During its October meeting, UVM’s Board of Trustees heard a report on the university’s significant impact on the state’s economy, learned of the creation of a new Institute for the Environment and gave the green light to two important construction projects.

The board meetings were sandwiched around a late morning event that brought Vice President Joe Biden to UVM as part of a national tour publicizing the White House’s Cancer Moonshot initiative. Read more about Biden’s visit.

Details follow of key news developments at the board meeting. 

• A summary of the economic impact report was delivered by Richard Galbraith, vice president for research, and Tom Gustafson, vice president for university relations and administration. The university created $1.33 billion in economic value for the state in 2014-15, supported 11,287 jobs throughout the state and generated $78.2 million in state and local taxes, they reported. The new study is also the first to gauge the economic impact of UVM research. In 2014, UVM reported $128 million in research and educational grants and contracts, 84 percent of which came from out of state. As a result of its research activities, $157.9 million was generated in the state, according to the study. UVM’s innovative research efforts also supported 809 jobs in Vermont and added $5.3 million in state and local taxes. UVM research also affects the Vermont economy via new product development and technology commercialization, according to the study. Read more about the study.  
• The board also passed a resolution creating the UVM Institute for the Environment, a university-wide research endeavor designed to mobilize scholars and leaders to develop solutions to the world’s critical environmental problems. The goal of the institute is to catalyze transdisciplinary research; connect UVM with the state, national, and global communities; and solve critical environmental problems. Taylor Ricketts, director of the Gund Institute for Ecological Economics and professor of natural resources in the Rubenstein School of Environment and Natural Resources, will serve as program director. The institute will be funded with repurposed funds from the Gund Institute and the Rubenstein School; philanthropy and grants; and new strategic investment funds from the university.
• Trustees passed a resolution in support of four capital projects that are being paid for primarily through private gifts, but that required some bridge funding to keep construction schedules on time until all private gifts are received. Included on the list were two long-planned projects: the renovation of Billings Library ($8.5 million) and the construction of an addition to the Kalkin Building ($11 million). Other projects approved by the board included the Larner Learning Commons project ($2.1 million) and Phase 2 of the Converse Hall Renovation ($2 million).
• Trustees entered into a 15-year power purchase agreement with Greenskies Renewable Energy, LLC, for solar panel installations on the roofs of Mason/Simpson/Hamilton Residential Complex, Harris/Millis Residential Complex, Living/Learning Residential Learning Community and the Bailey/Howe Library. The agreement runs through December of 2031 and cannot exceed $1.8 million. The Burlington Electric Department provided support for the deal, which is expected to save the university $900,000 in energy costs.
• Rich Bundy, president and CEO of the UVM Foundation, told trustees that the university’s $500 million Move Mountains Campaign is 18 months ahead of schedule, having already raised 80 percent of the campaign goal ($384 million). A recent $66 million gift from longtime donors Robert and Helen Larner put the total amount of fundraising for the current fiscal year at a record high of $84 million.

A complete list of all the resolutions approved by the board is available here.

Related meeting materials can be found here.