{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/32.1-162.28.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/32.1-162.28.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/32.1-162.28.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/32.1-162.28.html"}],"law_id":83252,"edition_id":1,"section_id":83252,"structure_id":13291,"section_number":"32.1-162.28","catch_line":"Commonwealth Health Research Fund established; administration","history":"1997, cc. 803, 888, 891, \u00a7 23-284; 2000, cc. 675, 700; 2002, cc. 591, 612; 2013, c. 687; 2016, c. 588.","full_text":"A\n\nThere is created in the state treasury a special nonreverting fund to be known as the Commonwealth Health Research Fund. The Fund shall be established on the books of the Comptroller.B\n\nThe Fund shall consist of all stock and cash distributed to the Commonwealth as a policyholder pursuant to the conversion of Blue Cross and Blue Shield of Virginia, doing business as Trigon Blue Cross Blue Shield, from a mutual insurance company to a Virginia stock corporation known as Trigon Healthcare, Inc., exclusive of cash paid by Blue Cross and Blue Shield of Virginia or its successor to the Commonwealth in connection with such conversion, which was assumed as general fund revenue in Chapter 912 of the Acts of Assembly of 1996. The Fund shall also consist of any moneys appropriated from the general fund, grants and donations received by the Board, and other moneys received by the State Treasurer and designated for deposit in the Fund. Interest and other income earned on moneys in the Fund shall remain in the Fund and be credited to it. Any moneys remaining in the Fund, including interest and other income thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund.C\n\nNotwithstanding any other provision of law, the moneys and other property constituting the Fund shall be invested, reinvested, and managed by the Board of the Virginia Retirement System as provided in § 51.1-124.36. The State Treasurer is not liable for losses suffered by the Virginia Retirement System on investments made under the authority of this section.D\n\nMoneys in the Fund shall be expended solely for the purpose of supporting research efforts approved by the Board and any other purpose permitted by this chapter.E\n\nAn amount not to exceed six percent of the moving average of the market value of the Fund calculated over the previous five years or since inception, whichever is shorter, on a one-year delayed basis, net of any administrative fee assessed pursuant to subsection E of § 51.1-124.36, may be expended in a calendar year for any purpose permitted by this chapter. The Board is not required to expend such amount in a calendar year, and any amount up to such six percent that is not expended in a calendar year may be expended in any other calendar year.F\n\nExpenditures and disbursements from the Fund shall be made by the State Treasurer on warrants issued by the Comptroller upon written request signed by the chairman of the Board.","order_by":null,"text":{"0":{"id":298281,"text":"There is created in the state treasury a special nonreverting fund to be known as the Commonwealth Health Research Fund. The Fund shall be established on the books of the Comptroller.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":298282,"text":"The Fund shall consist of all stock and cash distributed to the Commonwealth as a policyholder pursuant to the conversion of Blue Cross and Blue Shield of Virginia, doing business as Trigon Blue Cross Blue Shield, from a mutual insurance company to a Virginia stock corporation known as Trigon Healthcare, Inc., exclusive of cash paid by Blue Cross and Blue Shield of Virginia or its successor to the Commonwealth in connection with such conversion, which was assumed as general fund revenue in Chapter 912 of the Acts of Assembly of 1996. The Fund shall also consist of any moneys appropriated from the general fund, grants and donations received by the Board, and other moneys received by the State Treasurer and designated for deposit in the Fund. Interest and other income earned on moneys in the Fund shall remain in the Fund and be credited to it. Any moneys remaining in the Fund, including interest and other income thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":298283,"text":"Notwithstanding any other provision of law, the moneys and other property constituting the Fund shall be invested, reinvested, and managed by the Board of the Virginia Retirement System as provided in § 51.1-124.36. The State Treasurer is not liable for losses suffered by the Virginia Retirement System on investments made under the authority of this section.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"3":{"id":298284,"text":"Moneys in the Fund shall be expended solely for the purpose of supporting research efforts approved by the Board and any other purpose permitted by this chapter.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"4":{"id":298285,"text":"An amount not to exceed six percent of the moving average of the market value of the Fund calculated over the previous five years or since inception, whichever is shorter, on a one-year delayed basis, net of any administrative fee assessed pursuant to subsection E of § 51.1-124.36, may be expended in a calendar year for any purpose permitted by this chapter. The Board is not required to expend such amount in a calendar year, and any amount up to such six percent that is not expended in a calendar year may be expended in any other calendar year.