICAN CIVIL WAR

The following resolution was adopted:

WHEREAS John L. Nau III, a resident of Houston, took a Bachelor of Arts from the College in 1968; and

WHEREAS Mr. Nau for many years has been a student of the military history of the American Civil War; and

WHEREAS Barbara Brinkman Nau shares Mr. Nau's interest in the University of Virginia; and

WHEREAS Mr. and Mrs. Nau, already generous supporters of the University, have established an endowment for a professorship in the history of the Civil War;

RESOLVED, The Board of Visitors thanks Mr. and Mrs. John L. Nau III for their interest and generosity and hereby establishes the John L. Nau III Professorship in the History of the American Civil War. (Index)


NAMING OF 583 BRANDON AVENUE

The following resolution was adopted:

WHEREAS Zula Mae Baber took a Nursing Diploma from the University in 1940 and a Bachelor of Science in 1950; and

WHEREAS Raymond C. Bice, Jr., a native of Wisconsin, joined the Faculty of the University of Virginia as an Assistant Professor of Psychology in 1948; and

WHEREAS Miss Baber and Mr. Bice were married in 1966; and

WHEREAS Zula Mae Baber Bice dedicated 26 years of professional service to the University, holding a variety of administrative, teaching, and clinical positions, including that of Acting Dean of the School of Nursing, before her death in 1975; and

WHEREAS Raymond C. Bice, Jr., now the University History Officer, for 46 years taught the introductory Psychology course known to countless students as "Bice Psych" and has served the University in a variety of administrative positions, including Secretary of the Board of Visitors from 1969 to 1990;

RESOLVED that the dormitory at 583 Brandon Avneue be named Bice House in honor of Zula Mae Baber Bice and Raymond C. Bice, Jr. (Index)


APPROVAL OF THE GRANTING OF AN EASEMENT TO THE CITY OF CHARLOTTESVILLE GAS DIVISION

The following resolution was adopted:

RESOLVED that the granting of a permanent easement, dated February 8, 1997, to the City of Charlottesville, Gas Division, to permit the supply of natural gas to the High Energy Physics building across property owned by The Rector and Visitors of the University of Virginia, is approved;

RESOLVED FURTHER that appropriate officers of the University are authorized to execute said dedication and easements. (Index)


APPROVAL TO CLOSE M. A. IN PUBLIC ADMINISTRATION DEGREE PROGRAM

The following resolution was adopted:

RESOLVED that the degree titled Master of Arts in Public Administration be discontinued upon graduation of those students presently enrolled in the program. A copy of this Resolution shall be transmitted to the State Council of Higher Education in Virginia. (Index)


AMENDMENT OF THE MEDICAL CENTER BUDGET, 1996-1997

The following resolution was adopted:

WHEREAS the Medical Center budget plan for 1996-97 anticipated the potential need to revise the budget after the beginning of the fiscal year;

WHEREAS the operating results through the first half of the fiscal year have yielded significant improvements in financial performance over the original budget; and

WHEREAS the Medical Center recommends adjustments in its budget to reflect improved revenues and additional expenditures to support operations, and the Health Affairs Committee of the Board of Visitors has heard and recommends approval of the proposed amendment;

RESOLVED that the Medical Center's 1996-97 budget according to the following amendment, is approved. (Index)


VIRGINIA COLLEGE BUILDING AUTHORITY POOLED BOND PROGRAM

The following resolution was adopted:

WHEREAS pursuant to Chapter 3.2, Title 23 of the Code of Virginia of 1950, as amended (the "Act"), the General Assembly of Virginia has authorized the Virginia College Building Authority (the "Authority") to develop a pooled bond program (the "Program") to purchase bonds and other debt instruments issued by public institutions of higher education in the Commonwealth of Virginia (the "Institutions") to finance or refinance the construction of projects of capital improvement specifically included in a bill passed by a majority of those elected to each house of the General Assembly of Virginia (the "Projects"); and

WHEREAS the Authority intends to issue from time to time under the Program its Education Facilities Revenue Bonds (Pooled Bond Program) (the "Bonds") to finance the purchase of bonds and other debt instruments issued by the Institutions to finance or refinance the Projects, all in the furtherance of the purposes of the Act and the Program; and

