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Meeting Information

UNIVERSITY OF VIRGINIA
BOARD OF VISITORS EXECUTIVE SUMMARY
FINANCE COMMITTEE
November 7, 1997
9:15 a.m.-10:15 a.m., East Oval Room, The Rotunda


I. CONSENT AGENDA

ENDOWMENT INCOME DISTRIBUTION -- Approves an increase in the per-share income distribution for Class A shares by four percent over the amount distributed for fiscal year 1996-1997, for a per-share income distribution of $53.94 for fiscal year 1997-1998. Class B shares would increase by four percent over the amount distributed for fiscal year 1996-1997, for a per share income distribution of $73.99.

B. ESTABLISHMENT OF LILLIAN PRATT HEALTH SCIENCES CENTER QUASI-ENDOWMENT - Requests that the Finance Committee consider the approval of the establishment of a quasi-endowment in an amount of $7,572,798.14. Action by the Finance Committee and the Board of Visitors is required because the dollar amount exceeds the authority delegated to the Executive Vice President and Chief Financial Officer to establish quasi-endowments.

C. REPORT ON SEPTEMBER 4, 1997 INVESTMENT IN BLUE RIDGE HEALTH ALLIANCE, INC. - Requests that the Board approve a report to the Finance Committee and the Board of Visitors of an investment in Blue Ridge Health Alliance, Inc. on September 4, 1997, in the amount of $5 million. This investment was made under the authority delegated to the Executive Vice President and Chief Financial Officer to invest in joint business ventures in amounts not exceeding $5 million, with the concurrence of the Rector and the chairs of the Health Affairs and Finance Committees.

D. REFERRAL ITEMS FROM HEALTH AFFAIRS COMMITTEE -- The Health Affairs Committee will recommend that the Finance Committee approve the 1998 Gainsharing Plan, as well as salary increases for health care professionals. The 1998 Gainsharing Plan, a modification of the 1997 plan, proposes eligibility for all Medical Center employees and the School of Medicine clinical faculty who are on the payroll as of June 30, 1998. The Health Affairs Committee also asks that the Finance Committee consider an average four-percent salary increase and a 0.5-percent equity adjustment for some health care professionals.

E. INTENT TO ISSUE BONDS FOR THE SCOTT STADIUM EXPANSION PROJECT AND THE CONSTRUCTION OF THE FOOTBALL FACILITY AT CLINCH VALLEY COLLEGE -- Declares the Universitys official intent to issue bonds to reimburse expenditures for amounts needed for planning costs, issuance costs, reserve funds and other financing expenses associated with: 1) the construction of the expansion of Scott Stadium at the University of Virginia and 2) the construction of football facility at Clinch Valley College. This resolution does not authorize the issuance of bonds.


II. ACTION ITEM

LOAN TO VIRGINIA AUXILIARY SERVICES FOUNDATION (BIRDWOOD) - Approves the conversion of a $500,000 non-interest bearing capital advance made to the VASF by the University from an operating loan to a contribution to the operating costs of the Birdwood facilities.


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

ENDOWMENT REPORT -- Ms. Alice W. Handy will report that as of September 30, 1997, the endowment under the control of the Rector and Visitors totaled approximately $1.038 billion, compared with $961.6 million in June 1997. The $76.5 million increase is attributable to approximately $55.8 million in market appreciation and $20.7 million in gifts and transfers.

B. VICE PRESIDENT'S REMARKS -- Mr. Leonard W. Sandridge will report on the 1998-2000 biennial budget and the Medical Center budget amendment. This year, the biennial budget submission emphasizes medical education, technology, instruction, facilities maintenance and indigent care. Initiatives for the Academic Division (Agency 207) total $24,281,413 (general funds [GF]) and $10,090,000 (nongeneral funds [NGF]) in year one, and $25,577,882 (GF) and $10,210,000 (NGF) in year two. Initiatives for the Medical Center (Agency 209) total $12,000,000 (GF) and $59,521,728 (NGF) in year one, and $14,300,000 (GF) and $65,573,928 (NGF) in year two. Initiatives for Clinch Valley College (Agency 246) total $1,804,592 (GF) in year one and $1,427,592 (GF) in year two. Mr. Sandridge also will discuss the Medical Centers operating budget amendment which will be brought before the Board of Visitors for approval at its January 1998 meeting.

C. REPORT ON ACTIONS OF INVESTMENT SUBCOMMITTEE - Mr. William H. Goodwin will provide a report on the actions taken by the Investment Subcommittee on July 9, 1997 and the Executive Committee on October 2, 1997.


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