AMENDMENT(S) PROPOSED BY THE SENATE

FINANCE

1. Line 122, introduced

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all of lines 122 through 127

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By July 1 of each odd-numbered year, the University shall inform the Secretary of Finance of any intent during the next biennium to withdraw from any health or other group insurance or risk management program made available to the University through any agency, body corporate, political subdivision, authority, or other entity of the Commonwealth, and in which the University is then participating, to enable the Commonwealth’s actuaries to complete an adverse selection analysis of any such decision and to determine the additional costs to the Commonwealth that would result from any such withdrawal.  If upon notice of such additional costs to the Commonwealth, the University proceeds to withdraw from such health or other group insurance or risk management program, the University shall, pursuant to subdivision D 2 c of § 23-38.88, reimburse the Commonwealth for all such additional costs attributable to such withdrawal as determined by the Commonwealth’s actuaries.

FINANCE

2. Line 147, introduced, after procurement

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role

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rule

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3. Line 210, introduced, after $227

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million

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4. Line 222, introduced, after of

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approximately

FINANCE

5. Line 224, introduced, after of

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approximately

FINANCE

6. Line 257, introduced, after program

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to increase institutional funds and other fund sources to moderate the impact of future tuition and fees increases for Virginia undergraduates from families with adjusted gross income of $100,000 or less, as determined by federal financial aid regulations.

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, which shall be substantially as described in the remainder of this Section 2.2.2, as may be amended from time to time by the Board of Visitors of Virginia Tech and reported to the Secretaries of Finance and Education and the Chairmen of Senate Committee on Finance and the House Committee on Appropriations.  The Funds for the Future program was developed to increase institutional funds and other fund sources to moderate the impact of future tuition and fees increases for Virginia undergraduates from families with adjusted gross income of $100,000 or less, as determined by federal financial aid regulations.

FINANCE

7. Line 269, introduced, after Virginia

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Tech

FINANCE

8. Line 329, introduced, after § 2.2-3709

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if expressly named therein

FINANCE

9. Line 341, introduced, after Amendments.

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remainder of line 341, all of lines 342 and 343, and through and on line 344

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Any change to or deviation from this Management Agreement or the Board of Visitors policies attached hereto as Exhibits A through F shall be reported to the Secretaries of Finance, Administration, Education, and Technology and to the Chairmen of the Senate Committee on Finance and the House Committee on Appropriations and shall be posted on the University’s website.  The change or deviation shall become effective unless one of the above persons notifies the University in writing within 60 days that the change or deviation is substantial and material.  Any substantial and material change or deviation

FINANCE

10. Line 356, introduced, after period

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or

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of

FINANCE

11. Line 378, introduced, after of Agreement

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remainder of line 378 and all of lines 379 through 389

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.  This Management Agreement shall expire at midnight on June 30, 2010.

FINANCE

12. Line 390, introduced, after executed

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by the undersigned as of this 15th day of November, 2005, and shall become effective on the effective date of the Appropriation Act or amendments to an Appropriation Act enacted by the General Assembly containing a recommendation for its approval

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as of this 15th day of November, 2005, and shall become effective on the effective date of legislation enacted into law providing for the terms of such Agreement

FINANCE

13. Line 579, introduced, after shall

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organizationally

FINANCE

14. Line 581, introduced, after requirement

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remainder of line 581 and through Maintaining on line 582

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by maintaining

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15. Line 588, introduced, after project

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remainder of line 588 and all of lines 589 and 590

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. (period)

FINANCE

16. Line 714, introduced, after of

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property, both real and personal

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real property

FINANCE

17. Line 1094, introduced, after University

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attached to this Policy as Attachment 1

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, which agreement shall not be substantially different than the agreement attached to this Policy as Attachment 2

FINANCE

18. Line 2301, introduced, after line 2300

insert

ATTACHMENT 2

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19. Line 2487, introduced, at the beginning of the line

insert

II.

