Stephanie Gross

Another big year for the University Bookstore will translate into scholarships for U.Va. students. Here, James Carter, a temporary bookstore employee, helps stock textbooks for the spring semester.

Bookstore endowment surpasses $1 million

By Fariss Samarrai

The U.Va. Bookstore's unrestricted Endowment for Excellence has grown to more than $1 million with a recent donation of $250,000 earned from operating surpluses.

The endowment, established five years ago, is used for a variety of purposes at the University, including need-based scholarships.

The non-profit bookstore opened in its new location above the Emmet Street parking garage in the fall of 1994. By spring 1996, it had earned enough surplus to start the endowment with a donation of $50,000, and has continued to earn surpluses each year after paying operating expenses.

An auxiliary service, the bookstore is self-supporting and receives no tax dollars. The bookstore also operates Cavalier Computers, TJ's Locker in the Aquatics and Fitness Center, and the Courts and Commerce Bookstore on North Grounds.

After the endowment was established, Leonard W. Sandridge, executive vice president and chief operating officer, challenged the business to operate with enough efficiency to earn surpluses to grow the endowment on a yearly basis. "We've been successful as a business because of the support of our students, faculty, staff and alumni," said Jonathan A. Kates, bookstore director. "We are sharing this success by returning the surplus to the community we serve.

"That cannot be said for any private sector bookstore or dot-com retailer," Kates added.