{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/23.1-1001.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/23.1-1001.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/23.1-1001.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/23.1-1001.html"}],"law_id":72541,"edition_id":1,"section_id":72541,"structure_id":16308,"section_number":"23.1-1001","catch_line":"Financial and administrative management standards for public institutions of higher education","history":"2016, c. 588.","full_text":"A\n\nEach public institution of higher education shall meet the following financial and administrative management standards:1\n\nAn unqualified opinion from the Auditor of Public Accounts upon the audit of the public institution’s financial statements;2\n\nNo significant audit deficiencies attested to by the Auditor of Public Accounts;3\n\nSubstantial compliance with all financial reporting standards approved by the State Comptroller;4\n\nSubstantial attainment of accounts receivable standards approved by the State Comptroller, including any standards for outstanding receivables and bad debts;5\n\nSubstantial attainment of accounts payable standards approved by the State Comptroller including any standards for accounts payable past due; and6\n\nOther financial and administrative management standards established by the Governor or included in the general appropriation act currently in effect.B\n\nEach public institution of higher education that does not meet all of the financial management standards in subsection A according to the written certification of the Auditor of Public Accounts pursuant to § 30-133.1 shall develop and implement a written plan of corrective action to meet such standards as soon as practicable. The chairman or rector of the governing board of the public institution of higher education shall promptly provide a copy of the completed written plan to the Auditor of Public Accounts and the Secretaries of Education, Finance, and Administration.C\n\nEach public institution of higher education that does not meet all of the administrative management standards established by the Governor and such standards currently in effect for such institutions according to the written certification of the Auditor of Public Accounts pursuant to § 30-133.1 shall develop and implement a written plan of corrective action to meet such standards as soon as practical. The chairman or rector of the governing board of the public institution of higher education shall promptly provide a copy of the completed written plan to the Auditor of Public Accounts and the Secretaries of Education, Finance, and Administration.","order_by":null,"text":{"0":{"id":261190,"text":"Each public institution of higher education shall meet the following financial and administrative management standards:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":261191,"text":"An unqualified opinion from the Auditor of Public Accounts upon the audit of the public institution’s financial statements;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":261192,"text":"No significant audit deficiencies attested to by the Auditor of Public Accounts;","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":261193,"text":"Substantial compliance with all financial reporting standards approved by the State Comptroller;","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"A4"},"4":{"id":261194,"text":"Substantial attainment of accounts receivable standards approved by the State Comptroller, including any standards for outstanding receivables and bad debts;","type":"section","prefixes":["A","4"],"prefix":"4","entire_prefix":"A4","prefix_anchor":"A4","level":2,"prior_prefix":"A3","next_prefix":"A5"},"5":{"id":261195,"text":"Substantial attainment of accounts payable standards approved by the State Comptroller including any standards for accounts payable past due; and","type":"section","prefixes":["A","5"],"prefix":"5","entire_prefix":"A5","prefix_anchor":"A5","level":2,"prior_prefix":"A4","next_prefix":"A6"},"6":{"id":261196,"text":"Other financial and administrative management standards established by the Governor or included in the general appropriation act currently in effect.","type":"section","prefixes":["A","6"],"prefix":"6","entire_prefix":"A6","prefix_anchor":"A6","level":2,"prior_prefix":"A5","next_prefix":"B"},"7":{"id":261197,"text":"Each public institution of higher education that does not meet all of the financial management standards in subsection A according to the written certification of the Auditor of Public Accounts pursuant to § 30-133.1 shall develop and implement a written plan of corrective action to meet such standards as soon as practicable. The chairman or rector of the governing board of the public institution of higher education shall promptly provide a copy of the completed written plan to the Auditor of Public Accounts and the Secretaries of Education, Finance, and Administration.