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C. B. Morton Chair in Surgery
1974
The C. Bruce Morton Professorship in Surgery was funded by friends of the late surgeon Charles Bruce Morton II, M.D. (College ’20, Medicine ’22). A professor in the School of Medicine for more than forty years, Dr. Morton published a history of the Department of Surgery after his retirement in 1970. He won the University’s first John Horsley Memorial Prize and the Sigma Xi Award for his classic work on peptic ulcers. Dr. Morton is remembered for his innovative approach to surgical techniques. Before joining the University faculty, he was a fellow at the Mayo Clinic.
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.
