Be it enacted by the General Assembly of Virginia:

1. That §§23.1-408 and 23.1-409 of the Code of Virginia are amended and reenacted as follows:

§23.1-408. Annual reporting of amount, distribution, and use of student activity fees; mandatory student activity fees referendum.

A. Each public institution of higher education shall publish annually a descriptive report detailing (i) the amount and distribution of student activity fees assessed each semester or during an academic year and (ii) the name of each organization that receives funding of $100 or more from student activity fees and the nature of such organization's activity. Each such institution shall post such annual descriptive report on its website to facilitate its access by and availability to enrolled students and their parents.

B. No governing board of any public institution of higher education shall increase mandatory student activity fees by greater than two percent relative to the previous academic year unless the increase is approved by a majority of enrolled students in a campus referendum.

§23.1-409. Transparency in higher education information.

Each baccalaureate public institution of higher education shall maintain and update annually no later than September 30 a tab or link on the home page of its website that shall include the following information:

1. The institution's six-year undergraduate graduation rate for each of the past 10 years;

2. The institution's freshman-to-sophomore retention rate for full-time undergraduate students for each of the past 10 years;

3. The institution's average annual percentage increase in base undergraduate tuition for each of the past 10 years;

4. The institution's average annual percentage increase in mandatory undergraduate comprehensive student fees for each of the past 10 years;

5. A link to the annual report of the use of student activity fees as required by subsection A of §23.1-408;

6. A link to the postsecondary education and employment data referenced in subsection D of §23.1-204.1; and

7. A summary of the institution's budget, consistent with the institution's annual budgeting process, that includes (i) the major budget units (MBUs) in the institution and standard expenditure categories within each MBU for the current fiscal year and the previous fiscal year or (ii) a link to the annual reports required by subdivision B 10 of §23.1-1303.