                                 CODE OF VIRGINIA

FOUNDATIONS; ANNUAL REPORTING REQUIREMENTS (§ 23.1-108)

A. Each public institution of higher education shall release an annual report
regarding foundations associated with the institution setting forth foundation
expenses. The annual report shall include:

   1. The total annual expenditures by each foundation;

   2. The percentage of expenditures used for scholarships or financial aid by
   each foundation;

   3. The percentage of expenditures used for faculty compensation by each
   foundation;

   4. The percentage of expenditures used for program costs by each foundation;

   5. The percentage of expenditures used for equipment and technology by each
   foundation;

   6. The percentage of expenditures used for administrative support by each
   foundation; and

   7. The percentage of expenditures used for executive compensation by each
   foundation.

B. This section shall not apply to the Virginia Community College System.

HISTORY: 2020, c. 511.