REVISED
June 3, 2010
UNIVERSITY OF VIRGINIA
BOARD OF VISITORS
MEETING OF THE
FINANCE COMMITTEE
JUNE 11, 2010
FINANCE COMMITTEE
Friday, June 11, 2010
8:30 – 10:30 a.m.
Board Room, The Rotunda
Committee Members:
Vincent J. Mastracco Jr., Chair
Daniel R. Abramson
A. Macdonald Caputo
The Hon. Alan A. Diamonstein
Helen E. Dragas
Robert D. Hardie
Randal J. Kirk
Austin Ligon
Warren M. Thompson
John O. Wynne, Ex-officio
Daniel M. Meyers, Consulting Member
AGENDA
PAGE
I.
II.
ACTION ITEMS
A.
Debt Approvals (Mr. Sandridge to introduce Ms. Yoke
San L. Reynolds; Ms. Reynolds to report)
1.
Issuance of General Revenue Pledge Bonds
2.
Authorization of an Unrestricted Line of Credit
B.
Addition to the Major Capital Projects Program (Mr.
Sandridge to introduce Ms. Colette Sheehy; Ms.
Sheehy to report)
1.
East Chiller Plant
2.
School of Engineering and Applied
Science/Facilities Management Shop Building
C.
Project Budget and Scope Review, McLeod Hall
Renovation (Ms. Sheehy to report)
D.
2010-2011 Budget (Mr. Sandridge to introduce
Mr. R. Edward Howell; Mr. Sandridge, Ms. Sheehy,
and Mr. Howell to report)
1.
Academic Division
2.
The University of Virginia’s College at Wise
3.
Medical Center
4.
Pratt Fund
REPORTS BY THE EXECUTIVE VICE PRESIDENT AND CHIEF
OPERATING OFFICER (Mr. Sandridge)
A.
Vice President’s Remarks
B.
Endowment Report – Market Value and Performance as
of March 31, 2010 (Mr. Sandridge to introduce Mr.
Michael Aked; Mr. Aked to report)
C.
Retirement Administrative Committee (Written Report)
D.
Restructuring-Related Performance Measures (Written
Report)
1
8
10
13
14
20
21
29
31
PAGE
E.
Miscellaneous Financial Reports
1.
Academic Division Accounts and Loans
Receivable
2.
Capital Campaign Report
3.
Internal Loans to University Departments
and Activities
4.
Write-off of Bad Debts for Non-Patient
Services
5.
Quarterly Budget Report
6.
Report on Endowment by School/Foundation
7.
Quasi-Endowment Actions
8.
2010 Summer Conference Rates Report
III. APPENDICES
A.
2010-2011 Pratt Fund Allocations
B.
Restructuring Related Performance Measures
35
37
38
39
40
43
44
46
UNIVERSITY OF VIRGINIA
BOARD OF VISITORS AGENDA ITEM SUMMARY
BOARD MEETING:
June 11, 2010
COMMITTEE:
Finance
AGENDA ITEM:
I.A.1.
Bonds
Issuance of General Revenue Pledge
BACKGROUND: For over three decades, the University has issued
long-term fixed rate bonds to provide external financing for its
capital projects. In 2002, the University developed a debt
portfolio management program to manage debt strategically by
optimizing debt structure and providing stability to internal
borrowing units. As a feature of this new program, in 2003, the
University launched a commercial paper program to provide
interim financing and flexibility in the timing of long-term
debt issuance. The University last issued long-term debt in
2009.
DISCUSSION: The University proposes to issue long-term bonds in
the first quarter of fiscal year 2011 (―Series 2010 Bonds‖) to
refund outstanding commercial paper, provide for future project
expenditures, and potentially refund certain other University
bonds.
The long-term bonds will be issued for projects previously
approved by the Board of Visitors for construction and
financing. The total issuance amount will not exceed $250
million. A portion of the proceeds from the Series 2010 Bonds
may be used to refund all or a portion of currently outstanding
commercial paper or University bonds and to pay capitalized
interest and costs of issuance.
The following table shows for the Series 2010 Bonds each
project’s Board of Visitors authorization for debt and prior
debt funding.
The Board of Visitors has previously approved the projects
listed below and passed an intent-to-issue-debt resolution for
each project. Under these prior resolutions, adopted in order
to conform to federal tax regulations, the University declared
its intent to issue bonds.
1
Board of
Visitors
Authorization for
Debt
Project
ACADEMIC DIVISION
Alderman Road Housing Phase 2, Bldg. 1
Alderman Road Housing Phase 2, Bldg. 2
Alderman Road Housing Phase 3, Bldgs. 3&4
Alderman Road Housing Phase 4, Bldg. 5
Bookstore Expansion
College of Arts & Sciences Research Bldg.
Jordan Hall HVAC
Newcomb Hall Dining Renovation
Newcomb Hall Repair and Renovation
Scott Stadium Waterproofing
Rice Hall
Main Heating Plant – Environ. Compliance
Renovate Garrett Hall for Batten School
Student System Project
ITC Data Center
MEDICAL CENTER
11th Street Garage Acquisition
Carter-Harrison Research Building
Clinical Cancer Center, Part 2
Hosp. Bed Expansion and related projects
Hosp. Bed Remodeling and related projects
University Hosp. Interoperative OR’s
University Hosp. Invasive Heart Center
University Hosp. Surgical Pathology
Renovation
Lee Street Connective Elements
$27,574,545
26,631,000
63,627,592
24,000,000
3,600,000
88,900,000
28,900,000
13,500,000
13,700,000
4,700,000
19,600,000
32,464,000
11,000,000
22,300,000
7,400,000
Debt Issued
to Date for
Project*
$55,153,316
3,504,648
1,716,012
3,147,436
3,500,000
30,614,947
8,201,758
19,747,978
0
43,000,000
48,900,000
40,300,000
87,700,000
25,800,000
14,200,000
14,500,000
6,500,000
32,292,925
47,969,703
14,470,722
58,775,869
16,515,163
10,517,636
10,906,739
4,846,493
$23,890,000
$ 1,997,792
*Includes commercial paper issued as interim financing for
project.
The Series 2010 Bonds will be secured by a general revenue
pledge of the University and will not in any way be a debt of
the Commonwealth of Virginia nor create or constitute any
indebtedness or obligation of the Commonwealth.
Under the University’s debt policy, the Board of Visitors
authorizes the Vice President and Chief Financial Officer of the
University, along with the Chair of the Finance Committee, to
approve the structure and pricing of long-term bonds. The
Series 2010 Bonds will be established within the parameters
listed below:
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• The maximum aggregate principal (par) amount shall not
exceed $250 million.
• The maximum true interest cost of (1) tax-exempt fixedrate bonds will not exceed six percent per annum and (2)
taxable fixed-rate bonds will not exceed eight percent per
annum.
• The maximum true initial interest cost of variable-rate
obligations will not exceed five percent per annum.
• The final maturity of the bonds will not exceed 40 years
from the date of issue.
• Call protection will not exceed 10.5 years.
• Optional redemption premiums will not exceed two percent.
• Fees paid to underwriters, financial advisors, and other
related service providers, on negotiated and competitive
transactions, shall be in accordance with the contracts
established and applicable to the transactions.
ACTION REQUIRED: Approval by the Finance Committee and by the
Board of Visitors.
ISSUANCE OF GENERAL REVENUE PLEDGE BONDS FOR CAPITAL PROJECTS
AND DEBT REFUNDING
WHEREAS, Chapter 9, Title 23 of the Code of Virginia of
1950, as amended (the "Virginia Code"), establishes a public
corporation under the name and style of The Rector and Visitors
of the University of Virginia (the "University") which is
governed by a Board of Visitors (the "Board"); and
WHEREAS, Title 23 of the Virginia Code classifies the
University as an educational institution of the Commonwealth of
Virginia; and
WHEREAS, by Chapter 4.10, Title 23 of the Virginia Code
(as amended, the "Act"), the University entered into a
management agreement with the Commonwealth of Virginia which was
enacted as Chapter 3 of Chapter 933 of the 2006 Virginia Acts of
Assembly, which, as amended, classifies the University as a
public institution of higher education and empowers the
University with the authority to undertake and implement the
acquisition of any interest in land, including improvements on
the acquired land at the time of acquisition, new construction,
improvements or renovations and to borrow money and make, issue
and sell bonds of the University for such purposes, including
the refinancing of any such facilities; and
3
WHEREAS, the Act further authorizes the University to
provide for the payment of the principal of and the interest on
any bonds from any one or more of the following sources: (i) its
revenues generally; (ii) income and revenues derived from the
operation, sale, or lease of a particular project or projects,
whether or not they are financed or refinanced from the proceeds
of such bonds, notes, or other obligations; (iii) funds realized
from the enforcement of security interests or other liens or
obligations securing such bonds, notes, or other obligations;
(iv) proceeds from the sale of bonds, notes, or other
obligations; (v) payments under letters of credit, policies of
municipal bond insurance, guarantees, or other credit
enhancements; (vi) any reserve or sinking funds created to
secure such payment; (vii) accounts receivable of the
University; or (viii) other available funds of the University;
and
WHEREAS, the Board has previously approved resolutions
declaring an intent to issue bonds and has authorized the
issuance of debt funding for the costs associated with projects
described in Exhibit A (the "Projects"); and
WHEREAS, a portion of the Projects has been financed on a
short-term basis through issuance of the University's commercial
paper (the "Commercial Paper Program"); and
WHEREAS, the Board desires to provide for the refunding of
all or a portion of its outstanding bonds, (the "Outstanding
Bonds"); and
WHEREAS, the Board desires to authorize the issuance of
bonds in one or more series for financing or refinancing of all
or a portion of the costs associated with the Projects, for the
refunding of all or a portion of the outstanding principal
amount of the Commercial Paper Program and for the refunding of
all or a portion of the University's Outstanding Bonds, desires
such bonds to be issued bearing interest at either tax-exempt or
taxable rates including without limitation all or a portion as
"Build America Bonds" or similar program provided for in the
American Recovery and Reinvestment Act of 2009, and desires to
authorize certain officers of the University to approve the
final forms and details of the bonds, as set forth below; and
WHEREAS, the Board anticipates that the bonds will be
secured by a general revenue pledge of the University and not be
in any way a debt of the Commonwealth of Virginia (the
"Commonwealth") and shall not create or constitute any
4
indebtedness or obligation of the Commonwealth, either legal,
moral, or otherwise; and
RESOLVED, the Board hereby implements the plan of finance
described in the Recitals by authorizing the issuance of one of
more series of bonds for the purpose of financing or refinancing
any or all of the costs associated with the Projects, including
without limitation, capitalized interest, financing costs and
working capital related thereto consistent with the University's
debt policy, and for the purpose of refunding all or a portion
of the outstanding principal amount of the Commercial Paper
Program and the Outstanding Bonds, and providing for the terms
thereof by the subsequent adoption by the Board or its Executive
Committee of one or more bond resolutions (collectively, the
"Bond Resolution‖); and
RESOLVED FURTHER, the Vice President and Chief Financial
Officer of the University, with the Chair of the Board's Finance
Committee, is authorized to approve the final terms of each
series of bonds, including, without limitation, their original
principal amounts and series, the specific Projects to be
financed or refinanced, the specific refundings to be
undertaken, their maturity dates and amounts, redemption
provisions, make-whole provisions, prices, interest rates and
interest provisions, and any elections under the federal tax
code, provided that (i) the maximum aggregate principal amount
of all bonds to be issued hereunder shall not exceed $250
million; (ii) the maximum initial true interest cost of
variable-rate obligations will not exceed five percent (5%) per
annum (iii) the maximum true interest cost of any series bearing
interest at a tax-exempt fixed rate shall not exceed six percent
(6%) per annum; (iv) the maximum true interest cost of any
series bearing interest at a taxable fixed rate shall not exceed
eight percent (8%) per annum; (v) the final maturity of all
bonds shall not exceed 40 years beyond issuance date; (vi) call
protection on any tax-exempt bonds shall not exceed ten and onehalf (10½) years; and (vii) no optional redemption premium on
any tax-exempt bonds shall exceed two percent (2%); and
RESOLVED FURTHER, either of the Executive Vice President
and Chief Operating Officer of the University or the Vice
President and Chief Financial Officer of the University are
hereby authorized to negotiate, execute and deliver all
documents related to the Bonds; and
RESOLVED FURTHER, all officers of the University are
authorized and directed to take all such further actions,
5
including without limitation the designation of underwriters,
paying agents, remarketing agents, trustees, and liquidity
providers for the bonds, and to execute all such instruments,
agreements, documents, and certificates as they shall deem
necessary or desirable to carry out the terms of the financing
plans presented to this meeting, including without limitation
any liquidity facilities, swap or other interest rate management
agreements associated with the bonds; and
RESOLVED FURTHER, pursuant to the Section 147(f) of the
Internal Revenue Code of 1986, as amended, and applicable
regulations thereunder, the University designates the Vice
President and Chief Financial Officer of the University as the
public hearing officer to hold any public hearings required in
order to ensure the tax-exempt status of interest on all or any
portion of the Bonds; and
RESOLVED FURTHER, all acts of all officers of the
University which are in conformity with the purposes and intent
of this Resolution and in carrying out the financing plans
presented to this meeting are ratified, approved and affirmed;
and
RESOLVED FURTHER, upon approval, this action shall take
effect immediately.
6
EXHIBIT A
CAPITAL IMPROVEMENT PROJECTS
CONSIDERED FOR LONG-TERM FINANCING
ACADEMIC DIVISION
Alderman Road Housing Phase 2, Building 1
Alderman Road Housing Phase 2, Building 2
Alderman Road Housing Phase 3, Buildings 3&4
Alderman Road Housing Phase 4, Building 5
Bookstore Expansion
College of Arts & Sciences Research Building
Jordan Hall HVAC
Newcomb Hall Dining Renovation
Newcomb Hall Repair and Renovation
Scott Stadium Waterproofing
Rice Hall
Main Heating Plant – Environmental Compliance
Renovate Garrett Hall for Batten School
Student System Project
ITC Data Center
MEDICAL CENTER
11th Street Garage Acquisition
Carter-Harrison Research Building
Clinical Cancer Center, Part 2
Hospital Bed Expansion and related projects
Hospital Bed Remodeling and related projects
University Hospital Interoperative Operating Rooms
University Hospital Invasive Heart Center
University Hospital Surgical Pathology Renovation
Lee Street Connective Elements
7
UNIVERSITY OF VIRGINIA
BOARD OF VISITORS AGENDA ITEM SUMMARY
BOARD MEETING:
June 11, 2010
COMMITTEE:
Finance
AGENDA ITEM:
I.A.2. Authorization of an Unrestricted
Line of Credit
BACKGROUND: The University has taken significant steps to
assure it has adequate liquidity to fund operations and protect
itself against liquidity risks and market instability.
Beginning in early 2008, the University took steps to improve
its liquidity profile by increasing its liquid cash and
investment holdings and expanding its available lines of credit
dedicated to supporting its variable-rate debt.
The University currently has $250 million of dedicated
lines of credit to provide backup liquidity for a significant
portion of its $82.01 million of variable-rate bonds and $300
million commercial paper program ($65.2 million of which is
currently outstanding). The $250 million of credit is provided
by one bank.
Since the beginning of the financial crisis in September
2008, the University has proceeded with a plan of diversifying
counterparty credit exposure by taking steps to replace a
variable-rate bond remarketing agent, to add a second commercial
paper dealer, and to add a second short-term investment manager
and investment custodian.
