CHAPTER 707

An Act declaring the public policy of the State in respect to endowment
funds of State-supported institutions of higher education. rH 42)

Approved April 8, 1952

Whereas, the State-supported system of higher education can be
greatly strengthened by increases in the endowment funds of the several
institutions of higher education derived from private sources; and

Whereas, prospective donors to the endowment funds of the several
institutions hesitate to contribute thereto on the ground that, to the extent
that the income of the respective institutions is increased from private
sources, the State will withdraw its support; and

Whereas, in § 10 of Chapter 33 of the Acts of Assembly of 1927 the
General Assembly, by setting endowment funds and income therefrom
apart from other revenues of and appropriations to the institutions of
higher education, indicated an intention that endowments are to be in
addition to such other revenues and appropriations; now, therefore,

Be it enacted by the General Assembly of Virginia:

1. §1. It is hereby declared to be the public policy of the State to
encourage the State-supported institutions of higher education in Virginia
in their attempts to increase their endowment funds.

It is further declared to be the public policy of the State that,
in measuring the extent to which the State shall finance higher education
in Virginia, the availability of the endowment funds of institutions of
higher education received by such institutions on and after January 1,
1952, shall not be taken into consideration in, nor used to reduce, State
appropriations or payments therefrom; but such funds shall be used in
accordance with the wishes of the donors thereof to strengthen the serv-
ices rendered by these institutions to the people of the Commonwealth.