SB398: Higher educational institutions, public; foundations, annual reporting requirements.

SENATE BILL NO. 398

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-- Chase

Referred to Committee on Education and Health

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 instructional programs by each foundation;

4. The percentage of expenditures used for research by each foundation;

5. The percentage of expenditures used for intercollegiate athletics by each foundation; and

6. The percentage of expenditures used for buildings and maintenance by each foundation.