University of Virginia Library

PRESIDENT'S COMPENSATION AND BENEFITS

The Finance Committee proposed and the Board adopted the following resolution:

RESOLVED by the Board of Visitors of The Rector and Visitors of the University of Virginia
that the resolution adopted by the Board at the called meeting on 16 October 1964 be and it is
hereby amended and reenacted as follows:

RESOLVED by the Board of Visitors of The Rector and Visitors of the University of Virginia
that (1) effective 1 July 1964, there shall be provided to the President a fund in the annual
amount of $2,500 from local funds to be used for the maintenance, replacement, and upkeep of the
furnishings of the President's House at Carr's Hill, the fund to be expended as approved by the
President and to be cummulative with the unexpended amounts in any fiscal year to be carried
over and made available for expenditure in future years, (2) effective 1 July 1964, $5,140 shall
be set aside from local funds annually to purchase an insurance policy for the President which
will provide life insurance coverage prior to the retirement of the President at age 65 and
which will have a cash surrender value at age 65 sufficient to provide for the President a
10-year annuity of approximately $15,000 per year, dependent upon income yields which cannot
be guaranteed by any insurance company, as well as certain disability coverage, the above
program to be accomplished by an agreement prepared by the R. P. Burroughs Co., actuarial
consultants, between the University of Virginia and the President, which shall be implemented
by the purchase of a suitable annuity from an insurance company upon the recommendation of the
R. P. Burroughs Co., subject to the agreement being approved by the University's Special Counsel,
and (3) it is the consensus of this Board that the President's annual salary shall be increased
to $25,000, effective 1 July 1964, and to $28,000, effective 1 February 1966, and the Rector and
Visitors Blanton and Walker be and they are hereby directed to confer with the Governor to
obtain, if possible, the full amount of this salary from State funds and, if not possible, the
Comptroller of the University be and he is hereby directed to supplement the amount available
from State funds in order that the President's annual salary may, effective 1 July 1964, be
$25,000, with an increase to $28,000, effective 1 February 1966.