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"5":{"id":298286,"text":"Expenditures and disbursements from the Fund shall be made by the State Treasurer on warrants issued by the Comptroller upon written request signed by the chairman of the Board.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E"}},"ancestry":[{"id":13291,"edition_id":1,"name":"Commonwealth Health Research Board and Fund; Christopher Reeve Stem Cell Research Fund","identifier":"5.3","label":"chapter","depth":2,"order_by":1,"parent_id":12727,"metadata":{},"date_created":"2026-06-26 03:44:35","date_modified":"2026-06-26 03:44:35","permalink":{"id":203515,"object_type":"structure","relational_id":13291,"identifier":"5.3","token":"32.1\/5.3","url":"\/32.1\/5.3\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12727,"edition_id":1,"name":"Health","identifier":"32.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:50","date_modified":"2026-06-26 03:43:50","permalink":{"id":201099,"object_type":"structure","relational_id":12727,"identifier":"32.1","token":"32.1","url":"\/32.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":77998,"structure_id":13291,"section_number":"32.1-162.23","catch_line":"Commonwealth Health Research Board established","url":"\/32.1-162.23\/","token":"32.1\/5.3\/32.1-162.23","metadata":false},{"id":79767,"structure_id":13291,"section_number":"32.1-162.24","catch_line":"Duties of the Board","url":"\/32.1-162.24\/","token":"32.1\/5.3\/32.1-162.24","metadata":false},{"id":78208,"structure_id":13291,"section_number":"32.1-162.25","catch_line":"Powers of the Board","url":"\/32.1-162.25\/","token":"32.1\/5.3\/32.1-162.25","metadata":false},{"id":80424,"structure_id":13291,"section_number":"32.1-162.26","catch_line":"Conditions and restrictions on financial assistance","url":"\/32.1-162.26\/","token":"32.1\/5.3\/32.1-162.26","metadata":false},{"id":72365,"structure_id":13291,"section_number":"32.1-162.27","catch_line":"Cooperation with other agencies","url":"\/32.1-162.27\/","token":"32.1\/5.3\/32.1-162.27","metadata":false},{"id":83252,"structure_id":13291,"section_number":"32.1-162.28","catch_line":"Commonwealth Health Research Fund established; administration","url":"\/32.1-162.28\/","token":"32.1\/5.3\/32.1-162.28","metadata":false},{"id":78893,"structure_id":13291,"section_number":"32.1-162.29","catch_line":"Form and audit of accounts and records","url":"\/32.1-162.29\/","token":"32.1\/5.3\/32.1-162.29","metadata":false},{"id":86463,"structure_id":13291,"section_number":"32.1-162.30","catch_line":"Annual report","url":"\/32.1-162.30\/","token":"32.1\/5.3\/32.1-162.30","metadata":false},{"id":61250,"structure_id":13291,"section_number":"32.1-162.31","catch_line":"Christopher Reeve Stem Cell Research Fund","url":"\/32.1-162.31\/","token":"32.1\/5.3\/32.1-162.31","metadata":false},{"id":54282,"structure_id":13291,"section_number":"32.1-162.31:1","catch_line":"Florence Neal Cooper Smith Sickle Cell Research Endowment Fund","url":"\/32.1-162.31_1\/","token":"32.1\/5.3\/32.1-162.31_1","metadata":false}],"previous_section":{"id":72365,"structure_id":13291,"section_number":"32.1-162.27","catch_line":"Cooperation with other agencies","url":"\/32.1-162.27\/","token":"32.1\/5.3\/32.1-162.27","metadata":false},"next_section":{"id":78893,"structure_id":13291,"section_number":"32.1-162.29","catch_line":"Form and audit of accounts and records","url":"\/32.1-162.29\/","token":"32.1\/5.3\/32.1-162.29","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/32.1-162.28\/","history_text":"

This law was first created in 1997. The record of its establishment is cataloged in chapters 803<\/a>, 888<\/a>, and 891<\/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 4 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 2000, chapters 675<\/a> and 700<\/a>; in 2002, chapters 591<\/a> and 612<\/a>; in 2013, chapter 687<\/a>; in 2016, chapter 588<\/a>.<\/p>","references":false,"refers_to":[{"id":66913,"section_number":"51.1-124.36","catch_line":"Investment of assets of the Commonwealth Health Research Fund","order_by":null,"url":"\/51.1-124.36\/"}],"permalink":{"id":203537,"object_type":"law","relational_id":83252,"identifier":"32.1-162.28","token":"32.1\/5.3\/32.1-162.28","url":"\/32.1-162.28\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/32.1-162.28\/","token":"32.1\/5.3\/32.1-162.28","dublin_core":{"Title":"Commonwealth Health Research Fund established; administration","Type":"Text","Format":"text\/html","Identifier":"\u00a7 32.1-162.28","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> There is created in the state treasury a special nonreverting fund to be known as the Commonwealth Health Research Fund. The Fund shall be established on the books of the Comptroller. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Fund shall consist of all stock and cash distributed to the Commonwealth as a policyholder pursuant to the conversion of Blue Cross and Blue Shield of Virginia, doing business as Trigon Blue Cross Blue Shield, from a mutual insurance company to a Virginia stock corporation known as Trigon Healthcare, Inc., exclusive of cash paid by Blue Cross and Blue Shield of Virginia or its successor to the Commonwealth in connection with such conversion, which was assumed as general fund revenue in Chapter 912 of the Acts of Assembly of 1996. The Fund shall also consist of any moneys appropriated from the general fund, grants and donations received by the Board<\/span>, and other moneys received by the State Treasurer and designated for deposit in the Fund. Interest and other income earned on moneys in the Fund shall remain in the Fund and be credited to it. Any moneys remaining in the Fund, including interest and other income thereon, at the end of each fiscal year shall not revert to the general fund but shall remain in the Fund. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Notwithstanding any other provision of law<\/span>, the moneys and other property constituting the Fund shall be invested, reinvested, and managed by the Board<\/span> of the Virginia Retirement System as provided in § 51.1-124.36<\/a>. The State Treasurer is not liable for losses suffered by the Virginia Retirement System on investments made under the authority of this section. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> Moneys in the Fund shall be expended solely for the purpose of supporting research efforts approved by the Board<\/span> and any other purpose permitted by this chapter. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> An amount not to exceed six percent of the moving average of the market value of the Fund calculated over the previous five years or since inception, whichever is shorter, on a one-year delayed basis, net of any administrative fee assessed pursuant to subsection E of § 51.1-124.36<\/a>, may be expended in a calendar year for any purpose permitted by this chapter. The Board<\/span> is not required to expend such amount in a calendar year, and any amount up to such six percent that is not expended in a calendar year may be expended in any other calendar year. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> Expenditures and disbursements from the Fund shall be made by the State Treasurer on warrants issued by the Comptroller upon written request signed by the chairman of the Board<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nCOMMONWEALTH HEALTH RESEARCH FUND ESTABLISHED; ADMINISTRATION (\u00a7 32.1-162.28)\n\nA. There is created in the state treasury a special nonreverting fund to be\nknown as the Commonwealth Health Research Fund. The Fund shall be established on\nthe books of the Comptroller.\n\nB. The Fund shall consist of all stock and cash distributed to the Commonwealth\nas a policyholder pursuant to the conversion of Blue Cross and Blue Shield of\nVirginia, doing business as Trigon Blue Cross Blue Shield, from a mutual\ninsurance company to a Virginia stock corporation known as Trigon Healthcare,\nInc., exclusive of cash paid by Blue Cross and Blue Shield of Virginia or its\nsuccessor to the Commonwealth in connection with such conversion, which was\nassumed as general fund revenue in Chapter 912 of the Acts of Assembly of 1996.\nThe Fund shall also consist of any moneys appropriated from the general fund,\ngrants and donations received by the Board, and other moneys received by the\nState Treasurer and designated for deposit in the Fund. Interest and other\nincome earned on moneys in the Fund shall remain in the Fund and be credited to\nit. Any moneys remaining in the Fund, including interest and other income\nthereon, at the end of each fiscal year shall not revert to the general fund but\nshall remain in the Fund.\n\nC. Notwithstanding any other provision of law, the moneys and other property\nconstituting the Fund shall be invested, reinvested, and managed by the Board of\nthe Virginia Retirement System as provided in § 51.1-124.36. The State\nTreasurer is not liable for losses suffered by the Virginia Retirement System on\ninvestments made under the authority of this section.\n\nD. Moneys in the Fund shall be expended solely for the purpose of supporting\nresearch efforts approved by the Board and any other purpose permitted by this\nchapter.\n\nE. An amount not to exceed six percent of the moving average of the market value\nof the Fund calculated over the previous five years or since inception,\nwhichever is shorter, on a one-year delayed basis, net of any administrative fee\nassessed pursuant to subsection E of § 51.1-124.36, may be expended in a\ncalendar year for any purpose permitted by this chapter. The Board is not\nrequired to expend such amount in a calendar year, and any amount up to such six\npercent that is not expended in a calendar year may be expended in any other\ncalendar year.\n\nF. Expenditures and disbursements from the Fund shall be made by the State\nTreasurer on warrants issued by the Comptroller upon written request signed by\nthe chairman of the Board.\n\nHISTORY: 1997, cc. 803, 888, 891, \u00a7 23-284; 2000, cc. 675, 700; 2002, cc. 591,\n612; 2013, c. 687; 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}}