2009 - Jefferson Scholars Foundation

2009
l e t t e r from the chairs
We need hardly remind
our friends and benefactors that
this has been a tumultuous year.
The world’s financial markets have
undergone stresses that had been
thought relics of times long past;
big businesses that were assumed to
Richard C. Kellogg Jr.
Stephen A. Riddick
be bastions have disappeared or changed in ways that could have hardly
been imagined just twelve months ago; and one of the longest political
campaigns in American history resulted in a historic election that few
foresaw at the campaign’s commencement.
The Jefferson Scholars Foundation is not immune to life’s tumult, of course. The dramatic
decline in value during the year of nearly every asset class impacted the value of the Foundation’s
endowment. Broadly diversified and well-managed by uvimco though it is, this year
saw our endowment drop 21.1%, bringing its value as of the end of May 31 to about where it
stood three years ago. This drop is less than that suffered by many other foundations across
the United States, but comparative misery is a cold study indeed, and we find no comfort in
performing less poorly than our peers. Costs, of course—and especially tuition costs—are
not where they were three years ago; they are higher and will not decline.
Uniquely at the University, the entirety of the Foundation’s operating revenue comes from
its endowment, an endowment many of you reading this report have been instrumental in
creating. More than two-thirds of our operating revenue is directly devoted to the support
of the 132 Jefferson Scholars and 33 Jefferson Fellows on Grounds. These two facts pose a
significant financial challenge in a market of sharp declines, but we are pleased to report the
Board of Directors recognized the challenge early and dealt with it swiftly. The Foundation
makes a commitment to the individuals who choose to come to the University as Jefferson
Scholars and Jefferson Fellows, and the Board therefore gave no thought to scaling back the

j e f f e r s o n s c h o l a r s f o u n d a t i o n 2 0 0 9
uniquely at the
university, the
entirety of the
support of the Scholars and Fellows we have with us. Tuitions
foundation’s
continued to be fully paid; all other stipends continued undisturbed;
operating revenue
and our undergraduate and graduate programs continued undiminished.
These will all continue apace and the same next year. To enable
comes from its
endowment, an
this and to provision the Foundation to weather further financial
endowment many
volatility, the Board ordered the redemption of assets in the Foundation’s
endowment equivalent to 18 months of operating expenditure.
of you reading
this report have
It also decreased the number of scholarships and fellowships awarded
been instrumental
for next year, by 10 and 2, respectively. Thus, for the 2009-2010 year,
in creating.
we will have 122 Jefferson Scholars and 36 Jefferson Fellows. uvimco
is working diligently to recover lost ground, and we are optimistic that these
efforts will allow us once again to begin increasing the number of scholarships and
fellowships.
We must also note that in a year of tumult, we felt the loss of two of our most stalwart
supporters. Gilly Sullivan and Jack Blackburn both passed away in January. Both, in their
own distinctive ways, were founts of counsel, encouragement, and help, year after year,
for many years. We wish their families solace.
Tumult has not, however, diminished the enthusiasm of our benefactors for the
Foundation’s mission: nearly $7 million has been received this year in gifts and pledges—
an extraordinary demonstration of support in difficult economic times and one for which
we are profoundly grateful.
Tumult also has not affected the construction of the Jefferson Fellows Center and the
Foundation’s offices, which was commenced this year and has proceeded very well. There
have been no incidents or accidents on this compact and complicated site. Costs are under
tight control, and indeed we expect that this 30,000-plus square foot, four building project
will come in on budget. Considerable planning and effort have been exerted to make the
project an exemplar of sustainable architecture; once completed, we intend to submit the
project for LEED scoring. Considerable effort has likewise been made to incorporate the
many good ideas of University faculty and Fellows in achieving the aim of the Jefferson
Fellows Center. As to completion, we expect to occupy our new home by January next year.
Let us pause to reiterate the ambition of this project. Thomas Jefferson’s original vision
for his “Academical Village” was for a place where scholars of every stage and discipline

f r o m t h e b o a r d
would energize one another through the exchange of ideas in meeting and conversation.
Mr. Jefferson’s original vision is proving harder and harder to fulfill in the Academy,
including at the University of Virginia, as the 20th century trend toward ever-increasing
specialization shows no sign of abating in the 21st. Our aim with the Jefferson Fellows
Center is to create a physical space where the non-pareil graduate students we seek will
congregate with their peers to study, teach, research, write, converse, and share ideas across
the more than two dozen disciplines within the Jefferson Fellowship. We are creating an
interdisciplinary physical space for the Fellowship, believing that no computer network
can ever replace a community constructed of face-to-face connections.
