The University's endowment weathered the recent economic decline successfully, according to reports presented at the Board of Visitors meeting last week. Reports also stated that donations to the University have remained strong.
Despite the close of the University's highly successful Capital Campaign and the weak economy, fiscal year 2001 closed with $189.9 million in giving to the University, more than $40 million over the stated goal for the year.
The terrorist attacks on Sept. 11 and the subsequent stock market fall both seem to have had little affect on University giving, President John T. Casteen III said.
University Vice President for Development Robert D. Sweeney said University endowment levels, despite the volatility of the stock market, achieved a return of 2 percent. Most major college endowments lost money over the last fiscal year.
This rate of return puts the University's endowment among the top 25 largest college funds in the country.
In addition, at the Board meeting, members approved the construction of a new Arts & Sciences building, the replacement of New Cabell Hall and the renovation of Cocke and Rouse Halls.
The Board also approved design plans for the new Emmet Street bridge, Observatory Hill dining facility, Aquatic & Fitness Center expansion and the new materials science engineering and nanotechnology building.
The Educational Policy Committee presented its goal to initiate the Virginia 2020 Commission recommendations and to initiate a complete review of the undergraduate curriculum this year.
Director of Athletics Craig Littlepage presented the athletics department's five-year financial plan to maintain and improve the program. The plan outlines priorities for an increase of $8 million to $9 million incremental funds per year.
Read More
Committee on U.Va. Wise hears from faculty representative, discusses growth
By Grace Little | YesterdayWise offers the Year in Wise program in which in-state students on the U.Va. College of Arts and Sciences waitlist may enroll in Wise for one year and then transfer to University Grounds in Charlottesville to complete their degree.
Buildings and Grounds Committee approves 2025 Major Capital Plan
By Cecilia Mould | YesterdayChanges to the 2025 plan include the removal of three previously authorized projects and the deferral of 12 also previously approved projects which currently do not have sufficient funding sources.
Academic and Student Life Committee discusses accreditation and student internships
By Lucia Gambacini | YesterdayStudent participants from the University Career Center’s Internship Placement Program also spoke before the Committee to share their experiences.
