Each fiscal year, the University of Virginia develops its annual operating budget.  The operating budget continues to build on the principles of the University Financial Model (UFM), sources and uses.  Activity Centers and/or units develop their budgets in line with their baseline operations, including increases or adjustments for the revenue and expense assumptions provided by the Office of Financial Planning and Analysis. 

Many of the assumptions used will serve as conservative placeholders that will be updated when other planning and approval processes take place during the budget planning cycle. 

As part of the annual budget process, units may submit new requests for additional funding as part of their proposal by using a New Funding Request form. 

All units will have an opportunity to review budgets and discuss strategic plans & requests with the EVP/Provost, the EVP/Health System and/or EVP/COO.  Decisions related to operating support, as well as additional funding requests, will be made by the executive vice presidents in consultation with the President and the Deans,and will be communicated at the end of the budget process after final approval of the Board of Visitors (BOV).

Budget Development Process

FY 2025-26 Academic Division Operating Budget

FY2026 Budget Book

 

Five-Year Comparison Academic Division Budget

Academic Budget Sources

Over the period, the state’s commitment has increased on a per-student basis and as a proportion of our operating budget and remains an important source of support. State appropriations increased from 9% of the Academic Division operating budget inFY2021-22 to 12% in FY2025-26. During the same period, tuition & fees decreased from 36% to 34% and private support (expendable gifts & endowment distribution) has increased slightly from approximately 21% of the operating budget to 23%, demonstrating the University’s ability to maintain sustained and significant resources coupled with increasing proportional support from the Commonwealth. The recently approved FY2025-2026 budget maintained increased state support, which totals $294.4 million for the forthcoming year.
 

 

Academic Budget Uses

Over the past 5 years, the Academic Division has consistently allocated more than half (50%) of its operating budget to its core mission-related activities of education, research, and public service. The share of the operating budget allocated to research has depended on the availability of federal and other sponsored funding as well as the University’s success in recruiting and retaining research faculty and staff. Current investments through the Strategic Investment Fund, in line with the 2030 Plan, support the continued growth of the research portfolio and the University’s subsequent research successes. Another significant area of investment has been financial aid to support access and affordability, through the AccessUVA program and matched contributions from the Strategic Investment Fund as part of the Bicentennial Scholars Fund.

 

 

 

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