The Board of Visitors announced Thursday the convening of a new subcommittee to strengthen and sustain the University’s commitment to affordable excellence, according to a University press release. The subcommittee, which falls under the Board’s finance committee, will weigh in on issues surrounding tuition, financial aid and the annual budget. Committee members expect it will release a set of recommendations by the end of the year. “The University offers tremendous value and academic excellence today,” Board Rector George Martin said in the press release. “But we can and will do even better. I’m confident this effort will lead to a comprehensive approach that provides families more predictability about the cost of a U.Va. degree while ensuring that AccessUVa remains the best public university financial aid program in the country.” Board member John Griffin, who announced in February he would sponsor a $4 million challenge grant to support the University’s financial aid program AccessUVa, will chair the subcommittee. Board members Victoria Harker, Kevin Fey and Frank Atkinson will join Griffin on the subcommittee. The subcommittee will aim to “develop a multi-year financial framework,” and will present its findings before the Board sets tuition and approves a budget in 2015, according to the press release. “Funding for higher education is finite, but our opportunity to creatively explore ways to continually enhance the value of a University of Virginia degree is unlimited,” Harker said in the press release. The Board’s June meeting began Thursday, including the inaugural meeting of this subcommittee. The full Board and other committees will meet through the day Friday.