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20. Line 2529, introduced, after decentralization

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and codified autonomy

FINANCE

21. Line 2534, introduced, after separate

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health insurance and

FINANCE

22. Line 2905, introduced, after Attachment

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2

insert

3

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23. Line 2920, introduced, after ATTACHMENT

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2

insert

3

FINANCE

24. Line 2951, introduced, after System

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or provide a batch file,

FINANCE

25. Line 3052, introduced, after to

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remainder of line 3052 and all of lines 3053 through 3055

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(i) ensure compliance with Generally Accepted Accounting Principles, (ii) ensure consistency with the current accounting principles employed by the Commonwealth, including the use of fund accounting principles, with regard to the establishment of the underlying accounting records of the University and the allocation and utilization of resources within the accounting system, including the relevant guidance provided by the State Council of Higher Education for Virginia chart of accounts with regard to the allocation and proper use of funds from specific types of fund sources, (iii) provide adequate risk management and internal controls to protect and safeguard all financial resources, including moneys transferred to the University pursuant to a general fund appropriation, and ensure compliance with the requirements of the Appropriation Act.

FINANCE

26. Line 3072, introduced, after summary

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year-end

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monthly

FINANCE

27. Line 3074, introduced, after Commission,

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the Department of Medical Assistance Services,

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the Auditor of Public Accounts,

FINANCE

28. Line 3075, introduced, after Virginia

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and for the Chairmen of the Senate Committee on Finance and the House Committee on Appropriations

FINANCE

29. Line 3078, introduced, after FINANCIAL

insert

MANAGEMENT

FINANCE

30. Line 3080, introduced, after all financial

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management

FINANCE

31. Line 3082, introduced, after resources.

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Such policies will not address the underlying accounting principles and policies employed by the Commonwealth and the University, but rather will focus on the internal operations of the University’s financial management.  These policies shall include, but need not be limited to, the development of a tailored set of finance and accounting practices that seek to support the University’s specific business and administrative operating environment in order to improve the efficiency and effectiveness of its business and administrative functions.

FINANCE

32. Line 3121, introduced, after to

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remainder of line 3121 and all of lines 3122 through 3139

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expend the amount of interest earned on the University’s tuition and fees and other non-general fund Educational and General Revenues held and invested by the University until the fiscal year following the fiscal year for which it has received the required certification from the State Council of Higher Education for Virginia.  The University shall hold in escrow all interest earned on the University’s tuition and fees and other non-general fund Educational and General Revenues until such time that, pursuant to subsection C of § 23-9.6:1.01, the University receives the certification that it has met for a particular year the institutional performance benchmarks called for by that section and approved in the then-current Appropriation Act.  Not later than 30 days after receipt of the required State Council of Higher Education for Virginia certification (unless such 30-day period ends before July 1 in which case the relevant dates shall be no earlier than July 1 but no later than July 3), the Commonwealth shall make a non-general fund appropriation equivalent to the amount deposited in the escrow account as the financial incentive provided in subdivision 1 of § 2.2-5005, after which time the University may expend the funds for purposes related to its mission.  If public institutions of higher education of the Commonwealth are permitted, or the University in particular is permitted, by the Appropriation Act or other law to retain or be paid the interest the Commonwealth would have earned on sponsored programs and research funds, then this paragraph shall not apply to such interest on such funds, and such interest shall not be held in escrow.

(iv) If in any given year the University does not receive the certification from the State Council of Higher Education for Virginia that it has met for that year the institutional benchmarks called for by subsection C of § 23-9.6:1.01 and approved in the then-current Appropriation Act, the University shall pay to the Commonwealth, not later than 30 days after notification from the State Council of Higher Education for Virginia, the balance in the escrow account as of June 30 of that year.

