The effects of money and immigration

by Robert C. Powell III
Editor
Virginia Business
December 2006

If a university gets more money from private donations that it does from state appropriations, is it still a public school? That is one question facing the University of Virginia and President John T. Casteen III as the university pursues a $3 billion fund-raising campaign.

In fact, state funding represents only a small percentage of U.Va.'s budget, but school officials say that it will always remain a public institution, even as it aspires to join the ranks of the country's most elite schools. Charlottesville-based writer Jack Milligan explores Casteen's vision for "Mr. Jefferson's University" in our cover story.

Not all of the money flowing to Charlottesville and Blacksburg is going into the coffers of U.Va. and Virginia Tech. Otesa Middleton Miles, a Richmond-based writer, reports that alumni are finding investment opportunities in college-town condos. They are using these properties as weekend getaways during football season and to house their students while the next generation attends college. Even though the condo market has declined nationally, experts say the real estate market remains hot in college towns.

If condo owners cash in on their investments, they may need someone to manage their money. One option is an independent trust company. In Virginia there are few to be found, and Jack Milligan looks at the reasons why.

Finally, the December issue features our annual list of the Legal Elite, Virginia's best lawyers in 13 categories as chosen by their peers. Jessica Sabbath, the magazine's special projects editor, profiles one of the top vote getters in the immigration category at a time when our nation is trying to come to grips with immigration reform.