University of Virginia Library

The Board of Visitors met on this date for a called meeting at 3:00 p.m. in the Office
of the President of the University, at Charlottesville, with the following present. Rector Charles
R. Fenwick, and Visitors Blanton, Camp, Cross, Faulconer, Hobbs, Johnson, Kendig, Kuykendall,
Lantor, Montague, Parrish, Rogers, and Walker, Absent: Visitors Lewis, Wilkerson, and Williams
Comptroller Vincent Shea was also present.

PRESIDENT'S COMPENSATION AND BENEFITS

On 10 July 1964 the Rector appointed a Special Committee to study the existing arrangements
for the President's compensation and benefits. The Committee consisted of Visitor Walker as
Chairman, and Visitors Blanton, Camp, Faulconer, Johnson, and Kuykendall. The Committee, the
Chairman reported, had met on 15 October 1964 and had unanimously agreed on proposing to the
full Board certain changes in the President's compensation and benefits. After discussion, the
following resolution was adopted:

RESOLVED by the Board of Visitors of The Rector and Visitors of the University of Virginia
that (1) effective 1 July 1964, there shall be provided to the President a fund in the annual
amount of $2,500 from local funds to be used for the maintenance, replacement, and upkeep of the
furnishings of the President's House at Carr's Hill, the fund to be expended as approved by the
President and to be cumulative with the unexpended amounts in any fiscal year to be carried over
and made available for expenditure in future years, (2) effective 1 July 1964, $5,000 shall be
set aside from local funds annually to provide an additional annuity for the President, which
shall amount to $10,000 per year beginning at the time of the retirement of the President at
age 65, provided the President remains as President of the University until such date and
provided further that the arrangements for survivorship benefits shall be determined subject to
the approval of the Finance Committee, and (3) it is the consensus of this Board that the
President's annual salary shall be increased to $25,000, effective 1 July 1964, and to $28,000,
effective 1 February 1966, and the Rector and Visitors Blanton and Walker be and they are hereby
directed to confer with the Governor to obtain, if possible, the full amount of this salary from
State funds and, if not possible, the Comptroller of the University be and he is hereby directed
to supplement the amount available from State funds in order that the President's annual salary
may, effective 1 July 1964, be $25,000, with an increase to $28,000, effective 1 February 1966.

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On motion the meeting was then adjourned at 3:20 p.m.