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A6","next_prefix":"C"},"8":{"id":261198,"text":"Each public institution of higher education that does not meet all of the administrative management standards established by the Governor and such standards currently in effect for such institutions according to the written certification of the Auditor of Public Accounts pursuant to § 30-133.1 shall develop and implement a written plan of corrective action to meet such standards as soon as practical. The chairman or rector of the governing board of the public institution of higher education shall promptly provide a copy of the completed written plan to the Auditor of Public Accounts and the Secretaries of Education, Finance, and Administration.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":16308,"edition_id":1,"name":"Financial and Administrative Standards, Authority, and Incentives","identifier":"2","label":"article","depth":4,"order_by":1,"parent_id":14809,"metadata":{},"date_created":"2026-06-26 04:13:21","date_modified":"2026-06-26 04:13:21","permalink":{"id":185523,"object_type":"structure","relational_id":16308,"identifier":"2","token":"23.1\/III\/10\/2","url":"\/23.1\/III\/10\/2\/","edition_id":1,"permalink":0,"preferred":1}},{"id":14809,"edition_id":1,"name":"Restructured Higher Education Financial and Administrative Operations Act","identifier":"10","label":"chapter","depth":3,"order_by":1,"parent_id":14060,"metadata":{},"date_created":"2026-06-26 03:50:04","date_modified":"2026-06-26 03:50:04","permalink":{"id":185515,"object_type":"structure","relational_id":14809,"identifier":"10","token":"23.1\/III\/10","url":"\/23.1\/III\/10\/","edition_id":1,"permalink":0,"preferred":1}},{"id":14060,"edition_id":1,"name":"Management and Financing","identifier":"III","label":"subtitle","depth":2,"order_by":1,"parent_id":13111,"metadata":{},"date_created":"2026-06-26 03:46:44","date_modified":"2026-06-26 03:46:44","permalink":{"id":185513,"object_type":"structure","relational_id":14060,"identifier":"III","token":"23.1\/III","url":"\/23.1\/III\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13111,"edition_id":1,"name":"Institutions of Higher Education; Other Educational and Cultural Institutions","identifier":"23.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:44:18","date_modified":"2026-06-26 03:44:18","permalink":{"id":184581,"object_type":"structure","relational_id":13111,"identifier":"23.1","token":"23.1","url":"\/23.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":72541,"structure_id":16308,"section_number":"23.1-1001","catch_line":"Financial and administrative management standards for public institutions of higher education","url":"\/23.1-1001\/","token":"23.1\/III\/10\/2\/23.1-1001","metadata":false},{"id":66511,"structure_id":16308,"section_number":"23.1-1002","catch_line":"Eligibility for restructured financial and administrative operational authority and financial benefits","url":"\/23.1-1002\/","token":"23.1\/III\/10\/2\/23.1-1002","metadata":false}],"next_section":{"id":66511,"structure_id":16308,"section_number":"23.1-1002","catch_line":"Eligibility for restructured financial and administrative operational authority and financial benefits","url":"\/23.1-1002\/","token":"23.1\/III\/10\/2\/23.1-1002","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/23.1-1001\/","history_text":"

This law was first created in 2016. The record of its establishment is cataloged in chapter 588<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year.<\/p>","references":[{"id":66511,"section_number":"23.1-1002","catch_line":"Eligibility for restructured financial and administrative operational authority and financial benefits","order_by":null,"url":"\/23.1-1002\/"},{"id":72164,"section_number":"23.1-1004","catch_line":"Management agreement; eligibility and application","order_by":null,"url":"\/23.1-1004\/"},{"id":56640,"section_number":"23.1-1006","catch_line":"Management agreement; contents and scope","order_by":null,"url":"\/23.1-1006\/"},{"id":76240,"section_number":"30-133.1","catch_line":"Additional certifications for public institutions of higher education","order_by":null,"url":"\/30-133.1\/"}],"refers_to":[{"id":76240,"section_number":"30-133.1","catch_line":"Additional certifications for public institutions of higher education","order_by":null,"url":"\/30-133.1\/"}],"permalink":{"id":185525,"object_type":"law","relational_id":72541,"identifier":"23.1-1001","token":"23.1\/III\/10\/2\/23.1-1001","url":"\/23.1-1001\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/23.1-1001\/","token":"23.1\/III\/10\/2\/23.1-1001","dublin_core":{"Title":"Financial and administrative management standards for public institutions of higher education","Type":"Text","Format":"text\/html","Identifier":"\u00a7 23.1-1001","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Each public institution of higher education<\/span> shall meet the following financial