Former rector says University of Virginia created '$2.3 billion slush fund'

[TexasTowelie]

RICHMOND—Former rector Helen Dragas is accusing the University of Virginia of maintaining “a $2.3 billion slush fund” for pet projects with money that instead should have been used to reduce tuition.

Dragas, whose eight-year term on the U.Va. board of visitors ended June 30, used an opinion column in The Washington Post to take a parting shot at the university’s administration, which four years ago she sought to oust during her tenure as rector.

University spokesman Anthony P. de Bruyn issued a statement in response that did not directly address Dragas’ allegations. U.Va. is “steadfast in its longtime commitment to providing an affordable, accessible and world-class education to all qualified students,” de Bruyn said Thursday.

He said the university’s innovative Affordable Excellence model ensures that U.Va. will remain affordable to all Virginians “while enabling the university to make important investments that support U.Va.’s strategic plan, the Cornerstone Plan.”

Read more: http://www.fredericksburg.com/townnews/economics/former-rector-says-university-of-virginia-created-billion-slush-fund/article_ee2e0dfe-d858-5d07-ad79-f60c772190cf.html

[mahatmakanejeeves]

1. 2 state senators seek investigation into UVa fund

2 state senators seek investigation into UVa fund

Posted: Thursday, July 14, 2016 8:28 pm

BY DEREK QUIZON

Two Virginia state senators are calling for an investigation into a $2.3 billion investment fund at the University of Virginia that former Rector Helen E. Dragas characterized as a “slush fund.”

Dragas made the accusation in an opinion piece for The Washington Post’s higher education blog, “Grade Point,” last week. UVa officials say the money — known as the Strategic Investment Fund — is a combination of investment returns and capital reserves that have been set aside for improvements to the university and the Medical Center.

But Dragas’ accusation was alarming enough to get the attention of Sens. J. Chapman “Chap” Petersen, D-Fairfax City, and William R. DeSteph Jr., R-Virginia Beach, who called for a forensic audit of the fund on Thursday.

DeSteph said he was planning to send letters to the state inspector general, the attorney general and the auditor of public accounts on Friday. ... “There’s just something that’s not right,” DeSteph said Thursday. “I don’t know what’s right or wrong on this, but I’m asking questions.”