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U.Va. strategic plan price tag estimated at $564M

By News 5 Staff, news@wcyb.com
Published On: Dec 08 2013 03:59:20 PM CST
CHARLOTTESVILLE, Va. -

The University of Virginia estimates it could cost more than a half-billion dollars to implement a five-year strategic plan,
    
That's according to a university analysis.
    
Reports say the analysis shows faculty pay raises and new professors' salaries account for more than one-fourth of the estimated $564 million cost. The university expects to hire 425 new professors and replace 295 retiring faculty.
    
Philanthropy and increased enrollment are expected to cover much of the cost.
    
U.Va. executive vice president and chief operating officer Patrick D. Hogan tells the newspaper that the estimates are preliminary. He says a more definitive figure will be presented to the Board of Visitors in February.