Va. Code § 23.1-310
The Council shall annually assess the degree to which each institution has satisfied any goals or criteria developed by the Higher Education Advisory Committee pursuant to § 23.1-309 and no later than October 1 of each fiscal year provide a certified written report of the results of such annual assessment to the Governor and the Chairmen of the House Committees on Appropriations and Education and the Senate Committees on Finance and Appropriations and on Education and Health. In order to assist the Council in its assessment, each public institution of higher education, and each nonprofit private institution of higher education eligible for and seeking to qualify for state general funds, shall furnish periodic reports, including copies of institutional financial aid audit reports and audited financial statements, and such other pertinent information, including student-level data, as may be required by the Council.
Va. Code § 23.1-310