UVA Board OKs $26M From Investment Fund for 13 Projects

CHARLOTTESVILLE, Va. (AP) — The University of Virginia has begun to decide how to spend a portion of the school’s $2.3 billion investment fund that has been the subject of recent criticism.

News outlets report that the university’s Board of Visitors on Friday approved 13 research projects and academic programs as part of a first round of funding.

The projects total about $26 million over the next three years. The largest projects include about $4.8 million in increased financial support for doctoral students and about $4.4 million for software and training designed to help faculty compete for grants.

Former rector Helen Dragas characterized the school’s Strategic Investment Fund as a “slush fund” in a July column in The Washington Post. State auditors told lawmakers last month that there was nothing improper about the fund.

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