{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/23.1-1007.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/23.1-1007.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/23.1-1007.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/23.1-1007.html"}],"law_id":63108,"edition_id":1,"section_id":63108,"structure_id":14810,"section_number":"23.1-1007","catch_line":"Management agreement; duration and oversight","history":"2005, cc. 933, 945, \u00a7\u00a7 23-38.88, 23-38.94. 23-38.98; 2006, c. 775; 2009, cc. 827, 845; 2011, cc. 828, 869; 2013, c. 482; 2014, c. 628; 2016, c. 588.","full_text":"A\n\nEach initial management agreement shall remain in effect for a period of three years. Subsequent management agreements shall remain in effect for a period of five years.B\n\nIf an existing management agreement is not renewed or a new management agreement is not executed prior to the expiration date, the existing agreement shall remain in effect on a provisional basis for a period not to exceed one year. If, after the expiration of the provisional one-year period, the management agreement has not been renewed or a new agreement has not been executed, the public institution of higher education shall not exercise such restructured operational authority until it enters into a new management agreement with the Commonwealth.C\n\nThe Joint Legislative Audit and Review Commission, in cooperation with the Auditor of Public Accounts, shall review, for at least the first 24 months from the effective date of the management agreement, the level of compliance with the expressed terms of the management agreement, the degree to which the covered institution has demonstrated its ability to manage successfully the administrative and financial operations of the institution without jeopardizing the financial integrity and stability of the institution, the degree to which the covered institution is meeting the state goals set forth in subsection A of § 23.1-1002, and any impact that the management agreement has had on students and employees of the covered institution. The Joint Legislative Audit and Review Commission shall make a written report of its review no later than June 30 of the third year of the management agreement. The Joint Legislative Audit and Review Commission may conduct a similar review of any management agreement entered into subsequent to the initial agreement.D\n\nThe Auditor of Public Accounts or his legally authorized representatives shall audit annually accounts of all covered institutions and shall distribute copies of each annual audit to the Governor and to the Chairmen of the House Committee on Appropriations and the Senate Committee on Finance and Appropriations. Pursuant to § 30-133, the Auditor of Public Accounts and his legally authorized representatives shall examine annually the accounts and books of each such institution, but no covered institution shall be deemed a state or governmental agency, advisory agency, public body, or agency or instrumentality for purposes of Chapter 14 (§ 30-130 et seq.) of Title 30 except for those provisions in such chapter that relate to requirements for financial recordkeeping and bookkeeping. Each covered institution is subject to such other reviews and audits as are required by law.E\n\nIf the Governor makes a written determination that the covered institution is not in substantial compliance with the terms of the management agreement or with the requirements of this chapter, he shall provide a copy of that written determination to the chairman or rector of the governing board of the covered institution and to the General Assembly, and the covered institution shall develop and implement a plan of corrective action. The covered institution shall provide a copy of such corrective action plan to the Governor and General Assembly. If the Governor determines that the covered institution is not yet in substantial compliance with the management agreement or the requirements of this chapter after a reasonable period of time following the implementation of the corrective action plan, the Governor may void the management agreement and the institution’s status as a covered institution shall terminate and it shall not exercise such restructured operational authority until the institution enters into a subsequent management agreement with the Cabinet Secretary designated by the Governor or the voided management agreement is reinstated by the General Assembly.F\n\nAn institution’s status as a covered institution may be revoked by an act of the General Assembly if the institution fails to meet the requirements of this article or the management agreement.","order_by":null,"text":{"0":{"id":230160,"text":"Each initial management agreement shall remain in effect for a period of three years. Subsequent management agreements shall remain in effect for a period of five years.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":230161,"text":"If an existing management agreement is not renewed or a new management agreement is not executed prior to the expiration date, the existing agreement shall remain in effect on a provisional basis for a period not to exceed one year. If, after the expiration of the provisional one-year period, the management agreement has not been renewed or a new agreement has not been executed, the public institution of higher education shall not exercise such restructured operational authority until it enters into a new management agreement with the Commonwealth.