University of Virginia Library

RATIFICATION OF THE ACTIONS OF THE FINANCE COMMITTEE

The following resolution was adopted:

• RESOLVED by The Rector and Visitors of the University of Virginia that the determination of the Finance Committee that faculty mortgages should be considered a part of the fixed income portion of the Consolidated Endowment Funds and requesting State-Planters Bank of Commerce and Trusts, at propitious times, to dispose of other fixed interest securities held in Account No. 1868 be and the same hereby is approved, ratified, and confirmed;
• RESOLVED FURTHER that the Finance Committee is authorized and directed to develop a method of releasing the funds invested in faculty mortgages by borrowing against said mortgages or selling the same in order that a more effective investment use may be made of such funds. To this end, said Committee is authorized to take such action as it may deem requisite or necessary, including, without limitation, the employment of counsel and, if need be, to seek amendatory legislation;
• RESOLVED FURTHER that the Finance Committee is hereby authorized and directed to transfer an amount not exceeding 5% of the Consolidated Endowment Funds presently held in Account no. 1868 at State-Planters Bank in which faculty mortgages are deemed to be included, to an account to be created at State-Planters Bank to be known as the "Special Situations Account." The investments in said "Special Situations Account" shall be made by State-Planters Bank and thereafter written approval of the members of the Finance Committee shall be obtained; and
• RESOLVED FURTHER that the action of the Finance Committee in undertaking to make up from realized capital gains any loss of endowment income resulting from the transfer of funds to the "Special Situations Account" is hereby approved, ratified, and confirmed.