University of Virginia Library

REPORT OF THE FINANCE COMMITTEE OF THE BOARD OF
VISITORS OF THE UNIVERSITY OF VIRGINIA REGARDING
THE DISPOSITION OF THE RANDALL-MACIVER TRUST FUNDS

The Finance Committee respectfully reports to the Board of Visitors as follows:

At the May meeting of the Board this Committee was requested to report on the disposition
of two certain trust funds known as the "Joanna Davidge Randall-MacIver Fund" and the "Virginia
Mason Davidge Fund."

Each of these funds yields annually a total income of about $2,500.00.

The trust instrument which created the funds provides that the income shall be applied by
the authorities of the University "to the foundation of two or more scholarships or fellowships, or
similar benefactions, of such amounts and for such purposes as the governing Board of said University
may determine."

The Committee had the benefit of a memorandum prepared by the donor, David Randall-MacIver
at a conference with Dr. John L. Newcomb held some years ago. The Committee also consulted Dr. James
Southall Wilson, Chairman of the Faculty Committee on Fellowships, and Dean Ivey Lewis, Chairman of
the Scholarship Committee. Mr. Vincent Shea also gave us the benefit of his views. The memorandum
provided that a student loan fund should be established with a portion of the trust income, and that
the balance of the trust income should be used for fellowships and scholarships. However, it has
developed that there is no longer a need of student loan funds. Apparently the memorandum, written
in 1932, contemplated that the need of this loan fund would be a temporary one, since it proceeded
to provide that when the need ceased, that the income should be used for fellowships.

The Committee has endeavored to follew as far as possible the suggestions of the donor
made in the memorandum; however, this report, in some respects, does not follow the exact dictates
of the memorandum. Where there has been a departure from the memorandum, it is the opinion of the
Committee that there was, in each instance, a good reason for the departure.

Specifically, the Committee recommends that the Board establish two separate foundations,
the first to be known as "Virginia Mason Davidge Foundation" consisting of five fellowships or scholarships,
each of $500.00 annually, to be offered both to men and women, for graduate courses, or, in
the discretion of the President, for under-graduate courses.

The second fund is to be known as the "Joanna Davidge Randall-MacIver Foundation." It will
offer five fellowships or scholarships to male students in any school of the University, the allocation
to be in the discretion of the President. However, in the distribution of these fellowships or
scholarships, students in the fine arts, music, drama, art and architecture, are to be preferred.

The donor's memorandum provided as to this fund that - "half shall be definitely assigned
to the Fine Arts Section; the remainder of them shall be assigned to any section that the President
may determine."

It was the understanding of the Committee that the reference to "Fine Arts Section" meant
the literal definition of the Fine Arts, that is, architecture, drama, music and art, and similar
subjects.

The Committee, however, did not think it wise to allocate one-half of these fellowships
or scholarships to the music, art and drama sections because of the doubt as to whether there would
be a sufficient demand for these fellowships or scholarships if limited to courses in these subjects
only. It has, therefore, recommended that preference be given to students in these courses, but
that if no demand exists in these courses, students in other schools may avail themselves of these
scholarships and fellowships.

In the distribution of the fellowships and scholarships under each foundation, the beneficiaries
are to be selected upon the basis of their ability, scholarship, character and need.