UNIVERSITY OF VIRGINIA
BOARD OF VISITORS
MEETING OF THE
FINANCE COMMITTEE
OCTOBER 4, 2008
FINANCE COMMITTEE
Saturday, October 4, 2008
8:00 – 9:30 a.m.
Board Room, The Rotunda
Committee Members:
John O. Wynne, Chair
A. Macdonald Caputo
The Hon. Alan A. Diamonstein
Thomas F. Farrell, II
Glynn D. Key
W. Austin Ligon
Vincent J. Mastracco, Jr.
Warren M. Thompson
Daniel M. Meyers, Consulting Member
W. Heywood Fralin, Ex-officio
AGENDA
PAGE
I.
II.
CONSENT AGENDA (Mr. Sandridge)
•
Quasi-Endowment for College of Arts & Sciences
Greenslade Fund
1
ACTION ITEMS (Mr. Sandridge)
A.
2009 Operating and Capital Amendments to the
2008-2010 Biennial Budget (Mr. Sandridge to
Introduce Colette Sheehy; Ms. Sheehy to report)
B.
New Capital Projects and Financial Plans (Ms.
Sheehy to report)
C.
Intent to Issue Tax-Exempt Debt
3
III. REPORTS BY THE EXECUTIVE VICE PRESIDENT AND CHIEF
OPERATING OFFICER (Mr. Sandridge)
A.
Vice President’s Remarks
B.
Faculty and University Staff Compensation
C.
Access UVa Metrics Report(Ms. Reynolds to report)
D.
Annual Report on the UVa Health Care Plan and
Review of University Benefits (Mr. Sandridge to
Introduce Susan Carkeek; Ms. Carkeek to report)
E.
Endowment Report: Market Value and Performance
as of June 30, 2008 (Mr. Sandridge to introduce
Mr. Christopher Brightman; Mr. Brightman to
report)
F.
Agency Risk Management and Internal Control
Standards Project (Written Report)
G.
Student System Project (Written Report)
H.
Miscellaneous Financial Reports
1.
Academic Division Accounts and Loans
Receivable
2.
Capital Campaign Summary Report
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12
15
16
18
20
21
26
28
30
32
PAGE
3.
4.
5.
6.
7.
8.
9.
IV.
V.
Expenditure of Funds from Pratt Estate
Internal Loans to University Departments
and Activities
Quarterly Budget Report
Endowment/Investments for UVa and Related
Foundations
Quasi-Endowment Actions
Salary and Compensation for Full-Time
Faculty
Sponsored Program Restricted Grants and
Contracts
ATTACHMENT
•
UVIMCO Annual Report, June 2008
EXECUTIVE SESSION
•
Discussion of proprietary business-related
information pertaining to operations of the
Medical Center including a potential strategic
joint venture or other competitive effort which
impacts the long-range strategic goals of the
Medical Center and Health System Decade Plan and
where disclosure at this time would adversely
affect the competitive position of the Medical
Center, as provided for in Sections 2.2-3711 (A)
(6) and (22) of the Code of Virginia.
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35
38
39
41
48
A-1
BOARD OF VISITORS CONSENT AGENDA
APPROVAL OF QUASI-ENDOWMENT FOR THE COLLEGE OF ARTS & SCIENCES
GREENSLADE FUND: Approves the creation of a quasi-endowment.
In June 1996, the Board of Visitors authorized the
Executive Vice President and Chief Operating Officer to approve
individual quasi-endowment transactions, including
establishments and divestments, which are less than $2 million.
Individual quasi-endowment transactions of $2 million or more
require the approval of the Board of Visitors.
The College and Graduate School of Arts & Sciences wishes
to create a quasi-endowment in the amount of approximately $8.6
million to be titled the Greenslade Fund for International
Studies in Arts and Sciences. The quasi-endowment will be
funded through the recent bequest of Gertrude S. Greenslade, a
former professor of Economics at the University, and it will be
used to benefit the College of Arts and Sciences and Graduate
School of Arts and Sciences. The College and Graduate School of
Arts and Sciences intends to maintain this quasi-endowment in
perpetuity.
ACTION REQUIRED: Approval by the Finance Committee and by the
Board of Visitors
APPROVAL TO CREATE A QUASI-ENDOWMENT TITLED THE “GREENSLADE FUND
FOR INTERNATIONAL STUDIES IN ARTS AND SCIENCES”
WHEREAS, the College and Graduate School of Arts &
Sciences has received a bequest for approximately $8.6 million
and wishes to create a quasi-endowment account with the funds;
and
WHEREAS, consistent with the donor’s preference as stated
in the trust from which the bequest was conveyed, the funds are
to be “used to support international studies in the departments
in the social sciences and the humanities in the College of Arts
and Sciences and the Graduate School of Arts and Sciences at the
University of Virginia”;
RESOLVED, the Board authorizes the creation of a quasiendowment account by the College and Graduate School of Arts &
Sciences to be called – after Gertrude S. Greenslade, the donor
- the Greenslade Fund for International Studies in Arts and
Sciences.
1
RESOLVED FURTHER, annual budgets for the proposed use of
these funds shall be provided to the Executive Vice President
and Provost for review and approval prior to the beginning of
each fiscal year and on the schedule proscribed by the
University’s budget development. Similarly, annual reports
demonstrating actual expenditure of these funds shall be
provided to the Executive Vice President and Provost at the
conclusion of each fiscal year.
2
UNIVERSITY OF VIRGINIA
BOARD OF VISITORS AGENDA ITEM SUMMARY
BOARD MEETING:
October 4, 2008
COMMITTEE:
Finance
AGENDA ITEM:
II.A. 2009 Operating and Capital Amendments
to the 2008-2010 Biennial Budget
BACKGROUND: In even numbered years, the University submits its
requested amendments to the biennial budget to the Department of
Planning and Budget for review by the Governor for inclusion in
his amended budget presented to the General Assembly in
December. Prior to this submittal, the Board of Visitors
reviews and approves the proposal to amend operating and capital
projects.
DISCUSSION: Since instructions for agencies to submit 2008-2010
budget amendments have not been received from the State in time
to finalize the items for inclusion in this booklet, the report
reflects the most critical operating needs of the University and
for the most part does not address new programmatic initiatives.
Items such as faculty and staff salary increases, base budget
adequacy, and undergraduate financial aid are cross-cutting
issues that will be addressed by the state for all institutions.
This list may be modified based on instructions received from
the state. Given the state’s financial situation it is likely
that the Governor will restrict the types of amendments he will
accept.
Depending on the outcome of the Governor’s budget process
we may want to submit these amendments, and possibly others, to
the legislative session in January. Any requests not included
on this list that might be submitted to the General Assembly
will be communicated to the Board of Visitors in advance of the
due date with formal approval sought at the February 2009
meeting of the Board of Visitors.
Operating amendments for the Academic Division (Agency 207)
total $3.1 million general funds (GF) in year one and $14.8
million GF in year two. The capital amendments for the Academic
Division total $103.4 million. Operating amendments for the
University of Virginia’s College at Wise (Agency 246) total $1.3
million GF in year two. The capital amendment for the College
at Wise is $3.5 million GF. The Medical Center also expects to
3
submit a request to cover the full cost of providing care to
Medicaid and indigent patients.
AGENCY 207 – Academic Division:
Produced in Virginia ($1.7 million (need to develop updated
proposal) GF in year two) – The University has partnered with
the Virginia Community College System to increase the number of
undergraduate engineering degrees awarded in the Commonwealth.
Students complete the first two years of coursework at a
community college, then enroll in the University of Virginia and
complete an engineering bachelor’s degree program through both
on-site and asynchronous technology. At full implementation in
six years, the University projects to award an additional 400
degrees annually. These students, all of whom are expected to
be Virginians, will be incremental to the number of students
previously approved by the Board of Visitors in the University’s
official enrollment projections. The request represents startup costs (recruiting, course design, equipment) of $1.3 million,
plus the ongoing general fund’s share of base budget adequacy
funding per undergraduate engineering student for the
incremental in-state students (32 FTE) who will join the
University in the summer of 2009.
Operations and Maintenance Costs for New Facilities ($1.5
million GF in year one and $3.7 million GF in year two) – The
University requests ongoing support for operations and
maintenance costs of new facilities scheduled to open in the
2008-2010 biennium.
E&G Utility Cost Increases ($1.6 million GF in both years) – The
cost of electricity, natural gas, coal, and oil has increased
far in excess of inflation over the past three years,
particularly with the lifting of the rate cap on electricity.
As a result, the University has been compelled to direct a
sizable share of discretionary base budget adequacy funding to
pay the cost of utilities rather than invest in core educational
programs and support enrollment growth. This request will allow
the University to appropriately fund utility costs and
appropriately invest in educational programs on an ongoing
basis.
UVa Health Plan Cost Increases ($1.1 million GF in year two) –
We request ongoing support to maintain the state’s funding of
the University-sponsored health care plan at a comparable level
to the state funding provided for other state-sponsored health
plans.
4
Graduate Financial Support ($2.0 million GF in year two) – This
additional ongoing support will enhance our ability to compete
for the most promising graduate students by improving the
competitive position of our most prestigious graduate
fellowships, creating first-year fellowships, increasing the
number of dissertation year fellowships to reward innovative
research, and providing competitive enhancements to recipients
of prominent national fellowships, such as those from the
National Science Foundation and the National Institutes of
Health.
Graduate Financial Aid Restriction for In-State Students
(Language Only) – We request removal of the existing requirement
that 50 percent of general funds allocated to graduate student
financial assistance be made to Virginia residents. High
quality graduate students play a vital role in recruiting world
class faculty, attracting external grant support, and improving
the stature of the University’s research enterprise. One nocost measure of support for graduate students would be the
elimination of this requirement. Increasingly our highest
quality applicants are from out-of-state and require a higher
level of commitment from the University. Many graduate students
remain in the Commonwealth after graduation, even becoming the
faculty of our public and private colleges and universities.
Out-of-state graduate students frequently bring spouses and
families to the region to have a settled life here. Allowing
the University to award state support to the highest quality
graduate students, regardless of their residency, will provide
the University additional flexibility in building a world-renown
research enterprise.
New Cabell Hall Renovation ($76.12 million in year two) – $3.9
million in planning funds was provided in 2008-2009.
Construction funds are needed in 2009-2010 in order to be
prepared to proceed with this project upon the completion of the
South Lawn project. The project will include abatement of
asbestos and other hazardous materials, needed repairs, code and
accessibility compliance modifications, updates to building
systems to provide modern functionality, and upgrades to
finishes and furniture. The major building system updates will
include adding sprinklers, adding HVAC and removing the old
heating system, modernizing the elevators, and renovating
electrical, alarm, and telephone/data distribution systems.
Ruffner Hall Renovation ($19.8 million in year two) – $250,000
was provided in 2008-2009 for pre-planning. Construction funds
are needed in 2009-2010 in order to be prepared to proceed upon
5
the completion of Bavaro Hall. This project repairs and/or
replaces major infrastructure systems in Ruffner Hall,
constructed in 1973. The project includes a structural
evaluation and replaces building systems including HVAC,
flooring, electrical, fire alarm system, sprinklers, masonry,
roofing, skylights, doors, windows, hardware, interiors,
signage, furnishings, site work, and plumbing. It also removes
asbestos and lead based paint.