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":230162,"text":"The Joint Legislative Audit and Review Commission, in cooperation with the Auditor of Public Accounts, shall review, for at least the first 24 months from the effective date of the management agreement, the level of compliance with the expressed terms of the management agreement, the degree to which the covered institution has demonstrated its ability to manage successfully the administrative and financial operations of the institution without jeopardizing the financial integrity and stability of the institution, the degree to which the covered institution is meeting the state goals set forth in subsection A of § 23.1-1002, and any impact that the management agreement has had on students and employees of the covered institution. The Joint Legislative Audit and Review Commission shall make a written report of its review no later than June 30 of the third year of the management agreement. The Joint Legislative Audit and Review Commission may conduct a similar review of any management agreement entered into subsequent to the initial agreement.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":230163,"text":"The Auditor of Public Accounts or his legally authorized representatives shall audit annually accounts of all covered institutions and shall distribute copies of each annual audit to the Governor and to the Chairmen of the House Committee on Appropriations and the Senate Committee on Finance and Appropriations. Pursuant to § 30-133, the Auditor of Public Accounts and his legally authorized representatives shall examine annually the accounts and books of each such institution, but no covered institution shall be deemed a state or governmental agency, advisory agency, public body, or agency or instrumentality for purposes of Chapter 14 (§ 30-130 et seq.) of Title 30 except for those provisions in such chapter that relate to requirements for financial recordkeeping and bookkeeping. Each covered institution is subject to such other reviews and audits as are required by law.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":230164,"text":"If the Governor makes a written determination that the covered institution is not in substantial compliance with the terms of the management agreement or with the requirements of this chapter, he shall provide a copy of that written determination to the chairman or rector of the governing board of the covered institution and to the General Assembly, and the covered institution shall develop and implement a plan of corrective action. The covered institution shall provide a copy of such corrective action plan to the Governor and General Assembly. If the Governor determines that the covered institution is not yet in substantial compliance with the management agreement or the requirements of this chapter after a reasonable period of time following the implementation of the corrective action plan, the Governor may void the management agreement and the institution’s status as a covered institution shall terminate and it shall not exercise such restructured operational authority until the institution enters into a subsequent management agreement with the Cabinet Secretary designated by the Governor or the voided management agreement is reinstated by the General Assembly.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"5":{"id":230165,"text":"An institution’s status as a covered institution may be revoked by an act of the General Assembly if the institution fails to meet the requirements of this article or the management agreement.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E"}},"ancestry":[{"id":14810,"edition_id":1,"name":"Restructured Financial and Administrative Authority; Covered Institutions; Management Agreements","identifier":"4","label":"article","depth":4,"order_by":1,"parent_id":14809,"metadata":{},"date_created":"2026-06-26 03:50:04","date_modified":"2026-06-26 03:50:04","permalink":{"id":185539,"object_type":"structure","relational_id":14810,"identifier":"4","token":"23.1\/III\/10\/4","url":"\/23.1\/III\/10\/4\/","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":72164,"structure_id":14810,"section_number":"23.1-1004","catch_line":"Management agreement; eligibility and application","url":"\/23.1-1004\/","token":"23.1\/III\/10\/4\/23.1-1004","metadata":false},{"id":83668,"structure_id":14810,"section_number":"23.1-1005","catch_line":"Approval of a management agreement","url":"\/23.1-1005\/","token":"23.1\/III\/10\/4\/23.1-1005","metadata":false},{"id":56640,"structure_id":14810,"section_number":"23.1-1006","catch_line":"Management agreement; contents and scope","url":"\/23.1-1006\/","token":"23.1\/III\/10\/4\/23.1-1006","metadata":false},{"id":63108,"structure_id":14810,"section_number":"23.1-1007","catch_line":"Management agreement; 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operational authority generally","url":"\/23.1-1008\/","token":"23.1\/III\/10\/4\/23.1-1008","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/23.1-1007\/","history_text":"

