University of Virginia Library

APPROVAL TO ESTABLISH A JOINT VENTURE CORPORATION BETWEEN
THE UNIVERSITY OF VIRGINIA MEDICAL CENTER AND THE
UNIVERSITY OF VIRGINIA HEALTH SERVICES FOUNDATION

The following resolution was adopted:

• WHEREAS the Medical Center and the Health Services Foundation have reviewed issues associated with remaining competitive in the changing health care market; and

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• WHEREAS the recommendation of the management of these two organizations is that it would be desirable to form partnerships among the two organizations, other providers and businesses, and to allow the institution to respond quickly to marketplace opportunities; and
• WHEREAS the 1994 Commonwealth of Virginia legislation pertaining to the operations of the Medical Center (Section 23-77.3 of The Code of Virginia) grants authority to create joint ventures; and
• WHEREAS it is proposed that the University and the Foundation jointly form a new corporation to conduct activities that are externally oriented and require partnerships between the Medical Center and the Health Services Foundation and potentially other partners;
• RESOLVED that the University participate with the Health Services Foundation in establishing a non-profit corporation subject to the University's Policy on University-related Foundations and any other provisions that the President deems appropriate to monitor the activities of the corporation, to offer new services and enter into partnerships with other organizations to provide health care services in the region;
• RESOLVED FURTHER that the University invest $4,000,000, from the Medical Center to capitalize the corporation;
• RESOLVED FURTHER that The Executive Committee and the Health Affairs Committee of the Board of Visitors be authorized to approve articles of incorporation, by-laws and any additional items associated with creation of the corporation, including composition of the corporation's board of directors.