University of Virginia Library

W. TAYLOE MURPHY INSTITUTE

The following resolution was adopted:

RESOLVED by the Board of Visitors of The Rector and Visitors of the University of Virginia
that, effective 9 April 1965, the W. Tayloe Murphy Institute be and it is hereby established
at the University of Virginia in recognition and appreciation of the unfaltering support of
the Graduate School of Business Administration by the late W. Tayloe Murphy of Warsaw, the
purpose of this Institute to be to conduct studies and investigations of problems having to
do with the development of the Commonwealth of Virginia that are likely to contribute to the
industrial and commercial development of Virginia, this Institute to be supported by
endowment funds in the amount of $725,000 previously received from anonymous donors and by
additional endowment funds as provided below,

RESOLVED FURTHER that the Institute shall not become operative until matching gifts in
the amount of at least $600,000 be received and added to the special endowment fund held for
the University of Virginia for the W. Tayloe Murphy Institute by the Virginia National Bank
in Norfolk, the income from which is to be used for the same purpose as the income from the
gift of the anonymous donors, with the operative date of the Institute to be certified by
the President when the additional matching gifts in the amount of $600,000 have been received,

RESOLVED FURTHER than the Dean of the Graduate School of Business Administration shall
be the Director of the W. Tayloe Murphy Institute and shall be assisted by a Council composed
of 11 persons, 2 of whom shall be the Rector and the President of the University serving as
ex officio members, to be appointed by the Board of Visitors on the nomination of the President
and the Dean of the Graduate School of Business Administration for 3-year terms so arranged
as to provide for the termination of 1/3 of the members' terms each year, and no appointive
member shall be eligible for more than 2 consecutive terms, and

PROVIDED FURTHER that, as Director of the Institute, the Dean of the Graduate School of
Business Administration shall make on behalf of the Council an annual report to the President
of the University upon the work of the Institute, including a summary of the income and
expenditures of the Institute for the year and the proposed budget for the ensuing year, and
that the income of the Institute shall not be obligated to support ordinary operating expenses
of the Graduate School of Business Administration.