 | Board of Visitors minutes June 9, 2006 |  |
FINAL SESSION
The following resolutions were adopted:
APPROVAL OF A PERMANENT EASEMENT TO REPLACE AND RELOCATE A WATERLINE
RESOLVED that the granting of a permanent easement to the Rivanna Water and Sewer Authority to replace and relocate a sixteen inch waterline between the Dell and the Alderman Road pump-house, on property owned by The Rector and Visitors of the University of Virginia, is approved; and
RESOLVED FURTHER this approval is conditioned on communication by the Rivanna Water and Sewer Authority with all affected neighbors of the waterline to describe the project and its impact on the area, as well as exploration by the Authority of all possible means to accomplish the work with the least damage to existing trees and vegetation; and
RESOLVED FURTHER that appropriate officers of the University are authorized to execute said easement.
APPROVAL OF A PERMANENT ACCESS EASEMENT AT THE CAVALIER ELECTRICAL SUBSTATION TO PROVIDE REDUNDANT POWER
RESOLVED that the granting of a permanent easement to Dominion Power to provide redundant electric power to the Cavalier Electrical Substation, on property owned by The Rector and Visitors of the University of Virginia, is approved; and
RESOLVED FURTHER that appropriate officers of the University are authorized to execute said easement.
The Rector abstained from voting on the above resolution.
APPROVAL OF UNIVERSITY REPRESENTATIVE TO THE ART AND ARCHITECTURAL REVIEW BOARD
WHEREAS, pursuant to Section 2.2-2400 of The Code of Virginia, the Governor appoints five citizen members to the Art and Architectural Review Board of the Commonwealth of Virginia; and
WHEREAS, the Code provides that one member be appointed from a list of persons nominated by the governing board of the University of Virginia;
RESOLVED that the Board of Visitors recommends to the Governor that Richard S. Minturn and Constance P. Warnock be considered for appointment to the citizen member position on the Art and Architectural Review Board to be nominated by the University of Virginia.
APPROVAL TO ESTABLISH THE DEPARTMENT OF COMMUNICATION STUDIES AT THE UNIVERSITY OF VIRGINIA’S COLLEGE AT WISE
RESOLVED, the Department of Communication Studies is established at The University of Virginia’s College at Wise.
APPROVAL TO CHANGE THE NAME OF THE DEPARTMENT OF MATHEMATICAL SCIENCES TO THE DEPARTMENT OF MATHEMATICS AND COMPUTER SCIENCE, THE UNIVERSITY OF VIRGINIA’S COLLEGE AT WISE
RESOLVED, the name of the Department of Mathematical Sciences at The University of Virginia’s College at Wise is changed to the Department of Mathematics and Computer Science.
APPROVAL OF THE AUDIT SCHEDULE
RESOLVED that the Audit Schedule for Fiscal Year 2006-2007 is approved as recommended by the Audit and Compliance Committee.
APPROVAL OF THE COMPLIANCE SCHEDULE
RESOLVED that the Compliance Schedule for the period July 1, 2006, through June 30, 2007, as presented by the Corporate Compliance Officer, is approved as recommended by the Audit and Compliance Committee.
APPROVAL OF THE SUMMARY OF AUDIT FINDINGS
RESOLVED that the Summary of Audit Findings for the period March 1, 2006, through April 30, 2006, as presented by the Director of Audits, is approved as recommended by the Audit and Compliance Committee.
APPROVAL TO ESTABLISH A NEW DEGREE PROGRAM: B.A. AND MASTER OF PUBLIC POLICY (M.P.P.) DEGREE PROGRAM, TO BE OFFERED THROUGH THE COLLEGE AND GRADUATE SCHOOL OF ARTS AND SCIENCES
RESOLVED that, subject to approval by the State Council of Higher Education for Virginia, the B.A. and Master of Public Policy (M.P.P.) Degree Program is established at the University of Virginia. The program is to be offered through the College and Graduate School of Arts and Sciences.
APPROVAL TO ESTABLISH A NEW DEGREE PROGRAM: DOCTOR OF NURSING PRACTICE (DNP) DEGREE PROGRAM, TO BE OFFERED IN THE SCHOOL OF NURSING
RESOLVED that, subject to approval by the State Council of Higher Education for Virginia, the Doctor of Nursing Practice Degree Program is established at the University of Virginia’s School of Nursing.
APPROVAL OF THE 2006-2007 OPERATING BUDGET FOR THE ACADEMIC DIVISION
RESOLVED that the 2006-2007 Operating Budget for the Academic Division is approved, as recommended by the President and the Chief Financial Officer.
APPROVAL OF THE 2006-2007 OPERATING BUDGET FOR THE UNIVERSITY OF VIRGINIA'S COLLEGE AT WISE
RESOLVED that the 2006-2007 Operating Budget for The University of Virginia’s College at Wise is approved, as recommended by the President and the Chief Financial Officer.
APPROVAL OF THE 2006-2007 OPERATING AND CAPITAL BUDGET FOR THE UNIVERSITY OF VIRGINIA MEDICAL CENTER
RESOLVED that the 2006-2007 Operating and Capital Budget for the University of Virginia Medical Center is approved, as recommended by the President, the Chief Financial Officer, and the Medical Center Operating Board. In approving this budget, the Board of Visitors takes note that flexibility in the proposed Medical Center operating margin must be allowed in order to accommodate costs related to high occupancy and limited bed availability.
