SUUVA / CWA » Articles » UVA TAPS DEEPER INTO ENDOWMENT-THE DAILY PROGRESS, JUNE 17, 2008

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UVA TAPS DEEPER INTO ENDOWMENT-THE DAILY PROGRESS, JUNE 17, 2008

Posted: Tuesday June 17, 2008

UVa taps deeper into endowment

The University of Virginia’s Board of Visitors approved a $2.24 billion operating budget for the 2008-09 fiscal year, an increase of 5.4 percent over the last budget.
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By Staff

Published: June 17, 2008

The University of Virginia’s Board of Visitors has voted to tap deeper into its $3.2 billion endowment.

The board voted Friday to increase the university endowment’s payout rate to 5 percent of the fund’s market value on June 30.

The move will generate $16 million more for university academics and UVa Health System patients.

The board also approved a new formula for deciding how much of its endowment is spent each year. After fiscal 2009, the university will increase its endowment spending by the rate of inflation, as long as the resulting payout is within 4 percent to 6 percent of the fund’s market value.

“The decision of the Board of Visitors to increase the payout on the endowment will not only strengthen the university’s academic programs, but will also limit future increases in the cost of attending the university for students and their families,” Leonard W. Sandridge, UVa’s executive vice president and chief operating officer, said in a statement.

Meanwhile, the board also approved a $2.24 billion operating budget for the 2008-09 fiscal year. The spending plan marks a 5.4 percent increase over the previous year.

As part of the new budget, $1.22 billion will go toward UVa academics, $980 million will go toward the Medical Center and $34 million will go to UVa’s College at Wise.

The budget includes the addition of the equivalent of 159 new full-time workers at UVa. During the 2007-08 academic year, UVa employed 12,170 full-time workers.The budget’s increase will pay for a new student data system, recommendations of the Commission on the Future of the University, more student financial aid and more.