Virginia Code Title 23.1. Institutions of Higher Education;  Other Educational and Cultural Institutions § 23.1-2214. Gifts, bequests, and devises

Any person may (i) deposit in the state treasury;  (ii) bequeath money, stocks, or public bonds of any kind to be so deposited;  or (iii) grant, devise, or bequeath property, real or personal, to be sold and the proceeds to be so deposited, in sums not less than $100, that shall be invested in securities that are legal investments under the laws of the Commonwealth for public funds for the benefit of the University, and in such case the interest or dividends accruing on such investments shall be paid to the board and appropriated by the board for general purposes unless some particular appropriation has been designated by the donor or testator.  The State Treasurer shall notify the board of any such deposit in the state treasury.