University of Virginia Library

DEVELOPMENT FUND

The President reported that he had met with a group of leading businessmen of the State who
are greatly interested in assisting the University in establishing a graduate school of business
administration.

The Rector recommended that the Development Fund be established as a permanent organization
under a full-time salaried director. This recommendation was approved and the Rector and President
were requested to look for a qualified person to fill this important post.

Mr. Darden then stated to the Board that due to the launching of the building program his
time was so occupied and would be so taken up for the next year or two that he would be compelled to
ask the Board to relieve him of any obligation in connection with the reorganization of the Development
Fund looking to putting it on a permanent basis. He further stated that he had obligated himself to
the Development Fund and to the Committee of Businessmen interested in the graduate school of business
administration and that he was prepared to fill the speaking engagements arranged by them and that he
would attend such other meetings held in the interest of the Development Fund for which he could make
arrangements.

The Board agreed that the President should be relieved of planning for the Development Fund
on a permanent basis and it was determined that the members of the Board who represent the University
on the Development Fund Board should take this matter in hand.