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EXTERNAL
AFFAIRS COMMITTEE
Saturday, January 30, 1999
9:45 - 10:15 a.m.
East Oval Room, The Rotunda
Committee Members:
Henry
L. Valentine, II
John P. Ackerly III, Ex Officio
Charles M. Caravati, Jr.
T. Keister Greer, Chair
Elsie Goodwyn Holland
Terence P. Ross
Albert H. Small
Elizabeth A. Twohy
AGENDA
- I.
REPORTS BY THE VICE PRESIDENT FOR DEVELOPMENT (Mr. Sweeney)
- Vice
President's Remarks
- Philanthropic
Cash Flow
- Capital
Campaign
- Campaign
Progress
- Fund-Raising
Initiatives
- Scott
Stadium Construction and Fund-Raising Progress (Mr. Sweeney and
Mr. Holland to report)
- Miscellaneous
Report
- Report
on University Foundations (Mr. Sweeney to introduce Mr. Sandridge;
Mr. Leonard W. Sandridge, Jr. to report)
- A.1.
Philanthropic Cash Flow
- BACKGROUND:
A statistical review of fund-raising cash gifts received for the
period July 1 November 30, 1998. Emphasis will be placed on measuring
performance compared to Fiscal Year 98 and the previous three
Fiscal Years.
- DISCUSSION:
Cash flow for November 1998 was $12.3 million. Year-to-date totals
now stand at $47.9 million. November was a significant month for
cash flow progress, decreasing by half (to 14%) the year-to-date
variance from the Fiscal Year 98 record cash flow total. Progress
over the life of the Campaign continues to be very strong, with
increases of 58% and 75% as compared to Fiscal Year 97 and Fiscal
Year 96, respectively.
- ACTION
REQUIRED: None
- A.2.a.
Capital Campaign Progress
- BACKGROUND:
The Capital Campaign remains the top priority for University of
Virginia fundraising. Progress will be reported through November
30, 1998. Discussion will also cover major gift strategy through
the balance of the Campaign.
- DISCUSSION:
At November 30, 1998, the Campaign total raised to date stood
at $799.1 million, with $711.3 million in gifts and pledges and
$87.8 million in future support. With the Campaign in its final
two years, statistical analysis of progress to date will allow
for projection of end-of-Campaign totals.
- The
University Development office staff recently reviewed the entire
list of unassigned major prospects. The process provided a good
opportunity to review the remaining potential in the major prospect
pool. In addition, the major gifts area is re-focusing its efforts
on very large donors and prospects. This approach will ensure
that all million-dollar prospects receive a gift proposal and
solicitation before the end of the Campaign, and that current
million dollar donors are provided the opportunity, when appropriate,
to make another major gift.
- ACTION
REQUIRED: None
- A.2.b.
Fund-Raising Initiatives
- BACKGROUND:
Recent key fund-raising initiatives involve the annual fund, direct
mail and phone solicitations, as well as promoting gifts of appreciated
assets.
- DISCUSSION:
Annual Fund and Direct Mail major prospects, Strategies: In cooperation
with the Alumni Associations Young Alumni Council, a special annual
fund mailing was sent recently to 27,000 non-reunion undergraduate
alumni from the last ten years. The theme of the mailing was "Make
Your Mark" - one of the Campaign themes - and included references
to Beta Bridge. The Alumni Association has developed a website
using the same theme and images, which can be accessed through
the Alumni Association home page, and includes an electronic link
to an on-line giving form. In addition, direct mail and Phonathon
strategies are being tested to reach the large population of "lower
level" major prospects, those at the $10,000 - $100,000 level.
Because the number of these prospects is too great to allow for
a personal visit with each one, a combination of letters, calls
and visits is being employed.
- Appreciated
Securities Gift Effort: The Campaign Co-Chairs spearheaded an
effort, through a year-end mailing, to encourage donors to make
gifts of securities while the stock market remains at a high level.
Anecdotal information regarding securities gifts during the month
of December indicates that use of this gift vehicle increased
this year. Plans call for continued communication encouraging
the use of appreciated assets in making Campaign contributions.
- ACTION
REQUIRED: None
- B.
Scott Stadium Construction and Fund-Raising Progress
- BACKGROUND:
Demolition and construction at Scott Stadium began immediately
after the completion of the home football season in November 1998.
Bryant Hall and the lower bowl seating will undergo complete reconstruction
this year, to be finished by the beginning of the 1999 season.
Stadium fundraising remains strong, with over $15.3 million in
gifts and pledges raised to date toward the $20 million goal.
