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 | Board of Visitors minutes October 4, 1980 |  |
3. By purchase
- (a) Before purchasing real estate as endowment assets, the
Vice President for Business and Finance will:
- (1) Obtain expert advice as to whether the real
estate should be acquired and to assist in the
University's development of a written plan for
management of the property. The plan, as it may
be revised from time to time, will accompany the
recommendations that follow.
- (2) Obtain two appraisals of the property.
- (1) Obtain expert advice as to whether the real
estate should be acquired and to assist in the
University's development of a written plan for
management of the property. The plan, as it may
be revised from time to time, will accompany the
- (b) The recommendation of the Vice President for Business and Finance, with the advice of the Legal Adviser, will be submitted to the President for approval.
- (c) The President's recommendation will be submitted to the Finance Committee of the Board for its review and recommendation to the Board of Visitors for approval.
- (d) The Board of Visitors' decision, if to purchase the property, will be submitted to the Division of Engineering and Buildings for its review, and for approval by the Governor or his delegate under Section 2.1-507 of the Code of Virginia.
| Board of Visitors minutes October 4, 1980 | |