FINANCE

33. Line 3140, introduced, at the beginning of the line

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(iv)

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v)

FINANCE

34. Line 3145, introduced, at the beginning of the line

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v)

insert

vi)

FINANCE

35. Line 3148, introduced, after revenues.

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vi)

insert

vii)

FINANCE

36. Line 3217, introduced, after schedule:

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remainder of line 3217, all of line 3218, and through above), on line 3219

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i) the University may draw down one-twenty-fourth (1/24) of its annual general fund appropriation for Educational and General programs on the first and fifteenth days of each month

FINANCE

37. Line 3255, introduced, after Debt

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, as determined by the Treasury Board,

FINANCE

38. Line 3294, introduced, after withdrawal

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, as determined by the Commonwealth’s actuaries

FINANCE

39. Line 3415, introduced, after Costs.

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remainder of line 3415 and all of lines 3416 through 3421

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By July 1 of each odd-numbered year, the College shall inform the Secretary of Finance of any intent during the next biennium to withdraw from any health or other group insurance or risk management program made available to the College through any agency, body corporate, political subdivision, authority, or other entity of the Commonwealth, and in which the College is then participating, to enable the Commonwealth’s actuaries to complete an adverse selection analysis of any such decision and to determine the additional costs to the Commonwealth that would result from any such withdrawal.  If upon notice of such additional costs to the Commonwealth, the College proceeds to withdraw from such health or other group insurance or risk management program, the College shall, pursuant to subdivision D 2 c of § 23-38.88, reimburse the Commonwealth for all such additional costs attributable to such withdrawal as determined by the Commonwealth’s actuaries.

FINANCE

40. Line 3516, introduced, after total of

insert

approximately

FINANCE

41. Line 3518, introduced, after of

insert

approximately

FINANCE

42. Line 3551, introduced, after Mary

insert

, which shall be substantially as described in the remainder of this Section 2.2.2, as may be amended from time to time by the Board of Visitors of the College and reported to the Secretaries of Finance and Education and the Chairmen of Senate Committee on Finance and the House Committee on Appropriations

FINANCE

43. Line 3565, introduced, after College

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(see Goal 6 below)

FINANCE

44. Line 3624, introduced, after § 2.2-3709

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if expressly named therein

FINANCE

45. Line 3636, introduced, after Amendments.

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remainder of line 3636, all of lines 3637 and 3638, and through and on line 3639

insert

Any change to or deviation from this Management Agreement or the Board of Visitors policies attached hereto as Exhibits G through L shall be reported to the Secretaries of Finance, Administration, Education, and Technology and to the Chairmen of the Senate Committee on Finance and the House Committee on Appropriations and shall be posted on the College’s website.  The change or deviation shall become effective unless one of the above persons notifies the College in writing within 60 days that the change or deviation is substantial and material.  Any substantial and material change or deviation

FINANCE

46. Line 3673, introduced, after of Agreement

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remainder of line 3673 and all of lines 3674 through 3683

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.  This Management Agreement shall expire at midnight on June 30, 2010.

FINANCE

47. Line 3684, introduced, after executed

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remainder of line 3684, all of lines 3685 and 3686, and through approval on line 3687

insert

as of this 15th day of November, 2005, and shall become effective on the effective date of legislation enacted into law providing for the terms of such Agreement

FINANCE

48. Line 3867, introduced, after shall

insert

organizationally

FINANCE

49. Line 3869, introduced, after requirement

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remainder of line 3869 and through Maintaining on line 3870

insert

by maintaining

FINANCE

50. Line 3876, introduced, after project

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remainder of line 3876 and all of lines 3877 and 3878

insert

. (period)

FINANCE

51. Line 3997, introduced, after of

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property, both real and personal

insert

real property

FINANCE

52. Line 5610, introduced, at the beginning of the line

insert

II.

FINANCE

53. Line 6151, introduced, after to

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remainder of line 6151 and all of lines 6152 and 6153

insert

(i) ensure compliance with Generally Accepted Accounting Principles, (ii) ensure consistency with the current accounting principles employed by the Commonwealth, including the use of fund accounting principles, with regard to the establishment of the underlying accounting records of the College and the allocation and utilization of resources within the accounting system, including the relevant guidance provided by the State Council of Higher Education for Virginia chart of accounts with regard to the allocation and proper use of funds from specific types of fund sources, (iii) provide adequate risk management and internal controls to protect and safeguard all financial resources, including moneys transferred to the College pursuant to a general fund appropriation, and ensure compliance with the requirements of the Appropriation Act.

