Be it enacted by the General Assembly of Virginia:
1. That the Code of Virginia is amended by adding in Article 2 of Chapter 1 of Title 23.1 a section numbered 23.1-108 as follows:
§23.1-108. Foundations; annual reporting requirements.
Each public institution of higher education shall release an annual report regarding foundations associated with the institution setting forth foundation expenses. The annual report shall include:
1. The total annual expenditures by each foundation;
2. The percentage of expenditures used for scholarships or financial aid by each foundation;
3. The percentage of expenditures used for instructional programs by each foundation;
4. The percentage of expenditures used for research by each foundation;
5. The percentage of expenditures used for intercollegiate athletics by each foundation; and
6. The percentage of expenditures used for buildings and maintenance by each foundation.