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Minority companies hold over one-third of initial Multipurpose Center contract dollars

Published date: January 30, 2014

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Minority companies hold over one-third of initial Multipurpose Center contract dollars

More than one-third of the signed contracts for site work on Virginia State University’s Multipurpose Center have gone to minority-owned companies.  Of the more than $4.86 million in contracts signed to date, minority companies have received $1.62 million. African American-owned companies received nearly half of that amount, $801,000.

VSU set a 2014 SWaM (Small, Women and Minority) goal of 41.5 percent of the University’s discretionary spending.  Additionally, the University set a goal of 18.5% specifically for Minority Business Enterprises (MBE). In the first quarter of fiscal year 2014, VSU spent nearly 20 percent of its discretionary funds with MBEs. 

These totals continue a trend in which VSU has exceeded its institutional goal for spending at the aggregate SWaM level and the individual MBE category.  For fiscal year 2013, the University set goals of 40 and 17 percent for SWaM and MBE enterprises respectively. At the end of the year, VSU had spent 47 and 22 percent with these groups.  In 2012, the figures were 44 and 16 percent goals, and 49.5 and 20.5 percent actual spending. 

“We are fully committed to supporting SWaM initiatives, both in direct purchases and by ensuring our primary contractors focus on these businesses when awarding subcontracts,” said VSU Vice President for Administration and Chief Financial Officer David Meadows.  “We understand the importance of SWaM, particularly with minority vendors, and VSU’s unique status as a public HBCU in providing these companies with important economic opportunities.” 

Meadows said VSU will continue to monitor the particpation of SWaM and MBE vendors as the University’s $84 million Multipurpose Center project proceeds. VSU anticipates the project, which began in Fall 2013, to continue until Fall 2015.

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