{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/32.1-361.1.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/32.1-361.1.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/32.1-361.1.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/32.1-361.1.html"}],"law_id":85396,"edition_id":1,"section_id":85396,"structure_id":14857,"section_number":"32.1-361.1","catch_line":"Virginia Foundation for Healthy Youth Endowment","history":"2007, c. 345; 2008, c. 184; 2009, cc. 424, 554.","full_text":"A\n\nThere is hereby established in the state treasury a special fund to be designated the “Virginia Foundation for Healthy Youth Endowment” (the Endowment). The Endowment shall receive any proceeds from any sale of all or any portion of the Foundation Allocation, deposits from the Fund as determined by the Board pursuant to subdivision 5 of § 32.1-356, and any gifts, grants, and contributions that are specifically designated for inclusion in such Endowment. No part of the Endowment, neither corpus nor income, or interest thereon, shall revert to the general fund of the state treasury. The Endowment shall be under the management and control of the Treasury Board and the Treasury Board shall have such powers and authority as may be necessary to exercise such management and control consistent with the provisions of this section. The income of the Endowment shall be paid out, not less than annually, to the Fund. In addition, up to 10 percent of the corpus of the Endowment shall be paid to the Fund annually upon request of the Board to the Treasury Board; provided, however, that upon two-thirds vote of the Board, up to 15 percent of the corpus of the Endowment shall be so paid. No use of proceeds shall be made that would cause bonds issued on a tax-exempt basis to be considered taxable. For purposes of this section, “income” of the Endowment means at the time of determination the lesser of the available cash in, or the realized investment income for the applicable period of the Endowment, and “corpus” of the endowment means at the time of determination the sum of the proceeds from the sale of all or any portion of the Foundation Allocation, deposits from the Fund as determined by the Board pursuant to subdivision 5 of § 32.1-356, any gifts, grants, and contributions that have been credited to such Endowment, and any income not appropriated and withdrawn from the Endowment before June 30 of each year, less withdrawals from the corpus. Determinations by the Treasury Board, or the State Treasurer on behalf of the Treasury Board, as to the amount of income or the amount of the corpus shall be conclusive.B\n\nThe Treasury Board shall serve as trustee of the Endowment and the corpus and income of the Endowment shall be withdrawn and credited to the Fund by order of the Treasury Board as provided in subsection A. The State Treasurer shall be custodian of the funds credited to the Endowment. The Treasury Board shall have full power to invest and reinvest funds credited to the Endowment in accordance with the provisions of the Uniform Prudent Management of Institutional Funds Act (§ 64.2-1100 et seq.) and, in addition, as otherwise provided by law. The Treasury Board may borrow money in such amounts as may be necessary whenever in its judgment it would be more advantageous to borrow money than to sell securities held for the Fund. Any debt so incurred may be evidenced by notes duly authorized by resolution of the Treasury Board, such notes to be retired no later than the end of the biennium in which such debt is incurred. The Treasury Board may commingle, for purposes of investment, the corpus of the Endowment provided that it shall appropriately account for the investments credited to the Endowment. The Treasury Board may hire independent investment advisors and managers as it deems appropriate to assist with investing the Endowment. The expenses of making and disposing of investments, such as brokerage commissions, legal expenses related to a particular transaction, investment advisory and management fees and expenses, transfer taxes and other customary transactional expenses shall be payable out of the income of the Endowment.C\n\nNot less than annually and more frequently if desired by the Board or requested by the Treasury Board, the Board shall provide to the Treasury Board schedules of anticipated disbursements from the Fund for the current and succeeding fiscal year, and the Treasury Board shall, to the extent practicable, take