77348023.1-2210Virginia Decodedhttps://vacode.org2016Institutions Of Higher Education; Other Educational And Cultural InstitutionsPublic Institutions Of Higher EducationUniversity Of VirginiaGeneral Provisions.(Effective October 1, 2016) Investment of endowment funds, endowment income, etc1998, cc. 121, § 23-76.1, 132; 2000, cc. 818, 1014; 2002, cc. 582, 595; 2007, c. 434; 2008, c. 184; 2016, c. 588.http://law.lis.virginia.gov/vacode/23.1-2210/2.2-4300Short title; purpose; declaration of intent/2.2-4300/64.2-1100Definitions/64.2-1100//23.1-2210/23.1/IV/22/1/23.1-2210The board shall invest and manage the endowment funds, endowment income, gifts, all other nongeneral fund reserves and balances, and local funds of or held by the University in accordance with this section and the provisions of the Uniform Prudent Management of Institutional Funds Act (§ 64.2-1100 et seq.).sectionBB1No member of the board is personally liable for losses suffered by any endowment fund, endowment income, gift, other nongeneral fund reserve and balance, or local funds of or held by the University arising from investments made pursuant to the provisions of subsection B.sectionCC1The investment and management of endowment funds, endowment income, gifts, all other nongeneral fund reserves and balances, or local funds of or held by the University is not subject to the provisions of the Virginia Public Procurement Act (§ 2.2-4300 et seq.).sectionDD1In addition to the investment practices authorized by the Uniform Prudent Management of Institutional Funds Act (§ 64.2-1100 et seq.), the board may invest or reinvest the endowment funds, endowment income, gifts, all other nongeneral fund reserves and balances, and local funds of or held by the University in derivatives, options, and financial securities.sectionEE1The authority provided in this section to invest and reinvest nongeneral fund reserves and balances of or held by the University is predicated upon an approved management agreement between the University and the Commonwealth.sectionFF1