- DISCUSSION:
Demolition, construction, the bidding process, and the overall
timetable for the Carl Smith Center project at Scott Stadium are
all on schedule to date. All demolition work has been completed.
Over 80% of all of the contracts have been awarded, including
all of the major structural components. The overall project to
date is within 1% of the final design cost estimate. Because of
the favorable fall weather, the project has proceeded on schedule.
Additional work has been added to Phase II to take advantage of
construction efficiencies and coordination issues. Besides the
lower bowl of seating, the various support units in the lower
level of Bryant Hall (locker rooms, media room, etc) should be
completed for the beginning of the 1999 football season.
-
The Stadium fund-raising effort received a big boost in December
with the receipt of two anonymous commitments totaling several
million dollars. This phase of the Athletics Campaign is scheduled
to be completed in fall 2000. Proposals totaling $7 million have
been submitted to prospective donors. In addition, a $2.5 million
initiative targeted at former football players will be launched
in the first quarter of 1999.
- ACTION
REQUIRED: None
- C.
Miscellaneous Report/Report on University Foundations
- BACKGROUND:
The Board of Visitors approved the Policy on University-Related
Foundations on October 9, 1992. The Policy applies to all Foundations
that are established and operated for the University's benefit
and that use the University's name and resources. The Policy was
designed to ensure efficiency and accountability of University
Foundations, as well as to maintain the Foundations' independence
and integrity.
The responsibility to ensure sufficient University monitoring
of the Foundations compliance with the Policy was assigned to
the Office of the Assistant Vice President for Business Operations.
A status report on compliance with the Policy is provided to
the Board of Visitors annually.
- DISCUSSION:
During the year, each Foundation submits to the Office of Business
Operations certain reports specified in the Policy, including,
but not limited to, minutes of Board meetings, audited financial
statements, approved operating budget, amendments to by-laws,
and tax returns. The Assistant Vice President for Business Operations
reviews this information, and any questions are discussed with
the appropriate Foundation and brought to the attention of the
President and/or the Executive Vice President. In addition, certain
transactions and activities require approval of the President
or his designee; these approvals are coordinated by the Office
of Business Operations.
- The
Policy is fulfilling its purposes. It has improved communication
and the flow of information between the Foundations and the University.
Foundations have fully cooperated in complying with the requirements
set forth in the Boards Policy.
- ACTION
REQUIRED: None
MORE MEETING INFORMATION
PAST MEETINGS
PUBLIC MINUTES
|
Committee Members:
Henry L. Valentine, II
John P. Ackerly III, Ex Officio
Charles M. Caravati, Jr.
T. Keister Greer, Chair
Elsie Goodwyn Holland
Terence P. Ross
Albert H. Small
Elizabeth A. Twohy
AGENDA
- I. REPORTS BY THE VICE PRESIDENT FOR DEVELOPMENT
(Mr. Sweeney)
- Vice President's Remarks
- Philanthropic Cash Flow
- Capital Campaign
- Campaign Progress
- Fund-Raising Initiatives
- Scott Stadium Construction and Fund-Raising
Progress (Mr. Sweeney and Mr. Holland to report)
- Miscellaneous Report
- Report on University Foundations
(Mr. Sweeney to introduce Mr. Sandridge;
Mr. Leonard W. Sandridge, Jr. to report)
- A.1. Philanthropic Cash Flow
- BACKGROUND: A
statistical review of fund-raising cash gifts received for the
period July 1 November 30, 1998. Emphasis will be placed on
measuring performance compared to Fiscal Year 98 and the
previous three Fiscal Years.
- DISCUSSION: Cash
flow for November 1998 was $12.3 million. Year-to-date totals
now stand at $47.9 million. November was a significant month
for cash flow progress, decreasing by half (to 14%) the
year-to-date variance from the Fiscal Year 98 record cash flow
total. Progress over the life of the Campaign continues to be
very strong, with increases of 58% and 75% as compared to
Fiscal Year 97 and Fiscal Year 96, respectively.
- ACTION REQUIRED: None
- A.2.a.
Capital Campaign Progress
- BACKGROUND: The
Capital Campaign remains the top priority for University of
Virginia fundraising. Progress will be reported through
November 30, 1998. Discussion will also cover major gift
strategy through the balance of the Campaign.
- DISCUSSION: At November 30, 1998, the Campaign
total raised to date stood at $799.1 million, with $711.3
million in gifts and pledges and $87.8 million in future
support. With the Campaign in its final two years, statistical
analysis of progress to date will allow for projection of
end-of-Campaign totals.
