| | 1 | Author: | University of Virginia
Board of Visitors | Requires cookie* | | | Title: | Board of Visitors minutes (1940) January 27, 1940  | | | | Published: | 1940 | | | | Subjects: | University of Virginia::Board of Visitors | University of Virginia Library, Text collection | UVA-LIB-Text | | | | Description: | A special meeting of the Rector and Visitors was held on this date at 10:30 o'clock in the
office of the President. There were present the Rector, R. Gray Williams, Visitors James H. Corbitt,
Christopher B. Garnett, Miss Bessie C. Randolph, Hollis Rinehart and Beverley D. Tucker, Jr., and
President Newcomb. I am writing in the name of the Rector and Board of Visitors of the University
of Virginia to request you to authorize them to create a deficit in the sum of $25,000
for the construction of the West Extension of the University of Virginia Hospital, putting
this additional $25,000 as a recommended appropriation in your Budget to the General
Assembly of 1940. This means that the Legislative Appropriation of $250,000 for the
construction of this building would be increased to $275,000. Mr. Frederic W. Scott became chairman of the Finance Committee of this Board in 1921 and
continued in that position until his death in October, 1939. During this long period of eighteen years
Mr. Scott gave his great ability and large experience to the investment and management of the funds of
the University that are under the control of this Board. You asked me last Friday to send you and each member of the Finance Committee of the
University of Virginia Board of Visitors a copy of a portion of a letter written by me last
August 18th to Mr. Fred W. Scott in which I summarized certain figures in regard to the handling
of the Endowment Funds of the University in past years. I am, therefore, quoting below all of
the letter which I read you that concerns the above matters omitting only certain personal matters
contained at the end of my letter. At the request of the Rector, I am submitting herewith a statement upon the
subject of the authority, duties, and liabilities of the Board of Visitors in connection
with investment of funds belonging to the University, primary consideration being given to
the question of whether the Board of Visitors shall be confined in making investments of
University funds to so-called "lawful investments" or whether, in the exercise of a sound
discretion, the Board may, without liability to its members, place the funds of the
University in securities not included within the list of such "lawful investments" as
defined by Section 5431 of the Code of Virginia. | | | Similar Items: | Find |
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