FINANCE

54. Line 6169, introduced, after summary

strike

year-end

insert

monthly

FINANCE

55. Line 6171, introduced, after Commission,

insert

the Auditor of Public Accounts,

FINANCE

56. Line 6172, introduced, after Virginia

insert

and for the Chairmen of the Senate Committee on Finance and the House Committee on Appropriations

FINANCE

57. Line 6175, introduced, after FINANCIAL

insert

MANAGEMENT

FINANCE

58. Line 6176, introduced, after all financial

insert

management

FINANCE

59. Line 6178, introduced, after resources.

insert

Such policies will not address the underlying accounting principles and policies employed by the Commonwealth and the College, but rather will focus on the internal operations of the College’s financial management.  These policies shall include, but need not be limited to, the development of a tailored set of finance and accounting practices that seek to support the College’s specific business and administrative operating environment in order to improve the efficiency and effectiveness of its business and administrative functions.

FINANCE

60. Line 6217, introduced, after to

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remainder of line 6217 and all of lines 6218 through 6234

insert

expend the amount of interest earned on the College’s tuition and fees and other non-general fund Educational and General Revenues held and invested by the College until the fiscal year following the fiscal year for which it has received the required certification from the State Council of Higher Education for Virginia.  The College shall hold in escrow all interest earned on the College’s tuition and fees and other non-general fund Educational and General Revenues until such time that, pursuant to subsection C of § 23-9.6:1.01, the College receives the certification that it has met for a particular year the institutional performance benchmarks called for by that section and approved in the then-current Appropriation Act.  Not later than 30 days after receipt of the required State Council of Higher Education for Virginia certification (unless such 30-day period ends before July 1 in which case the relevant dates shall be no earlier than July 1 but no later than July 3), the Commonwealth shall make a non-general fund appropriation equivalent to the amount deposited in the escrow account as the financial incentive provided in subdivision 1 of § 2.2-5005, after which time the College may expend the funds for purposes related to its mission.  If public institutions of higher education of the Commonwealth are permitted, or the College in particular is permitted, by the Appropriation Act or other law to retain or be paid the interest the Commonwealth would have earned on sponsored programs and research funds, then this paragraph shall not apply to such interest on such funds, and such interest shall not be held in escrow.

(iv) If in any given year the College does not receive the certification from the State Council of Higher Education for Virginia that it has met for that year the institutional benchmarks called for by subsection C of § 23-9.6:1.01 and approved in the then-current Appropriation Act, the College shall pay to the Commonwealth, not later than 30 days after notification from State Council of Higher Education for Virginia, the balance in the escrow account as of June 30 of that year.

FINANCE

61. Line 6235, introduced, at the beginning of the line

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iv)

insert

v)

FINANCE

62. Line 6240, introduced, at the beginning of the line

strike

v)

insert

vi)

FINANCE

63. Line 6244, introduced, at the beginning of the line

strike

vi)

insert

vii)

FINANCE

64. Line 6311, introduced, after down

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remainder of line 6311, all of line 6312, and through above), on line 6313

insert

one-twenty-fourth (1/24) of its annual general fund appropriation for Educational and General programs on the first and fifteenth days of each month

FINANCE

65. Line 6346, introduced, after Debt

insert

, as determined by the Treasury Board,

FINANCE

66. Line 6391, introduced, after withdrawal

insert

, as determined by the Commonwealth’s actuaries

FINANCE

67. Line 6519, introduced, after Costs.

strike

remainder of line 6519 and all of lines 6520 through 6525

insert

By July 1 of each odd-numbered year, the University shall inform the Secretary of Finance of any intent during the next biennium to withdraw from any health or other group insurance or risk management program made available to the University through any agency, body corporate, political subdivision, authority, or other entity of the Commonwealth, and in which the University is then participating, to enable the Commonwealth’s actuaries to complete an adverse selection analysis of any such decision and to determine the additional costs to the Commonwealth that would result from any such withdrawal.  If upon notice of such additional costs to the Commonwealth, the University proceeds to withdraw from such health or other group insurance or risk management program, the University shall, pursuant to subdivision D 2 c of § 23-38.88, reimburse the Commonwealth for all such additional costs attributable to such withdrawal as determined by the Commonwealth’s actuaries.

