§ 23.1-108 — Foundations; annual reporting requirements

Virginia § 23.1-108

• Jurisdiction: Virginia
• Title 23.1: Institutions of Higher Education; Other Educational and Cultural Institutions
• Subtitle I: General Provisions
• Ch. 1: Definitions and General Provisions

Text

A. Each public institution of higher education shall release an annual report regarding foundations associated with the institution setting forth foundation expenses. The annual report shall include:

1. The total annual expenditures by each foundation;

2. The percentage of expenditures used for scholarships or financial aid by each foundation;

3. The percentage of expenditures used for faculty compensation by each foundation;

4. The percentage of expenditures used for program costs by each foundation;

5. The percentage of expenditures used for equipment and technology by each foundation;

6. The percentage of expenditures used for administrative support by each foundation; and

7. The percentage of expenditures used for executive compensation by each foundation.

B. This section shall not apply to the Virginia Community College System.

Legislative History

2020, c. 511.