Bill Text: VA HB1223 | 2020 | Regular Session | Prefiled


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

Spectrum: Slight Partisan Bill (Democrat 2-1)

Status: (Engrossed) 2020-02-14 - Assigned Education sub: Higher Education [HB1223 Detail]

Download: Virginia-2020-HB1223-Prefiled.html
20102558D
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.
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Patron-- Miyares
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Committee Referral Pending
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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.

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