DISCUSSION: In order to enhance and diversify its credit
profile, the University seeks to enter into a $50 million
unrestricted line of credit with a new bank. The University is
pursuing an unrestricted line of credit as opposed to a
dedicated back-up line of credit for variable-rate debt. The
unrestricted line of credit will benefit the University by (1)
providing additional credit that, in addition to supporting
variable-rate debt, can be used to support operating needs in
times of liquidity stress, and (2) serving as a first step in
diversifying our credit providers.
ACTION REQUIRED: Approval by the Finance Committee and by the
Board of Visitors.
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AUTHORIZATION OF AN UNRESTRICTED LINE OF CREDIT
WHEREAS, the University is completing the process of
assuring it has adequate liquidity to fund operations and
protect itself against liquidity risks; and
WHEREAS, the University currently has $250 million of
dedicated lines of credit to provide backup liquidity for its
$82.01 million of variable-rate bonds and $300 million
commercial paper program; and
WHEREAS, the University’s $250 million of credit lines are
provided by one bank and the University seeks to enhance and
diversify its credit profile by entering into a $50 million
unrestricted line of credit with a second bank (the ―Credit
Facility‖); and
WHEREAS, the Credit Facility will benefit the University by
(1) providing it with additional credit that can be used to
support operating and other needs, and (2) diversifying its
credit providers;
RESOLVED, the Board of Visitors hereby authorizes the
University to enter into the Credit Facility; and
RESOLVED FURTHER, the Vice President and Chief Financial
Officer of the University shall be authorized to negotiate,
execute, and deliver certain documents related to the Credit
Facility, including, without limitation, a Revolving Credit
Agreement; and
RESOLVED FURTHER, the Vice President and Chief Financial
Officer and all other officers of the University are authorized
and directed to take all such further actions, and to execute
all such instruments, agreements, documents, and certificates as
they shall deem necessary or desirable in connection with the
Credit Facility; and
RESOLVED FURTHER, all acts of all officers of the
University which are in conformity with the purposes and intent
of this Resolution are ratified, approved, and affirmed; and
RESOLVED FURTHER, upon approval, this action shall take
effect immediately.
9
UNIVERSITY OF VIRGINIA
BOARD OF VISITORS AGENDA ITEM SUMMARY
BOARD MEETING:
June 11, 2010
COMMITTEE:
Finance
AGENDA ITEM:
I.B. Addition to the Major Capital Projects
Program
BACKGROUND: Normally, the Board of Visitors approves major
capital projects as part of the biennial update of the Major
Capital Projects Program, and the Finance Committee approves
financial plans of projects expected to occur in the near term.
When the University identifies new capital projects outside the
biennial Major Capital Project Program cycle or a project is
accelerated from the far term to the near term, the projects
require approval by the Finance and Buildings and Grounds
Committees and the financial plans require approval by the
Finance Committee. Recently two projects have been identified
that technically represent revisions of scope and budget for two
projects currently listed on the approved Major Capital Projects
Program. Because the projects are substantially different in
scope and cost from the ones currently listed on the program, we
plan to treat them as new projects and eliminate the existing
projects from the program. At its June meeting, the Finance
Committee will review financial plans for these two projects and
the Buildings and Grounds Committee will review the projects for
inclusion in the Major Capital Projects Program.
DISCUSSION: Previously the Board approved a $57 million project
to replace chillers in the North Chiller Plant located in the
Health System Precinct. A January 2010 study of the Health
System Chiller Plant System reviewed chilled water demand and
system capacity for the next 20 years. Currently, there is a
need to replace five 1,200-ton chillers in the North Chiller
Plant that are at the end of their useful life and, over the
next ten years, add another 6,000 tons necessary to meet Health
System projected loads. The optimum solution to address shortterm equipment replacement and long-term system capacity
requirements is to build a new 12,000-ton East Chiller Plant
with an initial 6,000 tons of chiller capacity at a cost of
$25.8 - $29.0 million. This proposed project will replace the
$57 million North Chiller Plant project in the Major Capital
Projects Program. The project will be funded from debt, to be
repaid by the Medical Center and the University’s Utility
Infrastructure Reserve. Any incremental operating and
10
maintenance cost related to this project will be funded from
University funds.
The second project will construct a new 20,000 gross square
foot (gsf) facility on Edgemont Road across from Slaughter
Recreation Center to be jointly used by the School of
Engineering and Applied Science (SEAS) for student projects and
Facilities Management (FM) for shop services. SEAS will occupy
the upper level with access to Edgemont Road, while FM will
occupy the lower floor with access to adjacent existing shop
spaces. The similar need by both occupants for large open floor
spaces will allow for flexibility in finishes and future use.
This proposed project will replace the $1 million SEAS Student
Projects Building in the Major Capital Projects Program. The
project will be funded from SEAS gifts ($1.7 million) and FM
operating funds ($3.5 - $4.2 million). An enforceable gift
agreement at least equal to SEAS’ proportionate share of the
cost of the project must be received before work commences. Any
incremental operating and maintenance cost related to this
project will be funded from University funds and FM Operating
Funds apportioned based on occupant square footage.
Overall Debt Assessment
Treasury Operations has conducted a debt assessment to
evaluate the impact of these projects on the University’s key
debt ratios as outlined in the Board of Visitors-approved debt
policy. It is the University’s assessment that the total new
debt funding of $29 million sought for the East Chiller Plant
will not jeopardize internal guidelines for financial ratios.
By accepting this assessment, the Board of Visitors does not
authorize the issuance of debt or any other long-term financial
obligation; rather the Board of Visitors approves the inclusion
of this debt-funded project as a part of the University’s Major
Capital Projects Plan.
ACTION REQUIRED: Approval by the Finance Committee and by the
Board of Visitors.
APPROVAL OF FINANCIAL PLANS FOR NEW CAPITAL PROJECTS
WHEREAS, the University proposes to add the East Chiller
Plant ($25.8 - $29.0 million) and the School of Engineering and
Applied Science Student Projects/Facilities Management Shop
Building ($3.5 - $4.2 million) projects to the University’s
Major Capital Projects Program; and
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WHEREAS, the $57 million North Chiller Plant Replacement
Chillers project currently listed in the Major Capital Projects
Program will be removed at the next revision of the program; and
WHEREAS, the $1 million School of Engineering and Applied
Science Student Projects Building currently listed in the Major
Capital Projects Program will be removed at the next revision of
the program; and
WHEREAS, an enforceable gift agreement
the Engineering School’s share of the joint
Engineering and Applied Science/ Facilities
building must be received prior to starting
at least equal to
School of
Management Shop
the project;
RESOLVED, the financial plan for the East Chiller Plant is
reasonable and complete with the estimated $25.8 - $29.0 million
cost to be financed with University bonds and repaid from
Medical Center operating revenues and Utility Infrastructure
Fund reserves;
RESOLVED FURTHER, the financial plan for the School of
Engineering and Applied Science Student Projects/Facilities
Management Shop Building is reasonable and complete, with the
estimated $3.5 - $4.2 million cost to be funded by $1.7 million
in gifts documented by a valid gift agreement and $1.8 - $2.5
million in Facilities Management operating reserves.
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UNIVERSITY OF VIRGINIA
BOARD OF VISITORS AGENDA ITEM SUMMARY
BOARD MEETING:
June 11, 2010
COMMITTEE:
Finance
AGENDA ITEM:
I.C. Project Budget and Scope Review,
McLeod Hall Renovation
BACKGROUND: In accordance with the policy adopted by the Board
of Visitors in October 2004, all capital project budget
increases in excess of ten percent require the approval of the
Finance Committee, the Buildings and Grounds Committee, and the
Board of Visitors. In February 2007, the Board of Visitors
authorized the renovation of 30,000 gross square feet of McLeod
Hall at a project budget of $6.075 million. Cash and pledges
are in hand to cover the total cost of the project, and it is
currently under construction.
DISCUSSION: The School of Nursing has had a long-term plan to
renovate and refurnish McLeod Hall. Accordingly, the School
seeks an $8.735 million and 20,000 gross square foot increase in
the authorized budget and scope, bringing the total project to
$14.81 million and 50,000 gross square feet. The increased
authorization will allow the School to complete the renovation
of the building, to make minor exterior modifications, and to
purchase necessary furniture and equipment.
The project expansion will be funded from gifts. Through
March 31st, the School has raised nearly $1 million in cash and
pledges towards the additional scope. Construction and
equipment purchases will be phased to match available gifts.
ACTION REQUIRED: Approval by the Finance Committee and the
Board of Visitors.
APPROVAL OF PROJECT BUDGET AND SCOPE REVIEW, MCLEOD HALL
RENOVATION
RESOLVED, that an increase to the McLeod Hall Renovation
project of $8,735,000 and 20,000 gross square feet, bringing the
total project to $14,810,000 and 50,000 gross square feet, is
approved contingent on the availability of gifts in hand and
documented enforceable pledges.
13
UNIVERSITY OF VIRGINIA
BOARD OF VISITORS AGENDA ITEM SUMMARY
BOARD MEETING:
June 11, 2010
COMMITTEE:
Finance
AGENDA ITEM:
I.D.
2010-2011 Budget
BACKGROUND: At its June meeting, the Board of Visitors
considers the proposed operating budgets for the Academic
Division, The University of Virginia's College at Wise and the
Medical Center. Since its October 2009 meeting, the Board of
Visitors has heard reports on the budget requests submitted to
the state and the preliminary budget assumptions for the 20102011 operating budget. At its April meeting, the Board of
Visitors approved tuition, mandatory fees, housing, and dining
rates for 2010-2011 - which comprise significant revenue sources
for the operating budget - and heard reports on the actions of
the 2010 General Assembly.
DISCUSSION: The 2010-2011 expenditure budget proposal for all
divisions of the University totals $2.38 billion, representing
an increase of 4.2 percent compared with the revised budget of
the previous fiscal year. Of this amount, $1.3 billion relates
to the Academic Division, $1.0 billion to the Medical Center,
and $34.4 million to The University of Virginia's College at
Wise.
Academic Division
The proposed Academic Division operating expenditure budget
will increase by 2.6 percent to $1.3 billion. Increased
undergraduate financial aid costs; investments in the School of
Architecture, School of Engineering, School of Medicine, Batten
School, Curry School, the College and Graduate School of Arts
and Sciences, and the School of Nursing; operating costs for new
facilities and deferred maintenance; and a reserve for a
potential three percent bonus for faculty and University staff
are addressed in the proposed budget.
In 2010-2011, tuition and fees (30.8 percent) provides the
greatest proportion of the operating budget, followed by grants
and contracts (24.4 percent), auxiliary revenues (14.0 percent),
state general funds (10.3 percent), endowment distributions (9.7
percent), and gifts (6.9 percent). The remaining 3.9 percent is
generated from federal stimulus funds, investment income,
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accumulated investment balances, and other miscellaneous
revenues. The budget incorporates $21.9 million in operating
support from the American Recovery & Reinvestment Act of 2009
(ARRA).
Personnel costs comprise approximately 74 percent of
educational and general expenditures and 60 percent of total
operating expenditures in the Academic Division.
The University of Virginia’s College at Wise
The proposed expenditure budget for The University of
Virginia's College at Wise will increase by $1.1 million, or 3.2
percent, in 2010-2011. State general funds will decrease 3.6
percent; at the same time, tuition revenues are increasing by
15.4 percent. Auxiliary revenues will remain essentially flat.
While maintaining its focus on student success and regional
involvement, the University’s College at Wise has met the
challenge of these reductions without compromising existing
personnel or the operation of any academic program, keeping its
mission and goals intact. Its 2010-2011 operating budget
includes State Fiscal Stabilization Funds from the ARRA of $1.7
million.
Medical Center
The Medical Center operating expenditure budget is proposed
to increase by $61 million, or 6.4 percent, to $1.0 billion
during 2010-2011, compared with 2009-2010 projected operating
expenses of $959.6 million. Total margin is expected to be
$52.9 million or 4.9 percent. The budget presentation at the
June 11th meeting will include a proposal to increase hospital
room rates and ancillary service charges between seven and 9.9
percent and to enhance personnel compensation packages. The
pay-for-performance pool has been established at $2.3 million,
which includes the impact on benefit costs. Other salary
adjustments such as market, equity, and compression total $1.8
million, including the impact on benefit costs.
For the Medical Center, the 2010-2011 fiscal plan has been
developed while considering the challenge of providing patient
care, teaching, and research services in a changing health care
industry. The major strategic initiatives that impact next
year’s fiscal plan include collaboration with faculty on
documentation of clinical care and its coding and supply cost;
employee engagement; the impact of Culpeper Regional Hospital on
volume; the operational impact of completing the Transitional
15
Care Hospital at Northridge, the Emily Couric Clinical Cancer
Center, and the Hospital Bed Expansion construction projects;
and the modernization and integration of information technology
services through the Electronic Medical Records project. The
major risk factors that impact the Medical Center’s ability to
accomplish the fiscal plan include the national shortage in
healthcare workers and physicians; advancements in medical
technology; the emerging impact of the Patient Protection and
Affordable Care Act and the Health Care and Education
Reconciliation Act of 2010; inflation for medical devices and
pharmaceutical goods; enhanced scrutiny by federal regulators;
the impact on funding for Medicaid and Indigent Care with
continued poor financial status of the Commonwealth of Virginia;
and economic pressures and uncertainty regarding cash flows from
investments and non-operating income.
For a full discussion of the budget proposal as well as
comparative revenue and expenditure data for the Academic
Division, the University’s College at Wise, and the Medical
Center, please refer to the budget summary accompanying this
book.
Annual Renovation and Infrastructure Plan
Under Restructuring, the Board of Visitors has been
delegated authority to approve all capital projects
(acquisitions, capital leases, or new construction or renovation
projects costing more than $1 million and impacting more than
5,000 gross square feet) funded with non-general funds. To
facilitate the consideration of certain projects with no
exterior impact, the Board of Visitors considers the Annual
Renovation and Infrastructure Plan (ARIP) each year. A listing
of the ARIP projects can be found in the accompanying budget
summary.
In the 2010-2011 Budget Summary, the Academic Division and
the Medical Center will present a detailed list of renovation
and infrastructure projects expected to cost between $1 million
and $5 million, to be funded with non-general fund cash (no
debt), and expected to be initiated within the next fiscal year.
This shorter, annual approval process allows these smaller
projects to be planned on a more appropriate timeline based on
the nature of the project. As an example, the need to renovate
a lab for a new scientist would arise during his/her
recruitment, and would need to be completed before the scientist
joins the faculty.
16
The Academic Division’s ARIP totals $22.9 million to $27.9
million and includes a Randall Hall Historic Preservation
project, a JAG School Lodging renovation, several utility
upgrade projects, renovation of a Medical School teaching
laboratory, and renovations at Lambeth Field Apartments. All
the projects will be funded from cash, either from E&G
maintenance funds, private resources, or auxiliary reserves.
The Medical Center’s 2010-2011 ARIP Plan includes $37.0 to
$42.1 million in various renovation projects and infrastructure
upgrades. All projects will be funded from Medical Center
operating funds. Additionally, the Medical Center is authorized
to substitute a new project costing between $1 million and $5
million for a project included on the approved ARIP, provided
that the total capital budget as approved by the Board of
Visitors is not exceeded and that a report is provided at each
Board of Visitors meeting listing the changes made to the
original project list.
Pratt Fund
In April 1976, the University received funds, designated
in the will of John Lee Pratt, to be used "to supplement
salaries of the professors of the Departments of Biology,
Chemistry, Mathematics and Physics, to purchase equipment for
these departments as suggested by the heads of the departments
and approved by the President and the Board of Visitors, and to
provide for scholarships in these departments for outstanding
students." Mr. Pratt’s will provides further that these funds
could be used "to support research in the School of Medicine and
to provide scholarships for medical students." The will
stipulates that the Pratt endowment reverts to Washington and
Lee University if the University of Virginia does not comply
with the provisions of the will. The original Pratt endowment
has been split into two equal endowments, with 50 percent of the
original principal assigned to the College of Arts and Sciences
and the remaining 50 percent assigned to the School of Medicine.
