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RESOLVED, That the Rector and Visitors of the University
of Virginia officially sanction the request by the President of
the University, made to the International Education Board for
the appropriation of $175,000, for the development of graduate
instruction and research in the chemical, physical, and biological
sciences. It will be the purpose of the Rector and Visitors to
undertake to do all in their power to carry out the tentative
apportionment of the sums voted by the Board in accordance with
the following plan:

At a meeting of the members of the Board of Trustees
of the International Education Board held May 25, 1928, the officers
presented your letter of February 2, 1928, in which, on behalf of
the trustees of the University of Virginia, you request the Board's
cooperation in strengthening and stimulating research in the physical
and biological sciences. It was observed that in addition to sums
now available, annual sums approximating $45,000 would be required
eventually to carry out your program of development in chemistry,
physics and biology, and that there was reasonable assurance that beginning
with the fiscal year July 1, 1930, the authorities of the
University would be in position to provide annually increasing sums
for this purpose, so that within a period of from five to seven years
the University would be able to assume the increased annual expenditure
of $45,000.

I have the honor to inform you that the Board acted favorably
on your request and authorized the executive officers, in their discretion,
to commit the Board to an appropriation to the University of
Virginia, Charlottesville, Virginia, of a sum not to exceed $175,000
for the development of graduate instruction and research in the physical
and biological sciences in general conformity with the plan outlined
above, the Board's appropriation to be available over a period of not
more than seven years.

The amount to be made available each year is to be determined
by the executive officers after conference with the University authorities.
Below I give the tentative apportionment of the sums voted by the Board:

I should like to be informed if the request to the International
Education Board for this assistance has been officially sanctioned by the
trustees of the University. Upon receiving word to this effect, the
officers are prepared to make available the sum required for 1928-1929.

RESOLVED, That the Rector and Visitors of the University
accept the resignation of Professor James R. McKeldin, Assistant
Professor of Philosophy. Professor McKeldin has carried
forward his work with ability and energy, and the Rector and
Visitors wish him continued success in his new field.

RESOLVED, By the Rector and Visitors, that the President
of the University, in consultation with the Deane and Committees
appointed by the President from the staff, be empowered during the
summer to employ those professors who have been authorized by the
Board, but who have not yet been selected. It is understood that
all actions of the President and Committees will be brought to the
Board for ratification at its next meeting.

Charles N. Hulvey, M.S., LL.B., Assistant Professor to Associate
Professor of Commercial Law. His salary remains unchanged,
$3,050, but he is to be relieved of the correction of papers
in the Law School, which means an addition to the College
Budget of $1200.

Alexander Vyssotsky, Ph.D., Instructor to Assistant Professor of
Astronomy, at a salary of $2,500.

Piet Van de Kamp, Ph.D., Instructor to Assistant Professor of
Astronomy, at a salary of $2,500.

The following special appropriations were authorized:

The New Buildings Committee met on this date at the Colonnade
Club at 3 o'clock with Messrs. Rinehart, Scott, McIntire, Hull, and
Williams present. There were also present Mrs. Munford and Judge
Carson, and President Alderman.

The Architects presented preliminary plans for the proposed
dormitories and academic building, which were examined and discussed,
after which the whole group visited the proposed sites for the
respective buildings.

RESOLVED, That the locations selected for the proposed
dormitories on the western slope of Monroe Hill and for
the academic building on the site of the Mallet House, be
and are hereby approved, subject to minor changes in
location.

RESOLVED, That the plans for the dormitories be approved
in general, and the architects are requested to submit
final plans after a further detailed study, to the Committee,
for approval and adoption.

RESOLVED, That the preliminary plans for the academic
building be approved in general, with the understanding
that a further study be made of the needs for offices and
lecture rooms, submitting final plans to the Committee for
approval and adoption.

RESOLVED, That as soon as the final plan for the new
dormitories and academic building are received and approved by the
New Buildings Committee, they are hereby authorized to secure bids
for the erection of the same and if they be within the sum appropriated
for the respective buildings, they be empowered to let the
contracts therefor and proceed with their erection.

