The 2000-2001 budget, approved by the Board of Visitors last Thursday, will include a 30-percent increase in endowment income for programs connected to the University's endowment.
The Board approved the unusually high increase, which usually rises 4 percent each year, because of the fund's especially good performance this year.
The fund began the year in June with a balance of $1.25 billion and finished May with $1.67 billion.
"We were very, very fortunate to have invested in venture capital and private equity," University Treasurer Alice W. Handy said.
Although Handy did not know exactly how the University's endowment growth compared with other schools, she said she is confidant that the University will match up very favorably.
"Even if we don't, I'll take a 40-percent return any day," she added.
Much of the endowment is earmarked for specific funds or departments and will result in a 40-percent increase in endowment income for those specific areas.
These departments then can use the fund in a range of ways, including more scholarships, increased pay for teachers, or more teachers.
"Where the money is spent depends on how the deans allocate the money within their schools," said Colette Sheehy vice president of management and budget.
In addition to these department-specific increases, the University will undertake several special initiatives.
One such program will revamp the University hospital's computer network, making it easier for doctors to monitor patients' charts.
Another program funded by the endowment increase will work to provide seed money for science and technology venture projects.
The fund will provide "$1 million to be distributed to worthwhile projects with the hope that they will grow into federally funded research projects," said Gene Block, vice president for research and public services.
In time the fund could "increase the amount and quality of research at the University ... and bring federal funding and national recognition to the University," Block said.
The endowment income will be distributed to departments in December or January and again next June.
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