                                 CODE OF VIRGINIA

EXPENDITURE OF RESTRICTED FUNDS (§ 10.1-1022)

The Foundation shall expend restricted funds only in accordance with the
applicable restrictions, or allocate such funds to the designated or otherwise
appropriate state agency subject to such restrictions. The state agency
receiving restricted funds shall expend such funds only in accordance with the
applicable restrictions. The Board of Trustees may make such recommendations as
are appropriate to the agencies responsible for spending any restricted funds,
and the agencies shall consider such recommendations prior to the expenditure of
restricted funds received from the Foundation. State agencies and departments
receiving funds directly for expenditure for a purpose for which the Foundation
is created shall solicit and consider the advice of the Board with respect to
the expenditure of such funds prior thereto. This section shall not affect the
authority of the Foundation to exercise its discretion with regard to the
expenditure or allocation of unrestricted funds received by the Foundation.

HISTORY: 1992, c. 426.