into account such schedules and changes thereto in scheduling maturities and redemptions of its investments of the Endowment.","order_by":null,"text":{"0":{"id":305937,"text":"There is hereby established in the state treasury a special fund to be designated the “Virginia Foundation for Healthy Youth Endowment” (the Endowment). The Endowment shall receive any proceeds from any sale of all or any portion of the Foundation Allocation, deposits from the Fund as determined by the Board pursuant to subdivision 5 of § 32.1-356, and any gifts, grants, and contributions that are specifically designated for inclusion in such Endowment. No part of the Endowment, neither corpus nor income, or interest thereon, shall revert to the general fund of the state treasury. The Endowment shall be under the management and control of the Treasury Board and the Treasury Board shall have such powers and authority as may be necessary to exercise such management and control consistent with the provisions of this section. The income of the Endowment shall be paid out, not less than annually, to the Fund. In addition, up to 10 percent of the corpus of the Endowment shall be paid to the Fund annually upon request of the Board to the Treasury Board; provided, however, that upon two-thirds vote of the Board, up to 15 percent of the corpus of the Endowment shall be so paid. No use of proceeds shall be made that would cause bonds issued on a tax-exempt basis to be considered taxable. For purposes of this section, “income” of the Endowment means at the time of determination the lesser of the available cash in, or the realized investment income for the applicable period of the Endowment, and “corpus” of the endowment means at the time of determination the sum of the proceeds from the sale of all or any portion of the Foundation Allocation, deposits from the Fund as determined by the Board pursuant to subdivision 5 of § 32.1-356, any gifts, grants, and contributions that have been credited to such Endowment, and any income not appropriated and withdrawn from the Endowment before June 30 of each year, less withdrawals from the corpus. Determinations by the Treasury Board, or the State Treasurer on behalf of the Treasury Board, as to the amount of income or the amount of the corpus shall be conclusive.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":305938,"text":"The Treasury Board shall serve as trustee of the Endowment and the corpus and income of the Endowment shall be withdrawn and credited to the Fund by order of the Treasury Board as provided in subsection A. The State Treasurer shall be custodian of the funds credited to the Endowment. The Treasury Board shall have full power to invest and reinvest funds credited to the Endowment in accordance with the provisions of the Uniform Prudent Management of Institutional Funds Act (§ 64.2-1100 et seq.) and, in addition, as otherwise provided by law. The Treasury Board may borrow money in such amounts as may be necessary whenever in its judgment it would be more advantageous to borrow money than to sell securities held for the Fund. Any debt so incurred may be evidenced by notes duly authorized by resolution of the Treasury Board, such notes to be retired no later than the end of the biennium in which such debt is incurred. The Treasury Board may commingle, for purposes of investment, the corpus of the Endowment provided that it shall appropriately account for the investments credited to the Endowment. The Treasury Board may hire independent investment advisors and managers as it deems appropriate to assist with investing the Endowment. The expenses of making and disposing of investments, such as brokerage commissions, legal expenses related to a particular transaction, investment advisory and management fees and expenses, transfer taxes and other customary transactional expenses shall be payable out of the income of the Endowment.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":305939,"text":"Not less than annually and more frequently if desired by the Board or requested by the Treasury Board, the Board shall provide to the Treasury Board schedules of anticipated disbursements from the Fund for the current and succeeding fiscal year, and the Treasury Board shall, to the extent practicable, take into account such schedules and changes thereto in scheduling maturities and redemptions of its investments of the Endowment.