Virginia War Memorial Foundation may expend donated funds in accordance with sound fiduciary and fiscal responsibilities and its public purpose of honoring patriotic Virginians.
Foundation has no basis to handle donated funds differently from appropriated funds.
Investment of Foundation's endowment fund is limited to specific types of investment instruments. Rule of strict liability would apply for losses resulting from unauthorized investment activity. You ask several questions regarding funds received by the Virginia War Memorial Foundation. You first inquire whether any Virginia law constrains the way in which the Foundation expends funds donated to it. You next ask whether the Foundation is required to handle donated funds differently from the funds the Foundation receives pursuant to the Appropriation Act.