- The University Development
office staff recently reviewed the entire list of unassigned
major prospects. The process provided a good opportunity to
review the remaining potential in the major prospect pool. In
addition, the major gifts area is re-focusing its efforts on
very large donors and prospects. This approach will ensure
that all million-dollar prospects receive a gift proposal and
solicitation before the end of the Campaign, and that current
million dollar donors are provided the opportunity, when
appropriate, to make another major gift.
- ACTION
REQUIRED: None
- A.2.b. Fund-Raising
Initiatives
- BACKGROUND: Recent key fund-raising
initiatives involve the annual fund, direct mail and phone
solicitations, as well as promoting gifts of appreciated assets.
- DISCUSSION: Annual Fund and Direct Mail
major prospects, Strategies: In cooperation with the Alumni Associations
Young Alumni Council, a special annual fund mailing was sent recently to
27,000 non-reunion undergraduate alumni from the last ten years. The
theme of the mailing was "Make Your Mark" - one of the Campaign themes -
and included references to Beta Bridge. The Alumni Association has
developed a website using the same theme and images, which can be
accessed through the Alumni Association home page, and includes an
electronic link to an on-line giving form. In addition, direct mail
and Phonathon strategies are being tested to reach the large population
of "lower level" major prospects, those at the $10,000 - $100,000 level. Because the number of these prospects is too great to allow for a personal visit with each one, a combination of letters, calls and visits is being employed.
- Appreciated Securities Gift Effort: The Campaign Co-Chairs spearheaded an effort, through a year-end mailing, to encourage donors to make gifts of securities while the stock market remains at a high level. Anecdotal information regarding securities gifts during the month of December indicates that use of this gift vehicle increased this year. Plans call for continued communication encouraging the use of appreciated assets in making Campaign contributions.
- ACTION REQUIRED: None
- B. Scott Stadium Construction and Fund-Raising Progress
- BACKGROUND: Demolition and construction at Scott Stadium began immediately after the completion of the home football season in November 1998. Bryant Hall and the lower bowl seating will undergo complete reconstruction this year, to be finished by the beginning of the 1999 season. Stadium fundraising remains strong, with over $15.3 million in gifts and pledges raised to date toward the $20 million goal.
- DISCUSSION: Demolition, construction, the bidding process, and the overall timetable for the Carl Smith Center project at Scott Stadium are all on schedule to date. All demolition work has been completed. Over 80% of all of the contracts have been awarded, including all of the major structural components. The overall project to date is within 1% of the final design cost estimate. Because of the favorable fall weather, the project has proceeded on schedule. Additional work has been added to Phase II to take advantage of construction efficiencies and coordination issues. Besides the lower bowl of seating, the various support units in the lower level of Bryant Hall (locker rooms, media room, etc) should be completed for the beginning of the 1999 football season.
- The Stadium fund-raising effort received a big boost in December with the receipt of two anonymous commitments totaling several million dollars. This phase of the Athletics Campaign is scheduled to be completed in fall 2000. Proposals totaling $7 million have been submitted to prospective donors. In addition, a $2.5 million initiative targeted at former football players will be launched in the first quarter of 1999.
- ACTION REQUIRED: None
- C. Miscellaneous Report/Report on University Foundations
- BACKGROUND: The Board of Visitors approved the Policy on University-Related Foundations on October 9, 1992. The Policy applies to all Foundations that are established and operated for the University's benefit and that use the University's name and resources. The Policy was designed to ensure efficiency and accountability of University Foundations, as well as to maintain the Foundations' independence and integrity.
The responsibility to ensure sufficient University
monitoring of the Foundations compliance with the Policy was assigned to the Office of the Assistant Vice President for Business Operations. A status report on compliance with the Policy is provided to the Board of Visitors annually.
- DISCUSSION: During the year, each Foundation
submits to the Office of Business Operations certain reports
specified in the Policy, including, but not limited to, minutes
of Board meetings, audited financial statements, approved
operating budget, amendments to by-laws, and tax returns. The
Assistant Vice President for Business Operations reviews this
information, and any questions are discussed with the
appropriate Foundation and brought to the attention of the
President and/or the Executive Vice President. In addition,
certain transactions and activities require approval of the
President or his designee; these approvals are coordinated by
the Office of Business Operations.
- The Policy is
fulfilling its purposes. It has improved communication and
the flow of information between the Foundations and the
University. Foundations have fully cooperated in complying
with the requirements set forth in the Boards Policy.
- ACTION REQUIRED: None
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