 | Board of Visitors minutes June 9, 1950 |  |
SCHOLARSHIP AND FELLOWSHIP FUNDS
President Darden reported to the Board that certain scholarship funds have accumulated large
amounts of income which have not been expended because of the lack of applicants during the war. Since
these accumulations are in excess of the amounts needed for current scholarship awards, it was recommended
to the Board that a portion of the accumulated income in these funds be reinvested in principal
It was, thereupon
RESOLVED that the amounts indicated for the following scholarship funds be reinvested as
principal
| Name of Fund | Amount to be Reinvested |
| Virginia Mason Davidge | $6,500 |
| William C. Folkes | 7,500 |
| Thomas Fortune Ryan | 7,000 |
| Joanna Davidge Randall-McIver Foundation | 5,000 |
| William A. Herndon | 4,000 |
| Benjamin F. Thomas | 7,000 |
| James H. Skinner | 3,000 |
In addition to the funds listed above, it was suggested that $25,000 of the accrued income
in the Bayly-Tiffany Scholarship Fund be reinvested. The Board took no immediate action on
this recommendation, but requested a list of persons awarded Bayly-Tiffany Scholarships during the
session 1949-50 and a list of the names of any applicants who were refused Bayly-Tiffany Scholarships.
| Board of Visitors minutes June 9, 1950 | |