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:

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Terms Used In Virginia Code 23.1-108

  • Public institution of higher education: includes the System as a whole and each associate-degree-granting and baccalaureate public institution of higher education in the Commonwealth. See Virginia Code 23.1-100
  • System: means the Virginia Community College System. See Virginia Code 23.1-100

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.

2020, c. 511.

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