University of Virginia Library

TRANSFER OF BALANCE IN CONNECTICUT GENERAL LIFE INSURANCE
FUND

From 1946 through February 1964, Mary Washington College administered a group hospitalization insurance program and offered faculty and staff a payroll deduction plan for the purposes of paying monthly premiums. Over the life of the fund a small balance accumulated as the result of interim premium payments for new members of the program. Similarly a balance has been created as a result of terminations during the middle of a month for which a full month premium was paid. To the best of our knowledge all premiums have been paid and all refunds returned. There has been no activity in the fund since February 1964. At present a similar hospitalization program is offered to all employees of the Commonwealth by Blue Cross-Blue Shield.

In the past two financial audits a representative from the Office of the Auditor of Public Accounts has discussed the matter of the balance with us and feels that the fund can be dissolved with the proper action of the Board.

These comments serve as an introduction to the resolution which follows:

The following resolution was adopted:

• RESOLVED by The Rector and Visitors of the University of Virginia that Mary Washington College be and it is hereby authorized to dissolve the Connecticut General Life Insurance Fund, which is maintained in the books of account at Mary Washington College at a cash balance of $199.48, and to transfer this balance to the Consolidated General Endowment Revenue Fund of Mary Washington College also maintained in the books of account at the College.