10.1-1022 - Expenditure of restricted funds. - Virginia Statutes

§ 10.1-1022. Expenditure of restricted funds.

The Foundation shall expend restricted funds only in accordance with theapplicable restrictions, or allocate such funds to the designated orotherwise appropriate state agency subject to such restrictions. The stateagency receiving restricted funds shall expend such funds only in accordancewith the applicable restrictions. The Board of Trustees may make suchrecommendations as are appropriate to the agencies responsible for spendingany restricted funds, and the agencies shall consider such recommendationsprior to the expenditure of restricted funds received from the Foundation.State agencies and departments receiving funds directly for expenditure for apurpose for which the Foundation is created shall solicit and consider theadvice of the Board with respect to the expenditure of such funds priorthereto. This section shall not affect the authority of the Foundation toexercise its discretion with regard to the expenditure or allocation ofunrestricted funds received by the Foundation.

(1992, c. 426.)