Treasury Transformations

UVA's Treasury department has recently implemented a few specific transformations to improve accuracy, efficiency, and help sustain a strong financial foundation. 

Phase 2 of the General Ledger (GL) Integrity initiative at Medical Center for Payroll

UVAFinance is currently progressing to Phase 2 of the GL Integrity initiative, the next step forward in our broader GL transformation strategy (read more about our progress toward GL Integrity here). The new structure will enhance controls and clearing accounts that more closely align with bank activity, significantly improving the accuracy of cash recording, exception identification, and reconciliation processes in follow-up to earlier efforts within the Accounts Payable function (Phase 1). 

Additional efforts from the project team include consolidation of banking services under Bank of America, such as planned outsourcing of residual check printing/mailing to enhance fraud protection and gain operational efficiencies, increasing payments via electronic methods (card and ACH) while reducing the number of checks issued to vendors to provide risk mitigation, fraud protection, and payment-related rebates, as well as the implementation of a validation tool to verify payee banking information prior to payment execution. 

Exploration of Modern Debt Management Tools 

UVA Treasury has launched an initiative to evaluate and adopt best-in-class tools for managing the University's debt portfolio. These tools will support more effective planning, tracking, and optimization of UVA's debt strategy, ensuring we remain agile and forward-looking in a complex financial landscape.

Special thanks to Stephanie McAteer and Yvonne Metheny, who have maintained thoughtful participation in this review process and their insights are helping Treasury assess third-party platforms that will assist with tracking obligations, modeling future debt scenarios, and maintaining compliance with regulatory requirements. 

Ultimately, these tools will enhance UVA's ability to deliver data-driven insights, support long-range planning, and sustain a strong, resilient financial framework.