University of Virginia Library

August 4, 2004

MEMORANDUM

                       

TO:	The Board of Visitors:
	Gordon F. Rainey, Jr., Rector
	Thomas F. Farrell, II, Vice Rector	Don R. Pippin
	William G. Crutchfield, Jr.	Terence P. Ross
	Susan Y. Dorsey	Thomas A. Saunders, III
	G. Slaughter Fitz-Hugh, Jr.	Warren M. Thompson
	W. Heywood Fralin	E. Darracott Vaughan, Jr.
	Glynn D. Key	Georgia M. Willis
	Mark J. Kington	John O. Wynne
	Lewis F. Payne	James W. Head
FROM:	Alexander G. Gilliam, Jr.
SUBJECT:	Correction to the Minutes of the February, 2004, Meeting of the Board of Visitors

The Minutes of the February 5-7, 2004, meeting of the Board of Visitors should be corrected as follows: The resolution on Investment Management Services, which was approved by the Board, was left out of the Minutes. The resolution is as follows:

RESOLUTION ON INVESTMENT MANAGEMENT SERVICES

WHEREAS, the Special Committee on Governance of the Board of Visitors, in consultation with the Executive Vice President and Chief Operating Officer of the University, and the University's General Counsel, recommends the procurement of investment management services for the benefit of the University of Virginia;

RESOLVED, the Board of Visitors approves the recommended procurement of investment management services, which would be provided by the University contracting with an affiliated non- profit entity established and hereby approved for such purposes;

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August 4, 2004

RESOLVED FURTHER, the Board directs and authorizes the Executive Vice President and Chief Operating Officer, in consultation with the Vice Rector and the General Counsel, to undertake, execute and approve any and all actions as may be necessary or advisable to implement this procurement of investment management services. This is to include the authority to negotiate and execute on behalf of the University any contracts or other agreements as may be necessary or advisable in the best interests of the University, in keeping with applicable state law and University policy.

- - - - - - - - - -

Also, the actions of the Executive Committee taken on November 22, 2003, (these actions are shown in the Minutes of the Executive Committee meeting of that date) and mentioned on page 6628 of the February, 2004, Minutes, specify that these actions are shown supra in the Minutes. They in fact are not shown in the Minutes and therefore should be listed as Attachment B. They are reproduced as follows:

APPROVAL OF PROPERTY PURCHASE

WHEREAS, the University has identified strategically valuable property adjacent to University property on Ivy Road that may be available for purchase; and

WHEREAS, the acquisition of the property will address current and future needs for additional space for offices, residence halls, and other uses;

RESOLVED that the Executive Vice President and Chief Operating Officer, with the concurrence of the Chair of the Finance Committee, is authorized to: 1) negotiate appropriate purchase prices for property on Ivy Road that is adjacent to University property; and 2) execute, or authorize execution of any and all contracts and other documents pertaining to the acquisition of such property by the University or by the University of Virginia Real Estate Foundation.

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August 4, 2004

2003-2004 SALARY FOR PRESIDENT JOHN T. CASTEEN, III

RESOLVED that the Rector and Visitors of the University of Virginia approve the following 2003-2004 salary recommendation for the President of the University of Virginia:

                     

President John T. Casteen, III
	Actual as of 11/25/02	Proposed as of 11/25/03	Percent Increase
State	$148,089	$151,421	2.25%
Bonus (5%)	0	7,404	-
Total Salary, excluding local Supplement	148,089	158,825	7.25%
Local supplement	181,725	223,579	23.0%
Bonus	0	9,086	-
Total local supplement	181,725	232,665	28.0%
Total Salary	329,814	375,000	13.7%
Deferred Compensation	115,000	125,000	8.7%
Total Bonus	0	16,490	-

And finally, the Executive Committee on November 22, 2003, charged the Administration with setting the 2003-2004 salary of the Chancellor of The University of Virginia's College at Wise. On December 17th, this was set as follows:

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August 4, 2004

2003-2004 Salary for
Chancellor Steven H. Kaplan

                 

	Actual as of 11/25/02	Proposed as of 11/25/03	Percent Increase
State	$109,800	$112,130*	2.12%
Bonus	0	5,490	-
Total Salary, excluding local Supplement	109,800	117,620	7.12%
Local supplement	70,200	75,070	6.94%
Bonus	0	3,510
Total local supplement	70,200	78,580	11.94%
Total Salary	180,000	187,200	4.0%
Total Bonus	0	9,000	-

*Per the Appropriations Act, SK's state salary next year has to be $112,130.

AGG:jb

   

Copies to:	President John T. Casteen, III
	Vice President Leonard W. Sandridge