UVA HAS THE MONEY
United Campus Workers at UVA is releasing a document that analyzes UVA’s past and current finances and calls upon the university to support additional measures that benefit students, workers, and the Charlottesville community
Charlottesville, VA: United Campus Workers of Virginia (UCWVA) is releasing a document titled “UVA Has The Money,” which analyzes and explains the University’s financial status over the years, workers’ wages, and how the current pandemic has impacted UVA based on publicly available information. Several findings include:
The UVA endowment’s return on investment beats similar investment portfolios, resulting in millions of more dollars than expected
UVA has a history of increasing endowment spending during an economic crisis, such as after the 2008 recession
From 2012 to 2019, median worker pay has failed to increase at the same rate as the highest-paid employees
Some UVA non-profits (e.g. UVIMCO) pay extraordinary salaries to their employees and spend substantial funds on luxurious travel expenses
UVA received a Aaa credit rating from Moody’s Investors Service and economic confidence in the midst of a pandemic
These findings lead UCWVA to conclude that UVA Has The Money to avoid austerity measures and to implement a wide range of actions that benefit students, workers, and the Charlottesville community. Such measures include, but are not limited to: hazard pay for in-person workers, no future furloughs, a tuition freeze, compensation for lost pay, and others. UCWVA also calls on UVA to make financial decisions and information more transparent and accessible by releasing cash flow models and line-item expenditures for major money-making areas, such as the health system. Finally, UCWVA calls on the University to take steps to ensure budgetary decisions are made democratically by UVA’s rank and file workers, who are responsible for the University’s continued operation. During this global pandemic and economic recession, UVA must invest in its people at least as much as it is investing in hedge funds and private equity managers.