Higher educational institutions, public; governing board to establish policy, donations, gifts, etc.

Governing boards of public institutions of higher education; acceptance of terms and conditions associated with donations, gifts, and other private philanthropic support. Requires the governing board of each public institution of higher education to establish a policy for the acceptance of terms and conditions associated with any donation, gift, or other private philanthropic support. The bill requires each such policy to include an administrative process for reviewing, accepting, and documenting terms and conditions associated with (i) gifts that direct academic decision-making and (ii) gifts of $1 million or more that impose a new obligation on the institution of higher education, excluding gifts for scholarships or other financial aid. The bill requires each public institution of higher education to retain documentation of such terms and conditions in compliance with the Virginia Public Records Act and provides that such documentation shall be subject to the provisions of the Virginia Freedom of Information Act.