 | Board of Visitors minutes October 4, 2003 |  |
GIFTS AND GRANTS
The President then made his customary Gifts and Grants Report.
Private giving to the University and its related foundations was $261.9million for the fiscal year that ended June 30th; this is an increase of $6.9million over the previous fiscal year and is a new record for philanthropic support at the University. The figure for the first two months of the current fiscal year, which is to say through August 31st, is $20.9million, an increase of 92.4% over the comparable period last year.
Some significant gifts received since the May Board meeting include an anonymous $5million pledge payment toward the McIntire Building Campaign Fund; a $4million gift in kind of a 20% undivided interest in a First Edition of the First Printing of the Declaration of Independence; $3million from the Estate of Paul Mellon for the Paul Mellon Prostate Cancer Institute Fund in the School of Medicine; $2.5million in pledge payments for the University of Virginia Concert and Marching Band, the Performing Arts
On motion, the Board accepted the Gifts and Grants Report.
- - - - - - - - - - - -The Board recessed, as the full Board, at 10:45 a.m., to hear reports from the Committees —' the Minutes of these reports are published as Committee Minutes.
- - - - - - - - - - - -The Board went to lunch at Clark Hall at noon for the dedication of the Science Library.
- - - - - - - - - - - -The Board resumed meeting as the full Board at 1:50 p.m., in the East Oval Room of the Rotunda; all Members present at the morning session were there, save Mr. Farrell.
After approving the following motions to go into Executive Session, the Board went into Executive Session at 1:55 p.m.:
That the Audit Committee of the Board of Visitors of the University of Virginia go into Executive Session to discuss and seek the advice of our General Counsel with respect to the Auditor's evaluation of specific University departments, which will also involve discussion of the performance of University managers and personnel; and, in the case of the Medical Center, will involve consideration of personnel performance and regulatory compliance involving the Medical Center's proprietary business-related information at the Medical Center where disclosure at this time would adversely affect the competitive position of the Medical Center. This action is provided for in Section 2.2-3711 (A) (1), (7) and (23) of the Code of Virginia.
That the Board of Visitors of the University of Virginia go into Executive Session for the purpose of discussing personnel matters pertaining to the appointment, assignment, reappointment, promotion, performance, compensation, discipline, separation and resignation of specific employees of the University of Virginia; as provided for in Section 2.2-3711 (A) (1) of the Code of Virginia.
That the Board of Visitors go into Executive Session to confer with General Counsel and be advised on pending and anticipated litigation risk affecting the University, as provided for in Section 2.2-3711 (A) (7) of the Code of Virginia.
That the Finance Committee of the Board of Visitors go into Executive Session to discuss both the acquisition and disposition of real estate for the University, as well as to consult with Legal Counsel in such matters as may be appropriate, where disclosure at this time would adversely affect the University's bargaining position and negotiation strategy, as provided for in Section 2.2-3711 (A)(3), (6), and (7) of the Code of Virginia.
That the Board of Visitors of the University of Virginia go into Executive Session to discuss fund-raising and specific gifts and pledges for the arena and University operations; to discuss endowment investment options and strategies, and to confer with Legal Counsel on the University's legal authority in such matters including the marketing and licensing terms for arena suites, where disclosure at this time would adversely affect the University's financial interests; as provided for in Section 2.2-3711 (A)(6), (7), (8), and (30) of the Code of Virginia.
The Board resumed in Open Session at 4:00 and adopted a resolution attesting to the legality of its Executive Session discussions.
Mr. Rector, I move that we vote on and record our certification that, to the best of each Board member's knowledge, only public business matters lawfully exempted from open meeting requirements and which were identified in the motion(s) authorizing the closed session, were heard, discussed or considered in closed session.
The Board recessed at 4:00 and resumed its meeting, in Open Session, at 4:10 in the Dome Room of the Rotunda. Present were all Members in attendance earlier in the afternoon.
The Board adopted the following resolutions:
| Board of Visitors minutes October 4, 2003 | |