In 2010-2011, a distribution of $2.4 million from the
College of Arts and Sciences endowment and $2.3 million from the
School of Medicine endowment, for a total of $4.7 million, is
recommended. This distribution is made directly to the College
of Arts & Sciences and the School of Medicine and is consistent
with amounts distributed in the past. Committees in each of the
schools developed the proposal, which is included as an Appendix
to this document, to spend the distribution in a manner
consistent with previous years.
17
Each dean, the Vice President for Research, the Executive
Vice President and Provost, and the President are required to
indicate their support for these projects. The table below
shows aggregate allocations; the Appendix describes the specific
allocations.
2010-2011 Pratt Fund Allocation
Equipment
$ 3,591
250,000
7,500
-
Faculty
Salaries
$ 54,474
21,696
39,962
500,000
$761,091
500,000
$616,132
School of
Medicine
$
$
TOTAL
$761,091
Biology
Chemistry
Mathematics
Physics
New Faculty
Start-Up Fund
Arts & Sciences
Subtotal
-
Fellowships
$191,935
120,804
210,038
500,000
$1,022,777
Research
$
-
Total
$250,000
250,000
150,000
250,000
-
1,500,000
$2,400,000
$
-
$524,163
$1,775,837
$2,300,000
$616,132
$1,546,940
$1,775,837
$4,700,000
APPROVAL OF THE 2010-2011 OPERATING BUDGET AND ANNUAL RENOVATION
AND INFRASTRUCTURE PLAN FOR THE ACADEMIC DIVISION
RESOLVED, the 2010-2011 Operating Budget and Annual
Renovation and Infrastructure Plan for the Academic Division is
approved, as recommended by the President and the Chief
Financial Officer.
APPROVAL OF THE 2010-2011 OPERATING BUDGET FOR THE UNIVERSITY OF
VIRGINIA'S COLLEGE AT WISE
RESOLVED, the 2010-2011 Operating Budget for The University
of Virginia’s College at Wise is approved, as recommended by the
President and the Chief Financial Officer.
APPROVAL OF THE 2010-2011 OPERATING AND CAPITAL BUDGETS AND
ANNUAL RENOVATION AND INFRASTRUCTURE PLAN FOR THE UNIVERSITY OF
VIRGINIA MEDICAL CENTER
RESOLVED, the 2010-2011 Operating and Capital Budget and
the Annual Renovation and Infrastructure Plan for the University
of Virginia Medical Center is approved, as recommended by the
President, the Chief Financial Officer, and the Medical Center
Operating Board.
18
APPROVAL OF PRATT FUND DISTRIBUTION FOR 2010-2011
RESOLVED, the budget for the expenditure of funds from the
Estate of John Lee Pratt is approved to supplement
appropriations made by the Commonwealth of Virginia for the
School of Medicine and the Departments of Biology, Chemistry,
Mathematics and Physics in the College of Arts and Sciences.
Departmental allocations, not to exceed $4,700,000 for 20102011, are suggested by the department chairs and recommended by
the dean of each school. To the extent the annual income from
the endowment is not adequate to meet the recommended
distribution, the principal of the endowment will be disinvested
to provide funds for the approved budgets.
19
UNIVERSITY OF VIRGINIA
BOARD OF VISITORS AGENDA ITEM SUMMARY
BOARD MEETING:
June 11, 2009
COMMITTEE:
Finance
AGENDA ITEM:
II.A.
ACTION REQUIRED:
None
Vice President’s Remarks
DISCUSSION: The Executive Vice President and Chief Operating
Officer will inform the Board of Visitors of other recent events
that do not require formal action, but of which it should be made
aware.
20
UNIVERSITY OF VIRGINIA
BOARD OF VISITORS AGENDA ITEM SUMMARY
BOARD MEETING:
June 11, 2009
COMMITTEE:
Finance
AGENDA ITEM:
II.B. Endowment Report – Market Value and
Performance as of March 31, 2010
ACTION REQUIRED:
None
BACKGROUND: The University of Virginia Investment Management
Company (UVIMCO) provides investment management to the Rector
and Visitors of the University of Virginia and its related
Foundations. Assets deposited in UVIMCO are held in the custody
and control of UVIMCO on behalf of the University and
Foundations within a long-term, co-mingled investment pool.
DISCUSSION:
The March 31, 2010 Report is included below.
Quarter-End March 2010
In the quarter ending March 31, the value of the Long Term Pool
rose 4.5 percent versus 3.1 percent for our policy portfolio
benchmark. Within shorter time frames, our absolute performance is
strong while relative performance is weaker. For the nine months
fiscal year-to-date, our portfolio grew 16.8 percent versus 21.9
percent for our benchmark. However, over longer-term periods of
comparative evaluation, our Pool has provided strong outperformance
(3.9 percent per annum over the trailing ten-year period).
Our portfolio is structurally defensive and has underperformed on
a relative basis due to rapidly appreciating markets. Our public
equity and credit portfolios have both outpaced comparable public
indices in recent quarters. We continue to hold a significant
long-term allocation to long/short equity managers who favor large,
high quality franchise businesses over smaller, lower quality
companies. Amidst an underlying environment in which small cap
value dramatically outperforms large cap growth, these managers will
face substantial headwinds. The long-term performance for this
strategy remains strong, providing eight percent outperformance over
the broader equity markets for the ten-year period ending in March.
A wide valuation spread between higher quality and lower quality
companies currently exists, and we believe that this spread presents
a fertile opportunity for our long/short managers to capture its
21
reversal going forward.
unpredictable.
The timing of any reversal is always
The returns of our private equity and real estate portfolios
have also trailed comparable public indices over the short term.
Several factors contributed to this dynamic. Liquidity premiums
have widened, whereby publicly-traded security prices imply asset
values well above where assets are trading in private transactions.
This has prevented our private managers from fully realizing the
appreciation in the public markets. Also, the underlying assets in
private portfolios bear less resemblance to those in the policy
benchmark indices, and the pattern of their returns often deviates
materially from those in the public market. Finally, there is a
reporting lag in private manager valuation data. The March month-end
pool value, for example, reflects private valuation marks as of
December 2009 for 81 percent of total private manager net asset
value. The remaining private valuations are predominantly from
earlier dates. In rapidly appreciating markets, this reporting lag
can magnify the difference in our performance versus that of the
public policy benchmark.
A more detailed assessment of our fiscal year-to-date performance
through March follows.
Public Equity
For the fiscal year-to-date through March 31, 2010, our public
equity portfolio appreciated 35.9 percent versus the 27.6 percent
return of the MSCI All Country World Index. Performance was strong
across our manager roster. Excellent stock selection and a
healthy participation in emerging market equities largely explain
our relative outperformance. Importantly, the strong returns
delivered over this period were achieved through the ownership of
quality businesses as opposed to risk-laden speculations. Over
longer-term time horizons, the performance of our public equity
portfolio also compares favorably, compounding at an annualized rate
of 8.1 percent over the trailing ten-year period versus the 1.1
percent annualized return of the MSCI benchmark. This level of
outperformance is unlikely to be sustained. Our public equity
portfolio remains global in nature with a skew towards higher
quality businesses and an emphasis on our managers’ stock
selection skills.
Long/Short Equity
Fiscal year-to-date, our long/short equity portfolio returned
7.2 percent versus 13.5 percent for the Tremont Long/Short Equity
22
Index and 27.6 percent for the MSCI All Country World Index. Our
portfolio continues to be negatively impacted by the strong run of
returns delivered by lower quality companies. Our managers search
for attractive short investments among low quality companies and
typically underperform during periods when this character of
business is rapidly appreciating. Our portfolio experienced a
similar bout of underperformance in 2003-2004 during the recovery
following the dot com bubble. Over longer-term time horizons, the
strategy of emphasizing high quality companies on the long side and
low quality companies on the short side has been profitable. Over
the past ten years, our long/short portfolio has compounded at an
annualized rate of 9.1 percent versus 5.2 percent for the long/short
benchmark and 1.1 percent for the global equity index.
Private Equity
Fiscal year-to-date, our private equity portfolio returned 17.4
percent versus 27.6 percent for the MSCI All Country World Index.
Over the past year, improving economic fundamentals and healing
credit and equity markets supported broad-based valuation increases
across the portfolio. Capital calls and distributions have both
increased year-over-year and are approaching normal levels. Over
the longer term, our private equity returns continue to outpace the
public markets with a ten-year return of 2.2 percent versus 1.1
percent for the global equity index and a 20-year return of 19.9
percent versus 7.2 percent for the index.
Real Estate
Fiscal year-to-date, the value of our real estate portfolio
declined -12.1 percent. This is in stark contrast to the positive
40.3 percent return of the publicly-traded MSCI Real Estate Index.
At the market’s trough in March 2009, companies and business models
which relied upon highly-leveraged capital structures, including
many of the publicly-listed REITs which compose our benchmark, were
priced as binary options, well below the valuations typically
assigned to going-concerns. Over the past year, as government
supports successfully buttressed the capital markets, the equity of
these companies experienced a violent rebound. While UVIMCO’s private
real estate portfolio experienced a lagged and staggered valuation
path, the returns of our public real estate benchmark experienced a
sharp V-shaped trajectory, creating a wide disparity in the one-year
relative performance but a more modest gap over the full three year
comparison.
Over the past three years, UVIMCO’s real estate portfolio
underperformed the MSCI Real Estate Index by approximately seven
23
percent per annum. Of this performance gap, three percent is the
result of an exposure position which was executed for portfolio
reasons but captured in our real estate returns. Net of this
exposure position, our private real estate portfolio had a threeyear return that trailed the public benchmark by four percent per
annum. This result is a combination of private manager
underperformance along with J-curve effects, reflecting that we have
substantial outstanding commitments and a relatively small existing
real estate portfolio. We have allocated significant capital to
private real estate managers in recent years in advance of an
improved acquisition environment. These managers have remained
patient and have not drawn much of this capital thus far. Their
patience has proved prescient as private asset values have
continued to fall. However, we have paid fees on committed rather
than invested capital during this time period, which has depressed
returns in the short-term. We are encouraged by a recent increase in
buying activity among our managers as opportunities emerge to
acquire quality assets in strong markets at discounted prices.
Resources
Fiscal year-to-date, our resources portfolio appreciated 19.4
percent. A significant portion of this performance stems from the
updated valuation of several co-investments which make up
approximately 30 percent of our resources portfolio. These
adjustments bring the valuations of our direct resources investments
in line with fair value estimates. Over the trailing ten years, our
resources portfolio achieved a compound return of 20.5 percent, well
surpassing the 7.8 percent return of the benchmark MSCI Real Estate
Index.
Absolute Return
Fiscal year-to-date, our absolute return portfolio returned 17.1
percent versus a return of 21.9 percent on the policy portfolio
benchmark. Our absolute return portfolio is comprised of three
managers employing very different strategies. Exposures to corporate
and residential mortgage-related debt and emerging market equities
provided the strong returns over the period, despite relatively
modest market exposures. We do not expect this portfolio to keep
pace with the policy portfolio in rapidly-rising markets. Over the
trailing ten-year period, our absolute return portfolio returned
seven percent versus the 3.7 percent return of the policy portfolio.
24
Credit
Fiscal year-to-date, our credit portfolio returned 27.6 percent
versus 26.9 percent for the Barclays High Yield Index. The
relatively strong returns provided by the portfolio’s large
allocation to residential mortgage-backed securities were offset by
the slower price response to improving conditions across the
portfolio’s private assets. Over longer-term time horizons, the
portfolio also compares favorably, compounding at an 8.6 percent
annualized rate over the past ten years versus 7.5 percent for the
high yield index. Credit spreads have narrowed dramatically over
the past year. While still above pre-crisis levels, it is less
clear that risks are being well-compensated by the return
opportunity. Security selection will be important to new positions
in credit going forward.
Bonds and Cash
Fiscal year-to-date, our government bond portfolio returned 3.5
percent versus 5.6 percent for the Barclays Aggregate Bond Index.
Our medium-term bond holdings continue to harvest coupons and
benefit from a steep yield curve. Over longer-term periods, bond
returns will converge with interest rates, which have remained at
unusually low levels for some time. Consistent with current
interest rates on short-term cash investments, our cash holdings have
produced returns approaching zero percent.
25
26
27
28
UNIVERSITY OF VIRGINIA
BOARD OF VISITORS AGENDA ITEM SUMMARY
BOARD MEETING:
June 11, 2009
COMMITTEE:
Finance
AGENDA ITEM:
II.C.
ACTION REQUIRED:
None
Retirement Administrative Committee
BACKGROUND: The University is the plan sponsor of a number of
defined contribution retirement plans, including the Defined
Contribution Retirement Plan for the General Faculty and
Executive, Managerial and Professional University Staff of the
University of Virginia, and the Defined Contribution Retirement
Plan for Employees of the University of Virginia Medical Center.
At its June 2, 2007 meeting, the Finance Committee of the
Board of Visitors approved a revised Retirement Program Policy.
The revised policy established the role of the Finance Committee
of the Board of Visitors to provide oversight of the retirement
plans and to report annually to the Board. The policy also
clarified the role of the University’s Retirement Administrative
Committee (RAC) to establish procedures and review investment
performance of the various funds offered. The RAC is chaired by
Yoke San Reynolds, Vice President and Chief Financial Officer of
the University. The RAC also established an Investment
Subcommittee, chaired by the CEO of UVIMCO. Susan Carkeek, Vice
President and Chief Human Resource Officer, is the retirement
program administrator.
At its April 11, 2008 meeting, the Finance Committee of the
Board of Visitors approved new Investment Procedures, creating a
menu of investment options for plan participants that includes a
full range of funds, regardless of which vendor a participant
elects. The new Investment Procedures also changed the role of
CAPTRUST (a third party engaged to provide analysis of
investment performance of the funds) from consultant to advisor
thus shifting fund selection and monitoring responsibility to
CAPTRUST.
Mr. Mastracco, as Finance Committee Chair, and Ms. Helen
Dragas, Finance Committee member, work with the University’s
Retirement Administrative Committee to oversee the retirement
program and report back to the Finance Committee on an annual
basis.
29
DISCUSSION: On June 2nd, Mr. Mastracco and Ms. Dragas met with
the Executive Vice President and Chief Operating Officer and
representatives of the Retirement Administrative Committee to
review the Plan’s annual performance and to discuss the overall
program from participant and administrative perspectives. The
Retirement Administrative Committee has asked CAPTRUST to
research opportunities to reduce administrative charges paid by
employees and thereby increasing the amount employees have
invested to use for their retirement. Minutes of that meeting
will be distributed at the June 11 Finance Committee meeting of
the Board of Visitors.
30
UNIVERSITY OF VIRGINIA
BOARD OF VISITORS AGENDA ITEM SUMMARY
BOARD MEETING:
June 11, 2010
COMMITTEE:
Finance
AGENDA ITEM:
II. D. Restructuring-Related Performance
Measures
ACTION REQUIRED:
None
BACKGROUND: The Restructured Higher Education Financial and
Administrative Operations Act became effective on July 1, 2005,
and in part required the Board of Visitors to commit to a set of
statewide goals. On June 10, 2005, the Board of Visitors
approved the University's commitment to meet the goals
delineated in the act.
Pursuant to the Restructuring Act, the State Council of
Higher Education for Virginia (SCHEV) developed Institutional
Performance Measures to assess performance on the statewide
goals. The University has worked with SCHEV to establish
appropriate benchmarks, targets, and thresholds for each
educational-related performance measure. SCHEV assesses
performance and certifies the University if it meets the targets
for each measure. Upon certification, the University becomes
eligible to receive certain financial incentives, such as
interest on tuition and fee revenue, as provided for in § 2.25005 of the Code of Virginia.