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":14857,"edition_id":1,"name":"Virginia Foundation for Healthy Youth","identifier":"14","label":"chapter","depth":2,"order_by":1,"parent_id":12727,"metadata":{},"date_created":"2026-06-26 03:50:26","date_modified":"2026-06-26 03:50:26","permalink":{"id":201651,"object_type":"structure","relational_id":14857,"identifier":"14","token":"32.1\/14","url":"\/32.1\/14\/","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":70018,"structure_id":14857,"section_number":"32.1-354","catch_line":"Definitions","url":"\/32.1-354\/","token":"32.1\/14\/32.1-354","metadata":false},{"id":61722,"structure_id":14857,"section_number":"32.1-355","catch_line":"Virginia Foundation for Healthy Youth created; purposes","url":"\/32.1-355\/","token":"32.1\/14\/32.1-355","metadata":false},{"id":86400,"structure_id":14857,"section_number":"32.1-356","catch_line":"Powers of the Foundation","url":"\/32.1-356\/","token":"32.1\/14\/32.1-356","metadata":false},{"id":72363,"structure_id":14857,"section_number":"32.1-357","catch_line":"Board of Trustees; appointment; officers; quorum; executive committee; compensation and expenses","url":"\/32.1-357\/","token":"32.1\/14\/32.1-357","metadata":false},{"id":83373,"structure_id":14857,"section_number":"32.1-358","catch_line":"Appointment of director; counsel to the Board and Foundation","url":"\/32.1-358\/","token":"32.1\/14\/32.1-358","metadata":false},{"id":60015,"structure_id":14857,"section_number":"32.1-359","catch_line":"Duties of the Board","url":"\/32.1-359\/","token":"32.1\/14\/32.1-359","metadata":false},{"id":67761,"structure_id":14857,"section_number":"32.1-360","catch_line":"Virginia Tobacco Settlement Fund","url":"\/32.1-360\/","token":"32.1\/14\/32.1-360","metadata":false},{"id":70903,"structure_id":14857,"section_number":"32.1-361","catch_line":"Use of moneys distributed","url":"\/32.1-361\/","token":"32.1\/14\/32.1-361","metadata":false},{"id":85396,"structure_id":14857,"section_number":"32.1-361.1","catch_line":"Virginia Foundation for Healthy Youth Endowment","url":"\/32.1-361.1\/","token":"32.1\/14\/32.1-361.1","metadata":false},{"id":56775,"structure_id":14857,"section_number":"32.1-362","catch_line":"Audit","url":"\/32.1-362\/","token":"32.1\/14\/32.1-362","metadata":false},{"id":86027,"structure_id":14857,"section_number":"32.1-363","catch_line":"Forms of accounts and records","url":"\/32.1-363\/","token":"32.1\/14\/32.1-363","metadata":false},{"id":61783,"structure_id":14857,"section_number":"32.1-364","catch_line":"Reports to the Governor and General Assembly","url":"\/32.1-364\/","token":"32.1\/14\/32.1-364","metadata":false},{"id":57111,"structure_id":14857,"section_number":"32.1-365","catch_line":"Public purpose; exemption from taxation","url":"\/32.1-365\/","token":"32.1\/14\/32.1-365","metadata":false}],"previous_section":{"id":70903,"structure_id":14857,"section_number":"32.1-361","catch_line":"Use of moneys distributed","url":"\/32.1-361\/","token":"32.1\/14\/32.1-361","metadata":false},"next_section":{"id":56775,"structure_id":14857,"section_number":"32.1-362","catch_line":"Audit","url":"\/32.1-362\/","token":"32.1\/14\/32.1-362","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/32.1-361.1\/","history_text":"

This law was first created in 2007. The record of its establishment is cataloged in chapter 345<\/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 2 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 2008, chapter 184<\/a>; in 2009, chapters 424<\/a> and 554<\/a>.<\/p>","references":[{"id":70018,"section_number":"32.1-354","catch_line":"Definitions","order_by":null,"url":"\/32.1-354\/"},{"id":67761,"section_number":"32.1-360","catch_line":"Virginia Tobacco Settlement Fund","order_by":null,"url":"\/32.1-360\/"}],"refers_to":[{"id":86400,"section_number":"32.1-356","catch_line":"Powers of the Foundation","order_by":null,"url":"\/32.1-356\/"},{"id":84375,"section_number":"64.2-1100","catch_line":"Definitions","order_by":null,"url":"\/64.2-1100\/"}],"permalink":{"id":201685,"object_type":"law","relational_id":85396,"identifier":"32.1-361.1","token":"32.1\/14\/32.1-361.1","url":"\/32.1-361.1\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/32.1-361.1\/","token":"32.1\/14\/32.1-361.1","dublin_core":{"Title":"Virginia Foundation for Healthy Youth Endowment","Type":"Text","Format":"text\/html","Identifier":"\u00a7 32.1-361.1","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> There is hereby established in the state treasury a special fund<\/span> to be designated the “Virginia Foundation