This law was first created in 2005. The record of its establishment is cataloged in chapters 933<\/a> and 945<\/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. It has been modified 6 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 2006, chapter 775<\/a>; in 2009, chapters 827<\/a> and 845<\/a>; in 2011, chapters 828<\/a> and 869<\/a>; in 2013, chapter 482<\/a>; in 2014, chapter 628<\/a>; in 2016, chapter 588<\/a>.<\/p>","references":false,"refers_to":[{"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":71311,"section_number":"30-130","catch_line":"Election, term and compensation; vacancy","order_by":null,"url":"\/30-130\/"},{"id":78041,"section_number":"30-133","catch_line":"Duties and powers generally","order_by":null,"url":"\/30-133\/"}],"permalink":{"id":185553,"object_type":"law","relational_id":63108,"identifier":"23.1-1007","token":"23.1\/III\/10\/4\/23.1-1007","url":"\/23.1-1007\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/23.1-1007\/","token":"23.1\/III\/10\/4\/23.1-1007","dublin_core":{"Title":"Management agreement; duration and oversight","Type":"Text","Format":"text\/html","Identifier":"\u00a7 23.1-1007","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Each initial management agreement<\/span> shall remain in effect for a period of three years. Subsequent management agreements<\/span> shall remain in effect for a period of five years. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> If an existing management agreement<\/span> is not renewed or a new management agreement<\/span> is not executed prior to the expiration date, the existing agreement shall remain in effect on a provisional basis for a period not to exceed one year. If, after the expiration of the provisional one-year period, the management agreement<\/span> has not been renewed or a new agreement has not been executed, the public institution of higher education<\/span> shall not exercise such restructured operational authority until it enters into a new management agreement<\/span> with the Commonwealth. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> The Joint Legislative Audit and Review Commission, in cooperation with the Auditor of Public Accounts, shall review, for at least the first 24 months from the effective date of the management agreement<\/span>, the level of compliance with the expressed terms of the management agreement<\/span>, the degree to which the covered institution<\/span> has demonstrated its ability to manage successfully the administrative and financial operations of the institution without jeopardizing the financial integrity and stability of the institution, the degree to which the covered institution<\/span> is meeting the state goals set forth in subsection A of § 23.1-1002<\/a>, and any impact that the management agreement<\/span> has had on students and employees of the covered institution<\/span>. The Joint Legislative Audit and Review Commission shall make a written report of its review no later than June 30 of the third year of the management agreement<\/span>. The Joint Legislative Audit and Review Commission may conduct a similar review of any management agreement<\/span> entered into subsequent to the initial agreement. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The Auditor of Public Accounts or his legally authorized representatives shall audit annually accounts of all covered institutions<\/span> and shall distribute copies of each annual audit to the Governor and to the Chairmen of the House Committee on Appropriations and the Senate Committee on Finance and Appropriations. Pursuant to § 30-133<\/a>, the Auditor of Public Accounts and his legally authorized representatives shall examine annually the accounts and books of each such institution, but no covered institution<\/span> shall be deemed a state or governmental agency, advisory agency, public body, or agency or instrumentality for purposes of Chapter 14 (§ 30-130<\/a> et seq.) of Title 30 except for those provisions in such chapter that relate to requirements for financial recordkeeping and bookkeeping. Each covered institution<\/span> is subject to such other reviews and audits as are required by law<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> If the Governor makes a written determination that the covered institution<\/span> is not in substantial compliance with the terms of the management agreement<\/span> or with the requirements of this chapter, he shall provide a copy of that written determination to the chairman or rector of the governing board<\/span> of the covered institution<\/span> and to the General Assembly, and the covered institution<\/span> shall develop and implement a plan of corrective action. The covered institution<\/span> shall provide a copy of such corrective action plan to the Governor and General Assembly. If the Governor determines that the covered institution<\/span> is not yet in substantial compliance with the management agreement<\/span> or the requirements of this chapter after a reasonable period of time following the implementation of the corrective action plan, the Governor may void the management agreement<\/span> and the institution’s status as a covered institution<\/span> shall terminate and it shall not exercise such restructured operational authority until the institution enters into a subsequent management agreement<\/span> with the Cabinet Secretary designated by the Governor or the voided management agreement<\/span> is reinstated by the General Assembly. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> An institution’s status as a covered institution<\/span> may be revoked by an act of the General Assembly if the institution fails to meet the requirements of this article or the management agreement<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nMANAGEMENT AGREEMENT; DURATION AND OVERSIGHT (\u00a7 23.1-1007)\n\nA. Each initial management agreement shall remain in effect for a period of\nthree years. Subsequent management agreements shall remain in effect for a\nperiod of five years.\n\nB. If an existing management agreement is not renewed or a new management\nagreement is not executed prior to the expiration date, the existing agreement\nshall remain in effect on a provisional basis for a period not to exceed one\nyear. If, after the expiration of the provisional one-year period, the\nmanagement agreement has not been renewed or a new agreement has not been\nexecuted, the public institution of higher education shall not exercise such\nrestructured operational authority until it enters into a new management\nagreement with the Commonwealth.\n\nC. The Joint Legislative Audit and Review Commission, in cooperation with the\nAuditor of Public Accounts, shall review, for at least the first 24 months from\nthe effective date of the management agreement, the level of compliance with the\nexpressed terms of the management agreement, the degree to which the covered\ninstitution has demonstrated its ability to manage successfully the\nadministrative and financial operations of the institution without jeopardizing\nthe financial integrity and stability of the institution, the degree to which\nthe covered institution is meeting the state goals set forth in subsection A of\n§ 23.1-1002, and any impact that the management agreement has had on\nstudents and employees of the covered institution. The Joint Legislative Audit\nand Review Commission shall make a written report of its review no later than\nJune 30 of the third year of the management agreement. The Joint Legislative\nAudit and Review Commission may conduct a similar review of any management\nagreement entered into subsequent to the initial agreement.\n\nD. The Auditor of Public Accounts or his legally authorized representatives\nshall audit annually accounts of all covered institutions and shall distribute\ncopies of each annual audit to the Governor and to the Chairmen of the House\nCommittee on Appropriations and the Senate Committee on Finance and\nAppropriations. Pursuant to § 30-133, the Auditor of Public Accounts and\nhis legally authorized representatives shall examine annually the accounts and\nbooks of each such institution, but no covered institution shall be deemed a\nstate or governmental agency, advisory agency, public body, or agency or\ninstrumentality for purposes of Chapter 14 (§ 30-130 et seq.) of Title 30\nexcept for those provisions in such chapter that relate to requirements for\nfinancial recordkeeping and bookkeeping. Each covered institution is subject to\nsuch other reviews and audits as are required by law.\n\nE. If the Governor makes a written determination that the covered institution is\nnot in substantial compliance with the terms of the management agreement or with\nthe requirements of this chapter, he shall provide a copy of that written\ndetermination to the chairman or rector of the governing board of the covered\ninstitution and to the General Assembly, and the covered institution shall\ndevelop and implement a plan of corrective action. The covered institution shall\nprovide a copy of such corrective action plan to the Governor and General\nAssembly. If the Governor determines that the covered institution is not yet in\nsubstantial compliance with the management agreement or the requirements of this\nchapter after a reasonable period of time following the implementation of the\ncorrective action plan, the Governor may void the management agreement and the\ninstitution’s status as a covered institution shall terminate and it shall\nnot exercise such restructured operational authority until the institution\nenters into a subsequent management agreement with the Cabinet Secretary\ndesignated by the Governor or the voided management agreement is reinstated by\nthe General Assembly.\n\nF. An institution’s status as a covered institution may be revoked by an\nact of the General Assembly if the institution fails to meet the requirements of\nthis article or the management agreement.\n\nHISTORY: 2005, cc. 933, 945, \u00a7\u00a7 23-38.88, 23-38.94. 23-38.98; 2006, c. 775;\n2009, cc. 827, 845; 2011, cc. 828, 869; 2013, c. 482; 2014, c. 628; 2016, c.\n588.","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}}