As part of the University’s Management Agreement with the
Commonwealth, the University also committed to meet additional
goals in the areas of research, acceptance of community college
transfer students, and economic development. Further, the
University adopted additional accountability standards to
measure performance in the administrative areas that were
granted greater authority by the Agreement: Human Resources;
Procurement and Surplus Personal Property; Information
Technology; Finance and Accounting; and Capital Outlay, Leases,
and Real Estate.
DISCUSSION: SCHEV certified the University on May 18, 2010,
based on fiscal year 2008-2009 data (a summary of which is
included in the following chart). Detailed data on the
Institutional Performance Standards, the additional state goals
31
included in the Management Agreement, and the Financial and
Administrative Performance Measures are included in Appendix B.
Based on the thresholds and targets developed with SCHEV on
the Institutional Performance Measures, the University achieved
a passing rating for each measure on which it was assessed this
year. The University also met the targets for the financial and
administrative standards, which were reviewed and approved by
the Secretary of Finance.
Institutional Performance Standards
Measure
Institution meets
95% of its in-state
enrollment targets
Enrollment of instate students from
under-represented
populations
Institution meets
95% of its
undergraduate and
90% of its graduate
and first
professional
projected degree
awards
Affordability
Degrees conferred
in high-need areas
Programs reviewed
under the criteria
of SACS
Average annual
retention and
progression rates
Undergraduate
degree awards per
FTE student
enrollment
2008-2009
Actual
15,504
2008-2009
Target
15,635
2008-2009
Threshold
14,853
Rating
3,729
3,549
3,426
PASS
3,560 (U)
2,702 (G)
3,466 (U)
2,716 (G)
3,293 (U)
2,444 (G)
PASS
1,496
Under development
1,558
1,449
In 2008-2009 completed reviews in
the Curry School of Education and
the departments of Astronomy,
Chemistry, Environmental Sciences,
Physics, and Psychology in the
College of Arts and Sciences.
94.70%
92.00%
90.00%
.249
.245
32
.240
PASS
N/A
PASS
PASS
PASS
PASS
Measure
Increase in degreequalified transfers
(four-year)
Research
expenditures
(three-year average
in millions)
Degrees conferred
per FTE
instructional
faculty member
Increased number of
articulation
agreements
Institutional
commitment to
economic
development
Patents and
licenses
K-12 development
Campus safety and
security
2008-2009
Actual
171
2008-2009
Target
107
2008-2009
Threshold
86
Rating
$249.81
$235.00
$206.80
PASS
5.40
Reporting requirement
only; no targets
required.
2
2
2
Reporting requirement only; no
targets required.
76
Reporting requirement
only; no targets
required.
Reporting requirement only; no
targets required.
Reporting requirement only; no
specific targets required.
33
PASS
PASS
PASS
PASS
PASS
PASS
PASS
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34
MISCELLANEOUS FINANCIAL REPORTS
Finance Committee
University of Virginia
JUNE 11, 2010
UNIVERSITY OF VIRGINIA ACADEMIC DIVISION
FINANCIAL REPORT
ACCOUNTS AND LOANS RECEIVABLE AS OF MARCH 31, 2010
Summary of Accounts Receivable:
The University’s Academic Division’s total accounts receivable at March 31, 2010 was $33,814,000 as
compared to $191,812,000 at December 31, 2009. The major sources of receivables at March 31, 2010 were
Student Accounts of $17,258,000 and Sponsored Programs of $13,673,000.
The past due receivables over 120 days old were $3,172,000 as of March 31, 2010 or 9.38 percent of total
receivables, which is below the Commonwealth’s management standard of 10 percent.
Student
Accounts
Gross Accounts
Receivable
$ 17,258,000
Sponsored
Programs
$ 13,673,000
Other
Receivables
Total
$ 2,883,000
$ 33,814,000
26,000
1,580,000
Less: Allowance for
Doubtful Accounts
943,000
611,000
Net Accounts
Receivable
$ 16,315,000
$ 13,062,000
$ 2,857,000
$ 32,234,000
Accounts Receivable
Greater than 120 Days
Past Due
$
$ 1,221,000
$
$
1,886,000
65,000
3,172,000
SOURCE: Financial Administration
DATE:
May 4, 2010
35
UNIVERSITY OF VIRGINIA ACADEMIC DIVISION
FINANCIAL REPORT
ACCOUNTS AND LOANS RECEIVABLE AS OF MARCH 31, 2010
Summary of Loans Receivable:
The default rate for the Perkins Student Loan Program was 5.93 percent for the quarter ending March 31,
2010. This is based on the cohort default calculation and is well below the 15 percent threshold set by federal
regulations. The Health Professions Loan Program default rate remained the same at zero percent. The
Nursing Undergraduate Student Loan Program default rate decreased from 1.68 percent to 1.27 percent.
Both medical loan programs are well below the five percent federal threshold. The University Loan Program
default rate decreased from 3.11 percent to 3.04 percent for the quarter ending March 31, 2010.
Perkins Student Loans
Health Professions Loans
Undergraduate
Nursing Loans
University Loans
Total Student
Loan Outstanding
Gross Loans
Receivable
Current
Default Rate
Inc./(Dec)
From Last Quarter
$ 19,770,000
5.93%
0.07%
1,000
0.00%
0.00%
1,404,000
1.27%
(0.41%)
15,263,000
3.04%
(0.07%)
$ 36,438,000
SOURCE: Financial Administration
DATE:
May 4, 2010
36
University of Virginia
Capital Campaign Summary
As of 04/30/10
All Units
Expendable
888,201,429
191,488,261
Endowment
420,116,536
53,016,737
Total
1,308,317,965
244,504,998
89,175,222
174,559,172
68,020,410
25,577,015
0
3,325,598
114,752,237
174,559,172
71,346,008
Gift and Pledge Total
1,411,444,494
184,724,124
502,035,886
51,009,704
1,913,480,380
235,733,828
Campaign Total
1,596,168,618
553,045,590
2,149,214,208
-39,494,494
1,371,950,000
1,126,014,114
1,628,050,000
1,086,519,620
3,000,000,000
Gifts and Pledge Payments
Outstanding Pledge Balances
Deferred Gifts
Private Grants
Gifts in Kind
Future Support
Additional Amounts To Be Raised
(1)
Total
Rector & Visitors Gift Accounts Only
Expendable
312,166,064
Endowment
239,741,451
Total
551,907,515
43,208,331
57,624,383
0
27,764,244
6,675,124
9,924,077
0
10,587
49,883,455
67,548,460
0
27,774,831
Gift and Pledge Total
440,763,022
117,606,826
256,351,239
3,592,539
697,114,261
121,199,365
Campaign Total
Additional Amounts To Be Raised
Total
558,369,848
TBD
558,369,848
259,943,778
TBD
259,943,778
818,313,626
TBD
818,313,626
Gifts and Pledge Payments
Outstanding Pledge Balances
Deferred Gifts
Private Grants
Gifts in Kind
Future Support
Rector & Visitors Unrestricted Giving
Gifts and Pledge Payments
Deferred Gifts
4,655,806
200,000
Outstanding Pledge Balances
270,648
5,126,454
Total
(1)
4,655,806
200,000
0
270,648
5,126,454
Excludes future or revocable support
SOURCE: Office of Development and Public Affairs
DATE:
May 7, 2010
37
UNIVERSITY OF VIRGINIA
INTERNAL LOANS TO UNIVERSITY DEPARTMENTS AND ACTIVITIES
As of March 31, 2010
PURPOSE
DATE OF
LOAN
INTEREST
RATE
Cocke Hall
06/30/06
4.75%
1,941,787
1,425,006
516,781
June 2011
ITC ISIS Software
06/30/06
4.75%
1,575,000
1,230,107
344,893
July 2010
National Radio Astronomy
Observatory Piping
09/01/06
6.25%
706,833
485,469
221,364
August 2011
Varsity Hall
06/30/07
4.75%
1,517,726
874,944
642,782
March 2012
Wilsdorf Hall
11/01/06
4.75%
3,311,328
3,010,111
301,217
November 2011
Wise Football Facility
10/01/07
4.75%
629,171
113,469
515,702
October 2022
Total Internal Loans Subject to
ORIGINAL
LOAN AMOUNT
$
9,681,845
PRINCIPAL PAYMENTS
MADE TO DATE
$
7,139,106
OUTSTANDING
PRINCIPAL
$
APPROXIMATE
FINAL PAYMENT
2,542,739
1
$15M Limit Established by BOV
NOTES:
1. Per January 1990 Board of Visitors resolution establishing the internal loan pool at $10
million and per April 2003 Board of Visitors resolution approving the expansion of the
internal loan pool from $10 million to $15 million. All internal loans are subject to the
approval of the Executive Vice President and Chief Operating Officer.
2. The University’s blended borrowing rate for tax exempt financing is 4.75 percent. A
taxable rate of 6.25 percent was charged for the National Radio Astronomy Observatory
Piping project.
SOURCE: Financial Administration
DATE:
May 3, 2010
38
UNIVERSITY OF VIRGINIA
REPORT ON WRITE-OFF OF NON-PATIENT BAD DEBTS FOR
Fiscal Year 2009-2010
Report on Write Off of Non Patient Bad Debts
The University's write-off of non-patient bad debts for fiscal year 2009-2010 is $507,040. This year's write-off
decreased by $44,504 or 8.1 percent. These write-offs do not constitute a compromise, settlement, or discharge
of the debts. For the past ten years, the University has averaged a collection rate of approximately 48 percent of
all previously written-off student debts.
FY
2009-10
FY
2008-09
FY
2007-08
FY
2006-07
327,460
396,423
197,824
96,691
Auxiliary Services Fines and Charges
69,173
67,143
108,517
49,131
UVA's College at Wise
46,005
30,300
29,882
29,799
Library Fines and Charges
6,111
6,448
15,522
19,942
University Student Loans
23,784
9,109
12,234
8,388
Tuition and Fees
Uncollectible Salary Overpayments
Other Charges
TOTAL
7,094
8,807
27,413
42,121
29,300
94,630
507,040
551,544
393,279
307,386
SOURCE: Financial Administration
DATE:
May 7, 2010
39
QUARTERLY BUDGET REPORT
As of March 31, 2010
This report compares the actual results for the sources and uses of funds to the Academic
Division annual budget (excluding the Medical Center and the University of Virginia’s College
at Wise). At the end of the third quarter of 2009-2010, 83.3 percent of the budgeted sources
were collected and 74.6 percent of the budgeted uses were expended.
The operating budget is developed using differing rules and conventions from the audited
financial statements, which are developed in accordance with generally accepted accounting
principles (GAAP). In some cases, similar descriptions are used in both reports even though the
precise definitions and the specific amounts are not identical. However, both sets of figures are
accurate for their particular purposes, and both are drawn from the University’s financial
applications. Outlined below are several of the differing conventions used in the operating
budget and the actual results presented on the accompanying statement:
The operating budget is prepared on a cash basis.
The operating budget presents tuition and fees as gross income and the full amount of
student aid as an expense.
In the operating budget, depreciation is not funded and non-capital outlay purchases are
recognized as expensed rather than spread over the useful life of the purchase. Debt
service, major repair or renovation expenditures occur within the capital outlay accounts
– and off the operating budget.
The Federal Family Education Loan Program is excluded from the operating budget.
Sources of funds are shown net of transfers to capital reserves/projects in the operating
budget.
Fringe benefit expenditures are included in the operating budget using pooled benefit
rates.
The operating budget recognizes recoveries of indirect costs only upon distribution of
those revenues, and not when billed to granting agencies.
A definition of terms is included to explain the categories for the sources and uses of
funds.
SOURCE: University Budget Office
DATE:
May 27, 2010
40
University of Virginia Academic Division
2009-10 Operating Budget Report
As of March 31, 2010
(in thousands)
2009-10
Revised
Budget
Sources of Available Funds
Tuition & Fees for Operating Plan
State General Fund Appropriation for Operating Plan
Sponsored Research for Operating Plan
Endowment Distribution
Net Gifts Available for Operating Plan
Sales, Investment & Other
American Recovery and Reinvestment Act of 2009
Net Auxiliary Enterprises for Operating Plan
Total Sources of Available Funds
Total Operating Reserves and Temporary Allocations
Total Uses of Available Funds
Allocation of one-time appreciation, loans and balances
Variance
3/31/2010
Results
Percentage
$382,108
140,423
316,367
131,917
88,918
26,251
5,559
188,658
$1,280,201
$374,566
138,471
236,549
68,805
81,916
19,358
0
147,250
$1,066,915
$7,542
1,952
79,818
63,112
7,002
6,893
5,559
41,408
$213,286
98.0%
98.6%
74.8%
52.2%
92.1%
73.7%
0.0%
78.1%
83.3%
$319,451
300,528
125,586
44,287
83,363
82,493
138,113
$230,283
237,866
100,289
27,597
57,353
56,774
129,797
$89,168
62,662
25,297
16,690
26,010
25,719
8,316
72.1%
79.1%
79.9%
62.3%
68.8%
68.8%
94.0%
45,970
30,256
36,301
77,890
$1,284,238
42,786
23,970
23,247
33,834
$963,796
3,184
6,286
13,054
44,056
$320,442
93.1%
79.2%
64.0%
43.4%
75.0%
8,404
$1,292,642
34,701
$963,796
-
8,404
$328,846
34,701
0.0%
74.6%
0.0%
$22,260
$103,119
($80,859)
Uses of Available Funds
Direct Instruction
Research and Public Service
Library, Information Tech., & Academic Administration
Student Services
General Administration
Operation & Maintenance of Physical Plant
Scholarships, Fellowships, & Other Graduate Support
Athletics
Bookstore
Housing and Conference Services
Other Auxiliary Operations
Total Operating Expenses
3/31/2010
Actual
Results
Net Sources and Uses of Operating Funds
41
DEFINITION OF TERMS
Sponsored Research -- primarily research projects, but also includes activities restricted to
institutional and service programs.
Auxiliary Enterprises -- those activities which are supported entirely through fees charged to
users, such as housing, athletics, dining services, the telephone system and the bookstore.
Instruction -- expenditures for the primary mission of the University, which includes teaching
faculty, support staff, instructional equipment, and related routine operating costs.
Research -- includes expenditures for activities such as support for research faculty and sponsored
research. Activities include the Center for Public Service, the State Climatologist, and the Center
for Liberal Arts.
Public Service -- includes activities such as the Miller Center of Public Affairs, the Virginia
Foundation for the Humanities, and that portion of the medical school's clinical physicians’
salaries and fringe benefits related to patient care.
Library, Information Technology and Academic Administration -- encompasses the libraries, the
activities of the deans of the schools, and other related expenditures.
Student Services -- activities whose primary purpose is to contribute to the students' emotional and
physical well-being and to their intellectual, cultural, and social development outside the
classroom.
General Administration -- includes the financial, administrative, logistical, and development
activities of the University.
Operation and Maintenance of Physical Plant -- includes expenditures for activities related to the
operation and maintenance of the physical plant, net of amounts charged to auxiliary enterprises
and the Medical Center.
