Section 23.1-101 - Endowment funds of public institutions of higher educationIt is the public policy of the Commonwealth that:
1. Each public institution of higher education, the Frontier Culture Museum of Virginia, Gunston Hall, the Jamestown-Yorktown Foundation, the Science Museum of Virginia, and the Virginia Museum of Fine Arts shall be encouraged in their attempts to increase their endowment funds and unrestricted gifts from private sources and reduce the hesitation of prospective donors to make contributions and unrestricted gifts; and2. Consistent with § 10 of Chapter 33 of the Acts of Assembly of 1927, in measuring the extent to which the Commonwealth shall finance higher education in the Commonwealth, the availability of the endowment funds and unrestricted gifts from private sources received by public institutions of higher education, the Frontier Culture Museum of Virginia, Gunston Hall, the Jamestown-Yorktown Foundation, the Science Museum of Virginia, and the Virginia Museum of Fine Arts shall neither be taken into consideration in nor used to reduce state appropriations or payments and shall be used in accordance with the wishes of the donors of such funds to strengthen the services rendered by these institutions to the people of the Commonwealth.Code 1950, § 9-65.14, § 23-252; 1952, c. 707, § 23-9.2; 1956, c. 390; 1970, c. 466; 1972, c. 524; 1974, c. 124; 1977, c. 597; 1981, c. 505; 1997, c. 367, § 23-253.7; 1998, cc. 589, 786, § 23-287; 2000, cc. 104, 125; 2003, c. 879; 2004, c. 650; 2005, c. 758; 2013, c. 480; 2016, c. 588.Added by Acts 2016 c. 588, § 1, eff. 10/1/2016.