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Meeting Information

UNIVERSITY OF VIRGINIA
BOARD OF VISITORS EXECUTIVE SUMMARY
FINANCE COMMITTEE

May 29, 1998
9:15 - 10:15 a.m., East Oval Room, The Rotunda

I. CONSENT AGENDA

A. AMENDMENT TO CRITERIA FOR THE CREATION OF THE UNIVERSITY OF VIRGINIA INVESTMENT MANAGEMENT COMPANY - At its March meeting, the Finance Committee and the Board of Visitors approved the criteria for the creation of the University of Virginia Investment Management Company. The Board is asked now to consider an amendment to the criteria to comply with the Board Manuals requirement that the Rector make three appointments from the Finance Committee and provide for staggered terms of the public members appointed by the Board.

B. PRATT FUND (1998-99 BUDGET) - The Finance Committee and the Board of Visitors will consider annual allocations from the John Lee Pratt Fund, used to help support the School of Medicine and the Departments of Biology, Chemistry, Mathematics, and Physics in the College of Arts and Sciences. Included in this allocation is an additional $1.4 million, to be distributed to the School of Medicine and the Department of Biology in support of the President's Science Initiative.

C. INTENT TO ISSUE BONDS - The Finance Committee and the Board of Visitors are asked to declare the University's intent to issue bonds to reimburse expenditures for planning costs, issuance costs, reserve funds, and other financing expenses associated with the: 1) Student Residence Hall; 2) Biomedical Engineering and Medical Science Building; 3) Parking Deck for 600 Vehicles and Infrastructure Improvements; 4) Scott Stadium Expansion; and 5) Clinch Valley College Student Center. This resolution does not authorize the issuance of bonds for any of the projects.

D. CONTRACT FOR BLOOD SERVICES - The Finance Committee and the Board of Visitors will consider the approval of a three-year contract for blood products and services in the amount of $11.0 million. The agreement exceeds the authority delegated to the Executive Vice President and Chief Financial Officer to execute procurement contracts.


II. ACTION ITEMS

1998-99 BUDGET - During its May meeting, the Board acts on the proposed operating budgets for the Academic Division, Clinch Valley College and the Medical Center. The operating budgets for the period July 1, 1998, through June 30, 1999, total $1.09 billion for all divisions of the University of Virginia. This amount represents an increase of $37.0 million, or approximately 3.5 percent, compared with the revised budgets for 1997-98. In response to concerns discussed at the May 12, 1998, Finance Committee meeting, the revised Medical Center budget will be presented in detail at the May 29 meeting.


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

REPORT ON ACTIONS OF FINANCE COMMITTEE, APRIL 6, 1998 AND MAY 12, 1998 -- Mr. William H. Goodwin, Jr. will provide a report on the actions of the Finance Committee on April 6, 1998, and on May 12, 1998.

B. VICE PRESIDENT'S REMARKS -- The Clinch Valley College Committee and the Finance Committee have discussed alternatives to address the cost of new construction at Clinch Valley College while keeping student housing rates below the average of those at state public institutions. The Executive Vice President and Chief Financial Officer will report on the Finance Committees request for the University to subsidize the Clinch Valley College housing operation.

C. ENDOWMENT REPORT - As of April 30, 1998, the endowment under the control of the Rector and Visitors totaled approximately $1.104 billion, compared with $961 million in June, 1997. The $143 million increase is attributable to approximately $116 million in market appreciation, and $27 million in gifts and transfers.

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