Oct. 17, 2004 At its quarterly meeting held on Oct. 16 on the St. Croix campus, the University of the Virgin Islands board of trustees voted to proceed with a proposed organizational restructuring plan "that will allow for maximum flexibility and growth while realizing cost savings," a UVI release said.
Set to begin in January 2005, the restructuring will involve redefining administrative roles under the provost's leadership component. The provost will provide academic leadership for the institution. "Academic program chairs and all academic support units will report directly within the provost's component and the roles of campus chancellors will be altered to those of executive administrators, with primary responsibility for student affairs, student services and all campus-related business operations," the release said.
The board also authorized a compensation plan for UVI faculty and staff for fiscal year 2005. Salaries have not been adjusted since fiscal year 2002. The Board approved the rescinding of the current merit award policy and replaced it with a new performance incentive plan, which was approved subject to the availability of funding, the release said.
In other business, the UVI Board of Trustees voted unanimously to change the language of the UVI Research and Technology Park's guiding principles from allowing businesses that are "incorporated" in the territory to allowing businesses "established" in the territory. The change in language will allow the Research and Technology Park to be accessible to more businesses.
An intellectual property policy for the University was approved unanimously. The policy will guide and facilitate UVI's entrepreneurial and revenue-generating initiatives while balancing the interests of the University with those of its faculty, staff and students.
The Board recognized the receipt of $19 million for capital projects approved for both campuses based on general obligation improvement bonds issued by UVI in August 2004. The Board also recognized the significant achievement of the university receiving an investment grade bond rating from Standard & Poor's, according to the release.
The 2006-2012 strategic planning timeline was approved. It was recognized that the new plan would take UVI to its 50th anniversary.
The Board approved UVI alumni Jennifer Nugent Hill and attorney Oliver David to the board of the Foundation for the University of the Virgin Islands. New members UVI Alumni Association trustee Deanna Rogers, student trustee Jay Witshire and faculty trustee John Munro were welcomed to the board.
It was the board of trustees' first meeting of the fiscal year.
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