HB1223: Higher educational institutions, public; foundations, annual reporting requirements, VCCS exempt.


VIRGINIA ACTS OF ASSEMBLY -- CHAPTER
An Act to amend the Code of Virginia by adding in Article 2 of Chapter 1 of Title 23.1 a section numbered 23.1-108, relating to public institutions of higher education; foundations; annual reporting requirements.
[H 1223]
Approved

 

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding in Article 2 of Chapter 1 of Title 23.1 a section numbered 23.1-108 as follows:

§ 23.1-108. Foundations; annual reporting requirements.

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.


HOUSE BILL NO. 1223
AMENDMENT IN THE NATURE OF A SUBSTITUTE
(Proposed by the Senate Committee on Education and Health
on February 20, 2020)
(Patron Prior to Substitute--Delegate Miyares)
A BILL to amend the Code of Virginia by adding in Article 2 of Chapter 1 of Title 23.1 a section numbered 23.1-108, relating to public institutions of higher education; foundations; annual reporting requirements.

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding in Article 2 of Chapter 1 of Title 23.1 a section numbered 23.1-108 as follows:

§ 23.1-108. Foundations; annual reporting requirements.

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.

HOUSE BILL NO. 1223

Offered January 8, 2020
Prefiled January 7, 2020
A BILL to amend the Code of Virginia by adding in Article 2 of Chapter 1 of Title 23.1 a section numbered 23.1-108, relating to public institutions of higher education; foundations; annual reporting requirements.
Patron-- Miyares
Committee Referral Pending

Be it enacted by the General Assembly of Virginia:

1. That the Code of Virginia is amended by adding in Article 2 of Chapter 1 of Title 23.1 a section numbered 23.1-108 as follows:

§ 23.1-108. Foundations; annual reporting requirements.

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; and

6. The percentage of expenditures used for administrative support by each foundation.