University of Virginia Library

ALLOTMENT OF INCOME FROM THE ROBERT C. TAYLOR BEQUEST

The President announced that the University would receive in the very near future a substantial
gift from the estate of the late Robert C. Taylor. He presented a plan by which the income from the
Taylor Bequest, the principal of which was approximately three and one-half million dollars, would be
allocated as follows: (1) the income from two and one-half million dollars to be assigned to the
supplementation of the salaries of distinguished professorships, (2) the income from one million
dollars, or as much thereof as would be needed, to support a very desirable disability insurance
plan for the University faculty, and (3) the remaining income, if any, to be used for scholarships

The President stated further that he had been approached by an anonymous donor who had indicated
an interest in making a gift to the University of approximately one and one-quarter million dollars
for the supplementation of faculty salaries for distinguished professorships, provided the Board of
Visitors would earmark the income from two and one-half million dollars of the Taylor Bequest for the
same purpose. The anonymous donor had also informed the President that he expected in the future to
make additional gifts to the University for this same purpose if the Board saw fit to act in accordance
with his proposal

Accordingly, the President proposed and, after discussion, the Board adopted the following
resolution

RESOLVED by the Board of Visitors of The Rector and Visitors of the University of Virginia that
the income from the Robert C. Taylor Bequest, the corpus of which is approximately three and one-half
million dollars ($3,500,000), shall be assigned as follows: (1) the income from two and one-half
million dollars ($2,500,000) shall be devoted to the supplementation of faculty salaries by the
establishment of additional special professorships for distinguished members of the faculty upon the
understanding that an anonymous donor intends to designate for the same purpose the income from an
initial gift of approximately one and one-fourth million dollars ($1,250,000) and the income from
such additional gifts as he may make to this fund, (2) the income from the remaining one million
dollars ($1,000,000) of the Taylor Bequest, or as much thereof as may be needed, shall be used to
finance a TIAA disability insurance program for the faculty, and (3) any income remaining shall be
devoted to regional scholarships