Ivy Stacks Shelving Retrofit ($7.5 million in year two) – The
University’s Ivy Stacks remote shelving facility provides costeffective storage space for the University’s library
collections, but is nearing capacity. Replacing the current
shelving system (high-rise, human retrieval) with a state-of-the
art robotic retrieval system will increase the capacity of the
current facility from 800,000 volumes to 1.5 million volumes and
defer the need for a second facility for ten years. These funds
will cover the procurement and installation of the system, as
well as retrofitting the facility to accommodate the new system.
AGENCY 209 – Medical Center:
Increase Medicaid Prospective Inpatient Payment Rates ($1.3
million GF and $1.3 million NGF in year two) – The 2008-2010
Appropriation Act reduced the level of reimbursement to the
Commonwealth’s academic medical centers, also leaving federal
cost matching dollars on the table.
AGENCY 246 – University’s College at Wise:
Expanded Student Access through the AIMS Scholars Program
($682,400 GF and 5 FTE in the second year) – The College at Wise
continues to have a student body which demonstrates the highest
financial need in the Commonwealth. The College at Wise has
been successfully piloting its AIMS Scholars Program in a
targeted area which has seen these students transition from the
community college to the College at Wise. This amendment will
expand this scholarship program by 50 students (at $6,477 each =
$324,000). It will also add two staff to advise students on
financial aid (two at $35,000 + fringes = $91,000) and three
faculty (three at $54,500 + fringes = $213,000). The faculty
will focus on successfully integrating the scholars and others
into Wise, increasing the likelihood of retention and on-time
graduation. The request also includes $55,000 in OTPS to
support the aid and transition/retention programs.
6
Development of Internal Telecommunications Operations ($609,600
GF and 2 FTE in the second year) - The continuing growth of the
College at Wise is making evident the need for an internal
telecommunications operation to handle telephone, wiring,
voicemail, programming, and support services. An aging campus
telephone system and cable plant is causing many on and offcampus communication problems and a replacement of analog
telephone technology with voice over internet protocol (VoIP)
telephone technology is imperative for the near future. This
amendment for ongoing funding will enable the College at Wise to
replace its current system with newer technology, continue and
enhance telephone service for internal and external constituents
throughout the state, and give the College at Wise better
reporting and call tracking services to control telephone costs
across the institution. The ongoing cost will be $169,900 and
two FTEs. The one-time cost for the system replacement is
$440,000.
New Library ($3.5 million GF planning in year two) – During the
College at Wise’s last SACS accreditation, student study space
in the existing library barely met the minimum standard, and
with the growth experienced since that time, it will not be in
compliance during the next accreditation process. This planning
funding will allow us to determine how to construct a new
facility to meet the current and future academic needs of the
institution, to include space to house and increase the College
at Wise’s collection – which is critical as new and larger
academic programs have been introduced in the interim – as well
as provide important study and instructional spaces for the
student body. To meet accreditation needs, planning must begin
immediately, with construction expected to begin in 2010-2011.
ACTION REQUIRED: Approval by the Finance Committee and by the
Board of Visitors
APPROVAL OF STATE OPERATING BUDGET AMENDMENTS FOR THE 2008-2010
BIENNIUM FOR THE ACADEMIC DIVISION, THE MEDICAL CENTER, AND THE
UNIVERSITY OF VIRGINIA’S COLLEGE AT WISE
WHEREAS, the instructions for submitting the 2008-2010
budget requests to the Governor have not yet been received; and
WHEREAS, the proposed biennial budget requests represent
the highest priority initiatives and are aligned with the
mission of the institution;
7
RESOLVED, the Board of Visitors of the University of
Virginia approves the 2008-2010 biennial budget requests
accompanying this resolution and outlined in pages 4-7; and
RESOLVED FURTHER, the Board of Visitors understands that to
the extent these initiatives are not included in the Governor’s
2008-2010 biennial budget, the Academic Division, the Medical
Center, and The University of Virginia’s College at Wise may
want to pursue similar requests to the Legislature; and
RESOLVED FURTHER, the Executive Vice President and Chief
Operating Officer is authorized to transmit to the General
Assembly any request not funded by the Governor as long as there
are no material differences from the items already endorsed by
the Board of Visitors.
8
UNIVERSITY OF VIRGINIA
BOARD OF VISITORS AGENDA ITEM SUMMARY
BOARD MEETING:
October 4, 2008
COMMITTEE:
Finance
AGENDA ITEM:
II.B.
Plan
New Capital Projects and Financial
BACKGROUND: Normally, the Board of Visitors approves major
capital projects every two years as part of the Six-Year Major
Capital Project program. When the University identifies new
capital projects outside the biennial Major Capital Project
cycle, the projects require approval by the Finance and
Buildings and Grounds Committees. In addition, the Finance
Committee is responsible for the review of the financial plans.
DISCUSSION: At this time, the University has four new capital
projects to add to the University’s Major Capital Projects
Program:
1)
Bayly Building Renovation ($2.0 million to $2.5 million
gifts) - The proposed project will maintain the
University Art Museum’s accreditation by correcting
environmental and programmatic deficiencies. The scope
consists of targeted improvements to the buildings
heating, ventilation, air conditioning and lighting
systems and renovations to improve the Museum’s study,
display, conservation, and art storage functions. The
project will be implemented over the next twelve months.
2)
Ivy Stacks Shelving Retrofit ($6.7 million to $7.5
million state general funds) – The University’s Ivy
Stacks remote shelving facility provides cost-effective
storage space for the University’s library collections,
but is nearing capacity. Replacing the current shelving
system (high-rise, human retrieval) with a state-of-the
art robotic retrieval system will increase the capacity
of the current facility from 800,000 volumes to 1.5
million volumes, and defer the need for a second facility
for ten years. These funds will cover the procurement
and installation of the system, as well as retrofitting
the facility to accommodate the new system.
3)
Acquisition of a Modular Vivarium Unit ($2.7 million
Facilities and Administrative (F&A) Recoveries) – The UVa
9
Foundation (UVAF) has installed a pre-fabricated modular
Rodent Unit behind the Emerging Technology Center One
building at the UVa Research Park for use by the
Psychiatry Department. The School of Medicine will
purchase the modular unit from UVAF. The University will
enter into a ground lease with UVAF for the property.
4)
Northridge Development Project, Medical Center ($3.1
million to $3.2 million University debt) - This project
will re-develop a site located on Ivy Road near the
Health System’s Northridge facility. The project will
(a) relocate much of the existing materials management
center from the University Hospital (to add beds), (b)
supplement the parking and inter-connection with the
Northridge site, and (c) modify the existing brick office
building.
The University reviewed the preliminary business plans for
these proposals. The project budgets have been developed using
current cost benchmarks for the particular type of construction
escalated to an expected midpoint of construction. The
University intends to primarily use gifts to fund the Bayly
Building renovation and is also considering an infusion of state
maintenance reserve funds to meet deferred maintenance items.
The Ivy Stacks Retrofit is dependent upon state general funds.
If the gifts or general funds are not received for these
projects, the project will be placed on hold until appropriate
alternative fund sources are identified. The Modular Vivarium
Unit will be funded by the School of Medicine with Facilities
and Administrative (F&A) recovery reserves on hand. The Medical
Center is seeking to use University debt for the Northridge
Development project.
Operating and maintenance (O&M) costs are not expected to
increase for the Bayly Building or the Ivy Stacks Shelving
Retrofit. The School of Medicine and the Medical Center will be
responsible for all O&M for their respective projects.
Debt Assessment
The University’s Director of Treasury Operations has conducted a
debt assessment to evaluate the impact of utilizing debt for the
Northridge Development project on the University’s key debt
ratios as outlined in the Board approved debt policy. It is the
University’s assessment that the total new debt funding of up to
$3.2 million sought for this project will not jeopardize
internal guidelines for financial ratios. By accepting this
assessment, the Board does not authorize the issuance of debt or
10
any other long-term financial obligation; rather the Board
approves the inclusion of this debt-funded project as a part of
the University’s Major Capital Projects Plan.
ACTION REQUIRED: Approval by the Buildings and Grounds
Committee, the Finance Committee, and the Board of Visitors
APPROVAL OF FINANCIAL PLANS FOR PROJECTS TO BE ADDED TO THE
UNIVERSITY OF VIRGINIA’S MAJOR CAPITAL PROJECTS PROGRAM
RESOLVED, the Board of Visitors endorses the financial
plans for four new projects at the University of Virginia:
Renovation of the Bayly Building for the University of
Virginia Art Museum, with an expected budget of $2 million to
$2.5 million to be funded from gifts;
Retrofit of the Ivy Stacks, with an expected budget of $6.7
million to $7.5 million to be funded from state general funds;
Acquisition of a Modular Vivarium Unit, with an expected
budget of $2.7 million to be funded from Facilities and
Administrative recoveries;
Development of the Northridge site to be financed with
University debt of $3.1 million to $3.2 million, to be serviced
with Medical Center operating funds; and
RESOLVED FURTHER, that these projects will be added to the
University’s Major Capital Projects Program.
11
UNIVERSITY OF VIRGINIA
BOARD OF VISITORS AGENDA ITEM SUMMARY
BOARD MEETING:
October 4, 2008
COMMITTEE:
Finance
AGENDA ITEM:
II.C.
Intent to Issue Tax-Exempt Debt
BACKGROUND: Under federal tax regulations, the University of
Virginia’s Board of Visitors must pass an intent to issue
resolution prior to issuing tax-exempt debt to reimburse itself for
expenditures associated with specific, enumerated projects.
This resolution also allows the University to provide shortterm financing for the projects through the University’s commercial
paper program, where appropriate. Short-term financing may be
provided for capital projects only after a project’s business plan,
including documentation of the project’s fiscal soundness, has been
approved by senior management.
This resolution does not authorize the University to issue
long-term debt. Prior to the University issuing long-term debt,
the Board of Visitors will be asked to approve a separate
issuance resolution.
DISCUSSION: The University is presenting the Northridge
Development Project as a proposal for the Board of Visitors to
consider for possible issuance of tax-exempt debt. Approval of
the intent-to-issue tax-exempt debt for this project is
contingent upon the Board of Visitors’ approval of the project
itself.