Whereas, This Board had allocated certain parcels of
land for erection of fraternity buildings, located on the
Towles and Barracks Roads on the northwest side of the Monroe
Hill, and

Whereas the locations for the proposed dormitories will
take up the sites for the fraternity houses, therefore be it

Resolved, That the said sites be withdrawn and that the
Buildings & Grounds Committee be requested to investigate
other suitable sites for fraternity houses and report to this
Board for action.

After mature reflection upon the proposal to create the
office of Business Manager of the University of Virginia, I have
formed the judgment that, at least for the immediate future, it is
the part of wisdom to vest the duties of this officer in the person
of the Assistant to the President.

There are many reasons in support of this judgment, which I
will give if called upon, but I think it particularly important in
view of the fact that time is essential in order to more clearly
and accurately define the duties of this proposed new officer.

The Assistant to the President would assume responsibility
under the President for the supervision of the Superintendent of
Buildings and Grounds, the Superintendent of the Hospital, the
Superintendent of the Cafeteria, and such other managerial duties
as the President or the Rector and Visitors may from time to time
delegate to him.

I beg to recommend for the consideration and the action of
the Rector and Visitors the following resolutions:

Resolved first, that J. L. Newcomb, Assistant to the
President be and is hereby directed to
assume on July 1, 1928, the managerial duties outlined
above.

Resolved second, that he he and is hereby directed to
employ a Superintendent of Buildings
and Grounds as a successor to Dr. W. A. Lambeth, at a
salary not in excess of $4,000 per annum.

Resolved third, that on account of these added duties
his salary as Assistant to the President
be increased from $1500 to $3000 per annum.

Resolved, fourth, that the Assistant to the President
he, and he is hereby directed, to make
a report to the President for transmittal to the Rector
and Visitors of his managerial duties after one year of
service. In the report he should make recommendations
concerning a more accurate definition of the duties of
a business manager.

REPORT OF THE FINANCE COMMITTEE
TO THE BOARD OF VISITORS OF THE UNIVERSITY OF VIRGINIA
As of May 25th, 1928

The largest single maturing investment included above, was an item of
$103,600 School & College 6% Certificates which were called for payment by the
State of Virginia at par on January 1, 1928. $100,000 of these were held in the
Corcoran Fund. To replace this large investment at a time when high grade bonds
were selling at prices which returned lower yields than for many years past, of
course, worked a hardship upon the University. It was necessary to accept a
lower return in order to obtain anywhere nearly commensurate safety.

Investments sold and matured during the year netted us a profit of
$2,886.83 over their book value to us. Of this amount the largest item $1,656.45
was a profit on the sale of 12 shares of Stock of the Rossia Insurance Company.
Ten shares of thos stock was taken over by us from the estate of Arthur W. Austin
at the then market price and the remaining two shares we subscribed to under
rights issued to us as holders of the above ten shares.

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We have received during the year in securities the following additional
donations and bequests:

Total endowment funds under our direction in the various funds at their
book value (i.e. cost to us or market price at the time they were given to the
University) are $2,108,000. These holding have a present market value of
$2,392,000. or $284,000 greater than their cost.

The funds are invested as follows:

The current income is $117,412.50 which is a return of 5.6% on the cost
price or $4.90% on the market value of the endowment.

We have been most fortunate in recent years in receiving several large
bequests in the form of excellent investment stocks. While we would not have felt
justified in buying this class of security for the funds, it has seemed wise to
hold the stocks thus given us and we have been rewarded by material advances in
the value of many of them. The University has thus been able to participate in
the fruits of the country's industrial prosperity.

RESOLUTION PROPOSED FOR THE BOARD OF VISITORS OF THE
UNIVERSITY OF VIRGINIA AT ITS MEETING ON JUNE 11, 1928.

