The Board of Visitors Finance Committee discussed merit-based increases of faculty salaries and the uses of an empty Rugby Road office building during its meeting Friday morning.
The committee discussed a proposed renovation of the Rugby Road Administrative Building, which is part of an initiative to free up more medical clinical space. Colette Sheehy, vice president for management and budget, said the 70,000 square feet of space available would continue to deteriorate without University action.
Committee Vice Chair John Griffin noted the building’s central location and asked whether the space could have more student-focused uses. “Every student walks by there, it’s right next to Beta Bridge,” Griffin said.
Hogan said he hoped to get the project under way and have the committee consider the best strategic use of the space later on in the process.
The committee also discussed more general aspects of the University’s finances. Lawrence Kochard, chief executive officer and chief investment officer of the Investment Management Company reported that the University’s $5-billion endowment generated 13.4 percent return.
And Melody Bianchetto, associate vice president for finance, said the Academic Division, which includes most of the University but not the Medical Center, saw a $471 million increase in net assets with only a 1.6 percent increase in expenses.
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