SB 717

Abstract

Public institutions of higher education; duties of governing boards; acceptance and use of donations. Provides that the governing board of each public institution of higher education may receive, take, hold, and enjoy any donation or gift made to such institution or governing board and may use and administer any such donation or gift for the uses and purposes designated by the donor or, if no such specific designation is made, for the general purposes of the institution. The bill provides that in the event that a donor specifically designates any particular use or purpose for a donation or gift, each governing board is required to appropriate such donation or gift and any resulting interest, income, and profits only to such specifically designated use or purpose, provided, however, that if such specifically designated use or purpose fails by any means such that the specifically designated use or purpose is permanently frustrated, the whole donation or gift, including unexpended principal and interest, will revert to and be vested in the donor or his legal representatives.

A BILL to amend and reenact § 23.1-1304.1 of the Code of Virginia, relating to public institutions of higher education; duties of governing boards; acceptance and use of donations. 24103429D