Virginia Law

The chief executive officer of each public institution of higher education shall:

1. Maintain a register that contains a description of all of the property of the Commonwealth at the institution for the information of the governing board of the institution and any other interested party.

2. Include in its six-year plan adopted pursuant to § 23.1-306 the following for the most recently ended fiscal year: (i) the assignment during the year of any intellectual property interests to a person or nongovernmental entity by the institution, any foundation supporting the intellectual property research performed by the institution, or any entity affiliated with the institution; (ii) the value of externally sponsored research funds received during the year from a person or nongovernmental entity by the institution, any foundation supporting the intellectual property research performed by the institution, or any entity affiliated with the institution; and (iii) the number and types of patents awarded during the year to the institution, any foundation supporting the intellectual property research funded by the institution, or any entity affiliated with the institution that were developed in whole or part from externally sponsored research provided by a person or nongovernmental entity. The plan shall report separate aggregate data on (a) those persons or nongovernmental entities that have a principal place of business in the Commonwealth as reflected in the assignment agreement or awarding documents and (b) those persons or nongovernmental entities that do not have a principal place of business in the Commonwealth as reflected in the assignment agreement or awarding documents.

3. For any institution that maintains an intercollegiate athletics program, cause to be made out by the proper officer of such institution and forwarded to the Comptroller annually by December 31 a detailed statement of all athletics receipts and disbursements of such institution and of any affiliated committee, group, corporation, or association charged with administering the intercollegiate athletics program. Such report shall include all receipts from admission tickets, programs, refreshment concessions, radio, television, and newsreel or movie rights and all other receipts relating to any athletics contest or event. The report of disbursements shall include the name of each person, firm, or corporation to whom such disbursement was made and the amount of the disbursement. The report shall be kept on file by the Comptroller and shall be open to public inspection at all reasonable times.

Code 1919, § 999, § 23-4; 1952, c. 172, § 23-1.1; 1979, c. 630; 1986, c. 358, § 23-4.4; 2003, c. 708; 2006, cc. 77, 899; 2009, cc. 325, 810; 2015, cc. 579, 580; 2016, c. 588.