                                 CODE OF VIRGINIA

SCHOLARSHIP FOUNDATION ELIGIBILITY AND REQUIREMENTS; LIST OF FOUNDATIONS
RECEIVING DONATIONS (§ 58.1-439.27)

A. Persons seeking to receive and administer tax-credit-approved funds shall
submit information to the Department of Education, which shall determine whether
an applicant is a scholarship foundation as defined in &#xA7; 58.1-439.25. The
Department of Education shall prescribe through guidelines what reasonable
information shall be submitted by such persons. Notice of approval or denial,
including reasons for denial, shall be issued by the Department of Education to
the applicant within 60 days after the complete information is submitted. Any
approval shall not be withheld unreasonably.

B. The Department of Education shall submit a list of all scholarship
foundations that received donations for which tax credits were issued under this
article to the Chairmen of the House Committee on Finance and the Senate
Committee on Finance and Appropriations no later than December 1 of each year.
The list shall report such scholarships for the 12-month period ending on the
immediately preceding June 30.

HISTORY: 2012, cc. 731, 842; 2013, cc. 713, 716.