| Overall Rating | Gold - expired |
|---|---|
| Overall Score | 65.06 |
| Liaison | Andrea Trimble |
| Submission Date | May 29, 2015 |
| Executive Letter | Download |
University of Virginia
IN-4: Innovation 4
| Status | Score | Responsible Party |
|---|---|---|
|
1.00 / 1.00 |
Andrea
Trimble Director - Office for Sustainability Office for Sustainability |
Title or keywords related to the innovative policy, practice, program, or outcome:
A brief description of the innovative policy, practice, program, or outcome:
In March 2015, U.Va. completed “a major bond issuance and related restructuring of its debt designed to support operations and key elements of U.Va.’s strategic plan, including the new Affordable Excellence program adopted by the Board of Visitors in March (UVA Today). $184.7 million Series 2015A Bonds were issued to provide permanent financing for capital projects of the University of Virginia, including the Battle Building, the North Grounds Rec Center, the East Chiller Plant and various phases of the Alderman Road projects. $97.7 million were designated as “Green Bonds” to finance LEED certified projects. These bonds support sustainable projects. To the best of our knowledge, this is the largest issuance of Green Bonds by a public university to date, and it enabled the University to diversify its investor base with a growing trend of socially responsible investors. The Series 2015A Bonds were issued as 30-year fixed rate bonds, with an all-in cost of funds of 3.84%.
A brief description of any positive measurable outcomes associated with the innovation (if not reported above):
“Direct results from the bond issues include lowering the long-term cost of the University’s entire debt portfolio from 4.21 percent to 4.13 percent, and reducing liquidity risk in the bond portfolio. “The careful and creative management of our balance sheet will generate revenue that the University can deploy in support of priorities and to address incremental increases in operating costs,” Executive Vice President and Chief Operating Officer Patrick Hogan said. “This is a critical component of Affordable Excellence, which is U.Va.’s new financial model that will assure that we can sustain excellence and affordability into the future.” Affordable Excellence is U.Va.’s commitment to students and families that a U.Va. education will remain affordable and among the best, while also significantly slashing the amount of indebtedness that Virginia families may face. The financial model also identifies sustainable funding to support a new generation of faculty and components of the Cornerstone Plan, U.Va.’s strategic plan. In advance of the financing, all three major credit rating agencies – Fitch, Moody’s, and Standard & Poor’s – reaffirmed the University’s coveted “triple-A” long-term debt rating, a key to U.Va.’s ability to save millions in interest by securing the most favorable terms available to institutions with the top ratings. With this reaffirmation, the University continues to be just one of two public universities in the country to receive “triple-A” ratings from all three major credit rating agencies.
(UVA Today).”
A letter of affirmation from an individual with relevant expertise:
Which of the following STARS subcategories does the innovation most closely relate to? (Select all that apply up to a maximum of five):
| Yes or No | |
| Curriculum | No |
| Research | No |
| Campus Engagement | No |
| Public Engagement | No |
| Air & Climate | No |
| Buildings | Yes |
| Dining Services | No |
| Energy | No |
| Grounds | No |
| Purchasing | No |
| Transportation | No |
| Waste | No |
| Water | No |
| Coordination, Planning & Governance | No |
| Diversity & Affordability | No |
| Health, Wellbeing & Work | No |
| Investment | Yes |
Other topic(s) that the innovation relates to that are not listed above:
The website URL where information about the innovation is available:
Data source(s) and notes about the submission:
The information presented here is self-reported. While AASHE staff review portions of all STARS reports and institutions are welcome to seek additional forms of review, the data in STARS reports are not verified by AASHE. If you believe any of this information is erroneous or inconsistent with credit criteria, please review the process for inquiring about the information reported by an institution or simply email your inquiry to stars@aashe.org.