{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/23.1-1013.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/23.1-1013.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/23.1-1013.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/23.1-1013.html"}],"law_id":79752,"edition_id":1,"section_id":79752,"structure_id":14810,"section_number":"23.1-1013","catch_line":"Covered institutions; operational authority; financial operations; investment of operating funds","history":"2005, cc. 933, 945, \u00a7 23-38.105; 2016, c. 588.","full_text":"Each covered institution may invest its operating funds in any obligations or securities that are considered legal investments for public funds in accordance with Chapter 45 (\u00a7 2.2-4500 et seq.) of Title 2.2. Such institution’s governing board shall adopt written investment guidelines that provide that such investments shall be made solely in the interest of the covered institution and shall be undertaken with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims.","order_by":null,"text":{"0":{"id":285761,"text":"Each covered institution may invest its operating funds in any obligations or securities that are considered legal investments for public funds in accordance with Chapter 45 (\u00a7 2.2-4500 et seq.) of Title 2.2. Such institution’s governing board shall adopt written investment guidelines that provide that such investments shall be made solely in the interest of the covered institution and shall be undertaken with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims.","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1}},"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; duration and oversight","url":"\/23.1-1007\/","token":"23.1\/III\/10\/4\/23.1-1007","metadata":false},{"id":58529,"structure_id":14810,"section_number":"23.1-1008","catch_line":"Covered institutions; operational authority generally","url":"\/23.1-1008\/","token":"23.1\/III\/10\/4\/23.1-1008","metadata":false},{"id":68969,"structure_id":14810,"section_number":"23.1-1009","catch_line":"Covered institutions; operational authority; projects","url":"\/23.1-1009\/","token":"23.1\/III\/10\/4\/23.1-1009","metadata":false},{"id":71430,"structure_id":14810,"section_number":"23.1-1010","catch_line":"Covered institutions; operational authority; creation of entities and participation in joint ventures","url":"\/23.1-1010\/","token":"23.1\/III\/10\/4\/23.1-1010","metadata":false},{"id":66142,"structure_id":14810,"section_number":"23.1-1011","catch_line":"Covered institutions; operational authority; campus police","url":"\/23.1-1011\/","token":"23.1\/III\/10\/4\/23.1-1011","metadata":false},{"id":69766,"structure_id":14810,"section_number":"23.1-1012","catch_line":"Covered institutions; operational authority; financial operations generally","url":"\/23.1-1012\/","token":"23.1\/III\/10\/4\/23.1-1012","metadata":false},{"id":79752,"structure_id":14810,"section_number":"23.1-1013","catch_line":"Covered institutions; operational authority; financial operations; investment of operating funds","url":"\/23.1-1013\/","token":"23.1\/III\/10\/4\/23.1-1013","metadata":false},{"id":68235,"structure_id":14810,"section_number":"23.1-1014","catch_line":"Covered institutions; operational authority; financial operations; financing and indebtedness","url":"\/23.1-1014\/","token":"23.1\/III\/10\/4\/23.1-1014","metadata":false},{"id":65904,"structure_id":14810,"section_number":"23.1-1015","catch_line":"Covered institutions; operational authority; financial operations; power to issue bonds, notes, or other obligations","url":"\/23.1-1015\/","token":"23.1\/III\/10\/4\/23.1-1015","metadata":false},{"id":86805,"structure_id":14810,"section_number":"23.1-1016","catch_line":"Covered institutions; operational authority; financial operations; capital projects","url":"\/23.1-1016\/","token":"23.1\/III\/10\/4\/23.1-1016","metadata":false},{"id":74516,"structure_id":14810,"section_number":"23.1-1017","catch_line":"Covered institutions; operational authority; procurement","url":"\/23.1-1017\/","token":"23.1\/III\/10\/4\/23.1-1017","metadata":false},{"id":79632,"structure_id":14810,"section_number":"23.1-1018","catch_line":"Covered institutions; operational authority; information technology","url":"\/23.1-1018\/","token":"23.1\/III\/10\/4\/23.1-1018","metadata":false},{"id":68739,"structure_id":14810,"section_number":"23.1-1019","catch_line":"Covered institutions; operational authority; property, grants, and loans","url":"\/23.1-1019\/","token":"23.1\/III\/10\/4\/23.1-1019","metadata":false},{"id":61212,"structure_id":14810,"section_number":"23.1-1020","catch_line":"Covered institutions; operational authority; human resources; covered employees generally","url":"\/23.1-1020\/","token":"23.1\/III\/10\/4\/23.1-1020","metadata":false},{"id":78983,"structure_id":14810,"section_number":"23.1-1021","catch_line":"Covered