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REPORT BY THE PRESIDENT

The Board reconvened at 8:00 a.m., in Open Session, on Saturday, April 8, 2006, in the Board Room of the Rotunda, to hear the President’s customary report. All Members present the day before, save Mr. Pippin, were present.

The President reported first on the General Assembly session this winter. The management agreements, which the University and other institutions negotiated, were approved by both houses of the Legislature in two separate bills. They now must be signed by the Governor.

The bill which covers the Commonwealth’s budget is still in debate, however, although there may be a resolution of the matter in the General Assembly next week. He commented that in spite of the impasse, he believes the outcome will be positive because both houses of the Legislature are committed to higher education.

The President said that preliminary figures for March indicate a Campaign cash flow of $16.5million, which would put the year-to-date (that is, since July 1, 2005) total at about $177million. Total Campaign giving through February stands at $836.6million; with the March preliminary figures added to that, Campaign giving to date is just over $854million.

These figures do not include the recent Ivy Foundation gift of $45million, nor another $5million gift to the Darden School and the Curry School. If these are added in, the total Campaign figure is at $900million.

The President reported that the Campaign case statement is being perfected and that alumni advice and support continues to be sought. He said that since his last report to the Board, there have been 14 meetings in 14 different cities across the country, with 608 people attending. In April and early May there will be 11 events in 10 cities on the East Coast, in Texas, and in the Midwest.

GIFTS AND GRANTS

The President told the Board that through the end of February, philanthropic giving to the University and its related foundations was $160.6million, an increase of $30.4million, or 23%, above the previous fiscal year. Athletics, the McIntire School, the College at Wise, Arts & Sciences and the Law School all report substantial increases in giving.

Among significant gifts recorded since the last meeting of the Board of Visitors are $4,500,000 from the Claude Moore Charitable Foundation for the projected Medical Education and Nursing School buildings; $2,500,000 in pledge payments to the Athletics Department and The University of Virginia’s College at Wise for the expansion of Scott Stadium and the Wise football stadium; a $1,000,742.01 pledge payment from Mr. Gregory L. Curl to the Jefferson Scholars Foundation; a $1,000,000 pledge payment from the Smithfield-Luter Foundation to the Smithfield-Luter Palmer Weber Fund, which benefits the Cancer Center; and a gift of $1,000,000 from the Diane and David Heller Charitable Foundation to the Medical School, to be used in Dr. Ladislau Steiner’s research.

Mr. Daniel M. Meyers has pledged $8,736,218.23 to the Curry School Foundation for the Capital Campaign Fund. The Claude Moore Charitable Foundation has pledged $5,000,000 to the School of Nursing for the Building Addition.

On motion, the Board voted to accept the Gifts and Grants Report.