58.1-3618 - College alumni associations and foundations. - Virginia Statutes

§ 58.1-3618. College alumni associations and foundations.

Incorporated alumni associations operated exclusively on a nonprofit basisfor the benefit of colleges or other institutions of learning located inVirginia, and incorporated charitable foundations conducted not for profit,the total income from which is used exclusively for literary, scientific oreducational purposes, are hereby classified as charitable and culturalorganizations.

(Code 1950, § 58-12.25; 1974, c. 469; 1984, c. 675.)