Requested
Intent to
Issue
Authorization
Project
Northridge Development Project
$3,230,000
Total of
Requested and
Previous
Intent to
Issue
Authorizations
$3,230,000
ACTION REQUIRED: Approval by the Finance Committee and by the
Board of Visitors
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APPROVAL OF INTENT TO ISSUE TAX EXEMPT DEBT
WHEREAS, the University of Virginia intends to undertake
the following capital project utilizing tax-exempt debt as a
funding source:
Northridge Development Project
WHEREAS, the United States Department of the Treasury has
promulgated final regulations in Section l.l50-2 of the Treasury
Regulations governing when the allocation of bond proceeds to
reimburse expenditures previously made by a borrower shall be
treated as an expenditure of the bond proceeds; and
WHEREAS, the Regulations require a declaration of official
intent by a borrower to provide evidence that the borrower
intended to reimburse such expenditures with proceeds of its
debt; and
WHEREAS, the Board of Visitors of the University of
Virginia desires to make such a declaration of official intent
as required by the Regulations; and
WHEREAS, the University of Virginia may be required to
provide short-term financing to the project prior to issuing
long-term debt in order to implement an efficient and timely
construction schedule; and
WHEREAS, the University of Virginia has funding mechanisms
to accommodate short-term financing needs, defined as a period
of less than sixty months; and
WHEREAS, the authority for the University of Virginia to
enter into financing arrangements exceeding sixty months in
maturity for each project listed is not included in this
resolution; and
WHEREAS, if the University of Virginia arranges short-term
financing for a particular project, and if the project is not
ultimately completed, or if the project utilizes funding sources
other than debt, then the appropriate school or unit remains
responsible for refunding the short-term obligation;
RESOLVED that, pursuant to the terms of the Treasury
Regulations, the Board of Visitors of the University of Virginia
declares its intent to reimburse expenditures in accordance with
the following:
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1. The University of Virginia reasonably expects to
reimburse expenditures from the issuance of tax-exempt debt to
be issued by the University of Virginia incurred for the
project;
2. This resolution is a declaration of official intent
under Section 1.150-2 of the Regulations;
3. The maximum principal amount of debt expected to be
issued for the purpose of reimbursing expenditures relating to
the project is as follows:
Northridge Development Project = $3,230,000
(total of this and all prior requests = $3,230,000)
RESOLVED FURTHER, that the project is a separate enterprise
independent of other projects, and that the authorization for
funding relates to the individual project; and
RESOLVED FURTHER, funds may be borrowed for the project on
a short-term basis, but only if the following conditions are
met:
1. The Board of Visitors approves the current resolution;
2. A comprehensive and detailed financial plan for the
school/unit project is submitted;
3. Short-term financing shall not exceed sixty months in
maturity; and
4. The school or unit remains responsible for any debt
obligation incurred regardless of the status of the capital
project or whether or not a debt issuance actually occurs.
14
UNIVERSITY OF VIRGINIA
BOARD OF VISITORS AGENDA ITEM SUMMARY
BOARD MEETING:
October 4, 2008
COMMITTEE:
Finance
AGENDA ITEM:
III.A.
ACTION REQUIRED:
None
Vice President’s Remarks
BACKGROUND: As reported at the June 2008 meeting, the
University engaged KPMG to conduct an initial assessment of the
University’s current framework for assessing and managing the
University’s strategic and high-level operational risks.
DISCUSSION: Representatives from KPMG, LLP, have conducted
interviews with selected University officials to begin
developing the University’s portfolio of top risks. The KPMG
team is presently analyzing their findings and is expected to
render a final report this winter. The Vice President and Chief
Financial Officer will present the final report of the project,
as outlined in the June 2008 written report to the board, at a
future Finance Committee meeting in calendar year 2009.
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.
15
UNIVERSITY OF VIRGINIA
BOARD OF VISITORS AGENDA ITEM SUMMARY
BOARD MEETING:
October 4, 2008
COMMITTEE:
Finance
AGENDA ITEM:
III.B. Faculty and University Staff
Compensation
ACTION REQUIRED:
None
BACKGROUND: In 2003-2004, the Board approved a resolution to
increase the compensation of the University of Virginia’s
faculty and staff to a competitive level. In 2004-2005, the
Board of Visitors further refined that goal with a resolution to
move the University’s teaching and research average faculty
salary to a position between the 15th and 19th rank among AAU
universities. Since that time, supplements approved by the
Board of Visitors have allowed us to close the gap between the
average teaching and research faculty salary at the University
and at the institution holding the 19th position of AAU
institutions from $7,000 in 2002-2003 to $700 in 2007-2008.
For 2008-2009, the General Assembly has authorized a two
percent average salary increase for full-time teaching and
research faculty. Because we begin 2007-2008 $700 below the
goal set out by the Board of Visitors in 2004-2005 and this
increase is less than we expect our peers to award, it is likely
that the gap between the University’s average faculty salary and
the 19th position will increase in 2008-2009. In June 2008, when
this was reported to the Finance Committee, the Chair asked the
administration to return in October with a recommendation on how
to address the issue.
Further, the University is working diligently to develop a
new system for University staff. With new authority delegated
to the Board of Visitors through the Restructuring Act, the
University now has flexibility to consider merit-based
supplements for University staff.
DISCUSSION: Given the tenuous state budget situation, the
University recommends deferring any action on this item until
2009-2010. We will continue to re-examine the existing
benchmark to determine whether the 19th rank among AAU
institutions is the most appropriate target in the current
16
environment. We will also develop a proposal and appropriate
benchmark for the compensation of University staff.
17
UNIVERSITY OF VIRGINIA
BOARD OF VISITORS AGENDA ITEM SUMMARY
BOARD MEETING:
October 4, 2008
COMMITTEE:
Finance
AGENDA ITEM:
III.C.
ACTION REQUIRED:
None
Access UVa Metrics
On February 6, 2004, the Board of Visitors authorized the
implementation of Access UVa in order to ensure that access to
an undergraduate education at the University of Virginia is
available to all students regardless of their financial
circumstances. At that time the University added several
innovative components to its already strong need-based financial
aid program, consisting of the following four components:
1. Full implementation in the academic year 2004-2005 of
the program to offer financial aid to meet 100 percent of
demonstrated financial need for qualifying undergraduate
students at all income levels;
2. Beginning in the academic year 2004-2005, a four-year
phase-in of a new commitment to replace need-based loans with
grants for qualifying undergraduate students with family income
at or below 150 percent of the federal poverty level. (later
changed by the Board of Visitors in January 2005 to read “… at
or below 200 percent of the federal poverty level);
3. Beginning in the academic year 2005-2006, a four-year
phase-in of a new commitment to replace need-based loans, beyond
a cumulative loan cap, with grants for undergraduate students at
all income levels. The loan cap will be set every year for that
year’s entering class, at approximately 25 percent of the total
of the University of Virginia’s projected undergraduate in-state
cost of attendance over four years; and
4. Beginning in the fiscal year 2004-2005, a comprehensive
educational program to provide to new students and parents
information about financial options and counseling services on
debt management.
Since the implementation of Access UVa, the Board of
Visitors periodically has reviewed the metrics used to measure
the success of the program.
18
DISCUSSION: The University has successfully implemented the
four components of the program, as listed above. A report on
Access UVa metrics will be provided during this meeting.
19
UNIVERSITY OF VIRGINIA
BOARD OF VISITORS AGENDA ITEM SUMMARY
BOARD MEETING:
October 4, 2008
COMMITTEE:
Finance
AGENDA ITEM:
III.D. Annual Report on the UVa Health Care
Plan and Review of University Benefits
ACTION REQUIRED:
None
BACKGROUND: The University will provide its customary annual
report on the status of the University’s self-insured health
care plan.
The University regularly monitors its health insurance
claims and premiums, the adequacy of its reserves, and the
outlook for future health care costs. It is anticipated that
health care costs will continue to increase. The University has
slowed the impact of the increase through the implementation of
strategic cost-control programs.
DISCUSSION: Proposed plan changes and modest benefit
enhancements will increase the focus on wellness and cost
controls. The University’s employee benefits committee provided
ongoing feedback that informed this process.
Effective January 2009, the University will adjust its
premiums in the High Premium program. The High Premium is being
increased to cover projected claims costs and to keep the
reserve at an appropriate level based on those projected costs.
The Low Premium will remain the same to encourage participation
in that program.
A detailed report on the plan changes and attendant costs
will be provided during this meeting.
20
UNIVERSITY OF VIRGINIA
BOARD OF VISITORS AGENDA ITEM SUMMARY
BOARD MEETING:
October 4, 2008
COMMITTEE:
Finance
AGENDA ITEM:
III.E. Endowment Report: Market Value and
Performance as of June 30, 2008
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.
UVIMCO’s primary objective in managing the pool is to
maximize long-term real return commensurate with the risk
tolerance of the University. To achieve this objective, UVIMCO
actively manages the pool in an attempt to achieve returns that
consistently exceed the returns on a passively managed benchmark
with similar asset allocation and risk. Recognizing that the
University must attract outstanding students, faculty, and staff
and provide them appropriate resources, UVIMCO attempts to
manage pool assets to provide long-term real returns that
compare favorably with the returns of endowments of other
outstanding schools. UVIMCO does not set spending rates.
UVIMCO communicates the Pool’s risk and return estimates to the
University and Foundations for their consideration in setting
spending rates.
DISCUSSION: The 2008 Annual Report, which was mailed to members
of the Board of Visitors at the conclusion of the fiscal year,
is attached in its entirety as Appendix A. The July 2008
Investment Report follows.
In July we experienced a reversal of investment market
trends. Commodities prices, which had been rising for several
years, rolled over. Financial stocks, small stocks, and the US
dollar, all of which had been depreciating since the onset of
the credit crisis about a year ago, rallied strongly. Many of
our managers who had performed well over the past year recorded
substantial losses in this reversal. Our 1.8 percent loss for
the month slightly trailed our benchmark. Unfortunately, these
21
difficult markets have continued into August.
performance remains strong.
Long-term
In this month’s Investment Report we display our Pool’s
return compared to our new Policy Benchmark. Effective July, we
adopted a simple, traditional Policy Benchmark comprised of 60
percent global equity, ten percent real estate, and 30 percent
fixed income. It is our representation of the publically
investable global market. Its historical returns closely track
the average returns of the broad universe of large institutional
investors. Our Pool’s annualized twenty year return of 13.7
percent has outperformed this Policy Benchmark’s return of eight
percent by a remarkable 5.7 percent per annum. Looking forward,
we expect a less rewarding investment environment.
We have modified the format of our Investment Report for
the new fiscal year. We added a Shareholder Summary, which
displays our $5.1 billion pool’s ownership. $3.2 billion or 63
percent is owned by the University’s endowment, $1.2 billion or
23 percent by foundations, and about $700 million or 14 percent
belongs to the University’s operating funds. This table allows
us to be more precise when asked about the size and composition
of the UVIMCO Pool.
To improve disclosure of our financing activity, we now
report the amount of our borrowing rather than netting it from
cash. At July 31, we had $276 million in cash and $558 million
in short-term borrowing. Our borrowing is secured by some of
our government bond and public equity investments.
We reduced the length of the report by eliminating the
prior equity, real assets, and opportunistic sub-totals, as well
as making some other minor simplifications.
22
23
24
25
UNIVERSITY OF VIRGINIA
BOARD OF VISITORS AGENDA ITEM SUMMARY
BOARD MEETING:
October 4, 2008
COMMITTEE:
Finance
AGENDA ITEM:
III.F. Agency Risk Management and Internal
Control Standards Project
ACTION REQUIRED:
None
BACKGROUND: The Commonwealth of Virginia Department of Accounts
issued the Agency Risk Management and Internal Control Standard
(ARMICS) in November 2006. As the Vice President and Chief
Financial Officer discussed with the Audit Committee in May
2007, the directive requires the annual assessment and
certification of the University’s internal control systems. For
ARMICS purposes, the internal control system includes the
ongoing process, led by the agency head, to “design and provide
reasonable assurance” that certain objectives will be achieved.
These objectives include effective and efficient operations,
reliable financial reporting, compliance with applicable laws
and regulations, and safeguarding of assets.
