University of Virginia Library

REPORT ON ACTIONS OF THE EXECUTIVE COMMITTEE

The following resolutions were adopted by the Executive Committee between the October and present meetings of the full Board; they required no further action and are listed here as a matter of record:

(a) ASSIGNMENT OF PAVILION IV, EAST LAWN (October 18, 2002)

RESOLVED that Pavilion IV, East Lawn, be assigned to Mr. Larry J. Sabato. The assignment, to be effective in the winter of 2003, will be for five years with an option, upon application, of renewal for a second five years. The assignment is made in accordance with the terms of the Board of Visitors' Pavilion Assignment Policy.

(b) APPROVAL OF COLLEGE AT WISE TUITION SURCHARGE FOR 2002-2003 (November 26, 2002)

WHEREAS, the 2002-2003 College at Wise budget approved by the Board of Visitors reflects reductions in the general fund appropriation of $675,791; and

WHEREAS, the College at Wise Advisory Board recommends the implementation of a tuition surcharge;

RESOLVED that The University of Virginia's College at Wise apply a tuition surcharge for the Spring 2003 semester in the amount of $200 for full-time students and prorated for part-time students.

RESOLVED FURTHER that the College at Wise use approximately $50,000 of the revenue generated by the tuition surcharge for financial aid to students demonstrating increased need as a direct result of the application of the surcharge.

(c) APPROVAL OF FACULTY RETIREMENT INCENTIVE PROGRAM (December 9, 2002)

WHEREAS, the University's General Fund appropriation for 2002-2004 has been reduced by $93.5 million and additional reductions may be imposed; and

WHEREAS, in response to budget reductions, the University is investigating all available means to reduce operating expenses, including expenses for personnel; and

WHEREAS, it is essential that management has the necessary tools to make prudent changes in their operations; and

WHEREAS, §4-6.01.m.1 of the 2002 Appropriations Act requires that the total cost in any fiscal year for any compensation plan associated with retirement incentive plans "shall be set forth by the governing body in the compensation plan for approval by the Governor and review for legal sufficiency by the Office of the Attorney General".

RESOLVED by the Executive Committee of the Board of Visitors, that the Separation Incentive Program for Faculty (shown in Attachment B) be approved; and

RESOLVED FURTHER that the cost of the program in any fiscal year shall not exceed $2 million; and

RESOLVED FURTHER that the Executive Vice President and Chief Operating Officer is authorized to amend the details of the Separation Incentive Program for Faculty as necessary based on the review by the Attorney General and the Governor; and

RESOLVED FURTHER that the Board of Visitors reserves the right to modify, amend or repeal the Program at any time.

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The Board of the University of Virginia Investment Management Company (UVIMCO), meeting on December 12, 2002, took the following actions; these do not require the approval of the Board of Visitors and are listed below as a matter of record:

Investment of up to $50million with Sun Capital Partners

Investment of $5million with SuttonBrook Capital Management

Approval of a program of investing up to $30million in secondary interests in select private equity partnerships

Approved the expansion of the farm team to include Absolute Return managers

Approved the proposed changes to the General Faculty and Medical Center Retirement Plan, including the addition of the Vanguard Group to the program

Approved the revised guidelines for the General Faculty and Medical Center Retirement Plan.