23-9.2 - Public policy of Commonwealth in respect to endowment funds of state-supported institutions of higher education.
§ 23-9.2. Public policy of Commonwealth in respect to endowment funds ofstate-supported institutions of higher education.
Whereas, the state-supported system of higher education can be greatlystrengthened by increases in the endowment funds and unrestricted gifts ofthe several institutions of higher education derived from private sources; and
Whereas, prospective donors to the endowment funds and donors of unrestrictedgifts of the several institutions hesitate to contribute thereto on theground that, to the extent that the income of the respective institutions isincreased from private sources, the Commonwealth will withdraw its support;and
Whereas, in § 10 of Chapter 33 of the Acts of Assembly of 1927, the GeneralAssembly, by setting endowment funds and income therefrom apart from otherrevenues of and appropriations to the institutions of higher education,indicated an intention that endowments and unrestricted gifts from privatesources 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 toencourage the state-supported institutions of higher education in Virginia intheir attempts to increase their endowment funds and unrestricted gifts fromprivate 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 highereducation in Virginia, the availability of the endowment funds andunrestricted gifts from private sources of institutions of higher educationreceived by such institutions shall not be taken into consideration in, norused to reduce, state appropriations or payments, but such funds shall beused in accordance with the wishes of the donors thereof to strengthen theservices rendered by these institutions to the people of the Commonwealth.
(1952, c. 707; 1956, c. 390; 1981, c. 505.)