Virginia § 23.1-108 - Foundations; annual reporting requirements
Full text of Virginia Code of Virginia § 23.1-108 — Foundations; annual reporting requirements, with citation guidance and answers to common questions.
§ 23.1-108. Foundations; annual reporting requirements
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; 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.
Frequently Asked Questions About Virginia § 23.1-108
What does Code of Virginia § 23.1-108 cover?
Section 23.1-108 ("Foundations; annual reporting requirements") is part of the Code of Virginia, the codified statutory law of Virginia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Virginia § 23.1-108?
A common citation format is "Code of Virginia § 23.1-108" (Virginia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Virginia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Virginia official source linked on this page or consult a licensed Virginia attorney.
How does Virginia § 23.1-108 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Virginia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Virginia.