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.).
2020, c. 691.
Structure Code of Virginia
Title 23.1 - Institutions of Higher Education; Other Educational and Cultural Institutions
Chapter 13 - Governing Boards of Public Institutions of Higher Education
§ 23.1-1301. (Effective until September 1, 2022) Governing boards; powers
§ 23.1-1301. (Effective September 1, 2022) Governing boards; powers
§ 23.1-1302. Governing boards; additional powers; voluntary early retirement
§ 23.1-1303. Governing boards; duties
§ 23.1-1304. Governing boards; additional duties; educational programs
§ 23.1-1305. Governing boards; student accounts; collections
§ 23.1-1306. Governing board executive committee; duties
§ 23.1-1307. Governing boards; expenses of members
§ 23.1-1308. Governing board procedures; textbook sales and bookstores; open educational resources