WHEREAS if The Rector and Visitors of the University of Virginia (the "Institution") wish to finance or refinance a Project through the Program, it will be necessary for the Institution to enter into a Loan Agreement between the Authority and the Institution pursuant to which the Authority will agree to issue its Bonds to provide funds to purchase the Loan Agreement and the Institution will agree to use the proceeds received from the Authority to finance or refinance the construction of the Project and to make payments in sums sufficient to pay, among other administrative and arbitrage rebate payments, the principle of, premium, if any, and interest due on that portion of the Bonds issued to purchase the Loan Agreement; and

WHEREAS in order to finance or refinance the Parking for 600 Vehicles and Infrastructure Improvements (the "First Project"), the Institution proposes to sell to the Authority its Loan Agreement (the "First Loan Agreement"); and

WHEREAS there has been presented to the Board's Secretary a proposed form of the First Loan Agreement; and

WHEREAS it is the desire of the Board to approve the participation by the Institution in the Program and the execution and delivery of the First Loan Agreement on terms and conditions substantially in accordance with the form presented to the Board's Secretary and, similarly, to authorize officers of the Institution to execute and deliver in the name and on behalf of the Institution, the First Loan Agreement and any and all documents necessary to effectuate the Program with the Authority and to facilitate the purchase of the Loan Agreement by the Authority; and

WHEREAS it is the desire of the Board to approve the further participation by the Institution in the Program and to authorize the execution and delivery of such other Loan Agreements on terms and conditions substantially similar to the First Loan Agreement and to similarly authorize certain officers of the Institution to execute and deliver in the name of and on behalf of the Institution, all Loan Agreements and any and all future documents necessary to effectuate the Program with the Authority and to facilitate the purchase of the Loan Agreements by the Authority; and

RESOLVED by The Board of Visitors of the Institution that the participation of the Institution in the Program is hereby approved, and the Executive Vice President and Chief Financial Officer is authorized to execute on behalf of the University the First Loan Agreement; and

RESOLVED FURTHER that the President of the Institution and/or the Executive Vice President and Chief Financial Officer of the Institution are hereby further delegated and invested with full power and authority to execute and deliver, on behalf of the Board,
(a) the First Loan Agreement in substantially the form submitted to the Board's Secretary with such changes, insertions or omissions as may be approved by the President or the Executive Vice President and Chief Financial Officer, whose approval shall be evidenced and conclusively by the execution and delivery of the First Loan Agreement and
(b) any and all other documents, instruments of certificates as may be deemed necessary to consummate the Program, the construction of the First Project and the Institution's participation in the Program and further to carry out the purposes and intent of this resoluton; and

RESOLVED FURTHER that the President of the Institution and/or the Executive Vice President and Chief Financial Officer of the Institution are hereby delegated and invested with full power and authority to execute and deliver, on behalf of the Board,
(a) such future Loan Agreements in substantially the form of the First Loan Agreement with such changes, insertions or omissions as may be approved by the President or the Executive Vice President and Chief Financial Officer, whose approval shall be evidenced conclusively by the execution and delivery of the future Loan Agreement and
(b) any and all other documents, instruments of certificates as may be deemed necessary to consummate the Program, the construction of the Projects and the Institution's participation in the Program and further to carry out the purposes and intent of this resolution in the future, it being the intent of the Board that no further action on behalf of the Board shall be necessary to empower the President and/or the Executive Vice President and Chief Financial Officer of the Institution to execute and deliver such future Loan Agreements and other documents as may be deemed necessary in order for the Institution to participate in the Program in the future; and

