{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/23.1-2803.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/23.1-2803.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/23.1-2803.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/23.1-2803.html"}],"law_id":86366,"edition_id":1,"section_id":86366,"structure_id":13901,"section_number":"23.1-2803","catch_line":"Investment of endowment funds, endowment income, etc","history":"2009, cc. 737, 767, \u00a7 23-44.1; 2016, c. 588.","full_text":"A\n\nAs used in this section:\n\t\t\t“Derivative” means a contract or financial instrument or a combination of contracts and financial instruments, including any contract commonly known as a “swap,” that gives the university the right or obligation to deliver, receive delivery of, or make or receive payments based on changes in the price, value, yield, or other characteristic of a tangible or intangible asset or group of assets or changes in a rate, index of prices or rates, or other market indicator for an asset or group of assets.\n\t\t\t“Financial security” means (i) any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest, collateral-trust certificate, preorganization certificate of subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, or fractional undivided interest in oil, gas, or other mineral rights; (ii) any put, call, straddle, option, or privilege on any security, certificate of deposit, or group or index of securities, including any interest therein or based on the value thereof; (iii) any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency; (iv) in general, any interest or instrument commonly known as a “security”; or (v) any certificate of interest or participation in, temporary or interim security for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any financial security.\n\t\t\t“Option” means an agreement or contract whereby the university may grant or receive the right to purchase, sell, or pay or receive the value of any personal property asset, including any agreement or contract that relates to any security, contract, or agreement.B\n\nThe board shall invest and manage the endowment funds, endowment income, gifts, all other nongeneral fund reserves and balances, and local funds of or held by the university in accordance with this section and the provisions of the Uniform Prudent Management of Institutional Funds Act (§ 64.2-1100 et seq.).C\n\nNo member of the board is personally liable for losses suffered by any endowment fund, endowment income, gift, other nongeneral fund reserve and balance, or local funds of or held by the university arising from investments made pursuant to the provisions of subsection B.D\n\nThe investment and management of endowment funds, endowment income, gifts, all other nongeneral fund reserves and balances, or local funds of or held by the university are not subject to the provisions of the Virginia Public Procurement Act (§ 2.2-4300 et seq.).E\n\nIn addition to the investment practices authorized by the Uniform Prudent Management of Institutional Funds Act (§ 64.2-1100 et seq.), the board may invest or reinvest the endowment funds, endowment income, gifts, all other nongeneral fund reserves and balances, and local funds of or held by the university in derivatives, options, and financial securities.F\n\nThe authority provided in this section to invest and reinvest nongeneral fund reserves and balances of or held by the university is predicated upon an approved management agreement between the university and the Commonwealth.","order_by":null,"text":{"0":{"id":309304,"text":"As used in this section:\n\t\t\t“Derivative” means a contract or financial instrument or a combination of contracts and financial instruments, including any contract commonly known as a “swap,” that gives the university the right or obligation to deliver, receive delivery of, or make or receive payments based on changes in the price, value, yield, or other characteristic of a tangible or intangible asset or group of assets or changes in a rate, index of prices or rates, or other market indicator for an asset or group of assets.\n\t\t\t“Financial security” means (i) any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest, collateral-trust certificate, preorganization certificate of subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, or fractional undivided interest in oil, gas, or other mineral rights; (ii) any put, call, straddle, option, or privilege on any security, certificate of deposit, or group or index of securities, including any interest therein or based on the value thereof; (iii) any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency; (iv) in general, any interest or instrument commonly known as a “security”; or (v) any certificate of interest or participation in, temporary or interim security for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any financial security.