Two committees of the University's Board of Visitors recently discussed fund-raising and higher athletic ticket prices and student activity fees as possible ways to increase the revenue of the athletics department.
At its annual weekend retreat in Prince George County July 13, the Board considered multiple options, including changing the giving levels for Virginia Student Aid members. In order to purchase certain seats at sports events, VSA members must reach specified giving levels.
The finance committee and the student affairs and athletics committee of the Board also discussed the possibility of building the athletics endowment and seeking more annual giving, Board member Charles L. Glazer said.
In addition to those sources of revenue, "the University also will look for ways to increase licensing, marketing and TV revenues," said Leonard W. Sandridge, University executive vice president and chief operating officer.
The financial troubles of the athletics department have been a key concern of Board members for the last few months.
At its June meeting, the Board unanimously rejected the suggestion of the 2020 Task Force on Athletics to create a tier system within the athletics department. The system would have placed each sport in one of four tiers, which would determine the amount of funding and scholarship money the programs would receive.
Because the Board rejected the task force proposal, it must consider how to raise revenues without undermining any of the sports programs.
"We're optimistic that we will compete at the highest level in all 24 sports," Glazer said.
As for now, no specific new fund-raising efforts will be taken "until after a five-year plan is completed and thoroughly reviewed," Sandridge said.
Virginia 2020
In addition to discussions about strategies to raise revenue for athletics, University President John T. Casteen III presented reports of four proposals by the Virginia 2020 Commission.
The Virginia 2020 initiative outlines the University's long-term plans to upgrade programs in the arts, science and technology, international studies and public service.
"The Board approved the 2020 Commission reports in principle and asked that additional work be undertaken to recommend priorities for specific initiatives and funding sources," Sandridge said.
Casteen must present the Board with a list of preliminary priorities and price estimates for the proposals by December. A final plan, on which the Board will vote, will be issued in January.
University administrators said the recommendations included in the four proposals would require around $475 million for buildings and equipment and an endowment of $291.5 million.
Also at the meeting, the Board approved VMDO of Charlottesville as the primary architects for the new arena that will replace University Hall. VMDO also will draft plans for renovations to the baseball field.
The Board approved a subcontract with the Ellerbe Becket firm of Minneapolis to aid in the design of the arena.
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