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MasterCard Chair
2004
The MasterCard Professorship in Business Administration was funded by a generous gift from MasterCard International, Inc. The professorship will allow a distinguished professor to create and integrate a climate of innovative and entrepreneurial spirit into the curriculum at the Darden School of Business Administration. The funding for the Professorship was coordinated in 1996 through the efforts of H. Eugene Lockhart while he served as the chief executive officer for MasterCard. Mr. Lockhart is a 1972 graduate of the School of Engineering and a 1974 graduate of the Darden School. Mr. Lockhart is a member of the Darden Trustees and a past chairman, and was previously the chairman of the University of Virginia’s Alumni Association. MasterCard is a global payments company with one of the most recognized and respected brands in the world. MasterCard is an advocate for education and pioneering initiatives designed to help young consumers develop sound money management skills.
About This Fund
Information on funds to which you made gifts after June 30, 2012 will be provided next year to allow time for measurable growth.
Many donors may have given to the fund; if so, the amount of your gift(s) is included in the figures noted.
Definitions
Market value is a measure of the value of a fund within the institution's endowment, based on the value of that fund's "shares" of the institution's endowment on a particular date.
Endowment distribution is the earnings that can be spent on the stated fund purpose during a fiscal year. The endowment distribution was not used if a professorship was vacant, a scholarship or fellowship was not awarded, or if a fund's criteria were not met. In this case, the endowment distribution was reinvested in the University's Long-Term Pool endowment for growth.
The University's Endowment Spending Policy
The University’s endowment spending policy calls for annual increases tied to the Higher Education Price Index (HEPI). The current spending policy calls for a 3.8 percent increase in the annual distribution, unless such increase causes the distribution to fall outside a range that is 4.0 percent on the low end, and 6.0 percent on the high end, of the previous June 30 market value of the University of Virginia Investment Management Company (UVIMCO) Long Term Pool. If the distribution falls outside of this range, the Finance Committee may recommend resetting the distribution rate to an appropriate level.
For the 2012 fiscal year, application of the endowment distribution policy resulted in a spending distribution equal to 4.63 percent of the June 30, 2011, market value.
You may also read more about the University's endowment on the UVIMCO website at http://www.virginia.edu/uvimco. This site provides the most current information about the performance of the overall endowment fund.