\n\t\t\t“Option” means an agreement or contract whereby the university may grant or receive the right to purchase, sell, or pay or receive the value of any personal property asset, including any agreement or contract that relates to any security, contract, or agreement.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":309305,"text":"The board shall invest and manage the endowment funds, endowment income, gifts, all other nongeneral fund reserves and balances, and local funds of or held by the university in accordance with this section and the provisions of the Uniform Prudent Management of Institutional Funds Act (§ 64.2-1100 et seq.).","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":309306,"text":"No member of the board is personally liable for losses suffered by any endowment fund, endowment income, gift, other nongeneral fund reserve and balance, or local funds of or held by the university arising from investments made pursuant to the provisions of subsection B.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":309307,"text":"The investment and management of endowment funds, endowment income, gifts, all other nongeneral fund reserves and balances, or local funds of or held by the university are not subject to the provisions of the Virginia Public Procurement Act (§ 2.2-4300 et seq.).","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":309308,"text":"In addition to the investment practices authorized by the Uniform Prudent Management of Institutional Funds Act (§ 64.2-1100 et seq.), the board may invest or reinvest the endowment funds, endowment income, gifts, all other nongeneral fund reserves and balances, and local funds of or held by the university in derivatives, options, and financial securities.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"5":{"id":309309,"text":"The authority provided in this section to invest and reinvest nongeneral fund reserves and balances of or held by the university is predicated upon an approved management agreement between the university and the Commonwealth.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E"}},"ancestry":[{"id":13901,"edition_id":1,"name":"The College of William and Mary in Virginia; Richard Bland College","identifier":"28","label":"chapter","depth":3,"order_by":1,"parent_id":13798,"metadata":{},"date_created":"2026-06-26 03:46:14","date_modified":"2026-06-26 03:46:14","permalink":{"id":186705,"object_type":"structure","relational_id":13901,"identifier":"28","token":"23.1\/IV\/28","url":"\/23.1\/IV\/28\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13798,"edition_id":1,"name":"Public Institutions of Higher Education","identifier":"IV","label":"subtitle","depth":2,"order_by":1,"parent_id":13111,"metadata":{},"date_created":"2026-06-26 03:45:54","date_modified":"2026-06-26 03:45:54","permalink":{"id":185925,"object_type":"structure","relational_id":13798,"identifier":"IV","token":"23.1\/IV","url":"\/23.1\/IV\/","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":66424,"structure_id":13901,"section_number":"23.1-2800","catch_line":"Corporate name; name of the University","url":"\/23.1-2800\/","token":"23.1\/IV\/28\/23.1-2800","metadata":false},{"id":61591,"structure_id":13901,"section_number":"23.1-2801","catch_line":"Membership","url":"\/23.1-2801\/","token":"23.1\/IV\/28\/23.1-2801","metadata":false},{"id":70848,"structure_id":13901,"section_number":"23.1-2802","catch_line":"Powers and duties","url":"\/23.1-2802\/","token":"23.1\/IV\/28\/23.1-2802","metadata":false},{"id":86366,"structure_id":13901,"section_number":"23.1-2803","catch_line":"Investment of endowment funds, endowment income, etc","url":"\/23.1-2803\/","token":"23.1\/IV\/28\/23.1-2803","metadata":false},{"id":86049,"structure_id":13901,"section_number":"23.1-2804","catch_line":"Program of instruction to educate and train teachers","url":"\/23.1-2804\/","token":"23.1\/IV\/28\/23.1-2804","metadata":false},{"id":80751,"structure_id":13901,"section_number":"23.1-2805","catch_line":"Duties; student admissions; degrees","url":"\/23.1-2805\/","token":"23.1\/IV\/28\/23.1-2805","metadata":false},{"id":56691,"structure_id":13901,"section_number":"23.1-2806","catch_line":"Repealed","url":"\/23.1-2806\/","token":"23.1\/IV\/28\/23.1-2806","metadata":false},{"id":75112,"structure_id":13901,"section_number":"23.1-2807","catch_line":"Virginia