According to articles published in The Daily Progress and Richmond Times-Dispatch during the past few days, the University's endowment has recovered more than half of the $1.1 billion lost because of the financial crisis in fall 2008. For the fiscal year that ended June 30, the institution's endowment grew to $4.45 billion, up from $3.96 billion last June.
Although there is still a long way to go in recouping all the losses, The University of Virginia Investment Management Co. is outperforming its benchmarks, University spokesperson Carol Wood said. UVIMCO is a University-affiliated foundation charged with handling the institution's assets.
Good news about the endowment is more important than many students realize. Given continued funding reductions from the state, the University's ability to preserve a degree of financial autonomy is paramount. This was the hallmark of former President John T. Casteen, III's tenure. When Casteen took office in 1990, the market value of the University's endowment was $488 million; at its height in December 2007, that number was $5.1 billion.
Even with that improvement, the University still trails many top institutions in terms of its financial resources, particularly considering the relatively large size of the student population here compared to other elite colleges. Exhaustive fundraising campaigns and prudent management of capital resources must be a staple of the University's agenda during President Teresa A. Sullivan's administration.
Labor of love\nUniversity calendars could be clearer about student holidays
Yesterday the University community celebrated Labor Day - kind of. Classes were in session, but certain offices at the University were closed for the holiday.\nIt appeared certain year-round administrative divisions such as Human Resources were closed, while the academic side of operations went about its daily business. According to the HR website, "most University offices will need to be open on Labor Day because classes are held on that day."
That kind of piecemeal approach to the holiday makes fairly good sense in this case: As classes only began two weeks ago and most students - and hopefully faculty members - had a chance to take some time off during the summer, closing down the University for Labor Day would probably be superfluous. Students benefit much more from the two reading days in October before the onslaught of midterms.
Some elements of that mixed bag approach to the holiday could have been clearer, though. For example, the HR calendar listed Labor Day as one of "the officially observed 2010 U.Va. Academic Division holidays." Information below the calendar explained that classes were in session, but someone just glancing at the calendar might overlook that. If someone simply were to Google "UVA Labor Day," the HR schedule is the first to appear.
There are plenty of other ways to figure out what days students have off, but a little tweaking to the HR calendar may help a disoriented first-year student or two in the future.
Read More
CARTER: U.Va. Health owes clarity to transplant patients
By Nathaniel Carter | YesterdayUnfortunately, this negative press is fully the fault of U.Va. Health — it failed to address significant stakeholder concerns when crafting its justification.
EDITORIAL: Upholding medical amnesty is a collective effort
By Editorial Board | 2 days agoUniversity leadership, Greek life organizations and students themselves must recommit to the safety provided by an effective and knowledgeable use of medical amnesty.
KURTZWEIL: Dockworkers’ unions cannot avoid the threat of automation
By Paul Kurtzweil | 3 days agoInstead of continuing to demand decreased automation, the union should work with the legislature in the hopes of driving investment into the reorganization of the current workforce.
