University of Virginia Library

DEVELOPMENT FUND

Mr. Anderson reported that the total collections of the Development Fund had passed the
$400,000 mark.

He presented the proposed changes in the objectives of the University of Virginia Development
Fund, which were unanimously adopted. These changes are as follows:

1. Alumni Memorial Hall

The reading has been changed from "The costs are $300,000 for estimated
construction, $200,000 for equipment and initial operation; a total of $500,000." -
to read "The estimated need for building, endowment, and equipment is $500,000."

2. Supplementary Faculty Salaries

Has been changed from "For supplementary faculty salaries, an endowment
fund of at least $5,000,000, to be sought over a 20-year period, is now projected.
For the first year's needs the amount is one-twentieth, or $250,000." - to read
"For the first year of a long-term period it is proposed to utilize gifts totaling
$250,000 to supplement faculty salaries."

3. A University Press

The change is from "For the University Press there is needed $500,000." -
to "To establish the Press will require a $500,000 endowment."