McIntire School of CommerceUpdate

Fall 2004

• Goal: Research and teaching excellence– Four new tenured/tenure track faculty in Finance

(2), Strategic Management (1), and Accounting (1)– Nine new full- and part-time general faculty

teaching QA, strategy, accounting, ethics, finance, and organizational behavior

– Expanded summer grant program to support program innovation and research

• $402,000 (2002) to $518,000 (2004)

– Substantial increase in academic and professional publications

Faculty Update

• Teaching Excellence– Rising teaching evaluations

– Program innovation

• Scholar-Practitioner Outreach– Annual symposium

– Corporate branding initiative

– Data management case research

– Social network conference

– Marketing Science grant for research and cases on executive wisdom

4.15

4.20

4.25

4.30

4.35

4.40

4.45

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4.55

S99 F99 S00 F00 S01 F01 S02 F02 S03 F03 S04

2004 Undergraduate Admissions• 404 applications from UVA students; 17%

of second-year class; 16% decline over large ‘03 pool.

• 75% acceptance rate; 3.4 average GPA; 1340 avg. SAT

• External transfers: 16% acceptance rate; 3.8 average GPA; 1220 avg. SAT

• Diverse class: 45% female, 20% Asian, 5% African-American; 6% Hispanic

EBI - AACSB SurveyResults based on five years

• Commerce School ranked first among major universities

• Breadth of curriculum increased by 11%• Required courses: faculty, grading, and effort

increased by 11%• Commerce Career Services Office is top ranked• Learning outcomes: Ranked first among major

universities in: – Critical Thinking and Problem Solving– Effective Communication and Teamwork– Effective Management and Leadership Skills

McIntire Exit SurveyResults based on eight years

• Writing skills increased by 17%

• Public speaking skills increased by 5%

• Exposure to cultural differences increased by 11%

• Exposure to gender issues increased by 3%

• Exposure to racial issues increased by 8%

Curriculum & Program Innovation• Making Business Work (COMM 180) is now a

prerequisite and offered to 375 students this Fall

• A nonprofit module was offered in ICE last Spring and enhanced for this coming Spring

• The Finance Area revised its third and fourth-year offerings, and the IT Area is ready to make a curriculum recommendation to the faculty

• Leadership and entrepreneurship programs are under development

•International experiences include a variety of study-abroad options and international study trips, including expanding the third-year option to Paris and Madrid

•A minor in International Management in cooperation with the College is under development

•Non-degree programs expanding with MBI II

Graduate Programs• M.S. in Accounting - E&Y

– E&Y Program has a strong and diverse enrollment with approximately 150 students each summer

• M.S. in Accounting - Tax Consulting– 16 students from 11 different schools (with 4 from

McIntire)

• New track for M.S. in Accounting (Financial Reporting and Assurance) in final development phase

• M.S. in the Management of Information Technology– 80-90 students with average 12 years work experience

2004 – 2005 New Program Initiatives• Ivy Society

• Comm Agents

• Alumni Portal

• $3 Billion Campaign Planning

• Board Focus on Fundraising and Participation– MYAC – Nola Miller– Advisory Board – Katie Whittier– Cornerstone Board – Judy Cash– Foundation Board – Diana Mahle

M.S. in Commerce• 5th year program designed to meet the needs

of students graduating from the arts and sciences, engineering, etc.

• Structure includes core modeled on ICE with concentrations in general management and financial services

