§ 23.1-108 Foundations; annual reporting requirements
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:
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.
History
This law was first created in 2020. The record of its establishment is cataloged in chapter 511 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year.
2020, c. 511.