Two committees of the University's Board of Visitors recently discussed fund-raising, increased athletic ticket prices and student activity fees as possible avenues for increasing the revenue of the athletics department.
At its annual retreat in Prince George County over the weekend, 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, Board member Charles L. Glazer said.
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; these levels may be increased 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.
"The Board preferred that the University takes steps that would strengthen all sports and ensure the financial health of the athletics department," Sandridge said.
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 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 on athletics' revenue-raising strategies, President John T. Casteen III presented reports of four proposals of the Virginia 2020 planning process.
The Virginia 2020 initiative includes plans to upgrade University 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.
As part of the Board's unanimous approval, 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 the 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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