MINUTES OF A MEETING OF THE EXECUTIVE COMMITTEE
OF THE BOARD OF VISITORS OF VIRGINIA COMMONWEALTH UNIVERSITY
February 19, 1987
A meeting of the Executive Committee of the Board of Visitors of
Virginia Commonwealth University was held on Thursday, February 19,
1987, at 9 a.m. in the University Meeting Center.
Present were Messrs. Farinholt (Rector), Berry and Lipman; and
Mesdames Abady and Whittemore. Absent were Mrs. Bemiss; and Messrs.
Gregory, Morris and Wurtzel. Also present were Drs. Ackell, Connell
and Ruch; Messrs. Bruegman and Ross; and Mrs. Price.
The Quarterly Budget Performance Report for Educational and Gener-
al Programs for the Second Quarter ended December 31, 1986, was pre-
sented. 96% of total revenues have been realized, compared to an equal
percentage a year ago. While 100% of all General Fund revenues have
been received, Nongeneral Funds are projected to exceed budgeted reve-
nues at year end due to increased cost reimbursements from grants and
contracts. Total expenditures are 46% of budget this year compared to
49% last year. Expenditure rates are running behind last year due
mainly to lower expenditure rates in both personal services and other
expenditures. On motion made and seconded, the Second Quarter Budget
Performance Report was accepted.
On motion made and seconded, the Committee convened into executive
session to discuss the condition, acquisition or use of real property,
and to discuss the investing of public funds, and to discuss legal
matters as authorized by Section 2.1-344 a(2), a(5) and a(6) of the
Virginia Freedom of Information Act.
Following executive session, on motion made and seconded, the
Committee approved the Investment Report, the appointment of Mr. Wil
- liam W. Berry to the Investment Committee, and the 1988-90 Capital
Outlay Priorities (attached).
The meeting was adjourned at 10:30 a.m.
Margaret Bemiss, Secretary
Approved:
James Farinholt , Jr., Rector
