MINUTES OF A SPECIAL MEETING OF THE EXECUTIVE COMMITTEE
OF THE BOARD OF VISITORS OF VIRGINIA COMMONWEALTH UNIVERSITY
February 19, 1981
A special meeting of the Executive Committee of the Board of Visitors of
Virginia Commonwealth University was held on Thursday, February 19, 1981, at
8:30 a.m. in the Conference Room at 910 West Franklin Street.
Present were Mesdames Bemiss and Satterfield, Drs. Gayle and Nemuth and
Mr. Ludeman. Absent were Mrs. Thalhimer and Mr. Grey. Also present were Drs.
Ackell, Hall, Harris, Salley, Wilson and Woods; Messrs. Bruegman, Guerdon and
Ross; Miss Cosby and Mrs. Price.
Mrs. Satterfield called the meeting to order and announced that Mr. Willson
Craigie was attending the Executive Committee meeting at the request of Mrs.
Thalhimer to answer any questions regarding the Audit Committee.
Mr. Bruegman presented the proposed Institutional Priorities for VCU for
the information of the Board. He stated that in January the goals and objectives
only were presented to the Board and the statement presented today includes the
strategies for achieving these goals and objectives. Mr. Bruegman also reported
that the document is receiving wide circulation throughout the University as well
as publication in VCU Today. The timetable calls for all revisions to be made and
the statement ready for distribution to the Board at its May meeting. Dr. Ackell
asked each Committee member to relay any concerns or recommendations they had
concerning the document to either him or Mr. Bruegman. Mr. Ludeman raised several
points which will be reviewed for inclusion in the document.
Mr. Bruegman presented the program proposals for the 1982-84 biennial budget
process. Following a review of the capital and operating budgets, Mr. Bruegman
reported that the following issues would be important to VCU during the 1982-
84 biennium:
University
Maximum Funding of Appendix M Guidelines. Fund guidelines
closer to 100% rather than current 90%.
Salary Authorization. Faculty salary increases equivalent
to 12% per year.
Other Objects. Use of realistic inflation rates and recogni-
tion of inequities.
70/30 Plan. Implementation of SCHEV's 75/25 plan for in-
state students and 50/50 plan for out-of-state students.
Student Aid. Increased funding to maintain enrollments and
preserve access to higher education.
Dentistry. Adjustments of Appendix M formula and reduction
in class size.
Continuing Education. Support of SCHEV proposal to classify
and fund community-based educational programs.
Hospitals
Level of State Support. Maintain State's current level of
support at 25% of Hospital's operating budget.
Mr. Ludeman requested that, in the future, the costs of new programs be
identified in budget proposals. Mr. Bruegman responded that these costs were
included as part of the maximum funding of the Appendix M Guidelines and will
be broken out separately for future presentations.
Mr. Guerdon, Mr. Scott Lodge and Mr. F. W. Taylor presented a very detailed
report on understanding the financial statements for colleges and universities.
Included in this report was a summary of significant accounting policies, concepts
of fund accounting, financial statements for colleges and universities and the
auditor's report.
Mr. Guerdon presented a report on the possibility of VCU establishing endow-
ment funds. Mr. Guerdon reported that reasons for this include providing greater
control of the use of funds, providing greater management flexibility, encouraging
increased endowment giving and serving as a base for enhancing the development
function. He also reported that there are three types of endowment funds: endow-
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ment, term endowment and quasi-endowment. Quasi-endowments are those funds con-
trolled by the Board of Visitors. Mr. Guerdon reported that all endowment funds
are presently with the two foundations. Dr. Gayle requested that Mr. Guerdon check
on the location of funds for the William Branch Porter Chair and the Surgery Chair.
Dr. Gayle believes these two chairs are endowed and controlled by the University
not the foundations. Mr. Guerdon indicated that he would look into the matter and
stated that the report was for information only.
On motion made, seconded and approved, the Committee went into executive session
to discuss certain personnel matters involving the performance of identifiable em-
ployees or faculty of VCU and to discuss matters relating to gifts, bequests, and
fund-raising activities as authorized by Sections 2.1 - 344 a(1) and a(7) of the
Freedom of Information Act.
The Committee reconvened in public session and, on motion made and seconded,
approved the establishment of the Roscoe D. Hughes Human Genetics Fund.
The meeting was adjourned at 10:10 a.m.
Ha old I. Nemuth, Secretary
Approved:
