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The Rector next entertained a resolution to add an item to the Docket, as required in Section 2.37 of the Manual of the Board of Visitors. The item, the approval of a memorial plaque, is to be considered by the Buildings and Grounds Committee. (Consideration of the resolution permitted by this resolution was withdrawn at the request of the Chair of the Buildings and Grounds Committee — see the Minutes of the meeting of the Buildings and Grounds Committee held on April 5, 2002.)

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The Rector introduced Mr. Herbert Timothy Lovelace, Jr., of Roanoke, the Student Member-elect, whose term began at the conclusion of the Board meeting.

The President then gave his customary report. Much of it was given over to an account of the State's budgetary problems and their affect on the University. The President reported, too, on the 2020 initiatives and how they are being affected by the budgetary shortfalls, even though the 2020 initiatives assume "mixed funding," which is to say a mixture of public and private support.

Mr. Ross suggested that the Board have periodic, regularly scheduled, discussions of the 2020 initiatives.

Finally, the President announced a $52.6m bequest, the second largest gift ever made to the University. The bequest was made by the late Ward Buchanan, Law '14, who died in 1942. It comes from a trust that was set up to benefit the University after the last of a list of heirs died. The bequest will create an unrestricted endowment fund for the Medical Center and initially will produce $2.5million a year, though the amount is expected to increase as the endowment's assets increase.

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The Board recessed at 9:10 a.m. for Committee meetings.

The Board resumed in Open Session at 1:30 p.m., meeting as the full Board. All Members present in the morning were present with the addition of Mr. Goodwin and Mr. Robertson.

After adopting the following motions, the Board went into Executive Session at 1:35 p.m.

That the Educational Policy Committee of the Board of Visitors of the University of Virginia go into Executive Session for the purpose of discussing personnel matters pertaining to the appointment, assignment, reappointment, promotion, performance, compensation, discipline, separation and resignation of specific faculty members of the University of Virginia, as provided for in Section 2.1-344 (A) (1) of the Code of Virginia.

That the Board of Visitors of the University of Virginia go into Executive Session to be advised by and discuss with General Counsel both pending and probable litigation involving the University, student disciplinary proceedings and matters, and to seek legal counsel with respect to policies on University-Related Foundations; as provided for in Section 2.2-3711 (A) (1), (2), and (7) of the Code of Virginia.

That the Finance Committee of the Board of Visitors of the University of Virginia go into Executive Session to discuss the investment of funds in the University of Virginia Real Estate Foundation for costs related to the Blue Ridge Hospital property, where discussion in an open session could adversely affect the financial interest and the negotiating strategy of the University, as provided for in Section 2.2-3711 (A) (3) and (6) of the Code of Virginia.

That the Board of Visitors of the University of Virginia go into Executive Session to discuss preparations and plans to protect public safety as it relates to terrorist activity, as provided for in Section 2.2-3711 (A) (20) of the Code of Virginia.

That the Board of Visitors of the University of Virginia go into Executive Session to discuss the investing and distribution of Gift Endowment, and to seek advice of General Counsel, where if made public initially, the financial interest of the University would be adversely affected, as provided for in Section 2.2-3722 (A) (6), (7) and (8) of the Code of Virginia.

That the Board of Visitors of the University of Virginia go into Executive Session to discuss and assess, with legal counsel as may be needed, the roll and performance of specific University personnel in disciplinary proceedings involving identifiable University students, as provided for in Section 2.2-3711 A (1) (2), (4), and (7) of the Code of Virginia.

The Board resumed in Open Session at 3:00 p.m., after adopting a resolution certifying that the Executive Session had been conducted according to the exemptions provided in the Virginia Freedom of Information Act.