The following is my column that will appear in the Mt. Vernon Gazette, The Mt. Vernon Voice and The Potomac-Stafford Local in the week of August 8, 2016.
Legislature Needs to Examine UVA’s $2 Billion Cash ReserveIn July, it was revealed that the University of Virginia had managed to retain over $2 billion of excess revenues – exclusive of their $5 billion endowment maintained by their foundation. An outgoing member of the Board of Visitors called it a “slush fund.”This was very concerning to me for several reasons. First, UVA has increased its tuition by nearly 100% in the last ten years. UVA’s debt at graduation is up by over 50% in the last years to over $23,000. Tuition has been exploding in Virginia while UVA has been pocketing over $2 billion of excess revenue.Second, while every school needs working capital and a modest financial reserve to operate, I do not believe any school needs to keep cash reserves on hand that amount to $50,000 per student. UVA is a public school – not a private university.