Section 23.1-108 - Foundations; annual reporting requirementsA. 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.Added by Acts 2020 c. 511, § 1, eff. 7/1/2020.