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2017 SESSION

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HB 2171 Higher educational institutions, public; use of investment fund earnings.

Introduced by: James P. "Jimmie" Massie, III | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED HOUSE:

Public institutions of higher education; annual report; investments. Requires the governing board of each public institution of higher education to annually report to the State Council of Higher Education for Virginia (i) the value of investments as reflected on the Statement of Net Position as of June 30 of the previous fiscal year, excluding any funds derived from endowment donations, endowment income, or other private philanthropy; (ii) the cash earnings on such balances in the previous fiscal year; and (iii) the use of the cash earnings on such balances. In the event that the commitment of any such investment earnings spans more than one fiscal year, the report shall reflect the commitments made in each future fiscal year. The bill excludes from such reporting requirements the investments of the Virginia Commonwealth University Health System Authority and the University of Virginia Medical Center.

SUMMARY AS INTRODUCED:

Public institutions of higher education; six-year plans; investment fund earnings. Requires the governing board of each public institution of higher education to indicate in its biennial six-year plan the status and planned use of any institution investment fund earnings for the six-year period.