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.
of Virginia Bookstore Adds $250,000 to Endowment for Excellence
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.
endowment, establish five years ago, is used for a variety of purposes
at the University, particularly need-based scholarships.
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."
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.
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.
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."
points out that in addition to the endowment, the bookstore serves
as a center of academic life at the University.
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."
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."
Fariss Samarrai, (804) 924-3778