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VCU reports strong research year and scholarship adjustments while noting grant losses
Summary
Virginia Commonwealth University told a Senate subcommittee it remains financially stable, reported roughly $568 million in research funding, and said it has amended donor scholarships to comply with state statute and court guidance while replacing some lost federal grants.
Virginia Commonwealth University President Rao told the Senate subcommittee that VCU remains financially stable with strong reserves and a stable credit rating. "VCU remains financially stable. We have a very strong reserve, a very strong margin," Rao said, and noted that about 85% of VCU students are Virginia residents and a large share of graduates stay in the Commonwealth.
Rao said the university reported research funding of roughly $568,000,000 and described measures taken after the Supreme Court's 2023 decision to review scholarships and admissions practices. He said 11 donor scholarships were amended and two remained under discussion with donors to ensure compliance with state statute and Higher Education guidelines.
On grant losses, Rao said VCU lost approximately $23,000,000 in grants that were stopped, but that researchers have regrouped and many proposals are being resubmitted for funding. "We called all researchers together on a Zoom... we're gonna get through this together," Rao said, describing efforts to preserve projects and resubmit proposals.
The subcommittee did not take formal action; senators thanked the presidents for testimony and closed the hearing.
