Higher educational institutions, public; foundations, annual reporting requirements, VCCS exempt.

Public institutions of higher education; foundations; annual reporting requirements. Requires each public institution of higher education to release an annual report regarding foundations associated with the institution setting forth foundation expenses. The annual report shall include the total annual expenditures by each foundation; the percentage of expenditures used for scholarships or financial aid by each foundation; the percentage of expenditures used for faculty compensation by each foundation; the percentage of expenditures used for program costs by each foundation; the percentage of expenditures used for equipment and technology by each foundation; the percentage of expenditures used for administrative support by each foundation; and the percentage of expenditures used for executive compensation by each foundation.