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Legislators Again Demand Answers on UVA’s Strategic Investment Fund

Posted: Updated: Aug 08, 2016 04:14 PM
ALBEMARLE COUNTY, Va. (WVIR) -

A group of lawmakers are once again calling on University of Virginia administrators to turn over all materials about the school's Strategic Investment Fund.

In July, lawmakers sent letters to UVA requesting a 10-year accounting ledger for the sources and the originally approved uses for money in the Operating Fund and the Strategic Investment Fund.  State legislators are asking the school to explain how operating balances were transferred to create a $2.3 billion surplus.

In another letter sent to President Teresa Sullivan and Rector William Goodwin (see below) on Monday, August 8, lawmakers say the university's response to last month's request was missing information, and according to state code, it must be turned over.

Legislators are asking for a response to this renewed request by Friday, August 12. Additionally, UVA is asked to "suspend all expenditures, transfers, and project awards from the 'Strategic Investment Fund' until this matter is fully resolved."

Scrutiny of the university's Strategic Investment Fund started in early July when former Rector Helen Dragas called the $2.3 billion fund a “slush fund" in an editorial in The Washington Post.


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