Two final matters to recount before closing: First, the Foundation and the University
completed work that had been ongoing for several years in amending the Memorandum
of Understanding that governs our relationship as independent legal entities. Because the
Memorandum of Understanding involves fundamental aspects of governance and fiduciary
responsibility, the Foundation’s Board of Directors worked carefully to examine the
intersection of the University’s proposal with our charter documents and relevant statutes.
Clarifications were offered by the University which led to the approval of the Memorandum
of Understanding by the Board of Directors and execution of the memorandum by both
parties. This in turn prompted and necessitated several revisions to the Foundation’s articles,
perhaps the most significant of which was a change to the Foundation’s stated mission. The
mission of incorporation in the Articles is now the mission adopted in 2005 by the Board
of Directors. You will find the Mission Statement on the first page of this report.
Last, but most important, as you will read elsewhere in these pages, tumult has not
blunted the successes of our Scholars and Fellows. We hope you will read their accomplishments
and reflect, as we do, that their presence makes this great University a greater place.
Richard C. Kellogg Jr.
Chair
Jefferson Scholars Foundation
Stephen A. Riddick
Chair
Alumni Association

j e f f e r s o n s c h o l a r s f o u n d a t i o n 2 0 0 9
board of directors 2009–10
The Board of Directors is responsible for exercising all corporate matters and for managing the
business and affairs of the Jefferson Scholars Foundation.
Richard C. Kellogg Jr. (Col ’74)
Chair
Chair, Basic Management, Inc. · Houston, Texas
G. Moffett Cochran (Col ’73, Law ’76)
Vice Chair
Chief Executive Officer, Silvercrest Asset Management Group LLC
New York, New York
Lee S. Ainslie III (Engr ’86)
Managing Partner, Maverick Capital · New York, New York
Thomas J. Baltimore Jr. (Com ’85, GSBA ’91)
President and Chief Executive Officer, RLJ Development, LLC
Bethesda, Maryland
Richard M. Berkeley
(Col ’74, Law ’80, GSBA ’80)
Partner, Camden Partners Holdings LLC · Baltimore, Maryland
Mary Scott Birdsall (Educ ’66)
Schelford Farm · Charlottesville, Virginia
William F. Blue Jr. (Col ’81, GSBA ’86)
Managing Director, Wachovia Securities
Charlotte, North Carolina
David L. Bowlin (Col ’69)
Memphis, Tennessee
Gregory L. Curl (Grad ’71)
Chief Risk Officer, Bank of America
Charlotte, North Carolina
Claiborne P. Deming
Murphy Oil Corporation
El Dorado, Arkansas
Thomas F. Farrell II (Col ’76, Law ’79)*
Chairman, President and Chief Executive Officer
Dominion Resources, Inc.
Richmond, Virginia
C. Thomas Faulders (Col ’71)*
President and Chief Executive Officer · U.Va. Alumni Association
Charlottesville, Virginia
Gertrude J. Fraser*
Vice Provost for Faculty Advancement and Associate Professor
University of Virginia · Charlottesville, Virginia
Peter M. Grant (Col ’78, GSBA ’86)
Partner, Stone Arch Capital · Minneapolis, Minnesota
Landon Hilliard III (Col ’62)**
Partner, Brown Brothers Harriman & Company
New York, New York
Douglas S. Holladay Jr.
(Col ’69, GSBA ’76)
Operating Partner, Meritage Private Equity Funds
Atlanta, Georgia
Sealy H. Hopkinson (Col ’83)
Trustee, The Middendorf Foundation
Huntington, New York
Timothy J. Ingrassia (Col ’86)
Partner and Head of Mergers & Acquisitions of Americas
Goldman, Sachs & Company · New York, New York
Laura Davies Mateo (Col ’79)
Mount Pleasant, South Carolina
John D. Milton Jr. (Col ’67)
Chief Financial Officer and Vice President
Patriot Transportation Holdings, Inc.
Jacksonville, Florida
C. Mark Pirrung (Col ’73)
Chief Executive Officer, Atlanta Beverage Company
Atlanta, Georgia
Peter Quick (Engr ’78)
Former President, American Stock Exchange
Mill Neck, New York
Stephen A. Riddick (Col ’85)*
Attorney
Silver Spring, Maryland
Alan Y. Roberts (Col ’64)*
Charlottesville, Virginia
Harold J. Rodriguez Jr. (Col ’77)
Chief Administrative Officer and Managing Director
Greenhill & Company, Inc.
