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U.Va. gets $52.6 million gift
Bequest from Law alum to generate $2.5 million
a year for Medical Center
By Bill Sublette
The
University has received the second largest gift in its history,
President John T. Casteen III announced April 5. The $52.6 million
bequest from Ward Buchanan, a 1914 graduate of the Law School, will
create an unrestricted endowment fund for the Medical Center.
To
be known as the Buchanan Fund, the endowment will be invested to
generate income for the University’s hospitals and clinics.
Initially it will produce approximately $2.5 million a year for
the Medical Center, although that amount is expected to increase
as the endowment’s assets grow.
The
gift is the result of estate plans made more than 60 years ago by
Buchanan, a retired Procter & Gamble executive who died in 1942.
Buchanan stipulated in his will that a trust be created to provide
income for his close and extended family and, after the death of
his last surviving heir, to establish the Ward Buchanan Fund for
“hospital purposes” at the University. After the recent
death of Helen Hackwell, one of Buchanan’s cousins and the
last income beneficiary of the trust, the University received the
trust’s assets.
“This
is a remarkable gift,” Casteen said. “More than a half-century
ago, an alumnus whom we did not have the privilege of knowing provided
for his heirs in his estate plans. At the same time, and with exceptional
foresight, he made the University the ultimate recipient of his
legacy. From this thoughtful act, we now have a substantial and
perpetual source of support for the advanced level of care that
only an academic medical center can provide. We are grateful for
Ward Buchanan’s generosity and for his commitment to the future
of health care at the University.” Full
story.
| University
sets stage for graduate student innovation |
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Photo
by Rebecca Arrington
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| For
third-year graduate students Nate Otto (center) and Tom Hackman,
invention and ingenuity were at the heart of a research partnership
to improve the safety and quality of life for drama students
at U.Va. The two developed a frame-mounted tool, the Huskey
Saw (shown here), which makes designing theater sets safer and
easier. See Theater students ‘saw’
a solution for set construction. |
State cuts force hikes in tuition
Staff Report
Money
— or the lack thereof — dominated the April 4-6 quarterly
meeting of the
U.Va. Board of Visitors.
The governing body sought to address state budget cuts with an 8.8
percent tuition increase, but still heard appeals for funding to
prevent a faculty exodus and increase graduate student support.
Meanwhile, Medical Center revenues are barely exceeding expenses
through the first eight months of the fiscal year.
Tuition
increase follows state trend
The
board put its official stamp on anticipated hikes in tuition and
mandatory fees by voting to increase rates 8.8 percent for in-state
undergraduate students, bringing the total cost to $4,608. (See
chart below.)
U.Va.
joins the state’s other colleges and universities in increasing
tuitions after years of an in-state tuition freeze. Virginia Tech,
James Madison and Radford universities have hiked in-state tuition
rates by 9 percent; George Mason raised tuition and mandatory fees
by 16.5 percent. Full
story.
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