FINANCE

68. Line 6580, introduced, after pursuant to

strike

§

insert

§ 32.1-325

FINANCE

69. Line 6630, introduced, after of

insert

approximately

FINANCE

70. Line 6632, introduced, after of

insert

approximately

FINANCE

71. Line 6668, introduced, after program

strike

includes the following components:

insert

shall be substantially as described in the remainder of this Section 2.2.2, as may be amended from time to time by the Board of Visitors of the University and reported to the Secretaries of Finance and Education and the Chairmen of Senate Committee on Finance and the House Committee on Appropriations.

FINANCE

72. Line 6779, introduced, after Amendments.

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remainder of line 6779, all of lines 6780 and 6781, and through and on line 6782

insert

Any change to or deviation from this Management Agreement or the Board of Visitors policies attached hereto as Exhibits M through R shall be reported to the Secretaries of Finance, Administration, Education, and Technology and to the Chairmen of the Senate Committee on Finance and the House Committee on Appropriations and shall be posted on the University’s website.  The change or deviation shall become effective unless one of the above persons notifies the University in writing within 60 days that the change or deviation is substantial and material.  Any substantial and material change or deviation

FINANCE

73. Line 6816, introduced, after of Agreement

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remainder of line 6816 and all of lines 6817 through 6827

insert

.  This Management Agreement shall expire at midnight on June 30, 2010.

FINANCE

74. Line 6828, introduced, after executed

strike

by the undersigned as of this 15th day of November, 2005, and shall become effective on the effective date of the Appropriation Act or amendments to an Appropriation Act enacted by the General Assembly containing a recommendation for its approval

insert

as of this 15th day of November, 2005, and shall become effective on the effective date of legislation enacted into law providing for the terms of such Agreement

FINANCE

75. Line 7033, introduced, after shall

insert

organizationally

FINANCE

76. Line 7035, introduced, after requirement

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remainder of line 7035 and through Maintaining on line 7036

insert

by maintaining

FINANCE

77. Line 7042, introduced, after project

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remainder of line 7042 and all of lines 7043 and 7044

insert

. (period)

FINANCE

78. Line 7167, introduced, after of

strike

property, both real and personal

insert

real property

FINANCE

79. Line 7571, introduced, after University

strike

attached to this Policy as Attachment 1

insert

, which agreement shall not be substantially different than the agreement attached to this Policy as Attachment 2

FINANCE

80. Line 8779, introduced, after line 8778

insert

ATTACHMENT 2

FINANCE

81. Line 8971, introduced, at the beginning of the line

insert

II.

FINANCE

82. Line 9248, introduced, after be

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except

insert

exempt

FINANCE

83. Line 9431, introduced, after Attachment

strike

2

insert

3

FINANCE

84. Line 9447, introduced, after ATTACHMENT

strike

2

insert

3

FINANCE

85. Line 9584, introduced, after to

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remainder of line 9584 and all of lines 9585 through 9587

insert

(i) ensure compliance with Generally Accepted Accounting Principles, (ii) ensure consistency with the current accounting principles employed by the Commonwealth, including the use of fund accounting principles, with regard to the establishment of the underlying accounting records of the University and the allocation and utilization of resources within the accounting system, including the relevant guidance provided by the State Council of Higher Education for Virginia chart of accounts with regard to the allocation and proper use of funds from specific types of fund sources, (iii) provide adequate risk management and internal controls to protect and safeguard all financial resources, including moneys transferred to the University pursuant to a general fund appropriation, and ensure compliance with the requirements of the Appropriation Act.

