The University of Virginia’s Board of Visitors seemed little surprised on Saturday morning to hear that the university’s endowment is expecting limited returns on its investments over the coming year.

The University of Virginia’s Board of Visitors heard Friday that the school’s mission to raise $3 billion by 2011 is still on course — despite the economic downturn.

University of Virginia President John T. Casteen III’s remarks to the school’s Board of Visitors on Thursday led off by focusing on the projected state revenue shortfall that likely will soon impact publicly funded higher education.

The University of Virginia’s Board of Visitors has voted to tap deeper into its $3.2 billion endowment.

Under a policy approved Saturday, the University of Virginia may notify a student’s parents if their child has mental illness and is deemed a danger to himself or others. UVa’s Board of Visitors unanimously endorsed the policy that formally authorizes UVa to contact parents if there is a “substantial likelihood” in the near future that their child will harm himself or others, as evidenced by the student’s recent behavior or any other relevant information.

The University of Virginia intends to tap deeper into its $5 billion endowment to finance its ambitious — and expensive — plans for the future.
“We may be on the cusp of greatness,” said John O. “Dubby” Wynne, chairman of the UVa Board of Visitors’ finance committee. “We’re going to have to be innovative and willing to take some risks.”