23-280 - Conditions and restrictions on financial assistance. - Virginia Statutes

§ 23-280. Conditions and restrictions on financial assistance.

A. The Board shall provide financial support only to research efforts thatsatisfy the following conditions:

1. The research shall be conducted by state institutions of higher education,agencies of the Commonwealth, or nonprofit organizations exempt from incometaxation pursuant to § 501(c)(3) of the Internal Revenue Code and located inthe Commonwealth;

2. The institution, agency, or organization shall provide a cash amount forthe support provided by the Board in such percentage of the Board's supportas the Board deems appropriate;

3. Support provided by the Board shall not be used by the recipient tofinance capital improvements or renovations, indirect costs incurred by theinstitution, agency, or organization in its administration of the financialsupport, or for any other purpose proscribed by the Board; and

4. Recipients of support provided by the Board shall agree to provide theBoard with such information regarding the implementation of the researcheffort, and to allow monitoring and review of the research effort, as may berequired by the Board to ensure compliance with the terms by which thesupport is provided.

B. Any support provided by the Board shall be used by the recipient only forpersonal services, contractual services, material, supplies, and equipmentdirectly related to the approved research effort.

(1997, cc. 803, 888, 891.)