CHARLOTTESVILLE, Va. (AP) - The University of Virginia is hoping to create a permanent endowment of up to $300 million to support financial aid through philanthropy, rather than tuition dollars.
News outlets report the Bicentennial Scholars Fund will be formed using private donations and revenue from a controversial strategic reserve fund valued at $2.2 billion earlier this year.
The Board of Visitors approved the plan last week. They began considering the idea three years ago, when rising costs prompted the board to cut the AccessUVa financial aid program.
Under the plan, the university will use its Strategic Investment Fund to match some of the money that is donated.
Former rector Helen Dragas characterized the strategic fund as a “slush fund” in a July column in The Washington Post. Auditors concluded there was nothing improper.
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