An independent and separately incorporated legal entity, officially recognized by the University, subject to an executed UAO- Memorandum of Understanding (MOU), and meeting all the following criteria:
- Organized and exists under Virginia law and in good standing with the State Corporation Commission;
- Qualifies as a tax-exempt organization;
- Exists and operates for the benefit of the University or one or more of its units by providing one or more of the following support functions: fundraising, asset management, programs and services; and
- Not an agency, organization, corporation, or unit of the University or the Commonwealth of Virginia.