Fairfield, Connecticut
W. Reid Sanders (Col ’71)
Private Investor, Chickasaw Partners · Memphis, Tennessee
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f r o m t h e b o a r d
Margaret R. Scaife
Pittsburgh, Pennsylvania
Todd R. Schnuck (Col ’81)
President, Schnuck Markets, Inc. · St. Louis, Missouri
Elizabeth Fitz Scott (Educ ’74)
Baltimore, Maryland
Charles C. Townsend III (Col ’71)
Chief Executive Officer and General Partner, Aloha Partners
Providence, Rhode Island
Mary M. Watson (Col ’78)
Vice-President, Wealth Management Financial Advisor
Smith Barney · Atlanta, Georgia
Phoebe L. Yang (Col ’91)
Consultant, Russell Reynolds Associates · Washington, D.C.
* ex-officio member
** emeritus member
Bowman Dickson, the Charles V. Moore Scholar, Class of 2009,
on a field trip with some of the students from the school where
he taught in Jordan during summer 2008.
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j e f f e r s o n s c h o l a r s f o u n d a t i o n 2 0 0 9
alumni association board of managers 2009–10
The Board of Managers oversees the affairs of the University of Virginia Alumni Association. Several
members serve as appointed directors to the Jefferson Scholars Foundation Board of Directors.
Stephen A. Riddick (Col ’85)
Chair
Silver Spring, Maryland
Alan Y. Roberts (Col ’64)
Vice Chair
Charlottesville, Virginia
M. Alexandra Arriaga
(Col ’87)
Arlington, Virginia
Atiim K. (Tiki) Barber
(Com ’97)
New York, New York
William F. Blue Jr.
(Col ’81, GSBA ’86)
Charlotte, North Carolina
Teresa A. Bryce (Col ’81)
Philadelphia, Pennsylvania
Donna L. Byrd (Col ’92)
Alexandria, Virginia
John T. Casteen III
(Col ’65, Grad ’66, ’70)*
Charlottesville, Virginia
Margaret H. Chang
(Com ’90)
Los Angeles, California
Stephen S. Crawford (Col ’86)
Bronxville, New York
Mary K. Dobmeier
(Educ ’06)**
Charlottesville, Virginia
James T. Fang (Eng ’95)
Gloucester Point, Virginia
Elizabeth Philips Foster
(Com ’82)
Norfolk, Virginia
Lisa O. Gardner (Col ’79)
Charlotte, North Carolina
Peter M. Grant
(Col ’78, GSBA ’86)
Long Lake, Minnesota
Owen D. Griffin Jr.
(Com ’93, Grad ’94, GSBA ’99)
Suffolk, Virginia
Christine P. Gustafson
(Col ’82)
Paradise Valley, Arizona
Victoria Dux Harker (Col ’86)
McLean, Virginia
Alexander B. Hume (Col ’65)
Hume, Virginia
Shelly K. L. Johnson
(Arch ’87)
Raleigh, North Carolina
Richard C. Kellogg Jr.
(Col ’74)
Houston, Texas
Glynn D. Key
(Col ’86, Law ’89)*
Washington, D.C.
Sandra W. Lewis (Col ’72)
Suffolk, Virginia
Julie G. Lynn
(Col ’88, Law ’92)
Los Angeles, California
Byron F. Marchant (Law ’87)
Arlington, Virginia
Deanne E. Maynard (Col ’87)
Alexandria, Virginia
Timothy G. O’Shea
(Col ’81, GSBA ’85)
Richmond, Virginia
Noreen L. Poulson (Col ’78)
New Canaan, Connecticut
Reginald E. Rutledge Jr.
(Col ’55, GSBA ’59)
Rye Brook, New York
Todd R. Schnuck (Col ’81)
St. Louis, Missouri
D. French Slaughter III
(Col ’77, Law ’80)
Charlottesville, Virginia
Stephen P. Smiley (Col ’71)
Dallas, Texas
Bryant L. Stith (Col ’92)
Lawrenceville, Virginia
John B. Syer (Col ’61)****
Charlottesville, Virginia
E. Armistead Talman
(Col ’54, Med ’58)
Richmond, Virginia
Michele T. Tarbet (Nurs ’74)
Rancho Santa Fe, California
Ann H. Taylor
(Col ’80, GSBA ’85)
Keswick, Virginia
Joan Stapleton Tooley (Col ’75)
Billings, Montana
Daniel Van Clief III (Col ’99)***
Charlottesville, Virginia
Mary M. Watson (Col ’78)
Atlanta, Georgia
Phoebe L. Yang (Col ’91)
Washington, D.C.
* representatives of the Board of Visitors
** ex-officio member, President of the Young
Alumni Council
*** ex-officio member, Vice President of the Young
Alumni Council
**** Honorary Life Member
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Katie Tully, Kenneth L. Bazzle Fellow,
teaching yoga.