State senators call for audit into university’s surplus

UVA-LogoRICHMOND, Va. (AP) _ Two Virginia state senators are calling for an investigation into a $2.3 billion University of Virginia surplus.

Sens. Chap Petersen and Bill DeSteph said in a statement Thursday that they intend to formally call for an audit into the fund, which former university board member Helen Dragas called a “slush fund.”

The two senators say the fund should be used for lowering student tuition and fees. They also accuse the university of overcharging for its services.

The university said in a statement Tuesday that the Strategic Investment Fund is not connected with tuition or public funding. The school also says that the money came primarily from additional returns on the university’s $7.5 billion endowment since 2009.

Test