 | Board of Visitors minutes February 7, 1997 |  |
AUTHORIZATION TO TRANSFER ENDOWMENT FUNDS FROM THE GROWTH AND INCOME FUND TO THE BALANCED FUND WHEN THE INCOME IS NEEDED FOR FACULTY SALARY INCREASES
The following resolution was adopted:
- WHEREAS it is the intent of the Finance Committee to facilitate to the maximum extent practicable the use of appropriate endowment income in support of the faculty salary plan approved by The Board of Visitors on November 9, 1996; and
- RESOLVED that any restricted endowment fund now invested in the Growth and Income Fund may be transferred to the Balanced Fund upon approval of the Executive Vice President and Chief Financial Officer provided that the donor's restrictions allow for at least part of the income to be used to support faculty salary increases; and
- RESOLVED FURTHER that the Executive Vice President and Chief Financial Officer is authorized to transfer from the Growth and Income Fund to the Balanced Fund any unrestricted endowments provided at least part of the income is to be used to support faculty salary increases; and
- RESOLVED FURTHER that all transfers will be reported to the Board at its regularly scheduled meetings.
| Board of Visitors minutes February 7, 1997 | |