Virginia Code 51.5-63: Board to administer institutional fund
The Board is authorized to create and hold an institutional fund for its exclusive use and purposes into which it may deposit the proceeds of any gift, grant, bequest, allotment, or devise of any nature received from private sources. Such fund shall be subject to the Uniform Prudent Management of Institutional Funds Act (§ 64.2-1100 et seq.). The fund and the income from such fund shall not be subject to the provisions of § 2.2-1802. The availability of such fund shall not be taken into consideration in, nor used to reduce, state appropriations or payments, but such funds shall be used in accordance with the wishes of the donors thereof to strengthen the services rendered to the blind and vision impaired of this Commonwealth.
Terms Used In Virginia Code 51.5-63
- Bequest: Property gifted by will.
- Board: means the Board for the Blind and Vision Impaired. See Virginia Code 51.5-60
- Devise: To gift property by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
Code 1950, § 63-167.1; 1966, c. 259; 1968, c. 578, § 63.1-74; 1980, c. 4; 1989, c. 267; 1992, c. 755; 2002, c. 747; 2008, c. 184.