"The wrongs described in Rolling Stone are appalling and have caused all of us to reexamine our responsibility to this community," the university's statement reads.
"On Tuesday, the Board of Visitors will meet to discuss the University's policies and procedures regarding sexual assault as well as the specific, recent allegations," it adds.
UVA rape allegations
University suspends all fraternities following rape report
Images captured by WTVR show the vandalized Phi Kappa Psi house in the wake of a bombshell Rolling Stone report including claims men in the fraternity sexually assaulted a student.
Students Exercising on Campus by Fraternity Houses at University of Virginia in Charlottesville USA. Phi Kappa Psi, the University of Virginia fraternity where a student interviewed by Rolling Stone claims she was raped by seven men, can be seen on the left.
Students at the University of Virginia in University of Virginia socialize in afternoon sun outside a fraternity house on campus
University of Virginia President Teresa Sullivan (center) smiles for a picture with graduating students Brittany Smith (left) and Elizabeth Grizzle after the Valedictory Exercises at John Paul Jones Arena in Charlottesville, Va. on May 18, 2013.
A view of the Rotunda one of the best known structures on the campus of the University of Virginia
CHARLOTTESVILLE, VA-JUNE 24, 2012-CAPTION: Over 1,500 students, professors and local citizens turned out forÃ'Rally for Honor' on theÃLawn on the campus of the University of Virginia, two days before the school's board reconsiders its decision. During the two-hour rally, faculty membersÃcalled for the UVA Board of Visitors to reinstateÃousted president Teresa Sullivan.ÃOn Friday Gov. Bob McDonnell threatened to replace the entire board if it fails to resolve the matter. (Photo by Jay Paul for The Washington Post via Getty Images)