University of Virginia Library

APPROVAL OF THE MANAGEMENT AGREEMENT PURSUANT TO SUBCHAPTER 3 OF THE RESTRUCTURED HIGHER EDUCATION FINANCIAL AND ADMINISTRATIVE OPERATIONS ACT

WHEREAS, the Restructured Higher Education Financial and Administrative Operations Act includes a provision titled Subchapter 3, Alternative Authority for Covered Institutions (23-38.91 et seq.), which sets out the requirements for a public university or college of the Commonwealth to gain the greatest degree of authority over financial and administrative operations, subject to certain accountability, audit and reporting measures specified by the General Assembly of Virginia;

WHEREAS, on June 11, 2005 the Board of Visitors passed a resolution stating that the University is qualified to be, and should be, governed by the authorizations and requirements set forth in Subchapter 3 and as may otherwise be prescribed by applicable law; and

WHEREAS, in that same resolution the Board of Visitors of the University attests to the ability of the institution to manage successfully its administrative and financial operations without jeopardizing its financial integrity and stability; and accordingly authorized the University President and the Executive Vice President and Chief Operating Officer to enter into negotiations with the Governor to develop a management agreement with the Commonwealth as provided for in the Act that will grant the greatest degree of financial and managerial autonomy to the University as provided in Subchapter 3,

RESOLVED, the Board of Visitors approves the management agreement negotiated by the University for the benefit of the Academic Division, the Medical Center, and the College at Wise; and

RESOLVED FURTHER, the Board of Visitors authorizes the President and the Executive Vice President and Chief Operating Officer, with the concurrence of the Rector, to continue negotiations and to finalize the management agreement prior to November 15, 2005.

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On motion, the meeting was adjourned at 12:50 p.m.