42
UNIVERSITY OF VIRGINIA
ENDOWMENT/LONG TERM INVESTMENTS FOR UVa AND RELATED FOUNDATIONS
MARCH 31, 2010
Unaudited
(in thousands)
The University of Virginia Medical School and related foundations
Rector and
Visitors Funds
Related
Foundation
Funds Invested
by UVIM CO
Alumni
Association
Funds Invested
by UVIM CO
Related Foundation
Funds Invested by
Direction of
Foundation Board
$
$
$
$
The College of Arts and Sciences and related foundations
659,695
29,589
6,171
-
Total
$
695,455
294,434
38,146
8,872
2,336
343,788
The University of Virginia Law School and related foundation
38,814
182,254
-
87,076
308,144
Darden School and related foundation
98,657
179,535
-
5,537
283,729
Batten School of Leadership and Public Policy
98,012
-
-
-
98,012
The McIntire School of Commerce and related foundation
68,837
-
20,099
769
89,705
School of Engineering and related foundation
74,434
269
2,349
2,053
79,105
University of Virginia's College at Wise and related foundation
37,680
4,245
1,811
7,665
51,401
Graduate School of Arts and Sciences
44,076
-
-
-
44,076
School of Nursing
34,817
-
1,621
-
36,438
Curry School of Education and related foundation
11,242
6,950
-
1,655
19,847
School of Architecture and related foundation
14,680
-
359
588
15,627
School of Continuing and Professional Studies
65
-
44
-
109
University of Virginia Medical Center and related foundations
341,816
56,400
3,856
18,417 **
420,489
Centrally Managed University Scholarships
136,047
-
-
-
136,047
Athletics and related foundation
35,192
56,562
330
562
92,646
Provost
78,192
-
-
-
78,192
-
-
45,001
12,851
57,852
47,286
7,783
-
-
55,069
University of Virginia Foundation and related entities
-
54,615
-
182
54,797
Alumni Board of Trustees
-
44,906
-
-
44,906
44,018
-
41
-
44,059
University - Unrestricted but designated
273,959
-
-
-
273,959
University - Unrestricted Quasi and True Endowment
163,277
-
-
-
163,277
University - Unrestricted Other
132,967
-
-
-
132,967
All Other
180,089
11,525
-
390,651
139,691
$ 4,010,347
Alumni Association
Miller Center and related foundation
University Libraries
$
2,908,286
$
672,779
199,037 *
$
289,591
$
*Includes funds on deposit for other areas/schools not individually listed.
**Excludes approximately $36.8 million of board designated pension funds.
SOURCE: Financial Administration
DATE:
May 7, 2010
43
UNIVERSITY OF VIRGINIA
QUASI-ENDOWMENT ACTIONS
JANUARY 1, 2010 to MARCH 31, 2010
The quasi-endowment actions listed below were approved by either (1) the Executive Vice President and
Chief Operating Officer, under the following Board of Visitors’ resolutions, or (2) the Vice President and Chief
Financial Officer, under the delegation of authority from the Executive Vice President and Chief Operating Officer:
In October 1990 and June 1996 the Board of Visitors approved resolutions delegating to the Executive Vice
President and Chief Operating Officer the authority to approve quasi-endowment actions, including establishments
and divestments of less than $2,000,000, with regular reports on such actions.
In February 2006, the Board of Visitors approved a resolution permitting approval of quasi-endowment
transactions, regardless of dollar amount, in cases in which it is determined to be necessary as part of the assessment
of the business plan for capital projects. Additionally, to the extent that the central loan program has balances, they
may be invested in the long term investment pool managed by UVIMCO or in other investment vehicles as
permitted by law.
Additions from Gifts
Amount
Darden, Barbara B. Endowed Scholarship
$
55,000.00
Jones, D. Lung Cancer Research Quasi-Endowment
250,000.00
President's Fund for Excellence Unrestricted Quasi-Endowment
184,089.16
University Quasi-Endowment Fund (1)
223,911.82
Total Additions from Gifts to Quasi-Endowments
$
713,000.98
Additions from Endowment Income (Capitalizations)
Anderson Lectureship Income Capitalization Quasi-Endowment
Antrim, Lottie C. Income Capitalization Quasi-Endowment
Athletics General Operations Quasi-Endowment
$
6,870.95
63,228.45
Chrysler, W. P. Fund for Engineering Library
1,460.81
Class of 1955 Fund
1,478.62
Class of 1956 Fund
5,033.76
Class of 1957 Fund
3,913.49
Class of 1958 Fund
4,975.43
Class of 1959 Fund
5,816.34
Class of 1960 Fund
4,902.67
Class of 1961 Fund
4,428.11
Class of 1962 Fund
6,463.01
Class of 1963 Fund
2,000.12
Class of 1964 Fund
3,936.71
Class of 1965 Fund
1,201.60
44
Additions from Endowment Income (Capitalizations) cont.
Dermatology General Investment Fund
23,647.04
Hecht-Cruachem Chemistry Quasi-Endowment #2
2,730.62
Hecht-Cruachem Chemistry Quasi-Endowment #3
2,767.56
Hecht, Sidney M. Fellowship in Chemistry
5,516.91
Horton, Charles E. Professorship in International Plastic Surgery Quasi-Endowment
9,187.51
Hughes Endowment Income Capitalization Quasi-Endowment
3,114.63
Jordan, Harvey E. Lectureship
1,083.37
Low, Emmet F. and N. Alyce Chair Quasi-Endowment
929.79
McIntire School of Commerce Operations Fund
859,882.43
McIntire, Howard Quasi-Endowment in Neurology
17,695.01
Medical Center Capital Assets Quasi-Endowment (2)
4,800,670.22
Miller, Mae W. Cancer Research Quasi-Endowment
4,589.51
Moyston Quasi-Endowment for Ophthalmology
19,045.68
Moyston, Vernah Scott Professorship in Opthalmology Investment Quasi-Endowment
3,304.33
Plastic Surgery Quasi-Endowment Fund
13,985.81
Radiology Fund Special Diagnostic
3,332.59
Samuels, Bernard Ophthalmology Library Quasi-Endowment
1,888.08
School of Medicine Quasi-Endowment
24,615.59
Swortzel, Thelma R. Research Quasi-Endowment
21,094.77
Taylor, Henry N. Fund
245.39
Virginia Quarterly Review - Anonymous
424.27
Total Additions from Endowment Income to Quasi-Endowments
$
5,935,461.18
$
1,165,496.49
Divestments
Darden, Jr. Joshua P. Unrestricted Quasi-Endowment
McIntire School of Commerce Operations Fund
1,198,345.00
Swortzel, Thelma R. Research Quasi-Endowment
30,000.00
Thaler, Myles H. Quasi-Endowment for HIV Research
30,000.00
Total Divestments from Quasi-Endowments
$
2,423,841.49
Notes:
*Quasi-endowment newly established or originally funded since January 1, 2010.
(1) Includes current unrestricted gifts to the University which, under a standing Board of Visitors resolution, are
required to be added to the University's Unrestricted Endowment Fund.
(2) Per February 7, 2008 BOV resolution, additional amounts up to $300 million can be transferred to this fund
from the depreciation reserve held by the state without further BOV approval.
SOURCE: Financial Administration
DATE:
May 7, 2010
45
SUMMER CONFERENCE RATES REPORT
2010 and 2011
On June 16, 2001, the Board approved the Signatory Authority Policy which delegates the
"[e]stablishment of summer conference rates for housing facilities and for meals, overnight accommodation
rates for the Birdwood Pavilion, and room rates for the International Center" to the "President, the
Executive Vice President and Chief Operating Officer and the Vice President for Finance". Any approved
transaction must be reported to the Board of Visitors at its next meeting following the action.
The rates below have been approved by Yoke San Reynolds, Vice President and Chief Financial
Officer, on April 15, 2010 and are hereby being reported to the Board of Visitors as required.
Summer Conference Rates - Housing
Actual
Summer
2009
Approved
Summer
2010
Percent
Increase
2010
Proposed
Summer
2011
Percent
Increase
2011
Per person, per night, double
$25.00
$26.50
6.0%
$27.00
1.9%
Per person, per night, single
$36.00
$38.00
5.6%
$39.00
2.6%
$25.00
$26.00
4.0%
$27.00
3.8%
Per person, per night, double
$25.00
$26.50
6.0%
$27.00
1.9%
Per person, per night, single
$36.00
$38.00
5.6%
$39.00
2.6%
Per person, per night, double
$25.00
$26.50
6.0%
$27.00
1.9%
Per person, per night, single
$33.00
$38.00
15.2%
$39.00
2.6%
$26.00
$27.00
3.8%
$28.00
3.7%
Per person, per night, double
$25.00
$26.50
6.0%
$27.00
1.9%
Per person, per night, single
$33.00
$35.00
6.1%
$36.00
2.9%
$25.00
$26.50
6.0%
$27.00
1.9%
ECONOMY SERVICE
Air Conditioned
Bice/Copeley III & IV/Faulkner/Lambeth
Gooch/Dillard
Per person, per night, single
Lewis/Hoxton
Shea/French/Russian/Spanish
Alderman/McCormick GA Suites
Per suite, per night rate, single
Cauthen/Woody/Kellogg
Hereford
Per person, per night, single
Non-Air Conditioned
Alderman/McCormick/Munford/Gwathmey
Per person, per night, double
$19.00
$20.00
5.3%
$20.00
0.0%
Per person, per night, single
$25.00
$26.50
6.0%
$26.50
0.0%
6.4%
Average Economy Service Increase
46
2.2%
Actual
Summer
2009
Approved
Summer
2010
Percent
Increase
2010
Proposed
Summer
2011
Percent
Increase
2011
Per person, per night, double
$36.00
$38.00
5.6%
$39.00
2.6%
Per person, per night, single
$50.00
$52.50
5.0%
$54.00
2.9%
Per person, per night, double
$36.00
$38.00
5.6%
$39.00
2.6%
Per person, per night, single
$50.00
$52.50
5.0%
$54.00
2.9%
$39.00
$41.00
5.1%
$42.00
2.4%
Per person, per night, double
$36.00
$38.00
5.6%
$39.00
2.6%
Per person, per night, single
$50.00
$52.50
5.0%
$54.00
2.9%
Per person, per night, double
$36.00
$38.00
n/a
$39.00
2.6%
Per person, per night, single
$50.00
$52.50
n/a
$54.00
2.9%
Per person, per night, double
$36.00
$38.00
5.6%
$39.00
2.6%
Per person, per night, single
$47.00
$49.00
4.3%
$50.00
2.0%
$39.00
$41.00
5.1%
$42.00
2.4%
$39.00
$41.00
5.1%
$42.00
2.4%
PREMIUM SERVICE
Air Conditioned
Bice/Copeley/Faulkner/Lambeth
Brown College
Gooch/Dillard
Per person, per night, single
Lewis/Hoxton
Shea/French/Russian/Spanish
Cauthen/Woody/Kellogg
Hereford
Per person, per night, single
Non-Air Conditioned
Lawn/Range
Per person, per night, single
Average Premium Service Increase
5.1%
2.6%
Average All Services Increase
5.7%
2.5%
GRADUATION HOUSING
Graduation Package
Per person, 3 night, double room
rate, includes Sunday brunch
$135.00
$140.00
3.7%
$20.00
$21.00
5.0%
SUMMER STUDENT HOUSING
Per person, per night, double
(21 night minimum)
47
$145.00
3.6%
Summer Conference Rates – Dining
Approved
Summer
2008
Approved
Summer
2009
Proposed
Summer
2010
Proposed
Increase
Percent
Increase
Breakfast - Youth
$5.00
$5.50
$5.50
$0.00
0.0%
Breakfast - Adult
$6.75
$7.25
$7.25
$0.00
0.0%
Lunch - Youth
$6.75
$7.25
$7.25
$0.00
0.0%
Lunch – Adult
$8.00
$8.50
$8.50
$0.00
0.0%
Dinner - Youth
$8.00
$8.50
$8.50
$0.00
0.0%
Dinner - Adult
$8.75
$9.25
$9.25
$0.00
0.0%
Breakfast
$4.75
$5.25
$5.25
$0.00
0.0%
Lunch
$6.50
$7.00
$7.00
$0.00
0.0%
Dinner
$7.75
$8.25
$8.25
$0.00
0.0%
Breakfast
$6.50
$7.00
$7.00
$0.00
0.0%
Lunch
$7.75
$8.25
$8.25
$0.00
0.0%
Dinner
$8.50
$9.00
$9.00
$0.00
0.0%
Summer 20 + $40
$190.00
$200.00
$200.00
$0.00
0.0%
Summer 40 + $80
$365.00
$380.00
$380.00
$0.00
0.0%
Summer 60 + $120
$540.00
$560.00
$560.00
$0.00
0.0%
SUMMER CASUAL MEAL RATES
SUMMER CONFERENCE RATES
Youth (17 & under)
Adult
SUMMER MEAL PLAN RATES
Summer Housing & Dining Rates – College at Wise
Actual
Summer
2008
Actual
Summer
2009
Proposed
Summer
2010
Proposed
Increase
Percent
Increase
SUMMER CONFERENCE MEAL RATES
Per person
Breakfast (M-F)
$4.35
$4.50
$4.75
$0.25
5.6%
Lunch (M-F)
$5.85
$6.05
$6.35
$0.30
5.0%
Dinner (M-F)
$7.25
$7.50
$7.90
$0.40
5.3%
Brunch (Sa-Su)
$6.25
$6.25
$6.35
$0.10
1.6%
Dinner (Sa-Su)
$7.50
$7.50
$7.90
$0.40
5.3%
$15.04
$16.90
$17.75
$0.85
5.0%
McCraray Hall
$18.00
$18.00
$19.50
$1.50
8.3%
All other halls & houses
$22.00
$22.00
$23.50
$1.50
6.8%
Group rate (25 +), per person per day
B/L/D (M-F)
SUMMER CONFERENCE HOUSING
Per person, per night, double occupancy
48
Actual
Actual
Proposed
Summer
Summer
Summer
Proposed
Percent
2008
2009
2010
Increase
Increase
$705.00
$705.00
SUMMER SESSION STUDENT HOUSING
Per person, per session (34 days),
double occupancy
$775.00
$70.00
9.9%
International Center – Room Rates
Guest lodgings are available for international visitors associated with the University of Virginia. The
accommodation goal of the International Center is to create a small community of visitors from around the
world who need short-term lodgings (3-month maximum stay).
Actual
2009-10
Proposed
2010-11
Proposed
Increase
Percent
Increase
Single occupancy
$40.00
$40.00
$0.00
0.0%
Double occupancy
$60.00
$60.00
$0.00
0.0%
Single, private bath
$750.00
$750.00
$0.00
0.0%
Double, private bath
$1125.00
$1125.00
$0.00
0.0%
Single, shared bath
$650.00
$650.00
$0.00
0.0%
Double, shared bath
$975.00
$975.00
$0.00
0.0%
Single “cozy” room
$550.00
$550.00
$0.00
0.0%
Stays of 16 nights or fewer (per day)
Stays of more than 16 nights (per month)
SOURCE: Business Operations
DATE:
May 5, 2010
49
APPENDICES
APPENDIX A
2010-2011 PRATT FUND ALLOCATIONS
ARTS AND SCIENCES — $2,400,000
Biology - The department proposes to allocate $191,935 for
graduate fellowships in 2010-11. Of this amount, $100,475 will
be used to provide full support to two outstanding first year
graduate students in Biology, and to augment the fellowship
packages of five President's Fellows. The remaining $91,410
will be allocated to satisfy the department’s membership and to
support two students in the Biomedical Sciences Graduate
Program, an important interschool collaborative effort. Biology
proposes to use $54,474 in Pratt funds to augment the salaries
of the Director and Associate Director of the Mountain Lake
Biological Station. The University has made and continues to
make significant investments in the instructional and research
capacity of this Appalachian mountain field research and
teaching facility which provides summer courses, a Research
Experiences for Undergraduates (REU) program and hosts
researchers from around the world every summer. The remaining
$3,591 will be used to purchase equipment to support new
faculty.
