RICHMOND, Va. (AP) – Seven state legislators are asking the University of Virginia to explain how operating balances were transferred to create a $2.3 billion surplus.
Three senators and four delegates sent letters to UVA on Tuesday. The lawmakers say they have checked the investment reports, which seemed to indicate the balances were transferred to the fund a month before the board voted to create it in February.
According to The Richmond Times-Dispatch the lawmakers want a 10-year accounting ledger for the sources and originally approved uses for money in the operating fund and the Strategic Investment Fund.
Former rector Helen Dragas characterized the $2.3 billion fund as a “slush fund” in a column in The Washington Post. UVA says the fund is not connected to tuition or public funding.
