                                 CODE OF VIRGINIA

POWERS OF THE FOUNDATION (§ 10.1-1021)

In order to carry out its purposes, the Foundation shall have the following
powers and duties:

1. To prepare a comprehensive plan that recognizes and seeks to implement all of
the purposes for which the Foundation is created. In preparing this plan, the
Foundation shall:
			a. Establish criteria for the expenditure of unrestricted moneys received by
the Fund. In making grants for the expenditure of such unrestricted moneys, the
Board of Trustees shall consider the following criteria, not all of which need
to be met in order for a grant to be awarded:

   1. The ecological, outdoor recreational, historic, agricultural, and forestal
   value of the property;

   2. An assessment of market values;

   3. Consistency with local comprehensive plans;

   4. Geographical balance of properties and interests in properties to be
   purchased;

   5. Availability of public and private matching funds to assist in the
   purchase;

   6. Imminent danger of loss of natural, outdoor, recreational, or historic
   attributes of a significant portion of the land;

   7. Economic value to the locality and region attributable to the purchase;

   8. Advisory opinions from local governments, state agencies, or others;

   9. Whether the property has been identified by ConserveVirginia and whether
   the proposal seeks to preserve the conservation values identified by
   ConserveVirginia; and

   10. Whether the property is in an area lacking outdoor recreation facilities;
   				b. Develop an inventory of those properties in which the Commonwealth
   holds a legal interest for the purpose set forth in subsection A of &#xA7;
   10.1-1020;
   				c. Develop a needs assessment for future expenditures from the Fund. In
   developing the needs assessment, the Board of Trustees shall consider among
   others the properties identified in the following: (i) ConserveVirginia, (ii)
   Virginia Outdoors Plan, (iii) Virginia Natural Heritage Plan, (iv) Virginia
   Institute of Marine Science Inventory, (v) Virginia Joint Venture Board of the
   North American Waterfowl Management Plan, and (vi) Virginia Board of Historic
   Resources Inventory. In addition, the Board shall consider any information
   submitted by the Department of Agriculture and Consumer Services on farmland
   preservation priorities and any information submitted by the Department of
   Forestry on forest land initiatives and inventories; and
   				d. Maintain the inventory and needs assessment on an annual basis.

2. To expend directly or allocate the funds received by the Foundation to the
appropriate state agencies for the purpose of acquiring those properties or
property interests selected by the Board of Trustees. In the case of restricted
funds the Board&#8217;s powers shall be limited by the provisions of &#xA7;
10.1-1022.

3. To enter into contracts and agreements, as approved by the Attorney General,
to accomplish the purposes of the Foundation.

4. To receive and expend gifts, grants and donations from whatever source to
further the purposes set forth in subsection B of &#xA7; 10.1-1020.

5. To sell, exchange or otherwise dispose of or invest as it deems proper the
moneys, securities, or other real or personal property or any interest therein
given or bequeathed to it, unless such action is restricted by the terms of a
gift or bequest. However, the provisions of &#xA7; 10.1-1704 shall apply to any
diversion from open-space use of any land given or bequeathed to the Foundation.

6. To conduct fund-raising events as deemed appropriate by the Board of
Trustees.

7. To do any and all lawful acts necessary or appropriate to carry out the
purposes for which the Foundation and Fund are established.

HISTORY: 1992, c. 426; 1999, cc. 900, 906; 2000, c. 1053; 2005, c. 633; 2021,
Sp. Sess. I, c. 99; 2022, c. 705.