Because the University of Virginia is a large and complex
organization, the certification statements are inclusive of four
Commonwealth agencies, namely the University of Virginia’s
Academic Division (Agency 207), the University of Virginia
Medical Center (Agency 209), The University of Virginia’s
College at Wise (Agency 246), and the Southwest Virginia Higher
Education Center (Agency 948).
DISCUSSION: The University of Virginia already had implemented
many of the standards and practices promoted by ARMICS. For
instance, the University adopted a Code of Ethics approved by
the Board of Visitors in 2004 and the University has used an
annual Internal Control Questionnaire for many years to assess
and verify the system of internal controls.
ARMICS is an agency-wide initiative and creating the
initial documentation required for certification was a
significant undertaking. The project was centrally managed by
the Assistant Vice President for Finance and University
Comptroller and included participation by all central
administrative offices. This workgroup responded to
approximately 500 internal control assessment questions from the
26
Department of Accounts and also identified and analyzed 30
significant fiscal processes. Internal Audit provided advice on
the process and tested key controls.
The University met all three due dates for the ARMICS
implementation. These due dates were to provide (1) a
certification of completion of agency-level internal control
assessments by September 30, 2007, (2) a certification of
completion of process-level internal control assessments by June
30, 2008, and (3) a corrective action plan for any internal
control weaknesses identified in (1) and (2) by July 31, 2008.
Two main types of internal control weaknesses (six total
incidences) were identified in the testing sample. First, there
was insufficient documentation of supervisor review and
signature on reconciliation documents and transaction approvals.
Second, there was insufficient documentation of supervisor
review and signature for purchasing card statements. These
weaknesses are being addressed primarily through communication
and increased tracking.
Beginning in fiscal year 2009 there will be one ARMICS
certification due to the Department of Accounts by June 30 of
each year, in order to confirm the University’s continued
adherence to the requirements and to provide updates as
necessary.
27
UNIVERSITY OF VIRGINIA
BOARD OF VISITORS AGENDA ITEM SUMMARY
BOARD MEETING:
October 4, 2008
COMMITTEE:
Finance
AGENDA ITEM:
III.G.
ACTION REQUIRED:
None
Student System Project
BACKGROUND: The Board of Visitors approved the budget for the
Student System Project (the third phase of the Integrated System
Project) on June 7, 2007, and agreed to receive reports no less
frequently than semi-annually describing progress on the project
and compliance with the business plan.
DISCUSSION: The Student System Project (SSP) is on schedule and
within budget.
Undergraduate applicants for the fall of 2009 are using the
Common Application as of July 1, 2008. The Common Application
is a “not-for-profit organization that serves students and
member institutions by providing an admission application online and in print – that students may submit to any of more
than 300 members. Membership is limited to [public and private]
colleges and universities that evaluate students using a
holistic selection process,”1 and includes Cornell, Duke,
Princeton, Stanford, and Yale. The Office of Undergraduate
Admission began processing these applications in the new student
system on August 4, 2008.
The University’s on-line course catalogue was deployed on
August 4. This course catalogue, which previously has not
existed on-line, involved the conversion of approximately 37,000
courses electronically available in ISIS. The catalogue, which
will be created this fall, will form the basis for the schedule
of classes for fall 2009.
The financial aid and records teams are actively engaged in
testing and training. The student financials team is completing
specifications for and developing the technical aspects of their
module. Planning for the transition of the student system
1
https://www.commonapp.org/CommonApp/default.aspx
28
project to the maintenance organization (Integrated System
Deployment & Support) is in its final stages.
Upcoming Activities: During the next three months, the
project team will:
• Roll out Schedule of Classes.
• Complete testing for Enrollment and Advising, Financial
Aid Needs Analysis and Awarding, and processing of
international students.
• Continue to set up the system and create training
materials as required to meet deadlines within the
project plan.
29
MISCELLANEOUS FINANCIAL REPORTS
Finance Committee
University of Virginia
October 4, 2008
UNIVERSITY OF VIRGINIA ACADEMIC DIVISION
FINANCIAL REPORT
ACCOUNTS AND LOANS RECEIVABLE AS OF JUNE 30, 2008
Summary of Accounts Receivable:
The University’s Academic Division’s total accounts
receivable at June 30, 2008 was $17,454,000 as compared to
$15,899,000 at March 31, 2008. The major sources of receivables
at June 30, 2008 were sponsored programs of $10,537,000 and
other receivables of $3,716,000.
The past due receivables over 120 days old were $1,611,000
as of June 30, 2008 or 9.23 percent of total receivables which
is below the Commonwealth’s management standard of ten percent.
Student
Accounts
Gross Accounts
Receivable
$ 3,201,000
Less: Allowance
for Doubtful
Accounts
Net Accounts
Receivable
Accounts Receivable
Greater than 120
Days Past Due
Sponsored
Programs
$ 10,537,000
239,000
$
$
2,962,000
Other
Receivables
$
529,000
10,133,000
$
896,000
SOURCE:
DATE:
30
$
78,000
404,000
$
3,716,000
Total
17,454,000
721,000
$
3,638,000
$
16,733,000
$
186,000
$
1,611,000
Financial Administration
August 12, 2008
UNIVERSITY OF VIRGINIA ACADEMIC DIVISION
FINANCIAL REPORT
ACCOUNTS AND LOANS RECEIVABLE AS OF JUNE 30, 2008
Summary of Loans Receivable:
The default rate for the Perkins Student Loan Program
remained at 7.69 percent for the quarter ending June 30, 2008.
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 by 0.38 percent to 2.34 percent. Both
medical loan programs are well below the five percent federal
threshold. The University Loan Program default rate remained at
3.12 percent for the quarter.
Current
Default Rate
Inc./(Dec)
From Last
Quarter
18,659,000
7.69%
0.00%
24,000
0.00%
0.00%
1,154,000
2.34%
(0.38%)
12,049,000
3.12%
0.00%
Gross Loans
Receivable
Perkins Student
Loans
$
Health
Professions Loans
Undergraduate
Nursing Loans
University Loans
Total Student
Loan Outstanding
$
31,886,000
SOURCE:
DATE:
31
Financial Administration
August 12, 2008
University of Virginia
Capital Campaign Summary
As of June 31, 2008
All Units
Expendable
680,793,277
199,440,817
84,637,671
115,689,693
63,387,625
Endowment
302,134,496
117,156,538
22,293,569
0
828,178
Total
982,927,773
316,597,355
106,931,240
115,689,693
64,215,803
Gift and Pledge Total
Future Support
1,143,949,083
142,178,025
442,412,781
41,124,866
1,586,361,864
183,302,891
Campaign Total
1,286,127,108
483,537,647
1,769,664,755
228,000,917
1,371,950,000
1,185,637,219
1,628,050,000
1,413,638,136
3,000,000,000
Gifts and Pledge Payments
Outstanding Pledge Balances
Deferred Gifts
Private Grants
Gifts in Kind
Additional Amounts To Be Raised
(1)
Total
Rector & Visitors Gift Accounts Only
Expendable
250,624,795
43,383,255
54,534,601
26,718,711
Endowment
173,199,409
58,302,312
8,220,097
0
7,771
Total
423,824,204
101,685,567
62,754,698
0
26,726,482
Gift and Pledge Total
Future Support
375,261,362
98,642,387
239,729,589
3,592,537
614,990,951
102,234,924
Campaign Total
Additional Amounts To Be Raised
Total
473,903,749
TBD
473,903,749
243,322,126
TBD
243,322,126
717,225,875
TBD
717,225,875
Gifts and Pledge Payments
Outstanding Pledge Balances
Deferred Gifts
Private Grants
Gifts in Kind
Rector & Visitors Unrestricted Giving
Gifts and Pledge Payments
Outstanding Pledge Balances
2,864,692
384,562
3,249,254
Total
0
0
0
2,864,692
384,562
3,249,254
(1) Excludes future or revocable support
Source: Office of Development and Public Affairs
Date: September 18, 2008
32
USES OF FUNDS FROM PRATT ESTATE
For Year Ended June 30, 2008
6/30/07
Unexpended
Balance
Arts & Sciences
Biology
Student Support
Faculty Salary Support
Research & Equipment
$
2007-08
Allocations¹
6/30/08
Unexpended
Balance
2007-08
Expenditures
(20,321) $
(2,514)
34,060
11,225
221,496
53,504
250,000
525,000
(27,070)
28,393
252,895
254,218
185,000
90,000
50,000
325,000
147,576
37,807
128,603
313,986
10,354
80,586
174,292
265,232
297,644
71,923
51,971
421,538
141,589
33,411
175,000
2,250
178,144
13,017
193,411
295,394
35,368
72,365
403,127
28,160
296,948
1,185,909
1,511,017
259,234
15,766
275,000
215,766
40,564
87,669
343,998
71,628
272,150
1,098,240
1,442,019
Presidential Science Initiative
Science & Technology Initiative (FEST)
Provost Faculty Start-Ups
Pratt Master - To be Allocated
Total Arts and Sciences
392,899
117,123
3,117,135
381,977
6,207,132
1,558,362
(363,264)
2,495,098
87,347
312,081
1,623,498
392,899
29,776
4,363,416
18,713
7,078,732
School of Medicine
Student Support
Research & Equipment
Science & Technology Initiative (FEST)
Decade Plan
Pratt Master - To be Allocated
Total School of Medicine
(1,015)
608,723
45,662
4,256,122
36,117
4,945,609
109,207
1,194,298
4,000,000
(3,505)
5,300,000
105,958
1,370,724
(26)
1,579,692
3,056,347
2,235
432,297
45,688
6,676,430
32,612
7,189,262
Chemistry
Student Support
Faculty Salary Support
Research & Equipment
Mathematics
Student Support
Faculty Salary Support
Research & Equipment
Physics
Student Support
Faculty Salary Support
Research & Equipment
TOTALS
1
$
11,152,741
$
7,795,098
$
$
209,175
38,375
125,125
372,675
4,679,845
$
$
(8,000)
12,615
158,936
163,550
14,267,994
Includes amounts approved by the Board of Visitors for 2007-08 and carryforward amounts from prior year allocations.
SOURCE: University Budget Office
DATE: August 5, 2008
33
UNIVERSITY OF VIRGINIA
INTERNAL LOANS TO UNIVERSITY DEPARTMENTS AND ACTIVITIES
As of June 30, 2008
34
PURPOSE
Astronomy Large
Binocular Telescope
INTEREST
RATE 2
02/06/06
4.75%
Cocke Hall
06/30/06
4.75%
1,941,787
723,124
1,218,663
June 2011
ITC ISIS Software
06/30/06
4.75%
1,575,000
586,531
988,469
July 2010
National Radio
Astronomy Observatory
Piping
09/01/06
6.25%
706,833
235,234
471,599
August 2011
Varsity Hall
06/30/07
4.75%
1,517,726
348,335
1,169,391
March 2012
Wilsdorf Hall
11/01/06
4.75%
3,311,328
457,497
2,853,831
November 2011
Wise Football Facility
10/01/07
4.75%
629,171
63,143
566,028
Total Internal Loans Subject to
$15M Limit Established by BOV 1
ORIGINAL
LOAN AMOUNT
PRINCIPAL
PAYMENTS
MADE TO DATE
DATE OF
LOAN
$
$
400,000 $
10,081,845
OUTSTANDING
PRINCIPAL
280,627
$
2,694,491
$
$
119,373
APPROXIMATE
FINAL PAYMENT
January 2009
October 2022
7,387,354
NOTE: 1.