RESOLVED FURTHER that the authorizations given above as to the execution and delivery of the First Loan Agreement are subject to the following parameters:
(a)that the principal amount to be paid under the First Loan Agreement shall not be greater than the amount authorized for the First Project by the General Assembly of Virginia, including any adjustments permitted by law;
(b) that the interest rate payable under the First Loan Agreement shall not exceed a "true" or "Canadian" interest cost more than 50 base points higher than the interest rate for "AA" rated securities with comparable maturities, as reported by Delphis-Hanover, or other comparable service or index, taking into account original issue discount or premium, if any;
(c) that the weighted average maturity of the principal payments due under the First Loan Agreement shall not be in excess of 20 years;
(d) that the last principal payment date under the First Loan Agreement shall not extend beyond the period of the reasonably expected economic life of the First Project; and
(e) that the financing of the First Project and the terms and provisions of the First Loan Agreement will comply with the Alternative Construction and Financing Guidelines issued by the Commonwealth's Secretary of Finance; and

RESOLVED FURTHER that the authorizations given above as to the execution and delivery of any future Loan Agreements are subject to the following parameters:
(a) that the principal amount to be paid under such Loan Agreements shall not be greater than the amount authorized for the Projects by the General Assembly of Virginia, including any adjustments permitted by law;
(b) that the interest rate payable under the First Loan Agreement shall not exceed a "true" or "Canadian" interest cost more than 50 base points higher than the interest rate for "AA" rated securities with comparable maturities, as reported by Delphis-Hanover, or another comparable service or index, taking into account original issue discount or premium, if any;
(c) that the weighted average maturity of the principal payments due under such Loan Agreements shall not be in excess of 20 years;
(d) that the last principal payment date under such Loan Agreements shall not exceed the period of the reasonably expected economic life of the Projects being financed; and
(e) that the financing of the Projects and the terms and provisions of such Loan Agreements will comply with the Alternative Construction and Financing Guidelines issued by the Commonwealth's Secretary of Finance; and

RESOLVED FURTHER that the Board acknowledges, on behalf of the Institution, that if the Institution fails to make any payments due under Loan Agreement, including the First Loan Agreement, the Program authorizes the State Comptroller to charge against the appropriations available to the Institution all future payments of principal of and interest on that Loan Agreement when due and payable and to make such payments to the Authority or its designee, as the holder of the Loan Agreement, so as to ensure that no future default will occur on such Loan Agreement; and

RESOLVED FURTHER that the Board agrees that if the Authority determines that the Institution is an "obligated person" under Rule 15c2-12 of the Securities and Exchange Commission with respect to any issue of Bonds, the Institution will enter into a continuing disclosure undertaking in form and substance satisfactory to the Authority and the Institution and will comply with the provisions and disclosure obligations contained therein; and

RESOLVED FURTHER that this resolution shall take effect immediately upon its adoption. (Index)


PARKING REVENUE BONDS

The following resolution was adopted:

WHEREAS the United States Department of the Treasury has promulgated final regulations in 26 CFR Section 1.150-2 (the "Regulations") governing when the allocation of bond proceeds to reimburse expenditures previously made by a borrower shall be treated as an expenditure of the bond proceeds; and

WHEREAS the Regulations require a declaration of official intent by a borrower intended to reimburse such expenditures with proceeds of bonds; and

WHEREAS The Rector and Visitors of the University of Virginia (the "University"), from time to time, either issue bonds, pursuant to Article X, Section 9(d) of the Constitution of Virginia (the "9(d) Bonds") or participate in lending programs approved by the General Assembly of Virginia, the most recent program being that which authorized the Virginia College Building Authority to develop a pooled bond program (the "Pooled Bond Program") to purchase bonds and other debt instruments issued by public institutions of higher education in the Commonwealth of Virginia to finance or refinance the construction of projects of capital improvements; and

WHEREAS the University now desires to make such a declaration of official intent, as required by the Regulations; and

RESOLVED that, pursuant to the Regulations, the University hereby declares its intent to reimburse expenditures in accordance with the following:

  1. The University reasonably expects to reimburse expenditures incurred for the construction of the "Parking Deck" for 600 Vehicles and Infrastructure Improvements" Project (the "Project") with proceeds from either the issuance of 9(d) Bonds to be issued by the University through the Treasury Board or from participation in the Pooled Bond program.
  2. This resolution is a declaration of official intent under Section 1.150-2 of the Regulations. The maximum principal amount of bonds expected to be issued for the project is $4.5 million. (Index)


