Financial Policies

Financial Policies

University policies enable faculty, staff, or students to complete their work within the framework prescribed by local, state, federal, and University regulations. UVA Finance, in conjunction with the University Policy Office and Policy Review Committee, review and update financial policies within a prescribed three-year policy review cycle. Outside of the standardized policy review cycle, policies can be reviewed and updated as needed.

UVA Policy Directory

The UVA Policy Directory is the official repository for all University Policies.  Policies can be accessed via search function or the policy glossary.

Policy Review Committee

The Policy Review Committee (PRC) is a standing committee with representatives from major central administrative areas (typically the staff responsible for policy formulation) and policy users.  The PRC charge is to evaluate draft policies for clarity, implementation issues, and contradiction or duplication with existing policies.  For a listing of current committee members, visit the Policy Review Committee webpage.

Policy Approval Process

Requests for new or revised policy must follow the established process with the University Pollicy Office.  This includes the use of the approved policy template, conducting a multi-faceted internal review of the policy, and submission to the Policy Office, prior to distribution to the committee for consideration.  Upon approval, the policy is published to the Policy Directory.

Equity-Minded Decisions and Policy Guide

In the effort to promote equitable policies and the expansion of inclusive excellence at UVA, the Equity-Minded Decision Guide was created to serve as a toolkit to be utilized when reviewing policies for either initial creation or policy revision.

Financial Reporting and Operations Policies Overview

An overview of Financial Reporting and Operations policies has been provided below. For a centralized collection of all current University-wide policies, please visit the UVA Policy Directory 

• FIN-005: Extension and Collection of Credit
• FIN0021:  Internal Control
• FIN-023:  Reconciling Unit Accounting Records
• FIN-026:  Creating and Managing Quasi Endowment Accounts
• FIN-029:  Use of Buildings Financed with Tax-Exempt Debt
• FIN-037: Governance and Compliance Requirements for Payment Card Activities
• FIN-048: Safeguarding and Stewardship of University Financial Records
• FIN-050: Recording and Depositing Expenditure Credits