Per January 1990 Board of Visitors resolution establishing the internal loan pool at $10 million and pe
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 6.2
percent was charged for the National Radio Astronomy Observatory Piping project.
SOURCE:
DATE:
Financial Administration
August 4, 2008
QUARTERLY BUDGET REPORT
As of June 30, 2008
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 2007-2008 fiscal year-end, 103.3 percent of the
budgeted sources were collected and 96.7 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:
DATE:
35
University Budget Office
September 15, 2008
University of Virginia Academic Division
2007-08 Operating Budget Report
As of June 30, 2008
(in thousands)
2007-08
Revised
Budget
6/30/2008
Actual
Results
Variance
6/30/2008
Results
Percentage
Sources of Available Funds, net of transfers to capital reserves
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
Net Auxiliary Enterprises for Operating Plan
Total Sources of Available Funds
$327,389
169,272
287,835
125,821
100,344
30,361
148,108
1,189,130
$325,397
165,616
282,692
126,370
114,715
60,072
153,492
1,228,354
$1,992
3,656
5,143
(549)
(14,371)
(29,711)
(5,384)
(39,224)
99.4%
97.8%
98.2%
100.4%
114.3%
197.9%
103.6%
103.3%
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
$288,897
300,979
124,653
42,584
77,985
73,060
119,173
$273,224
297,625
125,066
40,459
65,175
67,862
115,013
$15,673
3,354
(413)
2,125
12,810
5,198
4,160
94.6%
98.9%
100.3%
95.0%
83.6%
92.9%
96.5%
41,244
32,134
20,417
53,551
1,174,677
45,898
33,160
18,425
54,023
1,135,930
(4,654)
(1,026)
1,992
(472)
38,747
111.3%
103.2%
90.2%
100.9%
96.7%
1,886
1,176,563
1,518
1,137,448
368
39,115
80.5%
96.7%
$12,567
$90,906
($78,339)
Athletics
Bookstore
Housing and Conference Services
Other Auxiliary Operations
Total Operating Expenses
Total Operating Reserves and Temporary Allocations
Total Uses of Available Funds
Net Sources and Uses of Operating Funds
36
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.
37
En do w men t/Lo n g T erm In ves tm en ts for UV a an d R elated Fo un d atio n s
Ju n e 30, 2008
U n a ud ite d
(in th ou s a nds )
T he Univers ity of V irginia Medic al S c h ool and r elat ed f ou ndat ions
T he College of A rt s and Sc ienc es and relat ed f ounda tion s
D arden S c hool and related fo undat ion
T he Univers ity of V irginia Law Sc hool an d related founda t ion
T he Mc Int ir e S c hool of C omm erc e a nd related f oun dat ion
S c hool of E nginee ring an d relat e d f ound atio n
G ra duat e S c hoo l of A rt s and Sc ienc es
U nivers ity of V irginia's College at W ise and re la t ed f o undation
S c hool of N u rs in g
R ec tor a nd
Visit or s F u nd s
R ela te d
F o u nd at io n
F u nd s In ves ted
b y U V IMC O
Alu m ni
A sso cia tio n
F u nd s I nve ste d
by U V IM C O
R e lat ed
F o u nd at io n F un ds
Inve ste d by
D ire ctio n o f
F o un da tion B oa r d
$
$
$
$
C urry S cho ol of E ducat ion an d related founda t ion
S c hool of A rc h itec tu r e an d r e lat e d f ound at io n
S c hool of C o ntin uing and P ro f ess ional S t udies
7 94, 64 2
3 40, 81 9
1 19, 30 2
46, 94 5
84, 90 5
83, 21 9
50, 42 2
42, 68 3
38, 36 3
37,35 5
39,48 7
243,14 2
199,89 2
2 95
1,99 1
-
7 ,3 81
11 ,0 96
29 ,5 91
2 ,7 64
2 ,1 93
1 ,6 72
T o ta l
205
1,828
6,081
91,696
512
7,920
7,996
-
$
839,583
393,230
368,525
338,533
115,008
94,198
50,422
54,863
40,035
38
13, 59 4
17, 68 0
79
9,12 1
-
4 34
53
11,890
620
-
2 40, 25 4
1 59, 23 9
1 49, 45 7
42, 27 7
-
55,76 8
61,87 4
75,71 9
4 ,6 44
4 00
-
22,988
756
-
57, 14 5
50, 44 0
7,69 6
54,07 9
-
49 ,9 71
48
11,392
6
-
64,841
61,363
54,085
50,488
U nivers ity - Un res tric ted but de signa t ed
U nivers ity - Un res tric ted Q uasi and T rue E ndow me nt
U nivers ity - Un res tric ted O ther
3 31, 07 5
2 01, 07 4
1 61, 34 2
-
-
-
331,075
201,074
161,342
A ll O ther
1 98, 44 1
11,30 7
249 ,4 74
U nivers ity of V irginia M edical Cent er a nd related foun dat ions
C entrally M anag ed Univ e rsit y S cholars hips
P rov ost
A t hletic s and relat ed f oundation
U nivers ity of V irginia F ound atio n and relat ed en t itie s
M iller C e nter a nd relat e d f ound atio n
A lum ni A s s ociat ion
A lum ni B oard of T rust ees
U nivers ity Libraries
$
*I ncludes f unds on dep os it f or ot her a reas /s choo ls not indiv idua lly lis ted.
* *E x clu des approx im ately $ 31.6 million of board de s ignated pension fund s .
3 ,2 23, 39 7
$
797,72 6
$
359 ,7 21
*
$
1 63,890
34,605
18,734
132
**
323,654
159,239
149,457
105,307
75,719
$
459,222
$ 4, 544,734
UNIVERSITY OF VIRGINIA
QUASI-ENDOWMENT ACTIONS
April 1, 2008 to June 30, 2008
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 quasiendowment 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
$
Jones, D. Lung Cancer Research Quasi-Endowment
55,000.00
10,000.00
Marching Band Quasi-Endowment
161,923.00
Mayhugh Cancer Research Support Quasi-Endowment
900,000.00
McIntire School of Commerce Operations Fund
285,127.39
Nursing Legacy Scholarship Fund Quasi-Endowment
6,050.00
Ohrstrom Family Foundation Scholarship Quasi-Endowment Fund
51,815.26
President's Fund for Excellence Unrestricted Quasi-Endowment
55,677.25
Schwartz Family Quasi-Endowment Fund*
125,000.00
Special Collections Discretionary Quasi-Endowment Fund*
216,478.00
Stallard, Helen Quasi-Endowment Fund*
114,096.00
University Quasi-Endowment Fund (1)
107,720.01
UVA Bookstore Quasi-Endowment for Excellence
200,000.00
Total Additions from Gifts to Quasi-Endowments
$
39
2,288,886.91
Additions from Endowment Income (Capitalizations)
Antrim, Lottie C. Income Capitalization Quasi-Endowment
$
Capitalization of Endowment Spending Distributions (38 endowments)
6,885.77
2,140,957.04
Cohen, Morris Fund for School of Medicine
1,939.93
Dean's Discretionary Research Fund for Infectious Disease
15,076.88
Jones, D. Lung Cancer Research Quasi-Endowment
13,204.44
Mayhugh Cancer Research Support Quasi-Endowment
45,000.70
Nelson, Wilbur A. Fund
3,000.00
Roberts, Joseph K. Award
1,000.00
Total Additions from Endowment Income to Quasi-Endowments
$ 2,227,064.76
Divestments
Academic Advancement Fund Restricted Quasi-Endowment Fund
$
1,500,000.00
Carlson Psychiatry Research Fund
205,000.00
Dean's Adenosine Patent Quasi-Endowment - Unrestricted Income
500,000.00
Jessup, Claude A. Fund
83,000.00
McIntire School of Commerce Operations Fund
605,745.22
McIntire, Virginia Gift
70,000.00
Swortzel, Thelma R. Research Quasi-Endowment
52,032.71
Total Divestments from Quasi-Endowments
$
3,015,777.93
NOTES:
*Quasi-endowment newly established or originally funded since
April 1, 2008.
(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.
SOURCE:
DATE:
40
Financial Administration
August 22, 2008
UNIVERSITY OF VIRGINIA
SALARY AND COMPENSATION FOR FULL-TIME FACULTY
AT AAU AND SCHEV PEER GROUP INSTITUTIONS
These reports provide average compensation and salary
figures for institutions included in the Association of American
Universities, and average salary figures for the University's
peer institutions, as established by the State Council of Higher
Education in Virginia. These figures include instructional
faculty paid on a full-time basis; all medical faculty have been
excluded. Salary figures for those faculty with eleven- or
twelve-month duties have been converted to nine-month figures by
adjusting the total salaries by a factor of 9/11ths. The source
for these figures is "The Annual Report on the Economic Status
of the Profession, 2007-2008," Academe, March-April, 2008, the
bulletin of the American Association of University Professors.
SOURCE:
DATE:
Institutional Assessment and Studies
August 5, 2008
41
UNIVERSITY OF VIRGINIA FACULTY SALARY AND COMPENSATION AVERAGES
Salary at AAU Institutions
•
AAU salary data includes all sources of funds.
•
The 60 institutions included in this year’s rankings are
only the U.S. institutions. Two Canadian institutions, the
University of Toronto and McGill University, have been
excluded.
•
The UVa average in each of the years displayed represents
the salary average as of December 1 of that year and
reflects the merit increase of that date.
•
The UVa actual percentage salary increase between 2006-2007
and 2007-2008 was 4.04 percent. This was almost identical
to the median for the AAU (4.05 percent) but the
University’s rank position of 20th in 2006-2007 fell into a
tie for 22nd in 2007-2008 due to larger increases at the two
institutions immediately below UVa in the rankings (CMU and
UC San Diego).
•
In 1989-1990, before the first round of the Wilder budget
cuts, UVa ranked 18th (69th percentile) in the AAU. Since
then our ranking has varied, never rising above 18th,
dropping as low as 32nd in 1996-1997, and now stands at a
tie for 22nd (63rd percentile) in 2007-2008. During that
18-year period UVa’s average salary increased from $54,100
in 1989-1990 to $103,000 in 2007-2008 (a total increase of
90 percent, which is the equivalent of an annual 3.64
percent increase applied and compounded each year).
Compensation at AAU Institutions
• As in the case of the average salary, average compensation
was reported as of December 1 of those years. The average
compensation includes both salary and benefits.
•
The UVa percentage compensation increase between 2006-2007
and 2007-2008 was 3.95 percent. This was slightly below
the median for the AAU (4.27 percent) and resulted in a
four-position decline in our compensation ranking (from
23rd to 27th).
•
In 1989-1990 UVa ranked 20th (65th percentile) in
compensation. Since then our ranking has varied, never
42
rising above 20th, and now stands at 27th (56th percentile)
in 2007-2008. During that 18-year period our average
compensation increased from $66,800 in 1989-1990 to
$129,000 in 2007-2008 (a total increase of 93 percent,
which is the equivalent of an annual 3.72 percent increase
applied and compounded each year).
