- Report Published -
|Two-Year Review of Initial Higher Education Management Agreements|
|Joint Legislative Audit and Review Commission|
|§ 23-38.88 (D.3.)|
|In July 2006, the College of William and Mary, the University of Virginia, and Virginia Tech entered into management agreements with the Commonwealth. These agreements gave the institutions autonomy over their financial and administrative operations while committing the institutions to meeting a set of State goals. The initial management agreements will expire on June 30, 2010, if not renewed in 2009.|
The study found that the three institutions have generally complied with the terms of the management agreements and achieved their performance benchmarks. However, for three of the 12 State goals, performance benchmarks have not been fully developed, including the goal of affordability.
A few State agencies have concerns about the institutions’ operations in the areas of procurement, capital outlay, and information technology.
The need for effective State oversight has increased due to the management agreements, and many State entities have a role in this oversight. Two options are presented to improve coordination of this oversight: (1) a restructuring advisory committee, and (2) an expanded leadership role for the State Council of Higher Education for Virginia.