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UNIVERSITY
OF VIRGINIA
BOARD OF VISITORS EXECUTIVE SUMMARY
FINANCE COMMITTEE
May 14, 1999
9:00 - 10:30 a.m.
East Oval Room, The Rotunda
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A. PRATT FUND -- Approves 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.
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B. APPOINTMENT TO UNIVERSITY OF VIRGINIA INVESTMENT MANAGEMENT COMPANY BOARD --
Approves the appointment of a public member, Mr. Donald Laing III, to the University
of Virginia Investment Management Company for a four-year term.
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C. CHANGE IN TRUSTEE AND REINVESTMENT OF ASSETS OF THE UNIVERSITY OF VIRGINIA
POOLED INCOME FUND -- Approves the University of Virginia Investment Management
Company's recommendation to appoint the University as Successor Trustee to the
Fund, to invest the assets of the Pooled Income Fund in the Core Equity and Bond
Fund portfolios of the University's Pooled Endowment Fund and to charge fees against
principal. -
D. AMENDMENT TO FACULTY RETIREMENT PLAN -- Approves an amendment to the Faculty
Retirement Plan to include participation of salaried part-time faculty working
at least twenty hours per week.
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II.
ACTION ITEMS -
A. 1999-2000 BUDGET -- Approves the proposed operating budgets for the Academic
Division, The University of Virginia's College at Wise and the Medical Center.
The operating budgets for the period July 1, 1999, through June 30, 2000, total
$1.19 billion for all divisions of the University of Virginia. This amount represents
an increase of $34.8 million, or approximately 3.0 percent, compared with the
revised budgets for 1998-99. -
B. INTEGRATED HEALTHCARE INFORMATION MANAGEMENT SYSTEM ACQUISITION -- Authorizes
the execution of an agreement to procure, an enterprise-wide core information
system, along with the implementation, integration and maintenance services for
the University of Virginia's Medical Center. -
C. ENROLLMENT PROJECTIONS -- Approves the revised 1998-2006 enrollment projections
for the Academic Division. -
D. BOND ISSUANCE -- Approves bond issuance through the Virginia College Building
Authority's Pooled Bond Program, established by the General Assembly during its
1996 legislative session, for the Biomedical Engineering and Medical Science Building
and the Orange Medical Office Building in an amount not to exceed $32.6 million
for both projects. Total cost for these two projects is $45.8 million.
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III. REPORTS BY THE EXECUTIVE VICE PRESIDENT AND CHIEF FINANCIAL OFFICER
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A. ENDOWMENT REPORT -- Ms. Alice W. Handy will report on the market value and
performance of the endowment under the control of the Rector and Visitors. As
of March 31, 1999, the endowment under the control of the Rector and Visitors
totaled $1.106 billion, up $8 million from its value on December 31, 1998 and
up $19 million from its value on June 30, 1998.
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B. REPORT ON ACTIONS OF THE INVESTMENT MANAGEMENT COMPANY, APRIL 19, 1999: Mr.
William H. Goodwin, Jr., will report on the actions taken by the Investment Management
Company at its April 19, 1999, meeting. -
C. VICE PRESIDENT'S REMARKS -- The Board will hear a report from Mr. Sandridge
regarding the Integrated Systems Project and the Desktop Computing Initiative.
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