State Salary at SCHEV Peer Institutions
•
In the summer of 2007, SCHEV approved a new sample of peer
institutions for the University. The attached table includes
the salary averages for the old peer group in 2006-2007 and
compares it to the salary averages of the new peer group in
2006-2007 and 2007-2008. Again, the UVa state salary average
represents the salary average as of December 1 each year. The
UVa state salary averages listed in the table represent the
authorized state salary averages rather than the actual
averages. They are intended to exclude all UVa endowment
funds.
•
The implementation of the new peer group did not change UVa’s
percentile rank (41st) in 2006-2007. UVa’s percentage increase
in the State authorized salary average between 2006-2007 and
2007-2008 was 4.00 percent, resulting in an authorized average
of $96,384. The mean increase for the new peer group was 4.05
percent. UVa’s rank among the new sample peers remained at
the 15th position (41st percentile).
•
In 1989-1990, UVa ranked 10th in the State peer group that was
in effect at that time. Two new peer groups have been
approved since then. In the new peer group, approved by SCHEV
in summer 2007, UVa is at position 15, at the 41st percentile.
43
SCHEV Approved Institutional Peer Group Faculty Salaries
for the University of Virginia, 2006-2007 and 2007-2008
Old Peer Group
New Peer Group
2006-2007
44
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
19
21
22
23
24
25
U Penn
Northwestern
Duke U
Emory U
UC Berkeley
Washington U
USC
Vanderbilt U
U Michigan
U Maryland
U Illinois
UNC
U Connecticut
U Virginia
Ohio State
U Texas
Boston U
U Arizona
U Wisconsin
SUNY Buffalo
U Iowa
U Pittsburgh
Tulane U
U Colorado
U Kentucky
Mean
Mean Sal. (excluding UVa)
Mean Incr. (excl. UVa)
Std Dev (excluding UVa)
UVa Increase
UVa Percentile
60th %tile Salary
2006-2007
Salary
129,600
119,200
116,700
109,400
107,100
104,900
99,600
98,200
94,800
94,200
94,100
94,100
93,200
92,677
92,500
89,500
88,700
87,500
87,300
87,100
85,300
84,500
81,500
79,400
75,400
95,500
95,575
3.90%
12,914
5.00%
41%
98,868
U Penn
Duke U
Emory U
Cornell U
UCLA
UC Berkeley
Washington U
USC
Vanderbilt U
Rutgers U
U Michigan
U Maryland
U Illinois
UNC
U Virginia
U Texas
U Arizona
U Wisconsin
SUNY Buffalo
U Washington
U Iowa
U Pittsburgh
U Florida
Tulane U
U Colorado
U Nebraska
Mean
Salary
129,600
116,700
109,400
108,700
107,200
107,100
104,900
99,600
98,200
96,800
94,800
94,200
94,100
94,100
92,677
89,500
87,500
87,300
87,100
86,700
85,300
84,500
81,900
81,500
79,400
79,400
95,300
95,420
4.01%
12,346
5.00%
41%
98,568
2007-2008
U Penn
Duke U
UCLA
UC Berkeley
Cornell U
Emory U
Washington U
USC
UNC
Rutgers U
Vanderbilt U
U Michigan
U Maryland
U Illinois
U Virginia
U Texas
U Arizona
U Washington
U Iowa
U Wisconsin
SUNY Buffalo
U Colorado
U Pittsburgh
Tulane U
U Florida
U Nebraska
Mean
Notes:
UVa figures represent the authorized state salary average rather than the actual average. It is intended to exclude all endowment funds.
The 2006-07 authorized increase (5.00%) included the 4.39% provided by the State plus the 0.61% supplement allocated from tuition.
All medical faculty have been excluded from the above salary averages.
Source: Academe, Bulletin of the American Association of University Professors
Salary
134,700
125,700
114,000
113,800
113,800
112,400
107,500
103,000
101,900
101,300
101,100
99,000
97,900
97,100
96,384
92,200
91,900
91,200
90,800
89,300
88,800
84,500
83,300
83,300
82,500
82,200
99,200
99,328
4.05%
13,593
4.00%
41%
102,794
% Incr.
3.94%
7.71%
6.34%
6.26%
4.69%
2.74%
2.48%
3.41%
8.29%
4.65%
2.95%
4.43%
3.93%
3.19%
4.00%
3.02%
5.03%
5.19%
6.45%
2.29%
1.95%
6.42%
-1.42%
2.21%
0.73%
3.53%
4.02%
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
Average Salary for Full-Time Instructional Faculty at AAU Institutions, 2002-03 to 2007-08
2002-03
2003-04
2004-05
2005-06
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
Harvard U
119,700
Stanford U
116,700
Cal Tech
111,800
U Penn
111,600
Princeton U
107,000
MIT
105,300
Northwestern
105,200
Duke U
101,700
Yale U
100,400
Columbia U
99,900
U Chicago
99,400
UC Berkeley
98,600
Cornell-Endow
94,700
Washington U
94,700
UCLA
94,600
Emory U
93,900
NYU
93,100
Rice U
91,400
Brown U
90,100
UC San Diego
89,600
85,800
CMU 1
Rutgers U
84,800
Vanderbilt
84,700
U Rochester
84,400
UC Santa Barb
84,200
USC
84,200
UC Davis
84,000
U Michigan
83,900
U Minnesota
83,800
U Virginia
83,100
U Wisconsin
83,100
U Maryland
82,900
UC Irvine
81,900
UNC
81,600
U Illinois
81,400
Case Western
81,000
U Iowa
80,000
SUNY StonyBrk
79,100
Ohio State
78,800
Johns Hopkins
78,200
SUNY Buffalo
77,700
Mich St U
77,500
U Texas
76,500
Indiana U
76,300
Brandeis U
75,400
Tulane U
75,200
U Pittsburgh
74,700
U Arizona
74,600
U Colorado
74,400
Purdue U
73,200
U Washington
73,000
U Florida
72,700
U Nebraska
72,600
Penn State
71,000
Texas A&M
70,000
Syracuse U
69,800
Iowa State
69,500
U Kansas
68,300
65,800
U Missouri 1
U Oregon
59,800
_____________
Harvard U
124,600
Stanford U
121,300
U Penn
115,300
Cal Tech
112,900
Princeton U
112,700
MIT
111,100
Northwestern
108,500
Columbia U
104,100
Duke U
103,900
U Chicago
103,200
Yale U
102,300
UC Berkeley
101,900
Cornell-Endow
99,700
Washington U
98,500
UCLA
98,300
Emory U
96,900
Brown U
93,900
NYU
92,200
Rice U
92,000
CMU
90,400
UC San Diego
90,100
USC
87,800
Rutgers U
87,400
U Virginia
86,700
UC Santa Barb
86,600
U Michigan
86,500
UC Davis
86,400
Vanderbilt
85,800
U Rochester
85,500
U Illinois
85,100
U Maryland
84,300
U Wisconsin
83,600
U Minnesota
83,400
UC Irvine
83,300
Case Western
83,300
Ohio State
82,700
Johns Hopkins
81,800
UNC
81,700
U Iowa
81,100
SUNY StonyBrk
79,600
Mich St U
79,100
SUNY Buffalo
79,000
Brandeis U
78,200
Purdue U
77,600
Indiana U
77,300
U Texas
77,000
U Pittsburgh
76,800
U Arizona
75,800
U Washington
75,200
U Colorado
75,100
U Florida
74,800
Tulane U
74,500
Penn State
73,800
Syracuse U
73,200
Texas A&M
73,100
U Nebraska
72,400
Iowa State
70,900
U Kansas
70,000
U Missouri
68,700
U Oregon
61,000
_____________
Harvard U
129,869
Stanford U
125,147
Cal Tech
124,541
U Penn
118,496
Princeton U
117,833
Northwestern
111,970
MIT
109,921
Columbia U
108,576
107,300
U Chicago
Duke U
106,709
Yale U
106,577
Cornell-Endow
103,526
Washington U
102,412
Emory U
101,351
UC Berkeley
100,562
UCLA
99,646
Brown U
99,013
Rice U
95,428
NYU
93,989
CMU
93,378
USC
91,666
UC San Diego
91,568
U Virginia
91,090
Vanderbilt
90,957
U Illinois
88,918
Rutgers U
88,747
88,443
U Michigan 2
U Maryland
87,735
UC Santa Barb
87,327
U Rochester
87,083
Ohio State
86,435
Case Western
85,835
U Minnesota
85,788
UC Davis
85,211
UNC
85,192
Johns Hopkins
85,016
UC Irvine
84,573
U Wisconsin
83,991
SUNY StonyBrk
82,609
U Iowa
82,607
U Texas
81,998
Brandeis U
81,684
Mich St U
80,963
SUNY Buffalo
80,712
Purdue U
79,805
U Arizona
78,794
Indiana U
78,720
78,389
U Washington
U Pittsburgh
77,905
U Florida
77,306
U Colorado
77,059
Texas A&M
77,049
Penn State
76,553
Syracuse U
75,874
U Nebraska
75,112
Tulane U
74,245
U Kansas
73,878
Iowa State
72,211
U Missouri
70,314
U Oregon
61,658
_____________
Harvard U
135,946
Stanford U
131,506
Cal Tech
129,699
U Penn
124,167
Princeton U
121,489
Northwestern
115,782
MIT
114,080
112,300
Columbia U 3
Yale U
112,112
U Chicago
111,400
Duke U
110,495
Cornell-Endow
106,297
Emory U
104,825
UCLA
103,374
UC Berkeley
103,360
Brown U
101,360
Washington U
100,471
NYU
98,303
CMU
96,620
USC
96,081
Rice U
95,876
U Virginia
95,210
UC San Diego
94,711
U Michigan
91,379
U Maryland
91,241
U Illinois
91,189
Rutgers U
91,155
Vanderbilt
91,104
UC Santa Barb
90,645
Johns Hopkins
90,369
U Minnesota
89,872
U Rochester
89,661
Ohio State
88,998
Case Western
88,543
UC Irvine
87,791
UC Davis
87,789
UNC
87,148
U Texas
85,949
Brandeis U
85,596
U Wisconsin
85,300
SUNY StonyBrk
84,700
U Iowa
84,414
U Arizona
83,928
SUNY Buffalo
83,090
Purdue U
82,292
Mich St U
82,001
Tulane U
81,434
U Washington
81,271
U Florida
81,007
Indiana U
80,472
Texas A&M
80,160
U Pittsburgh
79,346
Penn State
79,340
U Colorado
79,051
Syracuse U
78,216
U Kansas
77,919
U Nebraska
77,060
Iowa State
74,636
U Missouri
72,059
U Oregon
64,959
_____________
45
Rank
24
23
Median Increase: 3.82%
Median Increase: 2.87%
Median Increase: 3.32%
UVa Increase: 0.48%
UVa Increase: 4.33%
UVa Increase: 5.06%
UVa Percentile Ranking: 50th UVa Percentile Ranking: 61st UVa Percentile Ranking: 63rd
22
Median Increase: 3.43%
UVa Increase: 4.52%
Va Percentile Ranking: 64th
2006-07
20
Harvard U
142,200
Stanford U
139,000
Cal Tech
136,900
U Penn
129,600
Princeton U
126,900
Northwestern
119,200
MIT
118,600
Yale U
116,800
116,714
Columbia U 3
Duke U
116,700
U Chicago
116,000
Emory U
109,400
Cornell-Endow
108,700
UCLA
107,200
