                                 CODE OF VIRGINIA

GOVERNING BOARDS; ADDITIONAL DUTIES; POLICY; ACCEPTANCE OF TERMS AND CONDITIONS
ASSOCIATED WITH DONATIONS, GIFTS, AND OTHER PRIVATE PHILANTHROPIC SUPPORT (§
23.1-1304.1)

The governing board of each public institution of higher education shall
establish a policy for the acceptance of terms and conditions associated with
any donation, gift, or other private philanthropic support. Each such policy
shall include an administrative process for reviewing, accepting, and
documenting terms and conditions associated with (i) gifts that direct academic
decision-making and (ii) gifts of $1,000,000 or more that impose a new
obligation on the institution of higher education, excluding gifts for
scholarships or other financial aid. Each public institution of higher education
shall retain documentation of such terms and conditions in compliance with the
Virginia Public Records Act (§ 42.1-76 et seq.) and such documentation shall be
subject to the provisions of the Virginia Freedom of Information Act (§
2.2-3700 et seq.).

HISTORY: 2020, c. 691.