Virginia Law Mandates Disclosure of Large Contributions in Higher Education Construction Contracts
Virginia has enacted a law requiring offerors awarded construction contracts by public institutions of higher education, valued at $5 million or more, to disclose significant contributions. This mandate applies to contributions totaling $25,000 or more made within the previous five-year period to the public institution itself or any private foundation exclusively supporting it. The term 'contribution' encompasses both monetary donations and in-kind contributions, which include goods, services, property, or other valuable items. In-kind contributions are valued at retail for new items, fair market for used items, and actual cost per hour for services. An 'offeror' is broadly defined to include the owner, agents, managing members, officers, directors, and spouses of the entity. Failure to knowingly submit the required disclosure can result in a civil penalty of $500, with civil proceedings initiated by the attorney for the Commonwealth. These penalties are deposited into the State Treasurer's general fund. T...