 | Board of Visitors minutes October 5, 2007 |  |
President's Report
The Rector asked the President to give his customary report.
The Commission on the Future of the University is continuing its work, begun last spring. The committees of the Commission, with suggestions from Dr. Garson and from the Faculty Senate, are revising their reports and plan to complete them in November. The final report will come to the Board of Visitors at the February meeting.
The President said the results of the Commission's work will have an impact on the University for many years to come: the University will become stronger in the sciences; become a more global university; and the already strong student experience will be strengthened.
Noting that Mr. Sandridge had given a report earlier on the new security measures being undertaken as a result of the massacre at Virginia Tech in the spring, the President summarized the University's efforts as being a systematic and rational approach. Important steps have been taken already, but it will be a work-in-progress in the months ahead.
The Virginia Tech Review Panel's report is being compared with the University's initiatives, and identified gaps in the University's plan are being addressed. The President said the Board will be kept abreast of these efforts.
The President then spoke briefly about the budget reductions mandated by the Commonwealth. The Governor, he said,
The Governor is still open to considering a bond issue.
The President said work is underway to honor the workers, enslaved and free, who built the original buildings of the University. Extensive research is necessary to find the names and roles of the workers, and stipends will be awarded to students, graduate and undergraduate, to conduct supervised investigations of the original construction work at the University.
Gifts and Grants Report
The President continued with his customary report on gifts and grants received.
Philanthropic giving to the University and its related foundations for the last fiscal year, which ended June 30th, was $302.1million, a record and an increase of $72million over the previous fiscal year.
In the first month of the current fiscal year — that is July 1-August 31, the figure for philanthropic giving was $36million, an increase of $12.6million over the same month last year.
Among the significant gifts received since the June meeting of the Board are $8,650,000 from the estate of Spencer P. Bass, Jr., M.D.; the Amvest Corporation headquarters building, valued at $6,700,000; a $5,000,000 pledge payment from the Batten Foundation to the Frank Batten Fund for the School of Leadership and Public Policy; a $5,000,000 gift to the McIntire School for the Building Campaign Fund; an anonymous pledge of $1,000,000 to the Miller Center Foundation for the National Discussion and Debate Series; the Crozer Family Foundation pledge of $1,000,000 to the College Foundation; a $1,000,000 pledge from Mr. Thomas V. Inglesby to the Jefferson Scholars Foundation; and $1,000,000 pledged to the College Foundation by Mr. Richard D. Fairbank.
On motion, the Board voted to approve the Gifts and Grants Report.
The Board concluded its Preliminary Session at 1:40 p.m., and after adopting the following motions, went into Executive Session:
| Board of Visitors minutes October 5, 2007 | |