Institute of Marine Science","url":"\/23.1-2807\/","token":"23.1\/IV\/28\/23.1-2807","metadata":false},{"id":54940,"structure_id":13901,"section_number":"23.1-2808","catch_line":"Approval for transfer of College Woods","url":"\/23.1-2808\/","token":"23.1\/IV\/28\/23.1-2808","metadata":false}],"previous_section":{"id":70848,"structure_id":13901,"section_number":"23.1-2802","catch_line":"Powers and duties","url":"\/23.1-2802\/","token":"23.1\/IV\/28\/23.1-2802","metadata":false},"next_section":{"id":86049,"structure_id":13901,"section_number":"23.1-2804","catch_line":"Program of instruction to educate and train teachers","url":"\/23.1-2804\/","token":"23.1\/IV\/28\/23.1-2804","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/23.1-2803\/","history_text":"

This law was first created in 2009. The record of its establishment is cataloged in chapters 737<\/a> and 767<\/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":79544,"section_number":"2.2-3705.7","catch_line":"Exclusions to application of chapter; records of specific public bodies and certain other limited exclusions","order_by":null,"url":"\/2.2-3705.7\/"},{"id":54190,"section_number":"2.2-4343","catch_line":"Exemption from operation of chapter for certain transactions","order_by":null,"url":"\/2.2-4343\/"}],"refers_to":[{"id":70034,"section_number":"2.2-4300","catch_line":"Short title; purpose; declaration of intent","order_by":null,"url":"\/2.2-4300\/"},{"id":84375,"section_number":"64.2-1100","catch_line":"Definitions","order_by":null,"url":"\/64.2-1100\/"}],"permalink":{"id":186719,"object_type":"law","relational_id":86366,"identifier":"23.1-2803","token":"23.1\/IV\/28\/23.1-2803","url":"\/23.1-2803\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/23.1-2803\/","token":"23.1\/IV\/28\/23.1-2803","dublin_core":{"Title":"Investment of endowment funds, endowment income, etc","Type":"Text","Format":"text\/html","Identifier":"\u00a7 23.1-2803","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> As used in this section:\n\t\t\t“Derivative<\/span>” means a contract<\/span> or financial instrument or a combination of contracts<\/span> and financial instruments, including any contract<\/span> commonly known as a “swap,” that gives the university the right or obligation to deliver, receive delivery of, or make or receive payments based on changes in the price, value, yield, or other characteristic of a tangible or intangible asset or group of assets<\/span> or changes in a rate, index of prices or rates, or other market indicator for an asset or group of assets<\/span>.\n\t\t\t“Financial security<\/span>” means (i) any note, stock, treasury stock, bond<\/span>, debenture, evidence<\/span> of indebtedness, certificate of interest, collateral<\/span>-trust certificate, preorganization certificate of subscription, transferable share, investment contract<\/span>, voting-trust certificate, certificate of deposit for a security, or fractional undivided interest in oil, gas, or other mineral rights; (ii) any put, call, straddle, option<\/span>, or privilege<\/span> on any security, certificate of deposit, or group or index of securities, including any interest therein or based on the value thereof; (iii) any put, call, straddle, option<\/span>, or privilege<\/span> entered into on a national securities exchange relating to foreign currency; (iv) in general, any interest or instrument commonly known as a “security”; or (v) any certificate of interest or participation in, temporary or interim security for, receipt for, guarantee of, or warrant or right to subscribe to or purchase any financial security<\/span>.\n\t\t\t“Option<\/span>” means an agreement or contract<\/span> whereby the university may grant or receive the right to purchase, sell, or pay or receive the value of any personal property asset, including any agreement or contract<\/span> that relates to any security, contract<\/span>, or agreement. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The board shall invest and manage the endowment funds, endowment income, gifts, all other nongeneral fund reserves and balances, and local funds of or held by the university in accordance with this section and the provisions of the Uniform Prudent Management of Institutional Funds Act (§ 64.2-1100<\/a> et seq.). <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> No member of the board is personally liable for losses suffered by any endowment fund, endowment income, gift, other nongeneral fund reserve and balance, or local funds of or held by the university arising from investments made pursuant to the provisions of subsection B. