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1995 SESSION

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HB 525 Investment authority of board of visitors of University of Virginia.

Introduced by: Whittington W. Clement | all patrons    ...    notes | add to my profiles

SUMMARY:

Investment authority of board of visitors of University of Virginia. Grants the board of visitors of the University of Virginia the authority to invest the University's endowment funds and University local funds, which include endowment income and appreciation, auxiliary funds, revenues from sales and services, and private gifts. In investing and managing these funds, the board is to exercise the standard of care used by prudent persons acting in a similar capacity. Members of the board are not personally liable for any losses suffered by these funds or investments. The selection of services related to the management of these funds is exempt from the provisions of the Virginia Public Procurement Act.

In current practice, only state appropriations and revenues are held for the University by the State Treasurer; private gifts and endowments are held at the University in the name of the rector and board of visitors. Therefore, this measure repeals outmoded language describing the deposit of private funds for the University with the State Treasurer.

The University of Virginia currently holds approximately $680 million in endowment funds and about $100 million in "University local funds," which include not only endowment income but also auxiliary funds comprised of moneys earned from food, laundry, and bookstore operations as well as other revenue-generating enterprises. Pursuant to 23-9.2, it is the statutory policy of the Commonwealth that the availability of endowment funds not be taken into consideration when determining state appropriations for institutions of higher education.


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