{"data":{"id":"us-va/va.-code-23.1-108","jurisdiction":"us-va","citation":"Va. Code § 23.1-108","heading":"Foundations; annual reporting requirements","body":"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: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; and7. 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.","path":["Title 23.1. Institutions of Higher Education; Other Educational and Cultural Institutions","Subtitle I. General Provisions","Chapter 1. Definitions and General Provisions","Article 2. General Provisions"],"source_url":"https://law.lis.virginia.gov/vacode/23.1-108/","current_through":"9/4/2026","vintage":"","retrieved_at":"2026-09-04T15:14:59Z","sha256":"3c76b7e199a7d6c640b8ff0f04df86845793e7deda374a6ba353d8462bc09284","source_id":"us-va","stale":true,"prev":"us-va/va.-code-23.1-107","next":"us-va/va.-code-23.1-109"},"notice":"GroundRules: Original legal text. Not legal advice."}