Chemistry - The department proposes to commit the entire 2010-11
allocation of $250,000 to fund start-up commitments to Brent
Gunnoe and Cameron Mura; to provide a portion of the matching
funds for the National Science Foundation (NSF) Major Research
Instrumentation (MRI) Proposal awarded to Brooks Pate; and to
provide matching funds for recently submitted proposals,
including the Department of Energy MRI Proposal submitted by
John Yates, the NSF MRI proposal submitted by Brent Gunnoe, and
the Nano-Star equipment proposal submitted by Lin Pu.
Mathematics - The department requests $71,145 to support its
Whyburn Postdoctoral Fellowship program. Internationally
recognized for its excellence, this competitive fellowship
program brings new Ph.D. recipients in mathematics for three
years of teaching and research. The department also requests
$21,696 for summer wages to Peter Abramenko and John Imbrie in
support of their research and in partial compensation for their
service as associate chairs and to Christian Gromoll, Irene
Lasiecka, Leonard Scott, and Zoran Grujic, who serve as mentors
in the summer REU program. The department also requests $49,659
for graduate student support and $7,500 to enable special
equipment purchases as needed for hardware and peripherals.
Page 1 of 3
Physics - The department proposes to allocate $39,962 to provide
summer support for faculty members D. Vaman, Klich, Neu, and
Lee; to Bascom Deaver and Lou Bloomfield for service as outgoing and in-coming associate chairs of the department; and to
pay 25 percent of the salary and fringes for new faculty member
Craig Group. The department proposes to allocate $210,038 in
fellowship support to outstanding students. Attracting the most
highly qualified science graduate students requires that we
offer competitive fellowships and the Pratt funds are crucial to
the recruitment effort.
New Faculty Start-up Fund – A total of $1,500,000 is requested
by the College to use as components of start-up packages
associated with new hires, some of which are still being
negotiated, for costs share on grants and other opportunities
that may arise in the coming year and for other strategic needs
in building the programs in these four departments. It is
estimated that this funding will be equally split between
equipment, faculty salaries, and fellowships. This $1,400,000
is comprised of a $400,000 reserve managed by the dean; a
previously approved annual $500,000 distribution to a New
Faculty Start-Up Fund managed by the Executive Vice President
and Provost, and an additional $600,000 to this fund. This
reserve – which will be carefully allocated in accordance with
the terms of Mr. Pratt’s will – is critical in the recruitment
of faculty members in biology, chemistry, mathematics, and
physics.
SCHOOL OF MEDICINE — $2,300,000
Support and Training of Student Researchers - $524,163 Graduate students and post-doctoral fellows are central to a
successful biomedical research program. A modest institutional
share from the Pratt bequest supplements funds from federal
government training programs and charitable foundations to
attract superlative students. These individuals are critical in
enhancing the quality of research in the Ph.D. and M.D./Ph.D.
programs at the University. The success of these programs has a
direct impact on the quality of faculty research at the School
of Medicine.
Core Facility Support - $775,837 - Core facilities – including,
but not limited to, the Small Animal Multimodality Imaging Core,
Advanced Microscopy Facility, Tissue Culture Facility, and
Biomolecular Research Facility – provide access to large,
expensive equipment and techniques that otherwise would not be
available or cost-effective to individual investigators. They
Page 2 of 3
also offer techniques and technologies allowing investigators to
move into new, cutting-edge areas of research. Each core serves
investigators from a diverse group of departments and centers.
These facilities operate on a fee-for-service basis, and, after
development costs and other expenses, average a cost recovery of
60-80%, with the differential funded by Pratt allocations. These
resources provide a competitive advantage to the University’s
research programs, provide flexibility to acquire emerging
technologies, and are critical to the School of Medicine’s
success in recruitment and retention and its ability to continue
to grow its externally funded research programs.
The Decade Plan - $1,000,000 - The School of Medicine proposes a
special distribution to continue implementation of the Decade
Plan. The funds will be used to retain and recruit outstanding
faculty in the basic medical sciences, through laboratory startup packages.
Page 3 of 3
APPENDIX B
UNIVERSITY OF VIRGINIA
2008-09 INSTITUTIONAL PERFORMANCE STANDARDS
A.1.a. Institution meets 95 percent of its State Council-approved biennial projection of total
in-state student enrollment within the prescribed range of permitted variance.
Definition: Direct comparison of actual in-state enrollments to the most recent set of SCHEV
approved enrollment projections.
2007 Approved Projections
Year
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
2013-14
Target
15,492
15,411
15,499
15,547
15,635
15,767
15,896
16,035
16,141
16,257
Threshold
14,717
14,640
14,724
14,853
14,853
14,979
15,101
15,233
15,334
15,444
Actual
15,287
15,826
15,360
15,322
15,504
A.1.b. Institution maintains acceptable progress towards agreed upon targets for the
percentage of in-state undergraduate students from under-represented populations. (Such
populations include low income, first-generation college status, geographic origin within
Virginia, race, and ethnicity, or other populations as may be identified by the State
Council.)
Definition: Data files used: Fall headcount and financial aid
An in-state undergraduate student is counted once, and only once, if any of the following are
true:
RACE in (2,3,4,5) (excluding NSU and VSU) (race/ethnicity) -orPELL greater than 0 (low income) -orLOCDOMI from a locality as determined by SCHEV to be in the lowest quintile of participation
rates at Virginia public four-year institutions. (0678-Lexington city, 0660-Harrisonburg city,
0147-Prince Edward County, 0105-Lee County, 0005-Alleghany County, 0530-Buena Vista city,
0029-Buckingham County, 0149-Prince George County, 0081-Greensville County, 0139-Page
County, 0191-Washington County, 0035-Carroll County, 0009-Amherst County, 0143Pittsylvania County, 0710-Norfolk city, 0520-Bristol city, 0173-Smyth County, 0750-Radford
city, 0187-Warren County, 0089-Henry County, 0680-Lynchburg city, 0067-Franklin County,
0045-Craig County, 0025-Brunswick County, 0167-Russell County, 0031-Campbell County,
0540-Charlottesville City)
2008 Proposed Targets
Year
2004-05
2005-06
Target
Threshold
Actual
3,377
3,448
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
2013-14
3,469
3,509
3,549
3,606
3,651
3,701
3,750
3,800
3,318
3,358
3,426
3,468
3,498
3,533
3,566
3,610
3,500
3,719
3,729
Page 1 of 26
A.1.c. Institution annually meets at least 95 percent of its undergraduate and 90 percent of
its graduate and first-professional State Council-approved estimates of degrees awarded.
Definition: Direct comparison of actual degree awards to the projections in the most recent set
of SCHEV approved enrollment projections.
Undergraduate
Year
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
2013-14
Target
N/A until 2008-09
3,466
3,470
3,620
3,675
3,675
3,680
Threshold
N/A until 2008-09
3,293
3,297
3,439
3,491
3,491
3,496
Actual
N/A until 2008-09
3,560
2011-12
2012-13
2013-14
2,802
2,823
2,849
2,522
2,541
2,564
Graduate & First Professional
Year
2004-05
2005-06
2006-07
2007-08
2008-09
2009-10
Target
N/A until 2008-09
2,716
2,742
201011
2,782
Threshold
N/A until 2008-09
2,444
2,468
2,504
Actual
N/A until 2008-09
2,702
A.2. Institution establishes annual targets of graduation rates according to financial aid
status with the intent of achieving, where appropriate, a similar graduation rate for each
cohort of students. Three cohorts of students shall be used for this measure, as they are
identified in their first year of enrollment at the institution: i. students receiving Pell
grants; ii. students receiving other forms of need-based financial assistance other than Pell
grants; iii. students receiving no need-based financial assistance. Four-year institutions
shall set targets based on four-year and six-year graduation rates. The two-year institutions
shall use two-year and four-year graduation rates.
Status: Under development. No targets required at this time.
A.3. Institution maintains acceptable progress towards agreed upon targets for the number
of graduates in high-need areas, as identified by the State Council of Higher Education.
Definition: Data files used: degrees conferred, fall headcount (teaching only)
“Engineering” graduates are defined as students who graduated with a major (progone) or second
major (progtwo) with CIP Code Family 14.
“Medicine” is defined by a first or second major of CIP Code 51.1201 (MEDICINE, MD).
“Nursing” graduates are defined by first or second major with an IPEDS CIP Code of 51.16XX.
“Teaching” graduates are defined as those who have a first or second major within the CIP Code
Family 13 OR who were flagged as teaching education students (TEACHED) in the fall
headcount file the same year they received their degree.
Within each of these areas, a student is only counted once per degree area per level per year. For
instance, if a student double majors in Electrical Engineering and Computer Engineering, he or
she will only be counted once. If a student completes an undergraduate degree in Electrical
Engineering, and then later in the same year receives a post-baccalaureate certificate, he or she
will be counted for each completion.
Page 2 of 26
2008 Proposed Targets
Year
2006-07
2007-08
2008-09
2009-10
2010-11
Target
1,567
1,579
1,558
1,572
Threshold
1,458
1,470
1,449
1,463
1,475
1,602
1,496
Actual
2004-05
1,496
2005-06
1,505
2012-13
2013-14
1,602
2011
-12
1,619
1,648
1,663
1,490
1,506
1,533
1,547
A.4. Institution reports on total programs reviewed under Southern Association of Colleges
and Schools assessment of student learning outcomes criteria within the institution's
established assessment cycle in which continuous improvement plans addressing
recommended policy and program changes were implemented.
In the current 2009-2010 academic year, program reviews are in progress for the Darden School
of Business, School of Law, School of Architecture, Basic Medical Sciences, School of
Medicine, School of Nursing, School of Continuing and Professional Studies & BIS program,
School of Engineering and Applied Science, and the following departments in the College of
Arts and Sciences: Religious Studies; Philosophy; History; Art; Drama; and East Asian
Languages, Literatures, and Cultures. In the previous 2008-2009 academic year, the following
reviews were completed: the Curry School of Education, and in the College of Arts and
Sciences, the departments of Astronomy, Chemistry, Environmental Sciences, Physics, and
Psychology.
A.5.a. Institution maintains acceptable progress towards agreed upon targets for the
average annual retention and progression rates of degree-seeking undergraduate students.
Definition: Data files used: Fall headcount
Student levels used: (21, 22, 26, 27, 41)
Match by UNITID and SOCSEC1 in base year (0304) against second year (0405). Each record is
assigned a “1” if student is present in second fall, otherwise a “0.” Results are summed
aggregated by LEVEL and then averaged for each year.
2008 Proposed Targets
Year
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
2013-14
Target
92.00%
92.00%
92.00%
92.00%
92.00%
92.00%
92.00%
92.00%
Threshold
90.00%
90.00%
90.00%
90.00%
90.00%
90.00%
90.00%
90.00%
92.90%
93.17%
94.70%
Actual
2004-05
92.40%
2005-06
92.20%
A.5.b. Institution maintains acceptable progress towards agreed upon targets for the ratio
of total undergraduate degree awards to the number of annual full-time equivalent, degreeseeking undergraduate students.
Definition: Data files used: Degrees Conferred, Course Enrollment
For four-year institutions, “degree-seeking undergraduates” are defined as students seeking a
four-year baccalaureate degree (plevone=40). Consistent with the above, an “undergraduate
degree award” is defined as four-year baccalaureate degrees (plevone=40).
FTE is calculated using the traditional SCHEV definition of annual FTE (30 credit hours a year=1
Page 3 of 26
FTE).
The percentage score in this area uses the formula (Degrees/FTE).
2008 Proposed Targets – Degrees/FTE
Year
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
2013-14
Target
0.2450
0.2450
0.2450
0.2450
0.2450
0.2450
0.2450
0.2450
Threshold
0.2385
0.2385
0.2400
0.2400
0.2400
0.2400
0.2400
0.2400
0.2450
0.2512
0.2490
Actual
2004-05
0.2450
2005-06
0.2510
A.6.a. Institution maintains acceptable progress towards agreed upon targets for the total
number of transfer students, including as a priority those with an associate degree, from
Virginia’s public two-year colleges with the expectation that the general education credits
from those institutions apply toward general education baccalaureate degree requirements.
Definition: Data files used: Degrees conferred, fall headcount
Only in-state students are included in this measure.
A student is counted if she/he received an Associate’s degree from the VCCS or RBC and is
enrolled at a four-year institution in the fall of the following year.
2008 Proposed Targets
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
2013-14
Target
Year
98
117
107
116
126
136
147
159
Threshold
78
97
86
95
104
113
124
136
89
125
171
Actual
2004-05
78
2005-06
84
A.6.b. The Virginia Community College System and Richard Bland College maintain
acceptable progress towards agreed upon targets for the number of students involved in
dual enrollment programs.
Status: The measure does not apply to four-year institutions.
A.7. Institution maintains acceptable progress towards agreed upon targets for the threeyear moving average of total expenditures in grants and contracts for research.
Definition: Data files used: IPEDS F1 Survey.
Total research expenditures from the annual F1 report, three-year moving average.
This measure applicable to research institutions only.
2008 Proposed Targets – three-year moving average (x 1,000)
Year
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
2013-14
Target
264,100
278,700
235,000
235,000
239,700
244,500
249,400
254,400
Threshold
201,900
215,300
206,800
206,800
210,900
215,200
219,500
223,800
235,700
242,195
249,810
Actual
2004-05
224,400
2005-06
236,800
Page 4 of 26
B.1.a. Institution includes in its six-year plan the expected average borrowing of in-state
students with established financial need, and the percentage of those students who borrow,
and states its commitment to limit, where possible, the average borrowing to a level that
maintains or increases access while not unduly compromising affordability.
Status: No targets required for this measure.
B.1.b. Institution conducts a biennial assessment of the impact of tuition and fee levels net of
financial aid on student indebtedness incurred for the payment of tuition and fees and
provides the State Council with a copy of this study upon its completion and makes
appropriate reference to its use within the required six-year plan. The institution shall also
make a parent- and student-friendly version of this assessment widely available on the
institution’s website. The assessment should include, but is not limited to, the following
information for in-state undergraduate students: a five-year historical overview of average
tuition and fees, average federal loans and grants, average institutional aid, average state
support, and average total debt burden.
Status: No targets required for this measure.
B.1.c. This report, along with institutional tuition and fee information shall be prominently
located on the institution’s web site.
Status: No targets required for this measure.
B.1.d. Institution will provide an addendum to the six-year plan identifying the steps it is
taking to maintain its effort to meet the needs of in-state undergraduate financially-needy
students taking into account tuition and fees, state appropriations, and financial need of
these students.
Status: No targets required for this measure.
B.2. Institution reports biennially the ratio of degrees conferred per full-time equivalent
instructional faculty member.
Definition: Data files used: Degrees Conferred
Institutions should provide an annual calculation of FTE for the instructional component of all
faculty (Instruction, Research, and Public Service) to be used as the denominator for this measure.
The numerator will be the total number of awards reported on the degrees conferred file.
2008 Proposed Targets – Ratio degrees conferred per FTE faculty
Year
2004200520062007200820092010201120122013-14
05
06
07
08
09
10
11
12
13
Target
5.20
5.16
N/A - targets no longer required for this measure
Threshold
4.99
4.95
N/A - targets no longer required for this measure
Actual
5.25
5.28
5.16
5.32
5.40
Page 5 of 26
B.3. Institution maintains acceptable progress towards agreed upon targets for the number
of undergraduate programs or schools for which it has established a uniform articulation
agreement by program or school for associate degree graduates transferring from all
colleges of the Virginia Community College System and Richard Bland College.
2008 Proposed Targets
Year
2004-05
2005-06
2006-07
2007-08
2008-09
Target
N/A - measure changed for 2008-09
2
Threshold
N/A - measure changed for 2008-09
2
Actual
N/A - measure changed for 2008-09
2
2009-10
2010-11
2011-12
Goals included in Six-Year
Plan
2012-13
2013-14
N/A - goal will be
complete
Status: Agreements currently in place for the College of Arts and Sciences and the School of
Engineering and Applied Science. Between 2010 and 2012, UVa plans to implement articulation
agreements for all community colleges having appropriate preparatory programs for the Schools
of Nursing, Architecture, Commerce, and Education. Upon implementation of these agreements,
all undergraduate schools will have agreements in place and this goal will be complete.