institutions; operational authority; human resources; establishment of a human resources program","url":"\/23.1-1021\/","token":"23.1\/III\/10\/4\/23.1-1021","metadata":false},{"id":59817,"structure_id":14810,"section_number":"23.1-1022","catch_line":"Covered institutions; operational authority; human resources; election by certain covered employees","url":"\/23.1-1022\/","token":"23.1\/III\/10\/4\/23.1-1022","metadata":false},{"id":67808,"structure_id":14810,"section_number":"23.1-1023","catch_line":"Covered institutions; operational authority; human resources; grievance procedures","url":"\/23.1-1023\/","token":"23.1\/III\/10\/4\/23.1-1023","metadata":false},{"id":75091,"structure_id":14810,"section_number":"23.1-1024","catch_line":"Covered institutions; operational authority; human resources; miscellaneous personnel matters","url":"\/23.1-1024\/","token":"23.1\/III\/10\/4\/23.1-1024","metadata":false},{"id":76407,"structure_id":14810,"section_number":"23.1-1025","catch_line":"Covered institutions; operational authority; human resources; certain insurance plans","url":"\/23.1-1025\/","token":"23.1\/III\/10\/4\/23.1-1025","metadata":false},{"id":64122,"structure_id":14810,"section_number":"23.1-1026","catch_line":"Covered institutions; operational authority; human resources; severance policies","url":"\/23.1-1026\/","token":"23.1\/III\/10\/4\/23.1-1026","metadata":false},{"id":82551,"structure_id":14810,"section_number":"23.1-1027","catch_line":"Covered institutions; duties; tuition, fees, rentals, and other charges","url":"\/23.1-1027\/","token":"23.1\/III\/10\/4\/23.1-1027","metadata":false},{"id":73063,"structure_id":14810,"section_number":"23.1-1028","catch_line":"Covered institutions; duties; leases of property","url":"\/23.1-1028\/","token":"23.1\/III\/10\/4\/23.1-1028","metadata":false}],"previous_section":{"id":69766,"structure_id":14810,"section_number":"23.1-1012","catch_line":"Covered institutions; operational authority; financial operations generally","url":"\/23.1-1012\/","token":"23.1\/III\/10\/4\/23.1-1012","metadata":false},"next_section":{"id":68235,"structure_id":14810,"section_number":"23.1-1014","catch_line":"Covered institutions; operational authority; financial operations; financing and indebtedness","url":"\/23.1-1014\/","token":"23.1\/III\/10\/4\/23.1-1014","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/23.1-1013\/","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 1 time. 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. That modification is as follows: in 2016, chapter 588<\/a>.<\/p>","references":[{"id":69766,"section_number":"23.1-1012","catch_line":"Covered institutions; operational authority; financial operations generally","order_by":null,"url":"\/23.1-1012\/"}],"refers_to":[{"id":65575,"section_number":"2.2-4500","catch_line":"Legal investments for public sinking funds","order_by":null,"url":"\/2.2-4500\/"}],"permalink":{"id":185577,"object_type":"law","relational_id":79752,"identifier":"23.1-1013","token":"23.1\/III\/10\/4\/23.1-1013","url":"\/23.1-1013\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/23.1-1013\/","token":"23.1\/III\/10\/4\/23.1-1013","dublin_core":{"Title":"Covered institutions; operational authority; financial operations; investment of operating funds","Type":"Text","Format":"text\/html","Identifier":"\u00a7 23.1-1013","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

Each covered institution<\/span> may invest its operating funds in any obligations or securities that are considered legal investments for public funds in accordance with Chapter 45 (\u00a7 2.2-4500<\/a> et seq.) of Title 2.2. Such institution’s governing board<\/span> shall adopt written investment guidelines that provide that such investments shall be made solely in the interest of the covered institution<\/span> and shall be undertaken with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims.<\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCOVERED INSTITUTIONS; OPERATIONAL AUTHORITY; FINANCIAL OPERATIONS; INVESTMENT OF\nOPERATING FUNDS (\u00a7 23.1-1013)\n\nEach covered institution may invest its operating funds in any obligations or\nsecurities that are considered legal investments for public funds in accordance\nwith Chapter 45 (\u00a7 2.2-4500 et seq.) of Title 2.2. Such institution’s\ngoverning board shall adopt written investment guidelines that provide that such\ninvestments shall be made solely in the interest of the covered institution and\nshall be undertaken with the care, skill, prudence, and diligence under the\ncircumstances then prevailing that a prudent person acting in a like capacity\nand familiar with such matters would use in the conduct of an enterprise of a\nlike character and with like aims.\n\nHISTORY: 2005, cc. 933, 945, \u00a7 23-38.105; 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}}