University of Virginia Library

APPROVAL OF THE BOARD OF VISITORS TO NEGOTIATE WITH
THE GOVERNOR TO DEVELOP A MANAGEMENT AGREEMENT WITH
THE COMMONWEALTH

WHEREAS, the 2005 General Assembly passed HB 2866 and SB 1327 known as the Restructured Higher Education Financial and Administrative Operations Act, as amended by the Governor; and

WHEREAS, separate action by the Board of Visitors commits to the Governor and the General Assembly to meet the state goals as specified in Chapter 4.10, Section 23- 38.88 B. of the Act; and

WHEREAS, the Act includes a provision titled Subchapter 3, Alternative Authority for Covered Institutions (23-38.91 et seq.), which sets out the requirements for a public university or college of the Commonwealth to gain the greatest degree of authority over financial and administrative operations, subject to certain accountability, audit and reporting measures specified by the General Assembly of Virginia;

RESOLVED, it is the sense of the Board of Visitors that the University is qualified to be, and should be, governed by the authorizations and requirements set forth in Subchapter 3 and as may otherwise be prescribed by applicable law; and

RESOLVED FURTHER that the Board of Visitors of the University attests to the ability of the institution to manage successfully its administrative and financial operations without jeopardizing its financial integrity and stability; and accordingly authorizes the University President to submit to the Governor a written request for the University to be governed by Subchapter 3, providing a copy of such written request to the Chairmen of the House Committee on Appropriations, the House Committee on Education, the Senate Committee on Finance, and the Senate Committee on Education and Health. The University's request shall be supported by the documentation called for by 23- 38.97 of the Virginia Code, including documenting the University's expertise and resources to perform successfully its public educational mission and setting forth its performance and accountability standards; and

RESOLVED FURTHER that the President and the Executive Vice President and Chief Operating Officer are authorized to enter into negotiations with the Governor to develop a management agreement with the Commonwealth as provided for in the Act that will grant the greatest degree of financial and managerial autonomy to the University as provided in Subchapter 3, which management agreement shall be submitted to the Board of Visitors for its review and approval; and

RESOLVED FURTHER that it is the desire of the Board of Visitors that the Medical Center and the College at Wise be included in and benefit from the same financial and managerial authority as may be granted to the University according to the terms of the approved management agreement and the Act.