Board of Visitors minutes :: April 6, 1973 :: University of Virginia Library

Mr. William S. Potter, Chairman of the Finance Committee, reported that the recently enacted Uniform Management Act removes some restrictions on the procedures for handling endowment funds, and that under the Act the Board would be able to manage funds more effectively. He also reported that new appraisals are being sought for the Seward Forest Property.

Mr. Potter also reported that the University is holding some $900,000 in stock in the Equity Funding Corporation, a stock suspended in trade on March 27, 1973. The University's agent had effected a sale of the stock on March 26, but the broker refused to honor the sale. Mr. Potter expressed hope that the University may avoid the loss of the entire amount.

Mr. Lawrence Lewis, Chairman of the Buildings and Grounds Committee, reported that his Committee had discussed the proposals of the State Highway Department with respect to Route 50 in some detail, and had raised questions about the fence and stone wall located on the Blandy Farm property in question. The Committee recommended that the President be authorized to negotiate further with the Highway Department.

Mr. C. Waller Barrett, Chairman of the Educational Policy Committee, reported that his Committee had heard a report on admissions. Though the number of applications runs over seven percent below the figure for last year, the quality of applicants for the next session is very high. The Committee also heard a report on faculty tenure, indicating that in the University about 63 percent of the faculty are tenured, and that the percentage is higher in the Law School and the Medical School.

Mr. Lawrence Lewis, Temporary Chairman of the Student Affairs and Athletics Committee, acting for Mr. W. Wright Harrison who was absent, reported that his Committee is scheduled to hear a final report from its subcommittee on Student Activity Fund Allocations at the June 1973 meeting. He also advised that the Committee had a long session with Mr. Larry S. Carlisle and his attorney, Mr. Waverly Parker, appealing the funding of the activities of three student organizations.

Dr. J. Hartwell Harrison, Chairman of the Health Sciences Committee, advised that his Committee recommends the immediate release to the press of the 1972 Report of the Hospital Accounts Committee. Dr. Harrison also reported that the size of the entering class in the Medical School will be increased this fall from 120 to 126 students, and that a newly approved curriculum will shorten the degree program by one month.

The Rector reported that the Special Committee on the Nomination of a President is organized as follows:

Mr. Joseph H. McConnell, Chairman
Mr. C. Waller Barrett
Dr. J. Hartwell Harrison
Mr. W. Wright Harrison
Mr. Lawrence Lewis, Jr.
Mr. William S. Potter
Mr. Donald E. Santarelli

Mr. Weldon Cooper is serving as Secretary of the Special Committee on the Nomination of a President. The Committee will meet on April 16 with the faculty committee and the student committee. The Rector urged that matters affecting the search be kept confidential.