for Healthy Youth Endowment<\/span>” (the Endowment). The Endowment shall receive any proceeds from any sale of all or any portion of the Foundation Allocation<\/span>, deposits from the Fund<\/span> as determined by the Board<\/span> pursuant to subdivision 5 of § 32.1-356<\/a>, and any gifts, grants, and contributions that are specifically designated for inclusion in such Endowment. No part of the Endowment, neither corpus<\/span> nor income<\/span>, or interest thereon, shall revert to the general fund<\/span> of the state treasury. The Endowment shall be under the management and control of the Treasury Board<\/span> and the Treasury Board<\/span> shall have such powers and authority as may be necessary to exercise such management and control consistent with the provisions of this section. The income<\/span> of the Endowment shall be paid out, not less than annually, to the Fund<\/span>. In addition, up to 10 percent of the corpus<\/span> of the Endowment shall be paid to the Fund<\/span> annually upon request of the Board<\/span> to the Treasury Board<\/span>; provided, however, that upon two-thirds vote of the Board<\/span>, up to 15 percent of the corpus<\/span> of the Endowment shall be so paid. No use of proceeds shall be made that would cause bonds<\/span> issued on a tax-exempt basis to be considered taxable. For purposes of this section, “income<\/span>” of the Endowment means at the time of determination the lesser of the available cash in, or the realized investment income<\/span> for the applicable period of the Endowment, and “corpus<\/span>” of the endowment means at the time of determination the sum of the proceeds from the sale of all or any portion of the Foundation Allocation<\/span>, deposits from the Fund<\/span> as determined by the Board<\/span> pursuant to subdivision 5 of § 32.1-356<\/a>, any gifts, grants, and contributions that have been credited to such Endowment, and any income<\/span> not appropriated and withdrawn from the Endowment before June 30 of each year, less withdrawals from the corpus<\/span>. Determinations by the Treasury Board<\/span>, or the State Treasurer on behalf of the Treasury Board<\/span>, as to the amount of income<\/span> or the amount of the corpus<\/span> shall be conclusive. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The Treasury Board<\/span> shall serve as trustee of the Endowment and the corpus<\/span> and income<\/span> of the Endowment shall be withdrawn and credited to the Fund<\/span> by order<\/span> of the Treasury Board<\/span> as provided in subsection A. The State Treasurer shall be custodian of the funds<\/span> credited to the Endowment. The Treasury Board<\/span> shall have full power to invest and reinvest funds<\/span> credited to the Endowment in accordance with the provisions of the Uniform Prudent Management of Institutional Funds<\/span> Act (§ 64.2-1100<\/a> et seq.) and, in addition, as otherwise provided by law<\/span>. The Treasury Board<\/span> may borrow money in such amounts as may be necessary whenever in its judgment<\/span> it would be more advantageous to borrow money than to sell securities held for the Fund<\/span>. Any debt so incurred may be evidenced by notes duly authorized by resolution of the Treasury Board<\/span>, such notes to be retired no later than the end of the biennium in which such debt is incurred. The Treasury Board<\/span> may commingle, for purposes of investment, the corpus<\/span> of the Endowment provided that it shall appropriately account for the investments credited to the Endowment. The Treasury Board<\/span> may hire independent investment advisors and managers as it deems appropriate to assist with investing the Endowment. The expenses of making and disposing of investments, such as brokerage commissions, legal expenses related to a particular transaction, investment advisory and management fees and expenses, transfer taxes and other customary transactional expenses shall be payable out of the income<\/span> of the Endowment. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Not less than annually and more frequently if desired by the Board<\/span> or requested by the Treasury Board<\/span>, the Board<\/span> shall provide to the Treasury Board<\/span> schedules<\/span> of anticipated disbursements from the Fund<\/span> for the current and succeeding fiscal year, and the Treasury Board<\/span> shall, to the extent practicable, take into account such schedules<\/span> and changes thereto in scheduling maturities and redemptions<\/span> of its investments of the Endowment. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nVIRGINIA FOUNDATION FOR HEALTHY YOUTH ENDOWMENT (\u00a7 32.1-361.1)\n\nA. There is hereby established in the state treasury a special fund to be\ndesignated the “Virginia Foundation for Healthy Youth Endowment”\n(the Endowment). The Endowment shall receive any proceeds from any sale of all\nor any portion of the Foundation Allocation, deposits from the Fund as\ndetermined by the Board pursuant to subdivision 5 of § 32.1-356, and any\ngifts, grants, and contributions that are specifically designated for inclusion\nin such Endowment. No part of the Endowment, neither corpus nor income, or\ninterest thereon, shall revert to the general fund of the state treasury. The\nEndowment shall be under the management and control of the Treasury Board and\nthe Treasury Board shall have such powers and authority as may be necessary to\nexercise such management and control consistent with the provisions of this\nsection. The income of the Endowment shall be paid out, not less than annually,\nto the Fund. In addition, up to 10 percent of the corpus of the Endowment shall\nbe paid to the Fund annually upon request of the Board to the Treasury Board;\nprovided, however, that upon two-thirds vote of the Board, up to 15 percent of\nthe corpus of the Endowment shall be so paid. No use of proceeds shall be made\nthat would cause bonds issued on a tax-exempt basis to be considered taxable.\nFor purposes of this section, “income” of the Endowment means at the\ntime of determination the lesser of the available cash in, or the realized\ninvestment income for the applicable period of the Endowment, and\n“corpus” of the endowment means at the time of determination the sum\nof the proceeds from the sale of all or any portion of the Foundation\nAllocation, deposits from the Fund as determined by the Board pursuant to\nsubdivision 5 of § 32.1-356, any gifts, grants, and contributions that have\nbeen credited to such Endowment, and any income not appropriated and withdrawn\nfrom the Endowment before June 30 of each year, less withdrawals from the\ncorpus. Determinations by the Treasury Board, or the State Treasurer on behalf\nof the Treasury Board, as to the amount of income or the amount of the corpus\nshall be conclusive.\n\nB. The Treasury Board shall serve as trustee of the Endowment and the corpus and\nincome of the Endowment shall be withdrawn and credited to the Fund by order of\nthe Treasury Board as provided in subsection A. The State Treasurer shall be\ncustodian of the funds credited to the Endowment. The Treasury Board shall have\nfull power to invest and reinvest funds credited to the Endowment in accordance\nwith the provisions of the Uniform Prudent Management of Institutional Funds Act\n(§ 64.2-1100 et seq.) and, in addition, as otherwise provided by law. The\nTreasury Board may borrow money in such amounts as may be necessary whenever in\nits judgment it would be more advantageous to borrow money than to sell\nsecurities held for the Fund. Any debt so incurred may be evidenced by notes\nduly authorized by resolution of the Treasury Board, such notes to be retired no\nlater than the end of the biennium in which such debt is incurred. The Treasury\nBoard may commingle, for purposes of investment, the corpus of the Endowment\nprovided that it shall appropriately account for the investments credited to the\nEndowment. The Treasury Board may hire independent investment advisors and\nmanagers as it deems appropriate to assist with investing the Endowment. The\nexpenses of making and disposing of investments, such as brokerage commissions,\nlegal expenses related to a particular transaction, investment advisory and\nmanagement fees and expenses, transfer taxes and other customary transactional\nexpenses shall be payable out of the income of the Endowment.\n\nC. Not less than annually and more frequently if desired by the Board or\nrequested by the Treasury Board, the Board shall provide to the Treasury Board\nschedules of anticipated disbursements from the Fund for the current and\nsucceeding fiscal year, and the Treasury Board shall, to the extent practicable,\ntake into account such schedules and changes thereto in scheduling maturities\nand redemptions of its investments of the Endowment.\n\nHISTORY: 2007, c. 345; 2008, c. 184; 2009, cc. 424, 554.","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}}