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.
2020, c. 511.
Structure Code of Virginia
Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions
Chapter 1 - Definitions and General Provisions
§ 23.1-101. Endowment funds of public institutions of higher education
§ 23.1-102. Chief executive officer of each public institution of higher education; duties
§ 23.1-102.1. Executive officers; salaries
§ 23.1-104. Disposition of lost or abandoned property
§ 23.1-105. Contracts with certain nonprofit private institutions of higher education
§ 23.1-106. Formation of not-for-profit benefits consortium
§ 23.1-107. Private institutions of higher education; human research review committees
§ 23.1-108. Foundations; annual reporting requirements
§ 23.1-109. Public-private partnerships; wind and solar power