APPROVAL OF ARCHITECTURAL DESIGN GUIDELINES FOR CONSTRUCTION OF THE HEALTH SCIENCES CENTER LIBRARY BASEMENT DEVELOPMENT AND RENOVATION PROJECT

The following resolution was adopted:

RESOLVED that the architectural design guidelines, dated February 7, 1997, and prepared by Ayers/Saint/Gross of Baltimore, Maryland, for construction of the Health Sciences Library Basement Development and Renovation project, are approved;

RESOLVED FURTHER that the project shall be presented for further review at the schematic design level of development. (Index)


APPROVAL OF ARCHITECTURAL DESIGN GUIDELINES FOR CONSTRUCTION OF THE STUDENT HEALTH CENTER ADDITION AND RENOVATIONS PROJECT

The following resolution was adopted:

RESOLVED that the architectural design guidelines, dated February 7, 1997, and prepared by Tobey + Davis of Reston, Virginia, for the construction of the Student Health Center Addition and Renovations project, are approved;

RESOLVED FURTHER that the project shall be presented for further review at the schematic design level of development. (Index)


APPROVAL OF ARCHITECT SELECTION FOR THE RENOVATION OF THE SCIENCE BUILDING AT CLINCH VALLEY COLLEGE

The following resolution was adopted:

RESOLVED that the firm of VMDO Architects of Charlottesville, Virginia, is approved for the performance of architectural services for a feasibility study for the Renovation of the Science Building at Clinch Valley College;

RESOLVED FURTHER that, at the option of the Clinch Valley College Administration, the firm may later be retained to perform full and complete architectural/engineering services. (Index)


APPROVAL OF ARCHITECT SELECTION FOR THE THORNTON HALL CLEAN ROOM LAB RENOVATION PROJECT

The following resolution was adopted:

RESOLVED that the firm of Kling-Lindquist of Washington, D. C., is approved for the performance of architectural and engineering services for the Thornton Hall Clean Room Lab Renovation project. (Index)


APPROVAL TO ESTABLISH THE M.ED. AND PH.D. DEGREES IN EDUCATIONAL POLICY STUDIES IN THE CURRY SCHOOL OF EDUCATION

The following resolution was adopted:

RESOLVED that the Master of Education (M.Ed.) and the Doctor of Philosophy (Ph.D.) Degrees in Educational Policy Studies be established in the Curry School of Education, subject to approval by the State Council of Higher Education. (Index)


APPROVAL OF NEW MILLER CENTER COUNCIL MEMBERS

The following resolution was adopted:

RESOLVED that the following persons be elected to the Council of the White Burkett Miller Center for Public Affairs, effective April18, 1997:

Mrs. Betty Knight Scripps - for a term of two years
Mr. Paul H. O'Neill - for a term of three years
Mr. Gordon G. Phelps - for a term of five years. (Index)


EXPANSION OF ROLE OF BOAR'S HEAD ENTERPRISES, INC. TO INCORPORATE THE MANAGEMENT OF BIRDWOOD GOLF COURSE

The following resolution was adopted:

WHEREAS the Policy on University-Related Foundations stipulates that Foundations shall submit to the Board of Visitors for approval any proposed new business venture or change in the nature, purpose, or scope of Foundation activities that is substantial in nature, and outside of the normal function of the Foundation; and

WHEREAS the boards of Boar's Head Enterprises, Inc., ("BHE") and University of Virginia Auxiliary Services Foundation ("VASF") have discussed combining their operations; and

WHEREAS the University of Virginia Real Estate Foundation ("UREF"), the parent corporation of BHE, met on February 6, 1997, to consider expanding the role of BHE to include management of the Birdwood Golf Course;

RESOLVED that BHE's scope of activities be expanded to include management of the Birdwood Golf Course and that VASF become a subsidiary of UREF. (Index)


APPROVAL OF INCREASE IN ENDOWMENT INCOME PER SHARE DISTRIBUTION RATES IN SUPPORT OF THE FACULTY SALARY PLAN

The following resolution was adopted:

WHEREAS it is the intent of the Finance Committee to make available resources to implement the plan to increase faculty salaries consistent with the actions taken by the Board of Visitors on November 9, 1996.

