The University of Virginia Board of Visitors created a special committee to review the fund and find a path forward during a retreat Monday.
University of Virginia President Teresa Sullivan responded to lawmakers' concerns about UVA's strategic investment fund on Friday.
Lawmakers are again calling on UVA to turn over materials about the school's Strategic Investment Fund, asking UVA to explain how balances were transferred to create a $2.3 billion surplus.
Around a dozen Virginia lawmakers are insisting the University of Virginia turn over documents related to a large strategic investment fund.
A former member of the University of Virginia board of visitors is challenging the legality of a closed-door meeting at which members discussed the school's $2.3 billion Strategic Investment Fund.
State Senators Bill DeSteph and Chap Petersen are demanding more transparency from the University of Virginia after the revelation that the university has a multibillion dollar reserve fund.
The University of Virginia is disputing allegations that it sat on reserve funds for years as it raised tuition.
The former head of the University of Virginia's board is lambasting the school for maintaining a $2.3 billion "slush fund" to boost its prestige while failing to help students struggling to keep up with tuition increases.