University of Virginia Library

---

4611

RESOLUTION APPROVING THE ESTABLISHMENT OF THE UNIVERSITY OF
VIRGINIA FOUNDATION

• The following resolution was adopted:
  WHEREAS, it is proposed a new foundation be established to perform the functions of the University of Virginia Real Estate Foundation among other prescribed purposes:
• WHEREAS, it is proposed that the new foundation be named the "University of Virginia Foundation," be organized as a Section 501(c)(3) Virginia nonstock corporation solely and exclusively for the benefit of the University of Virginia, and be operated to fulfill the following purposes:
• ◦ provide administration services to University entities, University-related foundations, or other entities which are involved in activities in support of the University;
• ◦ engage in any and all matters pertaining to real property for the benefit of the University;
• ◦ use and administer gifts, grants, bequests and devises for the benefit of the University; and
• ◦ engage in any and all lawful activities consistent with the corporate charter;
• WHEREAS, it is further proposed that the University of Virginia Real Estate Foundation become a subsidiary of the newly-created University of Virginia Foundation; and
• WHEREAS, in accordance with the Policy on University-Related Foundations, the Board of Visitors has reviewed the purposes of the University of Virginia Foundation, its proposed organizational format, the scope of its activities, and the provision for representation of the Board and of the President on the Foundation's governing board;
• RESOLVED that the establishment of the University of Virginia Foundation be and is hereby approved subject to the Foundation's and its subsidiary's continued compliance with the requirements of the Policy on University-Related Foundations; and
• RESOLVED FURTHER that the organization and operation of the University Real Estate Foundation as a subsidiary of the University of Virginia Foundation be and is hereby approved.

---

4612

On motion, the meeting adjourned at 3:30 p.m.