RESOLVED that the Executive Vice President and Chief Financial Officer be authorized to increase the Growth and Income Fund per share income distribution from the previously approved distribution of $46.04 to $51.16 per share for Fiscal Year 1996-97, contingent upon the overall increased distribution being used, at least in part, to support the planned faculty salary increases; and

RESOLVED FURTHER that the Executive Vice President and Chief Financial Officer be authorized to distribute $18.70 per share as the Balanced Fund income distribution for Fiscal Year 1996-1997 in lieu of the previously approved distribution of $18.22, subject to the conditions set forth above.

[This resolution does not imply a requirement that the increased distribution resulting from each individual fund be used to support the planned faculty salary increase. Rather, that AT LEAST SOME OF THE AGGREGATE increased distribution be used to support the planned faculty salary increases]. (Index)


AUTHORIZATION TO TRANSFER ENDOWMENT FUNDS FROM THE GROWTH AND INCOME FUND TO THE BALANCED FUND WHEN THE INCOME IS NEEDED FOR FACULTY SALARY INCREASES

The following resolution was adopted:

WHEREAS it is the intent of the Finance Committee to facilitate to the maximum extent practicable the use of appropriate endowment income in support of the faculty salary plan approved by the Board of Visitors on November 9, 1996; and

RESOLVED that any restricted endowment fund now invested in the Growth and Income Fund may be transferred to the Balanced Fund upon approval of the Executive Vice President and Chief Financial Officer provided that the donor's restrictions allow for at least part of the income to be used to support faculty salary increases; and

RESOLVED FURTHER that the Executive Vice President and Chief Financial Officer is authorized to transfer from the Growth and Income Fund to the Balanced Fund any unrestricted endowments provided at least part of the income is to be used to support faculty salary increases; and

RESOLVED FURTHER that all transfers will be reported to the Board at its regularly scheduled meetings. (Index)


APPROVAL OF TRANSFER OF CURRIE ESTATE PROPERTY TO UNIVERSITY OF VIRGINIA FOUNDATION (UNIVERSITY OF VIRGINIA REAL ESTATE FOUNDATION)

The following resolution was adopted:

WHEREAS by deed of gift dated December 18, 1964, certain property (hereinafter "Currie property") containing 207 acres, more or less, in Prince William County, Virginia, was conveyed by Kent D. Currie and Helen L. Currie to The Rector and Visitors of the University of Virginia; and

WHEREAS Section 4-4.01q. of the 1996 Virginia Acts of Assembly authorizes the Governor of Virginia to approve transfers of real estate to the affiliated real estate foundations of the public institutions of higher education acquired with local or private finds or by gift or grant to or for the institution; and

RESOLVED, upon and subject to the approval of the Governor of Virginia as aforesaid, that The Rector and Visitors of the University of Virginia hereby authorize the transfer and conveyance of the said Currie property to the University of Virginia Real Estate Foundation for management on behalf of the University and with the stipulation that the said property may not be sold, assigned, transferred, mortgaged, liened, hypothecated or otherwise disposed of without the concurrence of the Board of Visitors for the University of Virginia, and that any sales proceeds will be applied to benefit the University as may be authorized hereafter by the Board of Visitors. Furthermore, the deed of conveyance shall additionally stipulate that the property shall be disposed of as may be further directed by the Board of Visitors, and no buildings or other structures shall be placed on or removed from the property without approval of the Board of Visitors for the University of Virginia; and

RESOLVED FURTHER that the Executive Vice President and Chief Financial Officer for the University of Virginia is authorized, upon securing the approval of the Governor of virginia as aforesaid, to execute the appropriate deed or other documents approved by General Counsel necessary to effectuate the foregoing transfer and conveyance. The Executive Vice President and Chief Financial Officer is further authorized to approve and agree to such other terms and conditions regarding the Foundation's management of the Currie property, including a fair and appropriate management fee to the Foundation for the care and oversight of the Currie property, the disposition of any rental income or leasing of the property within delegated authority, and providing for the payment of taxes and other reasonable and necessary carrying charges; and