UC Berkeley
107,100
Washington U
104,900
Brown U
103,100
NYU
101,900
USC
99,600
Rice U
99,000
U Virginia
99,000
UC San Diego
99,000
CMU
98,500
Vanderbilt
98,200
Rutgers U
96,800
U Minnesota
95,100
UC Santa Barb
95,000
U Michigan
94,800
U Maryland
94,200
U Illinois
94,100
UNC
94,100
UC Davis
93,500
U Rochester
93,300
Ohio State
92,500
UC Irvine
92,100
Johns Hopkins
91,200
U Texas
89,500
SUNY StonyBrk
89,200
Brandeis U
88,700
Case Western
88,400
U Arizona
87,500
U Wisconsin
87,300
SUNY Buffalo
87,100
U Washington
86,700
U Iowa
85,300
U Pittsburgh
84,500
Purdue U
84,000
Mich St U
83,900
Indiana U
83,400
Syracuse U
82,200
U Kansas
82,200
U Florida
81,900
Tulane U
81,500
Penn State
81,400
Texas A&M
80,100
U Colorado
79,400
U Nebraska
79,400
Iowa State
77,200
U Missouri
74,600
U Oregon
66,000
_____________
Median Increase: 3.93%
UVa Increase: 3.98%
Va Percentile Ranking: 66th
2007-08
Rank
Stanford U
147,400
6.04%
Harvard U
142,700
0.35%
Cal Tech
141,200
3.14%
U Penn
134,700
3.94%
Princeton U
131,700
3.78%
Duke U
125,700
7.71%
Northwestern
124,200
4.19%
Yale U
124,200
6.34%
MIT
123,300
3.96%
U Chicago
121,800
5.00%
Columbia U
120,800
3.50%
UCLA
114,000
6.34%
UC Berkeley
113,800
6.26%
Cornell-Endow
113,400
4.32%
Emory U
112,400
2.74%
Brown U
107,800
4.56%
Washington U
107,500
2.48%
NYU
106,300
4.32%
UC San Diego
106,300
7.37%
CMU
103,700
5.28%
Rice U
103,700
4.75%
USC
103,000
3.41%
U Virginia
103,000
4.04%
UNC
101,900
8.29%
Johns Hopkins
101,600 11.40%
Rutgers U
101,300
4.65%
Vanderbilt
101,100
2.95%
UC Santa Barb
100,300
5.58%
UC Davis
99,800
6.74%
UC Irvine
99,568
8.11%
U Michigan
99,000
4.43%
U Maryland
97,900
3.93%
U Illinois
97,100
3.19%
U Rochester
97,100
4.07%
Ohio State
95,700
3.46%
Brandeis U
93,500
5.41%
U Texas
92,200
3.02%
U Arizona
91,900
5.03%
U Minnesota
91,700
-3.58%
Case Western
91,700
3.73%
U Washington
91,200
5.19%
U Iowa
90,800
6.45%
U Wisconsin
89,300
2.29%
SUNY StonyBrk
88,900
-0.34%
SUNY Buffalo
88,800
1.95%
Mich St U
87,300
4.05%
Purdue U
86,900
3.45%
U Kansas
86,700
5.47%
Indiana U
86,300
3.48%
Syracuse U
85,400
3.89%
U Colorado
84,500
6.42%
Penn State
84,200
3.44%
U Pittsburgh
83,300
-1.42%
Tulane U
83,300
2.21%
Texas A&M
82,800
3.37%
U Florida
82,500
0.73%
U Nebraska
82,200
3.53%
Iowa State
81,800
5.96%
U Missouri
76,100
2.01%
U Oregon
69,800
5.76%
_________________
1
2
3
4
5
6
7
7
9
10
11
12
13
14
15
16
17
18
18
20
20
22
22
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
Median Increase:
UVa Increase:
UVa Percentile Ranking:
4.05%
4.04%
63%
Notes: All medical faculty are excluded from the above salary averages. Only faculty who are 50% or more instructional are included.
Only U.S. instituions are included above. The University of Toronto and McGill University, although members of AAU, are not included.
Beginning in 1992, at the University of Virginia, salary increases were given on December 1 of each year. The above averages for UVa
include the December 1 increases each year.
Source: Academe, Bulletin of the American Association of University Professors
1
2
3
Data for Missouri is suspect for 2002-03, so an estimated 1.05% decrease was used in its place.
The mean salary figure for Michigan reported in Academe in 2004-05, was incorrect. The correct figure was obtained from the Michigan IR office.
Data for Columbia for 2005-06 and 2006-07 were not available so the AAU median increase was used.
Institutional Assessment and Studies
July 30, 2008
Average Compensation for Full-Time Instructional Faculty at AAU Institutions, 2002-03 to 2007-08
46
Rank
2002-03
2003-04
2004-05
2005-06
2006-07
2007-08
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
U Penn
147,800
Stanford U
147,400
Harvard U
142,200
Cal Tech
136,100
UC Berkeley
132,800
MIT
132,000
Princeton U
130,900
UCLA
127,500
Northwestern
126,800
Duke U
126,600
Cornell-Endow
122,900
NYU
122,900
121,900
U Chicago
Yale U
121,600
120,800
UC San Diego
Columbia U
119,900
119,200
Emory U
114,600
Washington U
USC
114,200
UC Davis
113,500
UC Santa Barb
113,400
Rice U
112,900
Brown U
110,800
UC Irvine
110,400
U Minnesota
109,900
Vanderbilt
105,800
105,700
Rutgers U
U Wisconsin
105,600
104,000
CMU 2
Mich St U
103,400
U Rochester
103,100
102,900
U Michigan
101,500
U Virginia
Case Western
101,200
101,100
Johns Hopkins
101,100
U Maryland
U Iowa
100,400
100,300
SUNY StonyBrk
SUNY Buffalo
98,400
U Illinois
98,100
Ohio State
97,500
Indiana U
97,400
UNC
97,200
Purdue U
94,900
Brandeis U
94,700
U Texas
93,000
92,300
Syracuse U
91,700
U Pittsburgh
U Arizona
91,300
Tulane U
91,100
U Nebraska
90,500
U Colorado
90,400
U Florida
90,200
89,800
U Washington
Iowa State
87,400
Penn State
86,600
U Kansas
85,400
Texas A&M
84,800
79,600
U Oregon
U Missouri
72,300
_____________
Stanford U
157,100
U Penn
154,100
Harvard U
153,000
MIT
139,600
Cal Tech
138,600
Princeton U
138,200
Cornell-Endow
132,200
131,500
UC Berkeley
Northwestern
131,500
Columbia U
129,300
Duke U
129,200
UCLA
127,000
U Chicago
126,400
124,300
Emory U
Yale U
123,600
NYU
121,900
Washington U
120,100
USC
119,100
116,700
UC San Diego
Brown U
115,400
Rice U
113,900
CMU
112,500
UC Davis
112,200
UC Santa Barb
112,200
U Minnesota
109,800
Rutgers U
109,800
U Virginia
108,200
UC Irvine
108,100
Vanderbilt
107,800
Case Western
107,100
U Michigan
106,700
U Wisconsin
105,700
Mich St U
105,600
U Illinois
105,000
U Rochester
104,900
Johns Hopkins
104,700
103,300
U Maryland
Ohio State
103,300
U Iowa
102,400
101,900
SUNY StonyBrk
Purdue U
101,100
SUNY Buffalo
100,700
Indiana U
99,200
Brandeis U
99,100
UNC
98,600
96,700
U Pittsburgh
Syracuse U
96,200
U Arizona
93,700
U Florida
93,300
U Texas
93,000
U Washington
92,000
U Colorado
91,600
U Nebraska
90,900
Tulane U
90,500
Iowa State
90,100
Penn State
89,700
Texas A&M
87,500
U Kansas
86,800
U Missouri
82,700
U Oregon
82,300
_____________
Harvard U
160,700
Stanford U
160,400
U Penn
159,500
Cal Tech
156,100
Princeton U
144,600
MIT
138,500
Northwestern
136,200
Cornell-Endow
134,800
Duke U
133,400
U Chicago
131,800
Columbia U
131,100
UC Berkeley
130,700
Emory U
129,900
UCLA
129,400
Yale U
129,000
Brown U
127,400
USC
125,800
Washington U
125,400
NYU
124,600
119,200
UC San Diego
Rice U
118,100
CMU
116,600
UC Santa Barb
113,900
U Virginia
113,800
Vanderbilt
113,700
U Minnesota
113,500
Rutgers U
112,400
UC Davis
111,000
UC Irvine
110,300
U Illinois
110,100
109,100
U Michigan 1
Mich St U
108,600
Ohio State
108,500
U Wisconsin
107,900
U Maryland
107,700
Johns Hopkins
107,200
U Rochester
107,100
SUNY StonyBrk
106,100
U Iowa
104,700
Purdue U
104,700
Case Western
104,300
SUNY Buffalo
103,600
Brandeis U
103,600
UNC
102,800
Indiana U
100,900
Syracuse U
99,500
U Arizona
98,600
U Texas
98,500
U Pittsburgh
98,100
U Washington
96,800
U Florida
96,800
U Nebraska
95,600
U Colorado
95,000
Penn State
93,600
Iowa State
92,600
U Kansas
92,200
Tulane U
90,100
Texas A&M
88,400
U Missouri
86,900
U Oregon
83,800
_____________
Harvard U
167,200
U Penn
166,700
Cal Tech
162,100
Stanford U
161,800
Princeton U
149,100
MIT
143,600
Northwestern
142,100
Duke U
140,800
U Chicago
137,100
Yale U
136,900
136,160
Columbia U 2
UC Berkeley
135,100
UCLA
135,100
Emory U
134,400
Cornell-Endow
132,800
Brown U
131,300
USC
131,100
NYU
130,400
UC San Diego
124,300
Washington U
123,700
CMU
120,400
U Virginia
119,500
Rice U
119,300
UC Santa Barb
119,300
U Minnesota
119,300
UC Davis
115,700
UC Irvine
115,700
Rutgers U
115,500
Vanderbilt
113,700
Johns Hopkins
113,700
U Michigan
112,900
U Illinois
112,600
U Maryland
112,000
Ohio State
111,700
U Wisconsin
111,100
Case Western
111,000
Mich St U
110,900
U Rochester
110,600
109,400
SUNY StonyBrk
Purdue U
108,000
U Iowa
107,700
Brandeis U
107,600
SUNY Buffalo
107,200
UNC
106,000
U Arizona
105,100
Syracuse U
103,400
U Texas
103,300
Indiana U
103,200
U Florida
102,600
U Washington
100,700
U Pittsburgh
100,600
Penn State
97,800
Tulane U
97,800
U Kansas
97,000
U Colorado
96,800
Iowa State
96,200
U Nebraska
96,000
Texas A&M
95,300
U Oregon
91,800
U Missouri
88,900
_____________
Harvard U
175,500
Stanford U
174,000
U Penn
173,800
Cal Tech
171,100
Princeton U
155,200
Northwestern
153,700
MIT
150,100
Duke U
146,400
U Chicago
143,500
Yale U
142,300
141,552
Columbia U 2
Emory U
141,400
UC Berkeley
140,300
UCLA
140,300
Cornell-Endow
136,000
NYU
135,100
Brown U
133,000
USC
133,000
UC San Diego
130,200
Washington U
127,800
U Minnesota
127,400
UC Santa Barb
125,100
Rutgers U
124,100
U Virginia
124,100
Rice U
123,800
UC Davis
123,200
CMU
122,400
Vanderbilt
122,000
UC Irvine
121,600
U Maryland
117,600
U Michigan
117,200
Ohio State
116,600
U Illinois
115,800
Johns Hopkins
115,500
U Rochester
115,500
UNC
114,900
SUNY StonyBrk
114,800
Mich St U
113,400
U Wisconsin
113,100
SUNY Buffalo
112,300
Brandeis U
111,700
