The Board of Visitors approved a resolution Thursday which vowed to continue refining a four-year financial plan in an effort to increase the University’s ability to offer competitive salaries and retain and attract top-tier faculty. The University currently offers the majority of faculty members about $5,000 less than it should, according to Board member William Goodwin. “Faculty [are really] the engine of this school,” he said. “If we can’t take care of the faculty and get some oil in the thing, we have some serious issues.” University President Teresa Sullivan said the University needed to increase faculty salaries in order to sustain the University’s reputation as top public institution. “We need faculty who are the original triple threats,” Sullivan said. “[They need to be] outstanding in their research, outstanding in the classroom and outstanding in building up [our] scholarly community.” Curry professor Sarah Turner also spoke on the importance of the Faculty Salary Equity Study, which should be completed by Aug. 30. The study examines demographic difference in compensation based on discipline and rank. The Board expressed an interest in examining gender differences specifically. The Board also voted to approve updated enrollments projections, which will allow the University to increase enrollment by 1,322 between the present academic year and 2020-21. The undergraduate student ratio will remain 70 percent in-state students and 30 percent out-of-state students. The decision comes in light of the Higher Education Opportunity Act of 2011, which included a provision to confer an additional 100,000 undergraduate degrees on Virginians over the next 15 years. The projected number of on-Grounds students in 2020 is 22,895, compared to the 21,095 students on-Grounds this academic year.