As president of the University, Casteen advocated increasing UVA's enrollment of women, minority, and economically disadvantaged students. In 2003, he directed the creation of AccessUVA, the University's full-need financial aid program. He presided over substantial growth, both financial and physical, at UVA. He embedded himself in campus life, serving in roles such as liaison to the alumni board of relations and faculty advisor to the St. Anthony Hall Literary Society. Casteen led two financial campaigns for the University's endowment, one with a goal of $1 billion and another (ongoing) with a $3 billion goal.