Bill Text: VA SB398 | 2020 | Regular Session | Prefiled

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

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2020-02-12 - Left in Education and Health [SB398 Detail]

Download: Virginia-2020-SB398-Prefiled.html

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20103535D
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.