<p>When I read this C'ville</a> article, I was a bit shocked. We were only at $3.5 billion last year.</p>
<p>
[quote]
According to its Fiscal Year-End Commentary, UVIMCO closed its 2007 fiscal year in July with a $880 million increase in the school's long-term pool, upping it to a cool $4.3 billion. That's billions, folks, with a "B." UVIMCO pulled this off with the help of some savvy hedge-fund management, something that's in seemingly short supply these days. </p>
<p>While most hedge fund are bleeding billions of dollars as the subprime mortgage mirage fades, UVIMCO's hedge fund portfolio posted a 21-percent return in the 2007 fiscal year. That's a 12-percent increase from 2006.
[/quote]
</p>
<p>This increase will definitely help since there's talk about state budget cuts next year.</p>
<p>Actually, I just realized my original statement was wrong. UVA's rate of return was 21%, but its endowment increase was even higher - roughly 25%.</p>
<p>Excellent performance in a tricky market. The current talk is a 5% state budget cut for this fiscal year. The higher endowment numbers will absorb this rather easily although it would always be better to have the extra $7-8 million.</p>
<p>I don't know how public schools without good endowments deal with these sudden budget cuts. It would drive me crazy to plan a year out and then suddenly be told that we have to take $7 million away.</p>
<p>I think that there is a misconception that most scholarships at UVA are for URMs. No true. The overwhelming majority of scholarships are not for URMs. You can check for yourself.</p>
<p>Besides, most scholarships for URMs at UVA - specifically the Ridley</a> Scholarships - are funded by African-American alumni themselves. While the average UVA alumni giving rate is 25%, 41% of black alumni give back to UVA.</p>
<p>The only University sponsored scholarship for URMs - the University Achievement Awards - goes beyond just race.</p>
<p>
[quote]
The University Achievement Award is a scholarship program designed to attract exceptional in-state students to U.Va. We are looking for students who will add to the diversity of the University community. We hope this award, covering full tuition for four years, will make it easier for these students to attend U.Va. All in-state applicants will automatically be considered for this award. The most competitive applicants will demonstrate through Part II of the application that they have special talents, unique personal characteristics, and/or pressing needs that will assist us with our objective to recruit and retain a diverse student body. Academic merit, leadership, and citizenship are primary considerations. A student must also satisfy at least two of the following conditions:</p>
<ul>
<li>have a history of overcoming disadvantage</li>
<li>be a first generation college student</li>
<li>be a member of an underrepresented minority or ethnic group</li>
<li>be a member of a low income family</li>
<li>reside in a rural or inner-city location</li>
<li>have been raised in a single parent household
<p>sv3a, I know you were half-joking and being facetious. It’s just that URMs have been demonized in the past in various threads throughout CC. I just wanted to set the record straight re. URM scholarships at UVA for others who might read this thread.</p>
<p>Yeah, right now, UVA is all about economic diversity so they're really trying to help people who can't afford to come come. So, grants for middle-class/low-income students are taking precedence over more merit scholarships. Plus, when alumni give money for merit scholarships, they usually give to the Jefferson</a> Scholarship Program - but not in all cases. Check out the list of UVA scholarships in the link I posted before. Some of the schools like the Architecture School, Ed School, and Nursing School give out merit scholarships funded by alumni.</p>
<p>When someone gives money to the University, it's usually tied to some cause or project that the donor believes in and can't be used for other issues and programs - unless it's an unrestricted donation, which doesn't happen as often. For example, Frank Batten gave $100 million in April, but all of it will be used to create a new School of Leadership and Public Affairs. Hopefully, more alums will give back to create more merit scholarships.</p>
<p>"With this money we can give out 1000000 more scholarships to URMs and phase out all other groups at the university."</p>
<p>Dude, why are you so bitter?... As a urm, I just have a feeling you're not enthused about integrating people of different backgrounds....even though your attempted and exaggerated joke is completely inaccurate. Maybe you were trying to be funny but instead such an ignorant attitude hasn't been 'phased' out of UVa quite yet.</p>
<p>Because instead of spending at least a little money on merit scholarships, which would undoubtedly make UVA a more elite school, it will continue to throw as much money as possible to things like even more URM scholarships. Yes it's exaggerated (1000000 URMs don't exist at UVA), but it still gets the general idea.</p>