Currently, the School of Nursing and the VCCS are working to develop an innovative
articulation agreement. It is anticipated that the agreement will address articulation at two levels:
a) admission into UVa’s RN to BSN program for individuals who earn an associate’s degree in
nursing; and b) admission of these same students into UVa’s MSN program. The agreement, as
currently envisioned, will help increase the number of individuals qualified to teach in the VCCS
nursing programs and will expand the number of nurses with advanced clinical training for the
UVa Health System.
B.4. Institution develops a specific set of actions to help address local and/or regional
economic development needs consisting of specific partners, activities, fiscal support, and
desired outcomes. A summary of activities will be reported to the State Council biennially.
Status: No targets required for this measure.
B.5. Institution reports biennially to the State Council the annual number of new patent
awards and licenses.
Definition: Research institutions only, three-year moving average, Association University
Technology Managers (AUTM) definition.
2008 Proposed Targets – three-year moving average
Year
200420052006200720082009201020112012201305
06
07
08
09
10
11
12
13
14
Target
55
55
N/A - targets no longer required for this measure
Threshold
53
53
N/A - targets no longer required for this measure
Actual
53
55
56
59.7
76
B.6. Institution develops a specific set of actions with schools or school district
administrations with specific goals to improve student achievement, upgrade the
knowledge and skills of teachers, or strengthen the leadership skills of school
Page 6 of 26
administrators. A summary of activities and the improvements in student learning, if any,
shall be reported to the State Council biennially.
Status: No targets required for this measure.
B.7. The institution shall work to adopt an acceptable number of the 27 Best Practice
Recommendations for Campus Safety adopted by the Virginia Crime Commission on
January 10, 2006. Each practice shall be considered by the institution as to how it fits in
with current practices and the needs of the institution. Following each biennium of
reporting, the institution shall enumerate those practices adopted by the institution.
Status: No targets required for this measure.
Page 7 of 26
UNIVERSITY OF VIRGINIA
FINANCIAL AND ADMINISTRATIVE STANDARDS
Fiscal Year 2008-2009 Performance
Measure: An unqualified opinion from the Auditor of Public Accounts upon the audit of the
public institution’s financial statements.
Result: Unqualified opinion received on statements for year ending June 30, 2009.
Measure: No significant audit deficiencies attested to by the Auditor of Public Accounts.
Result: No significant audit deficiencies in the Auditor of Public Account’s internal control
report for the year ending June 30, 2009.
Measure: Substantial compliance with all financial reporting standards approved by the State
Comptroller.
Result: Completed.
Measure: Substantial attainment of accounts receivable standards approved by the State
Comptroller, including, but not limited to, any standards for outstanding receivables and bad
debts.
Result: Standard is accounts greater than 120 days past due must be less than 10 percent of
total receivables. Accounts more than 120 days past due were 4.82 percent of total receivables at
September 30, 2008; 1.50 percent of total receivables at December 31, 2008; 6.92 percent of
total receivables at March 31, 2009; and 9.77 percent of total receivables at June 30, 2009.
Measure: Substantial attainment of accounts payable standards approved by the State
Comptroller including, but not limited to, any standards for accounts payable past due.
Result: Prompt pay standard is 95 percent of bills accepted and on time. For 2008-09,
performance was 98.70 percent prompt pay.
Measure: Institution complies with a debt management policy approved by its governing board
that defines the maximum percent of institutional resources that can be used to pay debt service
in a fiscal year, and the maximum amount of debt that can be prudently issued within a specified
period.
Result: UVa has a Board of Visitors-approved debt policy, with which it is in compliance. This
policy was held up as a best practice in a very recent State Auditor report on debt statewide.
Measure (as included in § 4-9.02.D.4.a of the 2008-10 Appropriations Act): The institution will
substantially comply with its annual approved Small, Women and Minority (SWAM) plan as
submitted to the Department of Minority Business Enterprise; however, a variance of 15 percent
from its SWAM purchase goal, as stated in the plan, will be acceptable.
Result: UVa’s SWAM purchase goal for FY2008-09 was 40%; actual spend was 45.4% or
113.5% of the stated goal.
Page 8 of 26
UNIVERSITY OF VIRGINIA
HUMAN RESOURCES
FY2008-2009 Performance Measures
General Accountability Measures
No material audit findings
Compliance with Board of Visitors approved restructuring policy
Compliance with Restructuring Act reporting requirements
Specific Performance Measures
Measure
Percentage of
turnover as an
indicator of staff
stability and staff
satisfaction
Internal transfers/
promotions as a
percentage of total
number of hires as a
measure of the
extent to which the
institution hires or
promotes from
within
Average number of
days to classify new
positions or
reclassify a staff
position as a
measure of
effectiveness of the
classification
process
Average number of
days to hire staff,
from recruitment
posting to the
candidate's
acceptance or
effective date of
hire (start date)
Benchmark
Average percentage
turnover rate should trend
with College and
University Personnel
Administrators ("CUPA")Human Resources ("HR")
benchmark.
2001 CUPA Benchmarks:
Average range of 9% 11%
Percentage rate should be
equal to or greater than
CUPA-HR benchmark
FY 2005-206
Baseline
10.9%
FY 2006-07
FY2007-08
FY2008-09
10.5%
8.7%
6.1%
Turnover =
512
Turnover =
504
Turnover =
426
Turnover =
305
58.8%
54.0%
42.1%
49.8%
33 days
17 days
21 days
20.4 days
74 days *
75 days
62 days
64 days
2001 CUPA Benchmarks:
Average range of 18% 41%
Average should be equal to
or less than CUPA-HR
benchmark.
2001 CUPA Benchmarks:
Average range of 7 – 16
days
Trend data against baseline
average in 2005-06.
* Candidate
acceptance
date
Page 9 of 26
Measure
Compliance with
Restructuring Act
election provisions
Benchmark
Track percent of (i) total
employees who are
participating in the state
HR system and (ii) current
employees who have
elected to participate in the
institutional HR system
FY 2005-206
Baseline
N/A
Page 10 of 26
FY 2006-07
FY2007-08
FY2008-09
N/A
N/A
(i) 69.7%
(ii) 30.3%
UNIVERSITY OF VIRGINIA
PROCUREMENT AND SURPLUS PERSONAL PROPERTY
FY2008-2009 Performance Measures
General Accountability Measures
Compliance with current and/or revised Commonwealth management standards, including
prompt pay compliance and no material audit findings
Compliance with Board of Visitors approved restructuring policy and procurement rules
document
Specific Performance Measures
Measure
Goals
established in
the plan
submitted to
the state under
current law for
Small, Womanowned and
Minorityowned
procurement.
Performance
will be reported
quarterly.
Maximize
operational
efficiencies and
economies
through the
adoption of
best practices
for electronic
procurement
Volume of
cooperative
procurements
Vendor protests
with a legal
basis for the
protest
Benchmark
FY 2005-06
Baseline
Plan: 36%
Actual: 41.8%
Actual to Plan:
116%
SWaM:
$109,438,308
FY 2006-07
FY2007-08
FY2008-09
Plan: 40%
Actual: 43.3%
Actual to Plan:
108%
SWaM:
$130,128,786
Plan: 40%
Actual: 42.5%
Actual to Plan:
106%
SWaM:
$157,607,369
Plan: 40%
Actual: 45.4%
Actual to Plan:
113.5%
SWaM:
$167,589,761
Increased use of
electronic
procurement as
measured by
dollar value
$219,485,503 in
spend sent to
eVa
$315,114,341 in
spend sent to
eVa
$393,875,673 in
spend sent to
eVA
$405,550,614 in
spend sent to
eVA
Measure increase
in the number of
existing contracts
renewed and new
contracts over the
number of current
contracts
Number of such
vendor protests as
compared to 20052006
49
615
861 (increase of
246 over
FY2007)
1002 (increase
of 141 over
FY2008)
0
0
0
0
Accomplishment
of goals and
improvement on
previous
performance
Page 11 of 26
UNIVERSITY OF VIRGINIA
INFORMATION TECHNOLOGY
FY2008-2009 Performance Measures
General Accountability Measures
Campus infrastructure supporting the expansion of cutting edge research and new forms of
instruction consistent with peer research institutions
Facilities and support for high performance computing and communications and large scale
(i.e. peta-scale) data repositories consistent with peer research institutions
Compliance of institution’s security programs with professional best practices
Development and implementation of up-to-date institutional information technology strategic
plan
Compliance with Board of Visitors approved restructuring policy
Specific Performance Measures
Measure
Benchmark
Major
information
technology
projects will be
completed on
approved
schedules and
within
approved
budgets
Projects are
completed
on time and
within
budget at a
rate that
matches
industry
All faculty and
students have
convenient
access to a
distributed
learning and
collaboration
environment,
with course
management
systems in
support of such
services as
online content;
student
% (based on
individual
university
metric) of all
courses
utilizing
technically
up-to-date
course
management
systems
1
2
FY 2005-06
Baseline
None completed
96.8% of U.Va.'s
fall 2005 & spring
2006 courses
utilized course
management
systems.
7,998 unique
users of MyUVa
FY 2006-07
100% compared
to the 2006
industry average
of 35%1.
One major project,
UVa Marketplace,
was completed.
The Preimplementation
Phase of the
Student Systems
Project was also
completed. Both
were on time and
within budget.
95.5% of U.Va.’s
Fall 2006 &
Spring 2007
courses utilizing
course
management
systems.
31.8% of U.Va. at
Wise’s Fall 2006
& Spring 2007
courses utilizing
course
management
systems.
Source: Standish Group 2006 CHAOS Survey
Source: Standish Group 2009 CHAOS Survey
Page 12 of 26
FY2007-08
FY2008-09
100% compared to
the 2006 industry
average of 35%¹.
100% compared to
the 2009 industry
average of 32%2.
The
Implementation
Phase of the
Student Systems
Project is on time
and within budget.
The
Implementation
Phase of the
Student Systems
Project is on time
and within budget.
Use of course
management
systems increased
from the previous
year. Because use
of course
management tools
is approaching
100%, we are now
focusing on the
migration of users
to the new system
(UVaCollab) as we
retire the legacy
system (Toolkit).
Migration of users
to the new course
management
system
(UVaCollab) was
completed. The
legacy system
(Toolkit) is retired
except for “readonly” functions.
Current UVaCollab
usage statistics are:
3,764 collaboration
sites; 6,209 course
sites; 41,549 users.
Measure
Benchmark
FY 2005-06
Baseline
information
and library
systems
upgraded as
major changes
in technology
warrant3
Institutions
will leverage
their collective
expertise to
save money
and help
strengthen
security
programs
FY 2006-07
8,660 unique users
of MyUVa Portal
3,602 unique users
of the “Collab”
collaborative
environment
There is
evidence of
collaboration
among
institutions,
such as the
Higher
Education
Virginia
Alliance for
Security
Computing
and
Networking
(VA SCAN)
Engaged in these
significant
collaborations:
Virginia HE
CIO Council
Virginia
Alliance for
Secure
Computing &
Networking
Association of
Collegiate
Computing
Services
Implementation
of Vortex
(connection to
National
Lambda Rail)
Southeastern
University
Research
Association
ACC Chief
Information
Officers
summits
National
Internet2 and
EDUCAUSE
task forces
National
Common
Solutions
Group
Engaged in these
significant
collaborations:
Virginia HE
CIO Council
Virginia
Alliance for
Secure
Computing &
Networking
Association of
Collegiate
Computing
Services
Implementation
of Vortex
(connection to
National
Lambda Rail)
Southeastern
University
Research
Association
ACC Chief
Information
Officers
summits
National
Internet2 and
EDUCAUSE
task forces
National
Common
Solutions
Group
Virginia
3
FY2007-08
FY2008-09
UVaCollab, our
Sakai-based
collaboration and
learning
environment, was
successfully used
by almost 200
courses during the
early adopter phase
of Spring 2008.
The environment
also has over 1500
sites.
Engaged in these
significant
collaborations:
Virginia HE
CIO Council
Virginia
Alliance for
Secure
Computing &
Networking
Association of
Collegiate
Computing
Services
Implementation
of Vortex
(connection to
National
Lambda Rail)
Southeastern
University
Research
Association
ACC Chief
Information
Officers
summits
National
Internet2 and
EDUCAUSE
task forces
National
Common
Solutions Group
Research
Universities CIO
Engaged in these
significant
collaborations:
Virginia HE CIO
Council
Virginia Alliance
for Secure
Computing &
Networking
Association of
Collegiate
Computing
Services
Implementation
of Vortex
(connection to
National Lambda
Rail)
Southeastern
University
Research
Association
ACC Chief
Information
Officers summits
National
Internet2 and
EDUCAUSE
task forces
National
Common
Solutions Group
Research
Universities CIO
Council
Virginia
The University is currently piloting new tools, such as "Collab," for support of the learning and collaboration
environment. Because of this planned migration to newer tools, usage statistics for the legacy course management
systems will decline and those for the new capabilities will rise over time.
Page 13 of 26
Measure
Benchmark
FY 2005-06
Baseline
FY 2006-07
Tech/UVa
disaster
recovery &
research
computing
collaboration
The institution
complies with
policies for the
procurement of
information
technology
goods and
services,
including
professional
services, that
are consistent
with the
requirements
of § 23-38.110
of the
Restructured
Higher
Results of
external and
internal
audits
indicate
compliance
IT goods and
services are
procured in
compliance with
the appropriate
policies.
IT goods and
services are
procured in
compliance with
the appropriate
policies.
No audit findings
Page 14 of 26
FY2007-08
Council
Virginia
Tech/UVa
disaster recovery
collaboration
Virginia Tech/
UVa research
computing
training
collaboration
(estimated
yearly $300,000
savings to the
Commonwealth)
Providing high
performance
computing
cycles to JMU
(an estimated
$5,000 to
$17,500 weekly
savings to the
Commonwealth)
Operating nine
Sakai-based
collaboration
worksites for the
Secretary of
Technology’s
Office
(estimated
yearly $44,000
savings to the
Commonwealth)
IT goods and
services are
procured in
compliance with
the appropriate
policies.
FY2008-09
Tech/UVa
disaster recovery
collaboration
Exploring shared
virtualization
service options
with GMU
Virginia Tech/
UVa research
computing
training
collaboration
(estimated yearly
$300,000 savings
to the
Commonwealth)
Providing high
performance
computing cycles
to JMU (an
estimated $5,000
to $17,500
weekly savings
to the
Commonwealth)
Operating nine
Sakai-based
collaboration
worksites for the
Secretary of
Technology’s
Office (estimated
yearly $44,000
savings to the
Commonwealth)
IT goods and
services are
procured in
compliance with
the appropriate
policies.