U Arizona
110,800
Case Western
110,500
Purdue U
110,100
108,700
Syracuse U
U Iowa
108,400
U Texas
107,400
U Pittsburgh
107,300
Indiana U
106,200
U Washington
106,200
U Florida
104,000
U Kansas
101,900
Penn State
100,600
Tulane U
100,000
Iowa State
99,200
U Nebraska
99,000
U Colorado
98,300
Texas A&M
95,300
U Missouri
94,200
U Oregon
93,400
_____________
Stanford U
182,500
4.89%
U Penn
179,400
3.22%
Cal Tech
175,900
2.81%
Harvard U
175,100
-0.23%
Princeton U
161,600
4.12%
Northwestern
160,000
4.10%
MIT
158,100
5.33%
Duke U
155,400
6.15%
Columbia U
151,700
7.17%
Yale U
151,500
6.47%
U Chicago
150,700
5.02%
UCLA
150,300
7.13%
UC Berkeley
149,900
6.84%
Emory U
145,400
2.83%
Cornell-Endow
141,600
4.12%
USC
141,400
6.32%
NYU
140,900
4.29%
UC San Diego
140,500
7.91%
Brown U
135,800
2.11%
UC Santa Barb
133,000
6.31%
UC Davis
132,400
7.47%
UC Irvine
132,100
8.63%
Washington U
131,200
2.66%
Rutgers U
130,700
5.32%
CMU
129,700
5.96%
Rice U
129,100
4.28%
U Virginia
129,000
3.95%
Johns Hopkins
127,700 10.56%
UNC
125,200
8.96%
Vanderbilt
124,600
2.13%
U Michigan
122,800
4.78%
U Maryland
122,600
4.25%
U Rochester
120,700
4.50%
Ohio State
119,800
2.74%
U Illinois
119,100
2.85%
U Minnesota
118,700
-6.83%
Brandeis U
117,200
4.92%
Mich St U
117,200
3.35%
U Arizona
116,000
4.69%
U Wisconsin
115,700
2.30%
U Iowa
115,600
6.64%
115,500
0.61%
SUNY StonyBrk
SUNY Buffalo
115,200
2.58%
Case Western
114,800
3.89%
Purdue U
114,200
3.72%
Syracuse U
113,800
4.69%
U Washington
112,000
5.46%
U Texas
110,800
3.17%
Indiana U
109,700
3.30%
U Kansas
107,200
5.20%
U Pittsburgh
106,200
-1.03%
Iowa State
105,800
6.65%
U Colorado
104,900
6.71%
U Florida
104,400
0.38%
Penn State
104,100
3.48%
Tulane U
103,500
3.50%
U Nebraska
102,300
3.33%
Texas A&M
98,800
3.67%
U Oregon
98,300
5.25%
U Missouri
95,800
1.70%
_________________
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
Median Increase: 4.61%
UVa Increase: 0.59%
Va Percentile Ranking: 46th
27
Median Increase: 3.14%
UVa Increase: 6.60%
Va Percentile Ranking: 56th
24
Median Increase: 3.53%
UVa Increase: 5.18%
Va Percentile Ranking: 61st
22
23
Median Increase: 3.86%
UVa Increase: 5.01%
Va Percentile Ranking: 64th
Median Increase: 3.96%
UVa Increase: 3.85%
Va Percentile Ranking: 63rd
23
Median Increase:
UVa Increase:
UVa Percentile Ranking:
4.27%
3.95%
56%
Notes: All medical faculty are excluded from the above salary averages. Only faculty who are 50% or more instructional are included.
Only U.S. instituions are included above. The University of Toronto and McGill University, although members of AAU, are not included.
Beginning in 1992, at the University of Virginia, salary increases were given on December 1 of each year. The above averages for UVa
include the December 1 increases each year.
Source: Academe, Bulletin of the American Association of University Professors
1 The AAU compensation figure reported for Michigan in 2004-05 was faulty. It was estimated using the same percent increase that
occurred in their salary figures, rounded to the nearest 100 dollars.
2 Data for Columbia for 2005-06 and 2006-07 were not available so the AAU median increase was used.
Institutional Assessment and Studies
July 30, 2008
SCHEV Approved Institutional Peer Group Faculty Salaries
for the University of Virginia, 2006-07 and 2007-08
Old Peer Group
2006-07
47
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
19
21
22
23
24
25
U Penn
Northwestern
Duke U
Emory U
UC Berkeley
Washington U
USC
Vanderbilt U
U Michigan
U Maryland
U Illinois
UNC
U Connecticut
U Virginia
Ohio State
U Texas
Boston U
U Arizona
U Wisconsin
SUNY Buffalo
U Iowa
U Pittsburgh
Tulane U
U Colorado
U Kentucky
Mean
Salary
129,600
119,200
116,700
109,400
107,100
104,900
99,600
98,200
94,800
94,200
94,100
94,100
93,200
92,677
92,500
89,500
88,700
87,500
87,300
87,100
85,300
84,500
81,500
79,400
75,400
95,500
New Peer Group
2006-07
U Penn
Duke U
Emory U
Cornell U
UCLA
UC Berkeley
Washington U
USC
Vanderbilt U
Rutgers U
U Michigan
U Maryland
U Illinois
UNC
U Virginia
U Texas
U Arizona
U Wisconsin
SUNY Buffalo
U Washington
U Iowa
U Pittsburgh
U Florida
Tulane U
U Colorado
U Nebraska
Mean
2007-08
Salary
129,600
116,700
109,400
108,700
107,200
107,100
104,900
99,600
98,200
96,800
94,800
94,200
94,100
94,100
92,677
89,500
87,500
87,300
87,100
86,700
85,300
84,500
81,900
81,500
79,400
79,400
95,300
U Penn
Duke U
UCLA
UC Berkeley
Cornell U
Emory U
Washington U
USC
UNC
Rutgers U
Vanderbilt U
U Michigan
U Maryland
U Illinois
U Virginia
U Texas
U Arizona
U Washington
U Iowa
U Wisconsin
SUNY Buffalo
U Colorado
U Pittsburgh
Tulane U
U Florida
U Nebraska
Mean
Salary
134,700
125,700
114,000
113,800
113,800
112,400
107,500
103,000
101,900
101,300
101,100
99,000
97,900
97,100
96,384
92,200
91,900
91,200
90,800
89,300
88,800
84,500
83,300
83,300
82,500
82,200
99,200
Mean Sal. (excluding UVa)
Mean Incr. (excl. UVa)
Std Dev (excluding UVa)
95,575
3.90%
12,914
95,420
4.01%
12,346
99,328
4.05%
13,593
UVa Increase
UVa Percentile
60th %tile Salary
5.00%
41%
98,868
5.00%
41%
98,568
4.00%
41%
102,794
% Incr.
3.94%
7.71%
6.34%
6.26%
4.69%
2.74%
2.48%
3.41%
8.29%
4.65%
2.95%
4.43%
3.93%
3.19%
4.00%
3.02%
5.03%
5.19%
6.45%
2.29%
1.95%
6.42%
-1.42%
2.21%
0.73%
3.53%
4.02%
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
Notes:
UVa figures represent the authorized state salary average rather than the actual average. It is intended to exclude all endowment funds.
The 2006-07 authorized increase (5.00%) included the 4.39% provided by the State plus the 0.61% supplement allocated from tuition.
All medical faculty have been excluded from the above salary averages.
Source: Academe, Bulletin of the American Association of University Professors
Institutional Assessment and Studies, 7/30/08
SUMMARY OF SPONSORED PROGRAMS GRANTS AND CONTRACTS
FISCAL YEAR 2007-2008
For Fiscal Year 2008, the University received sponsored
program awards totaling $314.6 million. This was a decrease of
approximately six percent over the fiscal year 2007 amount of
$332.96 million. This year’s total includes $70.87 million in
facilities and administrative (indirect) costs as compared to
$76.48 million last year.
NOTE: During fiscal year 2007, the University received two
unusually large awards that increased its overall total. The
Curry School of Education received a multi-year award of
approximately $10 million from the Department of Education,
while the School of Medicine received a one-time amount of
approximately $25 million in grant funding for a researcher who
arrived from another institution.
Federal agencies continue to account for most of the
University’s grants and contracts, with more than 70 percent of
the total. The Department of Health and Human Services
continues to be the University’s largest individual sponsor of
awards, accounting for almost 51 percent of the total.
The School of Medicine was awarded almost 62 percent of all
award dollars, followed by the School of Engineering with 14
percent and the College of Arts and Sciences, which accounted
for almost 13 percent of the funds. The remaining 13 percent
was distributed among various areas within the University.
SOURCE:
DATE:
48
Office of Sponsored Programs
August 12, 2008
SPONSORED PROGRAM RESTRICTED GRANTS & CONTRACTS REPORT OF AWARD DATA
FOR FISCAL YEAR 2008
Represented in Millions of Dollars
SCHOOL
DHHS
Architecture
0.69
Arts & Scs.
12.12
Education
1.37
Engineering
2.17
DOD
2.09
DE
0.48
DOE
3.85
NASA
2.35
2.83
11.13
0.02
0.45
3.72
NSF
49
142.18
Nursing
2.17
1.16
2.24
State
1.62
0.04
0.01
1.30
0.43
202%
10.69
1.83
5.75
1.10
40.25
43.57
-8%
0.09
0.08
5.58
3.51
13.46
24.34
-45%
10.97
2.65
11.50
2.45
45.04
44.87
0%
0.01
2.21
0.14
2.36
2.52
-6%
0.41
43.40
3.15
194.72
205.00
-5%
2.49
2.75
-9%
2.20
0.40
1.39
3.36
8.17
14.98
9.48
58%
314.60
332.96
-6%
Total FY 2008
160.69
15.46
4.95
5.49
6.08
24.34
6.75
72.32
18.52
Total FY 2007
183.86
14.15
18.24
6.73
5.70
22.35
7.58
62.18
12.17
-13%
9%
-73%
-18%
7%
9%
-11%
16%
52%
% Increase/Decrease
1) Report reflects data (in millions of $) as of August 05, 2008
2)
% Increase/Decrease
0.20
0.32
Other*
Total
Total
FY 2008 FY 2007
0.39
Law
Medicine
Other
NonFederal Federal
* Includes University Librarian; Vice President for Research and Graduate Studies;
Miller Center; Executive Vice President and Provost; School of Continuing and
Professional Studies; Center for Public Service; Financial Administration; Student
Health; Health Sciences Library; UVA College at Wise; Virginia Foundation for the
Humanities; Vice President for Student Affairs, Southwest Virginia Higher Education
3) Totals may be slightly off due to rounding.
ATTACHMENT
UVIMCO ANNUAL REPORT - JUNE 2008
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