Stephanie Gross

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

University of Virginia Bookstore Adds $250,000 to Endowment for Excellence

February 2, 2000 -- The University of Virginia 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, establish five years ago, is used for a variety of purposes at the University, particularly need-based scholarships.

"We've had another successful year at the bookstore," says Jonathan A. Kates, bookstore director, "and we are able to give our thanks to the University community by adding a substantial amount of money to the endowment again this year."

The non-profit bookstore, which previously was located in Newcomb Hall, opened in its new location above the Emmet Street parking garage in the fall of 1994, and by spring 1996 had earned enough surplus to start the endowment with a donation of $50,000. The auxiliary retail enterprise has continued since then to earn surpluses each year after paying all operating expenses such as salaries, utilities, wholesale costs, and construction costs for the facility. The bookstore, as an auxiliary service, is self-supported and receives no tax dollars. The bookstore also operates Cavalier Computers, the sports shop TJ's Locker in the Aquatics and Fitness Center, and the Courts and Commerce Bookstore at the School of Law.

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. The bookstore has succeeded every year since, and the donations keep adding up.

"We've been successful as a business because of the support of our students, faculty, staff and alums," Kates says. We are sharing this success by returning the surplus to the community we serve."

Kates points out that in addition to the endowment, the bookstore serves as a center of academic life at the University.

"We not only carry the books, supplies and merchandise needed by students and faculty members, we also host poetry readings, visits by authors, and events during the annual Virginia Festival of the Book. We are a part of the cultural life at the University."

Kates adds that when people make a purchase at the University of Virginia Bookstore, they can know that a portion of their purchase price will come back to the University through the endowment in support of scholarships and programming. "That cannot be said for any private sector bookstore or 'dot com' retailer," Kates says. "We show our thanks by supporting those who are supporting us."

Contact: Fariss Samarrai, (804) 924-3778

FOR ADDITIONAL INFORMATION: please contact the Office of University Relations at (804) 924-7116. Television reporters should contact the TV News Office at (804) 924-7550.
SOURCE: U.Va. News Services

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