CODE OF VIRGINIA

(REPEALED EFFECTIVE OCTOBER 1, 2016) PUBLIC POLICY OF COMMONWEALTH IN RESPECT TO
ENDOWMENT FUNDS OF STATE-SUPPORTED INSTITUTIONS OF HIGHER EDUCATION (§ 23-9.2)

Whereas, the state-supported system of higher education can be greatly
strengthened by increases in the endowment funds and unrestricted gifts of the
several institutions of higher education derived from private sources;
andWhereas, prospective donors to the endowment funds and donors of unrestricted
gifts of the several institutions hesitate to contribute thereto on the ground
that, to the extent that the income of the respective institutions is increased
from private sources, the Commonwealth will withdraw its support; andWhereas, in
§ 10 of Chapter 33 of the Acts of Assembly of 1927, the General Assembly, by
setting endowment funds and income therefrom apart from other revenues of and
appropriations to the institutions of higher education, indicated an intention
that endowments and unrestricted gifts from private sources are to be in
addition to such other revenues and appropriations; now, therefore,

   (1.  It is hereby declared to be the public policy of the Commonwealth to
   encourage the state-supported institutions of higher education in Virginia in
   their attempts to increase their endowment funds and unrestricted gifts from
   private sources.

   (2.  It is further declared to be the public policy of the Commonwealth that,
   in measuring the extent to which the Commonwealth shall finance higher
   education in Virginia, the availability of the endowment funds and
   unrestricted gifts from private sources of institutions of higher education
   received by such institutions 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 by these institutions to the people of the Commonwealth.

HISTORY: 1952, c. 707; 1956, c. 390; 1981, c. 505.