FINANCE

86. Line 9604, introduced, after summary

strike

year-end

insert

monthly

FINANCE

87. Line 9606, introduced, after Services,

insert

the Auditor of Public Accounts,

FINANCE

88. Line 9607, introduced, after Virginia

insert

and for the Chairmen of the Senate Committee on Finance and the House Committee on Appropriations

FINANCE

89. Line 9610, introduced, after FINANCIAL

insert

MANAGEMENT

FINANCE

90. Line 9612, introduced, after all financial

insert

management

FINANCE

91. Line 9614, introduced, after resources.

insert

Such policies will not address the underlying accounting principles and policies employed by the Commonwealth and the University, but rather will focus on the internal operations of the University’s financial management.  These policies shall include, but need not be limited to, the development of a tailored set of finance and accounting practices that seek to support the University’s specific business and administrative operating environment in order to improve the efficiency and effectiveness of its business and administrative functions.

FINANCE

92. Line 9652, introduced, after to

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remainder of line 9652 and all of lines 9653 through 9670

insert

expend the amount of interest earned on the University’s tuition and fees and other non-general fund Educational and General Revenues held and invested by the University until the fiscal year following the fiscal year for which it has received the required certification from the State Council of Higher Education for Virginia.  The University shall hold in escrow all interest earned on the University’s tuition and fees and other non-general fund Educational and General Revenues until such time that, pursuant to subsection C of § 23-9.6:1.01, the University receives the certification that it has met for a particular year the institutional performance benchmarks called for by that section and approved in the then-current Appropriation Act.  Not later than 30 days after receipt of the required State Council of Higher Education for Virginia certification (unless such 30-day period ends before July 1 in which case the relevant dates shall be no earlier than July 1 but no later than July 3), the Commonwealth shall make a non-general fund appropriation equivalent to the amount deposited in the escrow account as the financial incentive provided in subdivision 1 of § 2.2-5005, after which time the University may expend the funds for purposes related to its mission.  If public institutions of higher education of the Commonwealth are permitted, or the University in particular is permitted, by the Appropriation Act or other law to retain or be paid the interest the Commonwealth would have earned on sponsored programs and research funds, then this paragraph shall not apply to such interest on such funds, and such interest shall not be held in escrow.

(iv) If in any given year the University does not receive the certification from the State Council of Higher Education for Virginia that it has met for that year the institutional benchmarks called for by subsection C of § 23-9.6:1.01 and approved in the then-current Appropriation Act, the University shall pay to the Commonwealth, not later than 30 days after notification from the State Council of Higher Education for Virginia, the balance in the escrow account as of June 30 of that year.

FINANCE

93. Line 9671, introduced, at the beginning of the line

strike

iv)

insert

v)

FINANCE

94. Line 9676, introduced, at the beginning of the line

strike

v)

insert

vi)

FINANCE

95. Line 9680, introduced, at the beginning of the line

strike

vi)

insert

vii)

FINANCE

96. Line 9750, introduced, after down

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remainder of line 9750, all of line 9751, and through above), on line 9752

insert

one-twenty-fourth (1/24) of its annual general fund appropriation for Educational and General programs on the first and fifteenth days of each month

FINANCE

97. Line 9787, introduced, after Debt

insert

, as determined by the Treasury Board,

FINANCE

98. Line 9833, introduced, after withdrawal

insert

, as determined by the Commonwealth’s actuaries

FINANCE

99. Line 9835, introduced, after line 9834

insert

4. That the provisions of the first, second, and third enactments of this Act shall supersede the terms of any management agreement between the Commonwealth and Virginia Polytechnic Institute and State University, The College of William and Mary in Virginia, and The University of Virginia, respectively, that was entered into prior to January 1, 2006.  Any such management agreement entered into prior to January 1, 2006, shall be deemed incorporated into this Act.

5. That the provisions of the first, second, and third enactments of this Act shall expire at midnight on June 30, 2010. The expiration of such enactments shall automatically result in the expiration of the provisions of any management agreement between the Commonwealth and Virginia Polytechnic Institute and State University, The College of William and Mary in Virginia, and The University of Virginia, respectively, which was entered into prior to January 1, 2006, and incorporated into this Act.