The Board of Visitors Finance Committee met Friday to hear an annual report from the University Investment Management Company. The Committee also unanimously approved all seven action items on the agenda, including the University’s 6-year institutional plan, state budget requests and approval for major capital plans.
The Finance Committee, which is currently chaired by University Rector Rachel Sheridan, reviews and approves the annual budget and sets rates for tuition and other fees. Sheridan is serving as Finance Committee chair pro tempore because of five vacancies on the Board of Visitors, which opened up in June after the Senate Privileges and Elections Committee voted to block the appointments made by Gov. Glenn Youngkin.
Robert Durden, chief executive officer and chief investment officer of UVIMCO, delivered an annual report to the Committee. UVIMCO is an independent non-stock corporation that manages and invests the University’s different endowments and has a close contractual relationship with the University…