2008-2009 Financial Report

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2008-2009 Financial Report President’s Report2008–09 ArtThe artwork in accompanyingthe President’s the 2008–09 President’s Report Report is drawn from various University collections in the Albert and Shirley Small Special Collections Library, the University of Virginia Art Museum, Kluge-Ruhe Aboriginal Art Collection, and the Tibetan and Himalayan Digital Library. Art from around the world was selected to illustrate the report’s section devoted to global programs. One of several priorities identified by the President’s Commission on the Future of the University in February 2008, the expansion of global programs is well under way. Curricular and extracurricular programs have been broadened to feature international themes. Faculty members are working with students to address issues of global consequence and promote understanding of the differences among nations and cultures. International scholars and public figures frequently visit the Grounds to conduct research and share their expertise with the U.Va. community. Other initiatives, described in the report, are also being launched. As a result of these efforts to foster a global education and give students a global perspective, members of the Academical Village are becoming committed citizens of a village that extends to the far reaches of the globe. About the Cover The image on the cover of the report is a watercolor of Charles Darwin’s ship, the H.M.S. Beagle, by Conrad Martens, from the Paul Victorius Evolution Collection at the Small Special Collections Library. The painting is from an exhibit at the Special Collections Library, “On the Origin of Species at 150: The Evolution of an Idea,” commemorating the 150th anniversary of On the Origin of Species by Means of Natural Selection, and Darwin’s 200th birthday. Martens’s sketches were included in the first and second volumes of The Voyage of the Beagle. On its groundbreaking scientific expedition and second voyage, the Beagle circumnavigated the world, departing in December 1831 from Plymouth Sound to South America and returning via New Zealand, Sydney, and Hobart Town, to Falmouth, Cornwall, England in October 1836. Inside front and back cover Detail from John Speed, A new and accurate map of the world. London, 1676 (orig. pub. 1627) The Seymour I. Schwartz Collection of North American Maps, 1500–1800 Courtesy of Dr. Seymour I. Schwartz Albert and Shirley Small Special Collections Library University of Virginia Library 2 From the President Contents Continuing Mr. Jefferson’s Work 4 The Year at a Glance September 2008–September 2009 12 Global Programs Global Scholarship and Citizenship 16 Students Educated for the Useful Sciences 20 Faculty Distinguished Teachers and Leaders 24 The Grounds Restoring a Sense of Place u Mali 26 Health System Female Headdress (chi wara) Looking Ahead in Health Care Twentieth century Bamana peoples, Segou 31 Athletics Anonymous gift, 1979.44.14 Tremendous Depth of Field University of Virginia Art Museum 33 Financial Report 2008–09 Continuing Mr. Jefferson’s Work he past year was a challenging one and Reinvestment Act (ARRA)—$250 specified required courses, to graduates of for the University as we managed million for nineteen construction projects, Virginia’s twenty-three community col- Tthe consequences of the historic saving the University $60 million in inter- leges. This agreement brought some 333 meltdown in the U.S. economy while also est over a thirty-year term. Our researchers new VCCS transfers to us in 2008–09, up contending with repeated rounds of reduc- have aggressively pursued ARRA funding from 193 in 2005–06. In accord with the tions in state support. At the time of this made available through federal agencies. As restructuring agreements, the new Univer- writing in October 2009, the governor has of late September, we had submitted more sity Staff Human Resources Plan has come announced a $19 million cut in state sup- than 500 separate funding proposals and into service. The new plan enables us to port for the University (but with federal secured $30.8 million in federal stimulus invest in employee development, align the stimulus funds offsetting part of the reduc- funds over a two-year period. We started goals and objectives of individual persons tion—the actual cut will be $10.3 million). developing the University’s treasury func- with our organizational strategic plans, and This comes on top of $32 million in cuts tion four years ago. New flexibility afforded recognize and reward the successes and con- during the last three years. Our endow- by the 2007 investment legislation and our tributions of employees. ment suffered losses during the past year, as still-growing internal bank have successful- Led by provost Tim Garson, a new gen- other major endowments did. During the ly managed a large pool of operating funds eration of deans has assumed leadership of twelve-month period that ended June 30, with efficiency and rates of return not pre- the academic