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2003 SESSION
Be it enacted by the General Assembly of Virginia:
1. That § 57-58 of the Code of Virginia is amended and reenacted as follows:
§ 57-58. Ratio of fund-raising expenses to contributions to be included in registration statement.
Each charitable organization shall, as a part of its registration statement,
compute the percentage which that its fund-raising expenses for its preceding
fiscal year bore to its support received directly from the public during such
year.
Each federated fund-raising organization shall clearly disclose on any registration the percentage that is withheld from a donation designated for a member agency.