 | Board of Visitors minutes February 9, 2007 |  |
APPROVAL OF NEW LEVELS FOR LECTURESHIP AND LIBRARY FUNDS ENDOWMENT AND FOR A CHANGE OF NAME IN THE LIBRARIES
(approved by the External Affairs Committee on January 23, 2007)
WHEREAS, all endowment levels must be approved by the Board of Visitors; and
WHEREAS, the Vice President for Development and Public Affairs, in close collaboration with University deans and administrators, has proposed new minimum levels for establishing Book Funds and Lectureships, levels which are in line with the actual costs of funding these endowments, and has further proposed a name change from Book Funds to Library Funds; and
WHEREAS, the University administration recommends approval of the proposed new minimum endowment levels and the name change; and
RESOLVED that the new minimum endowment levels for lectureships, and name change in the libraries, as set forth below, are approved and adopted, and will take effect July 1, 2007:
| Old Name/Level | New Name/Level |
| Book Funds/$10,000 | Library Funds/$50,000 |
| Lectureships/$50,000 | Lectureships/$100,000 |
On approval by the Board of Visitors, the new levels will go into effect University-wide on July 1, 2007. All Library Funds and Lectureship endowment agreements executed after June 30, 2007, will be at the new levels. Library Funds and Lectureships created, but partially funded, prior to July 1, 2007, will be grandfathered in at the old level.
Note that exceptions to the new minimum Library Funds and Lectureship levels will be considered on a case-by-case basis by the Gift Policy Committee and/or the President of the University.
| Board of Visitors minutes February 9, 2007 | |