Financial Reporting & Accounting

Financial Reporting

Financial Reporting provides information and resources for the internal and external financial reporting needs of the University. In this capacity, Financial Reporting provides guidance on complex accounting issues and questions, including the research, interpretation, and implementation of new accounting standards, and is responsible for managing the year-end close, APA audit, and preparation of the Annual Financial Report as well as quarterly financial statements for the Board of Visitors and other institutional financial survey.

Financial Accounting

Financial Accounting is responsible for financial reporting, contract management, payment card compliance, financial transaction processing, account reconciliations, accounts receivable, investment and endowment accounting, and debt accounting. This office provides financial and administrative leadership, strong internal controls, and services of the highest quality to the University community. Financial Accounting ensures that the official accounting records of the University are up-to-date and accurate, and assists faculty and staff with financial transaction processing, account reconciliations, and funds transfers.

Ethics

Finance employees across the University are required to adhere to the University of Virginia’s Code of Ethics as well as the ethical codes of the Virginia Department of Accounts and the National Association of College and University Business Officers.

• University Code of Ethics and Mission Statement
• Department of Accounts (DOA) Code of Ethics
• National Association of College and University Business Officers (NACUBO) Code of Ethics

Financial Reporting

Financial Reporting provides information and resources for the internal and external financial reporting needs of the University. In this capacity, Financial Reporting provides guidance on complex accounting issues and questions including the research, interpretation, and implementation of new accounting standards and is responsible for managing the year-end close, APA audit, and preparation of the annual Financial Report as well as quarterly financial statements for the Board of Visitors and other institutional financial surveys.

FIN-048: Safeguarding and Stewardship of University Financial Records

Governmental Accounting Standards Board (GASB)

Commonwealth of Virginia Auditor of Public Accounts

Financial Accounting Standards Board (FASB)