APPROVAL OF AUTHORIZATION FOR THE EXECUTIVE VICE PRESIDENT AND CHIEF OPERATING OFFICER
RESOLVED, as the budget for 2006-2007 for the Commonwealth has not yet been approved, the Executive Vice President and Chief Operating Officer is authorized to make whatever technical adjustments to the 2006-2007 University budget might be necessitated by the final State budget.
APPROVAL OF PRATT FUND DISTRIBUTION FOR 2006-2007
RESOLVED that the budget for the expenditure of funds from the Estate of John Lee Pratt be approved to supplement appropriations made by the Commonwealth of Virginia for the School of Medicine and Departments of Biology, Chemistry, Mathematics, and Physics in the College of Arts and Sciences. Departmental allocations, not to exceed $3,368,652 for 2006-2007, are suggested by the department chairs and recommended by the dean of each school. To the extent the annual income from the endowment is not adequate to meet the recommended distribution, the principal of the endowment will be disinvested to provide funds for the approved budgets.
APPROVAL OF ENDOWMENT SPENDING POLICY
WHEREAS, the University’s current endowment spending policy, approved by the Board of Visitors in March 2005, calls for a percentage increase in the annual distribution from the endowment, unless such increase causes the distribution to fall outside a range defined as 3.5 percent on the low end and 5.5 percent on the high end of the market value of the Pooled Endowment Fund; and
WHEREAS, the policy specifies that if the distribution falls outside of this range, the Finance Committee may recommend either raising or lowering the rate; and
WHEREAS, the fiscal year 2006-2007 distribution as a percentage of March 31, 2006 market value will be below 3.5 percent of the market value for class A shares;
RESOLVED that for fiscal year 2006-2007, the spending rate for class A and class B shares will be adjusted to 4.0 percent of the market value at March 31, 2006, achieving the objective of the payment rate for class A shares that is equal to the payout rate for class B shares.
APPOINTMENTS TO THE BOARD OF THE UNIVERSITY OF VIRGINIA’S COLLEGE AT WISE
RESOLVED that Ms. Dawneda Fowler Williams, Messrs. Ernest H. Ern, Mike L. Allen, and C. Michael Puckett are appointed to The University of Virginia's College at Wise Board for four year terms ending June 30, 2010; and
RESOLVED FURTHER that Mr. Michael G. McGlothlin, Ms. Eliza S. Rigg, Mr. James Michael Thomas, Dr. Joseph Frank Smiddy, and Mr. William J. Sturgill are re-appointed to The University of Virginia's College at Wise Board for terms ending June 30, 2010, in accordance with the terms of the Board’s bylaws.
APPROVAL OF APPOINTMENT OF JANE HAYCOCK WOODS TO THE MEDICAL CENTER OPERATING BOARD
WHEREAS, the Board of Visitors may appoint up to five public members of the Medical Center Operating Board whose initial terms are not to exceed four years;
RESOLVED, Jane Haycock Woods of Fairfax, is appointed to the Medical Center Operating Board as a public member for the period July 1, 2006, through June 30, 2010.
APPROVAL OF REAPPOINTMENT OF EDWARD J. STEMMLER, M.D., TO THE MEDICAL CENTER OPERATING BOARD
WHEREAS, the Board of Visitors may appoint up to five public members of the Medical Center Operating Board, with initial terms not to exceed four years and eligibility for reappointment for an additional term; and
WHEREAS, the term of Edward J. Stemmler, M.D., expires July 1, 2006, and the Board of Visitors desires to reappoint Dr. Stemmler to serve for an additional four year term;
RESOLVED, Edward J. Stemmler, M.D., is appointed to the Medical Center Operating Board as a public member for the period July 1, 2006, through June 30, 2010.
APPROVAL OF APPOINTMENT TO THE BOARD OF DIRECTORS OF THE UNIVERSITY OF VIRGINIA INVESTMENT MANAGEMENT COMPANY BOARD
RESOLVED that Mark J. Kington of Alexandria, is appointed to the Board of Directors of the University of Virginia Investment Management Company for a term of three years, effective July 1, 2006. He will serve in this capacity until June 30, 2009.
APPROVAL TO ENTER INTO A JOINT VENTURE FOR A LONG TERM ACUTE CARE HOSPITAL
WHEREAS, the Medical Center of the University of Virginia believes a number of its patients who are receiving inpatient care could benefit by moving to a long term care facility; and
WHEREAS, Section 23-77.3 of the Code of Virginia grants authority to the Medical Center to enter into joint ventures;
RESOLVED that the University, on behalf of the Medical Center, may enter into a joint venture with HealthSouth Corporation to create a long term acute care hospital to be located in Albemarle County, with the Medical Center's interest in the long term acute care hospital venture to be fifty percent;
RESOLVED FURTHER that on the recommendation of the Vice President and Chief Executive Officer of the Medical Center, and with the concurrence of the Chair of the Medical Center Operating Board and the Chair of the Finance Committee, the Executive Vice President and Chief Operating Officer of the University is authorized to negotiate and execute contracts and other legal documents pertaining to the creation and formation of the long term acute care hospital venture.
| Board of Visitors minutes June 9, 2006 | |