Committee to Probe Disputed University of Virginia Fund

Aug 17, 2016

Credit University of Virginia website

CHARLOTTESVILLE, Va. (AP) - University of Virginia Rector William H. Goodwin has appointed a committee to review the school's disputed $2.2 billion Strategic Investment Fund

The Richmond Times-Dispatch reports that Goodwin said Monday that he welcomed scrutiny of the fund, which he thinks has been unfairly criticized.

Former rector Helen Dragas characterized the $2.3 billion fund as a "slush fund" in a column in The Washington Post. UVA says the fund is not connected to tuition or public funding.

Goodwin says if the state was to adopt the university's approach and consolidated its reserves into an investment fund, it would generate $450 million annually in extra income.

The fund will get its first legislative hearing Aug. 26, when the joint subcommittee on the future of higher education is scheduled to meet.