enterprise. In the roughly two 2009, the Long-Term Pool, which includes viously seen in universities. The internal years since Dr. Garson became provost in the endowment and foundation assets, was bank function has enabled the University July 2007, seven new deans have taken of- down 21 percent—though recent positive and UVIMCO to better manage liquidity fice: Paul Mahoney in Law; Meredith Woo returns have restored some of these losses. during this difficult time. in the College and Graduate School; Dor- The recession and its various effects now Implementation of restructuring con- rie Fontaine in Nursing; Steven DeKosky promise to be the University’s most serious tinued this year, and the University re- in Medicine; Billy Cannaday in Continu- financial setback of modern times, indeed newed its management agreement during ing and Professional Studies; Kim Tanzer perhaps of all times. Our mission and func- the 2009 General Assembly session. We in Architecture; and Harry Harding in the tions are larger and more complex than continued to fulfill our responsibilities to new Batten School. Collaborating with they were in 1929. Despite these daunting the Commonwealth by fostering economic vice president for research Tom Skalak, realities, and against all reasonable expecta- development in southwest Virginia, im- vice provost for international programs tions, the University continues to thrive in proving public schools, and meeting stu- Gowher Rizvi, and vice provost for the arts most measurable ways. In the past year, we dents’ need for financial aid. The Rector Beth Turner, these new deans have made an have seen a new generation of deans settle and Visitors’ AccessU Va program continues immediate impression as aggressive, char- into leadership positions and begin build- to be a national model of success. This pro- ismatic leaders. As academic planning has ing new strengths for their schools; new ac- gram enabled 882 new students to enter in given way to implementation, we are seeing ademic programs come into existence; new 2008. Some 225 students in May’s gradu- the fruits of the rigorous work of the Com- buildings take shape across the Grounds; ating class received full scholarships during mission on the Future of the University and and—perhaps most extraordinary, given their years here. AccessU Va is a massive in the prior decade or so, in the VA2020 the state of the economy—continued suc- commitment, and the cost has increased planning projects. One prominent example cess in our capital campaign. This report dramatically in this economy. As the reces- is our recently established Jefferson Public includes details on these issues as well as a sion continues, the number of qualified Citizens program that integrates service full report on the achievements of our stu- students increases almost daily, and average with academics. The inaugural group of dents, faculty members, and staff. need has increased. Overall, 32.1 percent of Jefferson Public Citizens consists of sixteen As we manage the aftershocks of the the undergraduate student body now quali- teams of four to five students working with economic crisis and look forward to re- fies for financial aid, up from 23.8 percent community partners and faculty advisors covery, we benefit daily by the presence in AccessU Va ’s first year and up from 27.2 to complete academically based service here in Madison Hall and throughout the percent just last year. We are raising funds projects. These student teams began work University of expert fiscal managers whose now to meet this predictable need. The last summer in Charlottesville, southwest solid work has helped us maintain stability John A. Blackburn Endowed Scholarship Virginia, Honduras, South Africa, Belize, throughout this recession. The rating agen- for AccessU Va , established to honor the Argentina, and Nicaragua. cies see us as financially strong: all three late Jack Blackburn, our longtime dean As part of both the VA2020 initiative major rating agencies confirmed our AAA of admission, now totals more than $1.8 and the Commission on the Future of the bond rating this year. In April, we became million. Our agreement with the Virginia University, we made commitments to ex- the first university to issue Build America Community College System (required un- panding international activities, and we Bonds, partially subsidized by the U.S. der the restructuring program) guarantees continued this work in 2008–09. Although Treasury through the American Recovery admission, based on satisfactory grades in the economic downturn has had a negative 2 university of virginia impact on many study-abroad activities, in- Bunche Society. In the past year we con- creasing numbers of students are undertak- tinued our commitment to working with ing research overseas, and development of small, women-owned, and minority-owned overseas opportunities for students in the businesses—a commitment that is both our professional schools along with increased own and the state’s.
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