The Building and Grounds Committee and the Finance Committee of the Board of Visitors met Friday to consider renovations on the Inn at Darden, changes in the approval process for minor capital projects and new management guidelines for the University’s liquid funds.
A new construction project was approved for the Inn at Darden, an on-Grounds hotel.
"Darden is prepared to move forward with the project,” said Penny Cabaniss, University Assistant Vice President for Management and Budget, “which is why it was brought to the Committee outside of the normal cycle for approving projects.”
The University has conducted studies to evaluate construction plans for the Inn. The project will renovate guest rooms, bathrooms and common spaces.
Construction will not begin immediately.
“There are several steps in the process before actual construction will begin that included selecting an architect/engineer and planning,” Cabaniss said.
The committee also approved new delegation of authority for oversight of minor capital projects costing less than $5 million and meeting several other criteria. Under the new policy, proposals — formerly presented to the entire Board — will be reviewed by the Executive Vice President and Chief Operating Officer.
The change was intended to streamline the process of approving small projects, while making the Board more efficient overall, Cabaniss said.
"This change will allow the Building and Grounds Committee to focus attention on major capital projects and significant planning studies,” she said.
In a separate meeting Friday, the Finance Committee discussed and approved the sale of two estates left to the University in the will of Mary Emily Keetch Vincent. The University was bequeathed a 7.5 percent share in the proceeds from the sale.
Also on the docket for the Finance Committee was a new policy regarding the University’s management of liquid funds kept on hand to fund operations.
Jim Matteo, University associate vice president and treasurer, said the new policy would establish more formal guidelines and rules.
“It also creates the ability for the University to diversify its liquidity sources and strengthen its liquidity profile in the eyes of the financial community,” he said.
This change in policy was not brought on by any particular impetus, Sullivan said, but rather as a result of general review of the University’s financial management.
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