WHEREAS, the Alumni Board of Trustees of the University
of Virginia Endowment Fund held its annual meeting, as provided by
law, on the 24th day of April, 1928, being the day preceding that
fixed by this Board to determine its expenditures for the succeeding
year, and

WHEREAS, the said meeting was attended by three members
of the said Board, and had before it the resignations of two other
members, and

WHEREAS, under the section of the certificate of incorporation
of the Alumni Association of the University of Virginia
relating to the said Alumni Board of Trustees it is provided that
under certain circumstances votes may be given in writing, and under
the impression that said section was applicable, the three members of
the Board present proceeded to hold the meeting, and the minutes of
their action have been submitted to and approved by the two remaining
members of the Board, and have thus received the unanimous approval of
all the members of the Board at the time said meeting was held, other
than the two resigning, and

WHEREAS, the said section of the certificate of incorporation
further provides that votes by mail may not be cast at the
annual meeting, and that four affirmative votes are required to support
the action of the Alumni Board of Trustees; and

WHEREAS, the said section further provides that in the
event the Alumni Board of Trustees fails to hold its annual meeting on
the day preceding that fixed by the Board of Visitors to determine the
expenditures for the succeeding year, the net annual income of its fund
shall be expended as the Board of Visitors of the University may direct;
and

WHEREAS, it is the desire of the Board of Visitors that
the intention of the Alumni Board of Trustees, evidenced as aforesaid,
be carried out;

THEREFORE, BE IT RESOLVED, by the Board of Visitors of the
University of Virginia that it approves and hereby re-enacts and adopts
as its own resolutions, the resolutions taken and adopted by the three
members of the Alumni Board of Trustees at the meeting held by them on
April 24, 1928, which resolutions are in the words and figures following,
to-wit:

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RESOLVED, That the net income from the Centennial
Endowment Fund, for the fiscal years 1928-29, over
and above expenses of administration, handling and accounting,
and any amounts which may be set aside for the
purpose of amortizing the premiums of any securities
purchased at a premium, be and the same is hereby appropriated
as follows:

1. To the Alumni Association of the University
of Virginia, to be paid as and when authorized by the
Treasurer, the sum of Three Thousand Dollars ($3,000).

2. To the University of Virginia for its
general purposes, the sum of Twenty-two Thousand Dollars
($22,000), payable in equal quarterly installments.

3. To the University of Virginia to provide
for the special purposes designated by certain donors to
the Centennial Endowment Fund, Three Thousand Dollars
($3,000), or so much thereof as may be necessary.

4. The entire balance of the net income,
including any unexpended balances from the appropriations
herein before made, is hereby appropriated for such purposes
as may be determined upon by the President of the
University, and is to be paid out by the Virginia Trust
Company from time to time on the written instructions of
of the President, provided that at the next annual meeting
the President shall make a report to the Board of the
purposes or purposes so determined upon by him, and the
amounts expended therefor.

RESOLVED, that the net income from the Jefferson
Memorial Fund (the old Endowment) for the fiscal year 1928-29,
over and above expenses of administration, handling and accounting,
and any amounts which may be set aside for the purpose of amortizing
the premiums of any securities purchased at a premium, be and the
same is hereby appropriated as follows:

• 1. To the Virginia Quarterly Review, the sum of
  One Thousand Dollars ($1,000), payable to the
  Business Manager of the said Review, at his
  request.

• 2. To Miss Rosa T. Bilisoly, for services rendered
  the Treasurer, the sum of One Hundred Dollars
  ($100), payable in cash.

• 3. The entire balance of said net income to the
  University of Virginia, payable in quarterly
  installments, from which the University shall
  make and provide for the following special
  allocations of said income:

  • (a) To the support of the Walter Reed School
    of Pathology, The James Madison School of
    Law, The James Monroe School of International
    Law; The James Wilson School of
    Political Science and Economy; The Edgar
    Allen Poe School of English, the Andrew
    Carnegie School of Engineering, the income
    arising from $500,000 of the securities
    held in said fund.

  • (b) For the Curry Memorial School of Education,
    The Barbour Page Lecture Fund, the Isaac Cary
    Scholarship, the income from the securities
    held in these funds respectively by the
    First and Merchants National Bank, or so much
    of said income as may be necessary.

  • (c) For such other purposes as may be specially
    designated by the donors, the income arising
    from the gifts made by these donors, respectively.

  • (d) For the augmentation of the salary of the
    President of the University, the sum of
    Five Thousand, Five Hundred Dollars ($5,500).