RESOLVED FURTHER that the Board of Visitors may, at its discretion, invest funds in the improvement and repair of the property as may be necessary or advisable. (Index)


APPROVAL OF INCREASE IN SUMMER SESSION RATES FOR 1997-1998

The following resolution was adopted:

RESOLVED that the Summer Session fees for the Academic Division be increased as follows, effective beginning with the Summer Session of 1997. (Index)


APPROVAL OF STUDENT HOUSING RATES FOR 1997-1998 FOR THE ACADEMIC DIVISION

The following resolution was adopted:

RESOLVED that rental increases for student housing facilities be approved as follows, effective beginning with the 1997-1998 Session. (Index)


APPROVAL OF REVISED ENROLLMENT PROJECTIONS FOR 1997-1998

The following resolution was adopted:

WHEREAS the University's existing enrollment plan, approved by the Board of Visitors in June 1993, must be revised to reflect both changing demographic trends, which have increased demand for undergraduate admissions, and declining graduate enrollment in Arts and Sciences and Engineering; and

WHEREAS the revised enrollment projections for 1998-2006 must be submitted to the State Council of Higher Education for Virginia by March 15, 1997;

RESOLVED that the undergraduate student population be increased by 770 headcount students by 2006, compared with the 1997 level; the graduate student population decrease by 45 headcount students over the same period; the first professional student population increase by 15 over the same period; and the number of on-Grounds continuing education students be held constant, resulting in a revised total student enrollment target of 19,185 on-Grounds students by 2006;

RESOLVED FURTHER that all growth maintain the current mix of in-state and out-of-state students. (Index)


MEMORIAL RESOLUTION TO SEAN N. BRYANT

The following resolution was adopted:

WHEREAS Sean Bryant, a resident of Reston in Fairfax County, matriculated in the College in August, 1992; and

WHEREAS Mr. Bryant was a Jefferson Scholar and an Echols Scholar, among other activities and accomplishments indicative both of his abilities and the respect in which he was held by his peers; and

WHEREAS Mr. Bryant becme the Student Member of the Board of Visitors in April, 1996; and

WHEREAS Mr. Bryant died on December 12, 1996;

RESOLVED, The Board of Visitors notes and commends Sean Bryant's service to the University and to the Board, and expresses regret at his tragic death as well as deepest sympathy to his family. (Index)


MEMORIAL RESOLUTION TO JOHN STEWART BATTLE, JR.

The following resolution was adopted:

WHEREAS John Stewart Battle, Jr., a native of Charlottesville, took a Bachelor of Arts from the University in 1940 and a Bachelor of Laws in 1946, having attained great distinction as a student; and

WHEREAS Mr. Battle, a member of a family who have made distinguished contributions to the life of the Commonwealth and the University of Virginia, gave unselfishly of himself to his State and to his University; and

WHEREAS Mr. Battle served with great distinction on the Board of Visitors from 1982 to 1990; and

WHEREAS Mr. Battle died on January 15, 1997;

RESOLVED, The Board of Visitors notes with great regret the death of John Stewart Battle, Jr. and expresses deepest sympathy to his family. (Index)


MEMORIAL RESOLUTION TO ANNE ELIZABETH ZINTL

The following resolution was adopted:

WHEREAS Anne Elizabeth Zintl was born in Wilmington, Delaware and lived in Charlottesville from 1980 until her death on January 10, 1997, having studied at the University with Peter Taylor in 1976 and 1977; and

WHEREAS Ms. Zintl worked in the University News Office and later for "Inside UVA", was author of one book and co-author of two others, and a newspaper columnist and magazine writer who won prizes and whose work was translated and published abroad; and

WHEREAS Ms. Zintl became Assistant to the President of the University of the University in 1992, and Chief of Staff of the President's Office in 1993; and

WHEREAS Ms. Zintl made significant contributions to the life of the University, not the least being the example she set by her courageous and graceful fight against the cancer which struck her in 1995;

RESOLVED, The Board of Visitors mourns the passing of Anne Elizabeth Zintl, takes note of her service to the University and expresses its deepest sympathy to her family. (Index)


GIFTS, GRANTS AND CONTRACTS

The President gave the customary Gifts and Grants report. For the last six months which ended December 31, 1996, the University and its related foundations received $52.4 million, a decrease of 10% from the same period last year. Gifts from foundations and corporations, however, increased between July and December. The President commented on several individual gifts and noted that the monthly cash flow in the Campaign is averaging about $9 million.