and administrative management standards: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> An unqualified opinion<\/span> from the Auditor of Public Accounts upon the audit of the public institution’s financial statements; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> No significant audit deficiencies attested to by the Auditor of Public Accounts; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> Substantial compliance with all financial reporting standards approved by the State Comptroller; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Substantial attainment of accounts receivable standards approved by the State Comptroller, including any standards for outstanding receivables and bad debts; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> Substantial attainment of accounts payable standards approved by the State Comptroller including any standards for accounts payable past due; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> Other financial and administrative management standards established by the Governor or included in the general appropriation act currently in effect. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> Each public institution of higher education<\/span> that does not meet all of the financial management standards in subsection A according to the written certification of the Auditor of Public Accounts pursuant to § 30-133.1<\/a> shall develop and implement a written plan of corrective action to meet such standards as soon as practicable. The chairman or rector of the governing board<\/span> of the public institution of higher education<\/span> shall promptly provide a copy of the completed written plan to the Auditor of Public Accounts and the Secretaries of Education, Finance, and Administration. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Each public institution of higher education<\/span> that does not meet all of the administrative management standards established by the Governor and such standards currently in effect for such institutions according to the written certification of the Auditor of Public Accounts pursuant to § 30-133.1<\/a> shall develop and implement a written plan of corrective action to meet such standards as soon as practical. The chairman or rector of the governing board<\/span> of the public institution of higher education<\/span> shall promptly provide a copy of the completed written plan to the Auditor of Public Accounts and the Secretaries of Education, Finance, and Administration. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nFINANCIAL AND ADMINISTRATIVE MANAGEMENT STANDARDS FOR PUBLIC INSTITUTIONS OF\nHIGHER EDUCATION (\u00a7 23.1-1001)\n\nA. Each public institution of higher education shall meet the following\nfinancial and administrative management standards:\n\n 1. An unqualified opinion from the Auditor of Public Accounts upon the audit\n of the public institution’s financial statements;\n\n 2. No significant audit deficiencies attested to by the Auditor of Public\n Accounts;\n\n 3. Substantial compliance with all financial reporting standards approved by\n the State Comptroller;\n\n 4. Substantial attainment of accounts receivable standards approved by the\n State Comptroller, including any standards for outstanding receivables and bad\n debts;\n\n 5. Substantial attainment of accounts payable standards approved by the State\n Comptroller including any standards for accounts payable past due; and\n\n 6. Other financial and administrative management standards established by the\n Governor or included in the general appropriation act currently in effect.\n\nB. Each public institution of higher education that does not meet all of the\nfinancial management standards in subsection A according to the written\ncertification of the Auditor of Public Accounts pursuant to § 30-133.1\nshall develop and implement a written plan of corrective action to meet such\nstandards as soon as practicable. The chairman or rector of the governing board\nof the public institution of higher education shall promptly provide a copy of\nthe completed written plan to the Auditor of Public Accounts and the Secretaries\nof Education, Finance, and Administration.\n\nC. Each public institution of higher education that does not meet all of the\nadministrative management standards established by the Governor and such\nstandards currently in effect for such institutions according to the written\ncertification of the Auditor of Public Accounts pursuant to § 30-133.1\nshall develop and implement a written plan of corrective action to meet such\nstandards as soon as practical. The chairman or rector of the governing board of\nthe public institution of higher education shall promptly provide a copy of the\ncompleted written plan to the Auditor of Public Accounts and the Secretaries of\nEducation, Finance, and Administration.\n\nHISTORY: 2016, c. 588.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}