University of Virginia Library

TAYLOE MURPHY INSTITUTE

The President reminded the Board of the adoption of the resolution at its meeting on 6 February
1965 establishing the Tayloe Murphy Institute. After consultation with the anonymous donors, the
President stated that the donors have asked that the size of the Council be increased in membership
from 11 to not to exceed 23 members, thereby giving greater flexibility. Also, the President noted
the need to make a correction by changing the figure of $600,000 in the first paragraph to a value
in excess of $1,000,000.

Accordingly, the resolution was amended and reenacted as follows:

RESOLVED by the Board of Visitors of The Rector and Visitors of the University of Virginia
that the Tayloe Murphy Institute be and it is hereby established at the University of Virginia in
recognition and appreciation of the great public service and of the unfaltering support of the
Graduate School of Business Administration of the late W. Tayloe Murphy of Warsaw, the purpose of
this Institute to be to conduct studies and investigations of problems having to do with the development
of the Commonwealth of Virginia that are likely to contribute to the industrial and commercial
development of Virginia, this Institute to be supported by endowment funds now valued in excess of
$1,000,000 previously received from anonymous donors and by additional endowment funds as provided
below.

RESOLVED FURTHER that the Institute shall not become operative until matching gifts in the
amount of at least $600,000 be received and added to the special endowment fund held for the University
of Virginia for the Tayloe Murphy Institute by the Virginia National Bank in Norfolk, the income
from which is to be used for the same purpose as the income from the gift of the anonymous donors,
with the operative date of the Institute to be certified by the President when the additional matching
gifts in the amount of $600,000 have been received,

RESOLVED FURTHER that the Dean of the Graduate School of Business Administration shall be the
Director of the Tayloe Murphy Institute and shall be assisted by a council composed of not more than
23 members, 2 of whom shall be the Rector and the President of the University, serving as ex officio
members, to be appointed by the Board of Visitors on the nomination of the President and the Dean of
the Graduate School of Business Administration for three-year terms so arranged as to provide for the
termination of one-third of the members' terms each year, and no appointive member shall be eligible
for more than two consecutive terms, and,

PROVIDED FURTHER that, as Director of the Institute, the Dean of the Graduate School of Business
Administration shall make on behalf of the Council an annual report to the President of the University
upon the work of the Institute, including a summary of the income and expenditures of the Institute
for the year and the proposed budget for the ensuing year, and that the income of the Institute
shall not be obligated to support ordinary operating expenses of the Graduate School of Business
Administration.