 | Board of Visitors minutes February 3, 2006 |  |
PRESIDENT'S REPORT
The President then gave his customary report.
He did a brief review of legislation of interest to the University pending in the General Assembly.
The previous Monday in Richmond, there was a press conference at which Senator Allen and Governor Warner endorsed the Commonwealth's investment in research. They were joined by Governor Kaine, Speaker Howell, Senator Chichester and Delegate Callahan.
Turning to the Capital Campaign, the President noted that December was a very good month for fundraising, with a philanthropic cash flow of $67.36million for the month; the cash flow for December last year was $55million. With gifts booked so far, 26.65% of the Campaign goal has been achieved with 25.03% of the time elapsed.
The President reported several large gifts, not booked in December and thus not included in the total for that month. These include a $45million commitment from the Ivy Foundation for MR6, the children's hospital and the clinical center; $5million from the Claude Moore Foundation for the School of Nursing; and another
$5million commitment yet to be announced. These three commitments, when added to the December 31st total, bring the total money raised in the Campaign to nearly $855million.
Since the last Board meeting, fourteen events have been held in fourteen different cities, with a total of 904 guests in attendance.
GIFTS AND GRANTS
Philanthropic giving to the University and its related foundations was $128.9million for the fiscal year through December 31st, an increase of $17.9million or 16% above the previous fiscal year. The College, the McIntire School, Athletics, the College at Wise, and the Law School all report substantial increases in giving.
Some significant gifts since the last Board meeting include $6,516,690 in gifts and pledge payments to the Virginia Athletics Foundation, the Jefferson Scholars Foundation, and the College for the Environmental Sciences Department from Paul Tudor Jones, II and Mrs. Sonia Klein Jones.
There was a bequest of $3,912,383.58 from the Estate of Henry N. Obear; $2million of this was designated for a professorship in classics and the remainder to the McIntire School of Commerce Foundation for several endowments. Albert H. Small gave $3,500,000 to the University Library; this consisted of a cash gift of $500,000 and another 30% interest in the copy of the Declaration of Independence.
The Rice Family Foundation pledged $9,600,000 to the Virginia Engineering Foundation for the Information Technology Building; there is an anonymous pledge of $5million to the Jefferson Scholars Foundation; Ms. Sonja L. Hoel has pledged $1,500,000 for scholarships in the Jerome Holland Program; and BB&T Corporation has pledged $1,500,000 to the College for a program to explore the moral foundation of capitalism.
The President recommended acceptance of the Gifts and Grants Report. On motion, the Board voted to accept it.
The President continued his report: fundraising for the John Paul Jones Arena stood at $100,883,776 as of December 31st. The construction cost for the project is $129.8million. The December 31st total doubles that raised by other schools who have built basketball arenas in recent years.
DEATH OF CARL SMITH
The President commented on the death of Mr. Carl Smith, "an extraordinary friend of the University." Mr. Smith, a former Member of the Board, died in December. Mr. Smith's benefactions to the University were very generous and touched a number of areas of the institution.
| Board of Visitors minutes February 3, 2006 | |