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> The investment and management of endowment funds, endowment income, gifts, all other nongeneral fund reserves and balances, or local funds of or held by the university are not subject to the provisions of the Virginia Public Procurement Act (§ 2.2-4300<\/a> et seq.). <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> In addition to the investment practices authorized by the Uniform Prudent Management of Institutional Funds Act (§ 64.2-1100<\/a> et seq.), the board may invest or reinvest the endowment funds, endowment income, gifts, all other nongeneral fund reserves and balances, and local funds of or held by the university in derivatives<\/span>, options<\/span>, and financial securities. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> The authority provided in this section to invest and reinvest nongeneral fund reserves and balances of or held by the university is predicated upon an approved management agreement between the university and the Commonwealth. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nINVESTMENT OF ENDOWMENT FUNDS, ENDOWMENT INCOME, ETC (\u00a7 23.1-2803)\n\nA. As used in this section:\n\t\t\t“Derivative” means a contract or financial instrument or a\ncombination of contracts and financial instruments, including any contract\ncommonly known as a “swap,” that gives the university the right or\nobligation to deliver, receive delivery of, or make or receive payments based on\nchanges in the price, value, yield, or other characteristic of a tangible or\nintangible asset or group of assets or changes in a rate, index of prices or\nrates, or other market indicator for an asset or group of assets.\n\t\t\t“Financial security” means (i) any note, stock, treasury stock,\nbond, debenture, evidence of indebtedness, certificate of interest,\ncollateral-trust certificate, preorganization certificate of subscription,\ntransferable share, investment contract, voting-trust certificate, certificate\nof deposit for a security, or fractional undivided interest in oil, gas, or\nother mineral rights; (ii) any put, call, straddle, option, or privilege on any\nsecurity, certificate of deposit, or group or index of securities, including any\ninterest therein or based on the value thereof; (iii) any put, call, straddle,\noption, or privilege entered into on a national securities exchange relating to\nforeign currency; (iv) in general, any interest or instrument commonly known as\na “security”; or (v) any certificate of interest or participation\nin, temporary or interim security for, receipt for, guarantee of, or warrant or\nright to subscribe to or purchase any financial security.\n\t\t\t“Option” means an agreement or contract whereby the university\nmay grant or receive the right to purchase, sell, or pay or receive the value of\nany personal property asset, including any agreement or contract that relates to\nany security, contract, or agreement.\n\nB. The board shall invest and manage the endowment funds, endowment income,\ngifts, all other nongeneral fund reserves and balances, and local funds of or\nheld by the university in accordance with this section and the provisions of the\nUniform Prudent Management of Institutional Funds Act (§ 64.2-1100 et\nseq.).\n\nC. No member of the board is personally liable for losses suffered by any\nendowment fund, endowment income, gift, other nongeneral fund reserve and\nbalance, or local funds of or held by the university arising from investments\nmade pursuant to the provisions of subsection B.\n\nD. The investment and management of endowment funds, endowment income, gifts,\nall other nongeneral fund reserves and balances, or local funds of or held by\nthe university are not subject to the provisions of the Virginia Public\nProcurement Act (§ 2.2-4300 et seq.).\n\nE. In addition to the investment practices authorized by the Uniform Prudent\nManagement of Institutional Funds Act (§ 64.2-1100 et seq.), the board may\ninvest or reinvest the endowment funds, endowment income, gifts, all other\nnongeneral fund reserves and balances, and local funds of or held by the\nuniversity in derivatives, options, and financial securities.\n\nF. The authority provided in this section to invest and reinvest nongeneral fund\nreserves and balances of or held by the university is predicated upon an\napproved management agreement between the university and the Commonwealth.\n\nHISTORY: 2009, cc. 737, 767, \u00a7 23-44.1; 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}}