A RESOLUTION PROVIDING FOR THE ESTABLISHMENT IN THE UNIVERSITY OF
VIRGINIA OF A PLAN FOR OLD AGE ANNUITIES FOR PROFESSORS, INSTRUCTORS
AND ADMINISTRATIVE OFFICERS WHO HAVE ENTERED THE SERVICE OF THE
UNIVERSITY SINCE NOVEMBER 17, 1915.

RESOLVED, That the following plan for the establishment of old
age annuities for the professors, instructors and administrative
officers of equivalent rank, devoting their entire time to the service
of the University of Virginia, who have entered its service since
November 17, 1915, be and is hereby adopted:

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1. Any professor, instructor, or administrative officer of
equivalent rank in this University, devoting his entire
time to the service of the University in such position, may become
entitled to the benefits of the annuities hereby established, by
agreeing to contribute annually, in monthly installments five per
cent of his salary toward an old age annuity.

2. The University will contribute annually in monthly installments,
during the period of employment, an amount equal to
five per cent of the annual salary of each member making contributions
as provided in Section 1.

3. The deferred Annuity Policy, Teachers Retirement Plan, of
the Teachers Insurance and Annuity Association of America,
is made the basis of the annuity plan of the University. The
contract provides, ordinarily, for a monthly deferred annuity to
begin at the age of sixty-five, the amount of the annuity being
determined, in accordance with the policy, by the amount and number
of the contributions paid. The contract provides also alternate
methods of settlement, with the effect that the member controls the
date at which the annuity may begin and may, at the time of retirement,
choose that form of annuity best adapted to his needs. The
various forms of annuity available to a member at retirement, either
upon the life of the member or upon the joint lives of himself and
wife, or with a possible return to his estate, are fully stated in
the policy.

4. Should the holder of such a contract die before payment
of the annuity has begun, an amount equal to all contributions
on his policy paid by himself and by the University, with
compound interest at three and one-half per cent, and any additional
interest that may be voted by the Trustees of the Association,
will be paid to his wife, or other designated beneficiary,
or to his estate, in one hundred and twenty equal monthly installments.
Should the annuitant so request, this amount may be paid
in a single payment. Should his wife or other beneficiary of the
immediate family so request, it will be paid in the form of an
annuity covering her life. A member leaving the service of the
University to go to a university, college, or other institution
devoted primarily to education or research may continue his annuity
accumulation upon such terms of joint contribution as he may arrange
with that college or university, or continue his contributions
independently, or allow the contributions already made to accumulate
without further contribution, or he may begin the receipt of his
annuity at once. Should he withdraw altogether from the work of
teaching or research, he will remain the owner of his policy; he
will be entitled to the full benefit purchased by the contributions
already made, and, if he so desires, he will have the privilege
himself to continue the accumulation by the payment of premiums at
the rate stated in the policy, but without reduction on account of
a preferred occupation. Or he may allow the accumulation to continue
without the payment of further premiums, or he may begin the receipt
of his annuity at once.

5. The amount contributed by each member shall be deducted
monthly from the salary of such member, and, together with
the monthly contribution of the University on his or her account, shall
be paid direct to the Teachers Insurance and Annuity Association.

6. Any member desiring to make contributions in excess of five
per cent of his salary has opportunity to do so in accordance
with the terms of the deferred annuity contract. Such contributions in
excess of five per cent will not be duplicated by the University.

7. The University will assist those of its members who desire to
secure the convenient privileges of monthly payments of premiums
on individual annuity contracts or on life insurance contracts by arranging
for the automatic deduction of their premiums from salary and their payment
direct to the Association.

8. The University reserves the right to modify, amend, or repeal
this plan as experience may prove desirable. Any such changes,
however, shall not affect any benefits acquired prior to the adoption of
these changes, except upon specific agreement between the members concerned
and the University.

RESOLVED, That the Rector be and is hereby authorized,
on behalf of the Rector and Visitors of the University of Virginia,
to sign certificate for stock subscription right of the American
Telephone and Telegraph Company for sixty-six and two-thirds shares,
either for sale or for subscription, as may be determined by the
Chairman of the Finance Committee.