• Approved by McIntire faculty and under review by University administration

• Program launch to be determined

Class of 2004 Placement Results

2004 2003 2002

McIntire Interviews/UVA Interviews 3216/7693 3100/7085 2992/7993

Average # of Interviews/Student 11 10 9

Average # of Offers/Student 3 2 3

Accepted Position, Attending Grad School, or Out of the Market

93% 91% 90%

Accepted Position 82% 79% 76%

Attending Grad School 7% 7% 9%

Not Seeking Job 4% 5% 4%

Average Annual Base Salary $47,328 $44,207 $45,112

Average Signing Bonus $5,016 $4,772 $5,368

Average Estimated Annual Bonus $12,223 $9,876 $12,400

ANALYSIS BY BUSINESS FUNCTION: 2000-2004

Year Accounting Consulting Info. Technology Finance Marketing Other

%

Median

Salary

$

%

Median

Salary

$

%

Median

Salary

$

%

Median

Salary

$

%

Median

Salary

$

%

Median

Salary

$

00 9.7 40,000 30.9 48,000 13.4 48,000 35.1 45,000 8.8 37,500 2.1 42,500

01 13.3 42,000 29.5 50,000 8.1 50,000 41.4 55,000 6.7 40,000 1 34,000

02 20.5 43,000 16.5 46,500 4 51,000 39.8 54,000 10.2 39,000 6.8 33,500

03 21.7 43,000 18.2 45,000 5.6 49,000 34.8 50,000 12.6 38,000 5.6 35,000

04 17.5 44,000 23 47,250 2.5 45,000 39.5 55,000 10.5 42,000 5.5 37,000

Development Update• 2003-2004 Results

– Unrestricted Annual Gifts: $2.2 million

– Overall results (total cash gifts, plus planned

gifts): $5.2 million

• Annual unrestricted fundraising results:

Goal Actual

Annual Fund 1,200,000 1,199,603

Other Annual Unrestricted Gifts 200,000 135,216

Corporate Partners 300,000 306,128

Back to the Lawn Annual Gifts 500,000 561,141

Total $2,200,000 $2,202,088

2004 – 2005 Annual GoalsAnnual Unrestricted Cash $2.3 m

– Annual Fund $1.4 m

– Back to the Lawn Fund $400 k

– Corporate Partners $315 k

– Miscellaneous $200 k

Future Expectancies $2.0 m

Increase alumni participation to at least 25%

Summary Operating BudgetFY ending June 30, 2004

McIntire Revenues FY 03-04 Budget Actual

State and University Funds $ 7,034,595 $ 7,178,390

Graduate Programs 5,666,017 5,490,975

Transfers From Foundation 2,637,867 2,382,376

Endowment, Gifts & Other Income 1,817,623 1,635,257

$ 17,156,102 $ 16,686,998

McIntire Expenses FY 03-04

Salaries $ 12,552,850 $ 12,778,282

OTPS 4,158,836 3,698,481

$ 16,711,686 $ 16,476,763

Net Surplus (Deficit) $ 444,416 $ 210,235

McIntire EndowmentsInvestment Schedule at 6/30/04

Investment Assets

University Holdings

UVA Fund

Non-Fdn Total

McIntire Foundation

Consolidated

Total

Total Holdings

31,751,970 3,627,656 35,379,626 21,967,397 57,347,023

Back to the Lawn:Review & Approvals

• 100% plans due from architects on 11/15/04

• Sub bidding 10/1-11/15 in 3 phases. GMP due 12/31/04.

• Landscaping - exterior and courtyard schematics completed

• Varsity Hall relocation to Randall Hall site scheduled for Feb. 2005

Construction

• Construction budget revised from $36M to $38M based on 95% plans

• Convert CM Agency to At Risk w/ GMP• Major issues:

– Varsity Hall (moving by 2/05) – Complete funding

• Construction start 2/05• Final completion date and occupancy

currently under review

Financing• Project budget: $ 56.0M

Construction budget: $ 53.375M

Less UVa contribution: ( $6.9M)• Total commitments req’d to start: $ 46.5M

Current commitments: $ 38.6M

Commitment surplus (deficit): ($7.9M)• Total cash req’d to start: $ 23.25M

Current cash: $ 18.05M

Cash surplus (deficit): ($ 5.0M)

East Elevation

South Elevation

North Elevation

Exterior Landscaping-North

Exterior Shrubs and Groundcovers

Exterior Trees

Proposed gardens and terraces

View from East Side

Courtyard Pergola