No audit findings
Measure
Benchmark
FY 2005-06
Baseline
FY 2006-07
Education
Financial and
Administrative
Operations Act
and that
include
provisions
addressing
cooperative
arrangements
for such
procurement as
described in §
23-38.110
Page 15 of 26
FY2007-08
FY2008-09
UNIVERSITY OF VIRGINIA
FINANCE AND ACCOUNTING
FY2008-2009 Performance Measures
General Accountability Measures
Compliance with current and/or revised Commonwealth management standards, including
unqualified audit opinion and no material audit findings
Compliance with Board of Visitors approved restructuring policy
Maintain an independent and effective internal audit function reporting directly to the Board
of Visitors and have no significant internal audit findings
Specific Performance Measures
Measure
Stability of tuition
and fee increases
over time
Bond rating from at
least one of three
rating agencies
Annualized
investment returns
earned on operating
cash balances
invested by the
institution over a
rolling three year
period
Debt burden ratio
(actual annual debt
service on longterm debt,
excluding
commercial paper
or other bond
anticipation notes,
divided by total
operating expenses)
Benchmark
Trend in-state
undergraduate tuition
and fee percentage
increases from 19902005 compared to
percentage increases
over the timeframe of
the six-year plan
An unenhanced rating
received in the last
three years within the
double –A range or
better from either
Moody’s, S&P, or
Fitch
The annualized yield
on the 91-day
Treasury Bill Index
over a rolling three
year period
Equal to or less than
7%
FY 2005-06
Baseline
See graph
FY 2006-07
See graph
FY2007-08
See graph
FY2008-09
See graph
(8.1% actual
increase
compared to
9.1% planned)
AAA
AAA
AAA
AAA
Not applicable
The one-year
return for the
fiscal year,
7/1/06 to
6/30/07, on
operating cash
was 5.46%.
Comparatively,
the one-year
return on the
91-day T-bill
was 5.21%.
2.18%
The return on
operating
cash, 7/1/06 to
6/30/08, on
operating cash
was 3.85%.
The return on
the
91-day T-bill,
7/1/06 to
6/30/08, was
4.27%.
1.94%
The return on
operating
cash, 7/1/06 to
6/30/09, was
2.14%. The
return on the
91-day T-bill,
7/1/06 to
6/30/09, was
4.17%.
1.95%
Page 16 of 26
2.10%
Measure
Write off of bad
debts from tuition,
fees, room, and
board charges
Percentage of
recovery of
delinquent accounts
receivable sent to
outside collection
agencies or
litigation
Amount of needbased financial aid
for undergraduate
Virginia students
Amount of needbased grants for
undergraduate
Virginia students
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
-5.00%
-10.00%
-15.00%
Benchmark
Less than or equal to
1% of prior year's
operating revenues,
over a rolling three
year period
Greater than or equal
to 10% of dollar
value of the accounts
referred to collection
agencies, averaged
over the last three
years
Trend data against a
baseline calculation
in 2005-06
Trend data against a
baseline calculation
in 2005-06
FY 2005-06
Baseline
.006%
FY 2006-07
FY2007-08
.004%
.013%
.023%
16.35%
17.02%
15.35%
23.57%
$20,685,551
$21,840,299
$26,802,173
$29,815,712
$14,215,897
$16,007,299
$19,477,711
$23,059,336
Tuition Stability - In-State Undergraduate Percentage
Increase
Actuals
Planned
Page 17 of 26
FY2008-09
UNIVERSITY OF VIRGINIA
CAPITAL OUTLAY, LEASES, AND REAL ESTATE
FY2008-2009 Performance Measures
General Accountability Measures
No material audit findings
Compliance with Board of Visitors (“BOV”) approved restructuring policy
Regular reports to the BOV by the designated building official related to his/her duties as
the official responsible for project compliance with the building code. The building
official has direct access to the BOV.
Compliance with the Restructuring Act’s reporting requirements for all BOV project
authorizations
All Certificates of Use issued subsequent to the State Fire Marshal’s favorable occupancy
report
Specific Performance Measures
Measure
Benchmark
Number of
days on
average for
institution to
process
change orders
locally
25 days
Number of
days on
average for
institution to
complete full
code and fire
and life
safety
reviews
71 days for
new
construction
42 days for
renovation
and
infrastructure4
Number of
days saved by
BOV
approval of
NGF projects
compared to
state approval
Number of
days that
would have
been required
from BOV
approval to:
a)
Appropriation
FY 200506
Baseline
4 days
11 days
Not
applicable
FY 2006-07
FY2007-08
3 days
285 change orders
processed (total
value of
$20,201,218)
22 days saved on
average
$121,760 total cost
savings
11 days on average
to complete code
review. 16 days on
average for new
construction; 8 days
for renovation.
3.8 days
361 change orders
processed (total
value of
$12,385,461)
20 days saved on
average
$67,866 total cost
savings.
10 days on average
to complete code
review. 20 days on
average for new
construction; 9 days
for renovation.
Total cost savings:
$280,078 for new
construction
$112,078 for
renovation
Wise Chancellor's
residence (cost
$1 M)
221 days saved
(compared to
legislative process
[LP])
60 days saved
Total cost savings:
$1,631,933 for new
construction
$138,834 for
renovation
Old Medical School
3rd Floor Lab
Renovation – Dr.
Rich (cost $2.8 M)
328 days saved over
legislative process
(LP)
60 days saved over
4
FY2008-09
3.3 days
287 change orders
processed (total value
of $13,064,442)
21.7 days saved on
average
$31,686 total cost
savings.
14 days on average to
complete code review.
15 days on average for
new construction; 13
days renovation.
Total cost savings:
$1,772,547 for new
construction
$280,857 for
renovation
Bayly Renovation
(cost $2.5 M)
211 days saved over
legislative process
(LP)
60 days saved over
Governor’s
emergency process
No recent BCOM U.Va. review history as U.Va. has been completing delegated code reviews since 1996. This also
represents review of CDs only.
Page 18 of 26
Measure
Benchmark
Act effective
date OR
b) Governor
emergency
approval
FY 200506
Baseline
FY 2006-07
FY2007-08
(compared to
Governor's
emergency process
[GEP])
Governor’s
emergency process
(GEP)
McCue renovations
(cost $3 M)
506 days saved
(compared to LP)
60 days saved
(compared to GEP)
Total cost savings
$476,430 over LP
$65,752 over GEP
FY2008-09
th
Old Jordan Hall 4
Floor Department
of Medicine
Renovation
(cost $3 M)
328 days saved over
LP
60 days saved over
GEP
Law School Faculty
Office Renovation
(cost $2,537,500)
328 days saved over
LP
60 days saved over
GEP
Scott Stadium
Waterproofing
(cost $2,537,500)
328 days saved over
LP
60 days saved over
GEP
Monroe Hall
Maintenance &
Adaption (cost
$3,960,000)
328 days saved over
LP
60 days saved over
GEP
UH Emergency
Power Upgrade
Phase I
(cost $2,537,500)
328 days saved over
LP
60 days saved over
GEP
Rugby
Administrative
Building
Renovation
(cost $17.7)
447 days saved over
LP
Page 19 of 26
(GEP)
Acquire Modular
Vivarium ($2.7 M)
211 days saved over
LP
60 days saved over
GEP
Focused Ultrasound
MRI (cost $1.3 M)
322 days saved over
LP
60 days saved over
GEP
Alderman Road Phase
II –building I (cost
$34.9 M)
82 days saved over LP
60 days saved over
GEP
Alderman Road Phase
II –building II (cost
$30 M)
393 days saved over
LP
60 days saved over
GEP
Rehearsal Hall (cost
$12.7 M)
393 days saved over
LP
60 days saved over
GEP
Newcomb Hall
Renovation (cost
$15.2 M)
393 days saved over
LP
60 days saved over
GEP
Lambeth Field Apts
(cost $1.375 M)
323 days saved over
LP
60 days saved over
GEP
Measure
Benchmark
FY 200506
Baseline
FY 2006-07
FY2007-08
60 days saved over
GEP
Acquire 2400 Old
Ivy Road (cost
$5,916,500)
209 days saved over
LP
60 days saved over
GEP
Physical/Life
Sciences Building
(cost $88.9 M)
209 days saved over
LP
60 days saved over
GEP
Ivy Translational
Research Building
(cost $93.3 M)
209 days saved over
LP
60 days saved over
GEP
Expand/Replace
Science/
Engineering
Chiller Plant (cost
$21 M)
448 days saved over
LP
60 days saved over
GEP
Total Cost Savings
$18,260,644 over LP
$3,453,589 over
GEP
FY2008-09
Expand Central
Grounds Chiller
(cost $5.7 M)
384 days saved over
LP
60 days saved over
GEP
Improve Baseball and
Softball Facilities
(cost $6.2 M)
384 days saved over
LP
60 days saved over
GEP
UH AHU
Replacements,
HVAC Upgrades
(cost $4.4 M)
328 days saved over
LP
60 days saved over
GEP
Expand University
Bookstore (cost
$10.6 M)
82 days saved over LP
60 days saved over
GEP
Construct University
Hospital Mixing Box
(cost $24.2M)
82 days saved over LP
60 days saved over
GEP
Total Cost Savings
$3,981,000 over LP
$990,000 over GEP
(year HECO 2 issued)
Page 20 of 26
Measure
Benchmark
Average
number of
days for
institution to
approve a
lease
Average
number of
days for Real
Estate
Services to
approve a
lease (U.Va.
and VT proxy
data)
187 days
before
delegation
FY 200506
Baseline
Not
available
FY 2006-07
FY2007-08
11 days (average for
15 leases)
13 days (average for
12 leases)
Page 21 of 26
FY2008-09
6.1 days (average for
12 leases)
UNIVERSITY OF VIRGINIA
Management Agreement VCCS Transfer Enrollment:
The Management Agreement commits VA Tech, the University of Virginia, and the College of
William and Mary in Virginia to collectively enroll VCCS and Richard Bland College transfers
(i) by the 2007-08 fiscal year, not less than approximately 300 new such transfer students each
year over the number enrolled in 2004-05, for a total of approximately 900 such transfer students
each year, and (ii) by the end of the decade, not less than approximately 650 new such transfer
students each year over the number enrolled in 2004-05, for a total of approximately 1,250 such
transfer students each year. UVa's proportionate share will be 282 total transfers by 07-08 and
392 by 09-10.
Institution
2004-05
Transfers
% of
Total
200607
Actual
2007-08
State
Target
200708
Actual
2008-09
Actual
2009-10
State
Target
CWM
Va. Tech
UVa
45
367
188
7.5%
61.2%
31.3%
104
462
234
68
551
282
118
550
299
107
568
331
94
765
392
TOTAL
600
100%
800
900
967
1006
1250
*This number represents any transfer student entering UVa in either the fall, spring, or summer
term of an academic year whose most recent previous school attended is a VCCS institution. If a
student transferred from a VCCS institution to a four-year institution and then transferred to
UVa, he or she is not included in this number. However, if a student attended a VCCS
institution, sat out a year or more, and then transferred to UVa, he or she is are still counted as a
VCCS transfer.
Page 22 of 26
UNIVERSITY OF VIRGINIA
Management Agreement Economic Development
Required to work with an economically distressed region and stimulate economic development
and improve student achievement and teacher and administrator skill sets in a school division.
Selected the Coalfield Region of Southwest Va. Partnering with UVa-Wise and Virginia
Coalfield Economic Development Authority (VCEDA).
Plan focuses on: Business Support, Health Care, and K-12 Education
Submitted action plan to the Governor and the General Assembly in December 2006 and
progress reports on August 31, 2007; August 27, 2008; and August 13, 2009.
Management Agreement Research
In addition to the University’s six-year target ($337 M by 2011-12), the institution commits to
match from institutional funds, any additional research funds provided by the state in the
Appropriation Act above the amount provided from institutional funds for research in 2005-06.
In the recent research report (October 1, 2009) submitted to the Chairman of the House
Appropriations and Senate Finance Committees the following was reported: As a result of state
investment of $2.22 million, the University has been awarded $13.74 million in external federal
and private funding (excluding any pending funding), representing a return of over 400%.
Page 23 of 26
UNIVERSITY OF VIRGINIA
Management Agreement Financial Aid
First-Year Students (does not include transfers)
Metric
Applications from lowincome students
Low-income applicants
offered admission
Low-income applicants who
accepted offers
Yield of low-income
students
Percentage of low-income
students in student body
(first-time first-year
students)
2004-05 Baseline
701
2006-07
790
2007-08
951
2008-09
979
267
301
304
327
133
172
180
183
50%
57.14%
59.21%
55.96%
4.30%
5.56%
5.54%
5.62%
Cap Need-based Loans to a Maximum of 25% of Total In-state Cost of Attendance
Target: Middle-income Students (family income between $75,000 and $149,999) *
Metric
1st-Year Applications from
middle-income students
Participation of financial aid
recipients in study abroad,
internships, volunteer work,
student activities, etc.
2004-05 Baseline*
3,053
2006-07
3,312
2007-08
2008-09
3,461
3,638
National Survey
of Student
Engagement
Enriching
Educational
Experiences Index
(based on 11
questions, 100
point scale)
1st Year Needbased financial aid
recipients
Mean=31.9 n=359
4th Year Needbased financial aid
recipients
Mean=47.4 n=249
Survey of
Financial Aid
Recipients
Individual question
data available upon
request (study
abroad, community
service, hours
spent participating
in co-curricular
activities)**
NSSE is being
administered again
in the spring of
2008; results will
be available Fall
2008
NSSE: Enriching
Educational
Experiences Index
(based on 11
questions, 100
point scale)
1st Year Needbased financial aid
recipients
Mean=31.3
n=253
4th Year Needbased financial aid
recipients
Mean=48.2.4
n=163
Survey of
Financial Aid
Recipients
Individual
question data
available upon
request (study
abroad,
community
service, hours
spent participating
in co-curricular
activities)***
NSSE is being
administered
again in the
spring of 2011;
results will be
available Fall
2011
Page 24 of 26
Metric
Post graduate choices and
starting salaries
2004-05 Baseline*
2006-07
NA (survey
Survey of
conducted every
Financial Aid
third year)
Recipients
Plans of fourthyear need-based
financial aid
recipients
59.9% work full
time n=122
23.8% full-time
grad school n=48
2.6% volunteer
work n=5
84.1% 4th-year
need-based
financial aid
recipients satisfied
or very satisfied
with opportunities
for involvement in
extra-curricular
activities**
* Beginning fall 2005; full implementation by fall 2008.
** Full report available upon request: AccessUVa Year One.
*** Full report expected spring 2009.
Metric
Usage figures of educational
programs provided on
financial planning and debt
management
Percent of financial aid
applicants participating in
financial management
programs
2007-08
2008-09
Survey of
Financial Aid
Recipients
Plans of fourthyear need-based
financial aid
recipients
55.3% work full
time n=57
30.1% full-time
grad school n=31
1.9% volunteer
work n=2
85.5% n= 88 4thyear need-based
financial aid
recipients satisfied
or very satisfied
with opportunities
for involvement in
extra-curricular
activities***
NA (survey
conducted every
third year)
2008-09
2004-05
Baseline ****
NA
2006-07
2007-08
NA
NA
NA
200 students
participated in 9
financial literacy
workshops
conducted by
Student Financial
Services.
60 students
participated in a
trial
implementation of
an Identity Theft
Module, which
will be available
to all new
students in March
2009.
2.8%
Page 25 of 26
378 entering
undergraduate
students
completed an
online Identity
Theft Module
and Quiz. Four
financial
literacy
workshops
offered during
the 2008-09
year (October,
January, April,
July).
NA
Metric
Evaluation of effectiveness
of the educational programs
2004-05
Baseline ****
NA
2006-07
In process for 200607 pilot study. Prepost surveys of
participants and
non-participants.
Results expected,
Spring 2008
2007-08
Survey results
indicate that
workshop
participants (Pell
Grant recipients),
compared to other
Pell recipients
who did not
participate in the
workshop, had
twice the increase
in mean score on
a knowledge of
financial literacy
index. Workshop
participants
exhibited healthy
financial
behaviors,
including paying
bills on time, not
bouncing checks,
and having no or
low credit card
debt. *****
**** No baseline measures as programs were designed as part of terms of Management
Agreement.
***** Supplemental report available upon request: Supplement to the 2007 AccessUVa
Surveys’ Report: Financial Literacy Surveys
Page 26 of 26
2008-09
NA (survey
conducted every
third year)