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Meeting Information

UNIVERSITY OF VIRGINIA
BOARD OF VISITORS EXECUTIVE SUMMARY
FINANCE COMMITTEE
June 13, 1997
10:15 a.m.-11:15 a.m., East Oval Room, The Rotunda


I. CONSENT AGENDA

A. POLICY REVISION - The Finance Committee will consider revisions of the following policies: the University of Virginia Proxy Voting Policy; the Policy on Refund Tuition, Fees and Room and Board Charges; and the Regulations Governing Payment of Tuition, Fees and Room Rent on a Deferred Payment Plan. The Ad Hoc Committee on Policy Reform examined these policies for accuracy and applicability and referred them to the Finance Committee on April 12, 1997.

B. 1997-98 BUDGET (PRATT FUND) - The Finance Committee and the Board of Visitors will consider annual allocations from the John Lee Pratt Fund, used to help support the Departments of Biology, Chemistry, Mathematics and Physics in the College of Arts and Sciences and the School of Medicine.

II. REPORT BY THE UNIVERSITY TREASURER

A. ENDOWMENT REPORT - As of April 30, 1997, the market value of the endowment under the control of the Rector and Visitors totaled approximately $920 million, an increase of $17 million since March 31, 1997. The increase is attributable to approximately $5 million in gifts and transfers and $12 million in appreciation.

III. ACTION ITEMS

A. 1997-98 BUDGET - During its June meeting, the Board acts on the proposed operating budgets for the Academic Division, Clinch Valley College and the Medical Center. The operating budgets for all divisions of the University for the period July 1, 1997 through June 30, 1998 total $1.042 billion. This amount represents an increase of approximately $49.6 million, or 5.0 percent, compared with the revised budgets for 1996-97. In response to concerns discussed at the May 14, 1997 Finance Committee meeting, the revised Medical Center budget will be presented in detail at the June meeting.

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

A. REPORT ON ACTIONS OF THE FINANCE COMMITTEE, MAY 2, 1997 AND MAY 14, 1997 - Mr. William H. Goodwin will provide a report on the actions of the Finance Committee on May 2, 1997, and the actions of the Finance Committee and the Investment Subcommittee.


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