The Rector congratulated the Development Office on its outstanding work. (Index)


APPROVAL OF SUMMARY OF AUDIT FINDINGS

The following resolution was adopted:

RESOLVED that the Summary of Audit Findings for the period October 1, 1996 through December 31, 1996, as presented by the Director of Audits, is approved as recommended by the Audit Committee. (Index)


HEALTHCARE PARTNERS, INC., INVESTMENT IN CULPEPER MEDICAL ASSOCIATES, LLC

The following resolution was adopted:

WHEREAS the University of Virginia Health Sciences Center must solidify its network of primary care physicians in order to maintain the quality of primary care education programs and to assure a continuing opportunity for patients to receive services in the University of Virginia Health System; and

WHEREAS the HealthCare Partners, Inc., was established in order to promote the Health Sciences Center network strategy; and

WHEREAS the Medical Center holds an eighty percent interest and the Health Services Foundation a twenty percent interest in HealthCare Partners, Inc.; and

WHEREAS the HealthCare Partners, Inc., Board of Directors has recommended investment in the Culpeper area for Emergency Department contracting and Anesthesiology contracting;

RESOLVED that the Board of Visitors authorizes investment in the Culpeper Medical Associates, LLC up to the level of $3.4 million dollars over five years and start-up investment in other (EMS and Anesthesiology) physician specialty practices up to the level of $600,000, subject to the approval of the final agreement between HealthCare Partners, Inc., and the Culpeper Medical Associates, LLC by the General Counsel and the Executive Vice President. (Index)


ACCEPTANCE OF GIFT OF PROPERTY FROM MRS. FRANCES MYERS BALL

The President commented on Mrs. Ball and her bequest to the University.

The following resolution was adopted:

WHEREAS the will of Mrs. Frances Myers Ball of Charlottesville, Virginia, dated July 15, 1996, provides for a gift of a house and lot located at 1515 Virginia Avenue in the City of Charlottesville to the University of Virginia Real Estate Foundation for the benefit of the University of Virginia School of Medicine; and

WHEREAS the will further provides for the naming of the house as the "John David Ball House," the use of which shall be for the purpose of housing medical students, residents, visiting medical professors and/or doctors of the School of Medicine or the Health Sciences Center, and that the School of Medicine agree that should said property at any time become better suited for another purpose, including its sale, then the School of Medicine may so act provided it designates another, or an appropriate portion of another, facility, or establishes a Medical School Scholarship Fund under the Virginia Graduate-Undergraduate Assistance Program (VGUAP) and names it in honor of "John David Ball"; and

WHEREAS unless the terms of the gift set forth above are accepted by The Rector and The Board of Visitors of the University of Virginia within six months form the date of the death of Mrs. Frances Myers Ball (by March 7, 1997), then said real estate shall become part of the residuary estate of Mrs. Frances Myers Ball;

RESOLVED that The Rector and The Board of Visitors accept the gift of the house and lot located at 1515 Virginia Avenue in the City of Charlottesville, as set forth in Article II of the last will and testament of Mrs. Frances Myers Ball, dated July 15, 1996;

RESOLVED FURTHER that the Executive Vice President and Chief Financial Officer is authorized to negotiate with the University of Virginia Real Estate Foundation the terms of any sale of the property, subject to review by the General counsel, and with the understanding that the proceeds from the sale will remain an asset for the benefit of the School of Medicine, in accordance with Article II of the last will and testament of Mrs. Francis Myers Ball, dated July 15, 1996.

(Index)


In response to a question from Mr. McNeely about student enrollments in the School of Engineering, the President spoke about the cyclical nature of enrollments in the School, as well as the change of emphasis from graduate studies to undergraduate studies in Engineering.

The Rector thanked Mr. Jessee and Mr. Leon, whose terms expire at the end of February, for their devoted service to the Board and to the University.


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