Policies

This policy sets forth institutional expectations for the deposit of University funds received as credits or reimbursements that were originally charged as expenditures.

Policy Link (https://uvapolicy.virginia.edu/policy/FIN-050)

Next Review Date: June 23, 2025

This policy establishes the University's standards on financial reporting and defines the responsibilities of University, Medical Center, and College at Wise personnel related to accounting standards. To provide our external constituents with reliable and accurate financial statements, the University must follow generally accepted accounting principles (GAAP) and comply with related federal, state, and local regulations.

The University is committed to protecting cardholder data from loss or compromise. Consistent with that commitment, the University requires adherence to the Payment Card Industry Data Security Standards (PCI-DSS). This policy identifies the administrative offices responsible for establishing business processes for University units that process, store, or transmit cardholder data.

Where tax-exempt debt is used to finance the construction or acquisition of facilities and capital equipment, the University must comply with IRS laws and regulations applicable to Private Business Use. This policy formalizes the responsibility of managers in enabling the University to comply with Internal Revenue Service (IRS) laws and regulations on Private Business Use.

This policy establishes guidelines and requirements for University, Medical Center, and/or College at Wise units wishing to create Quasi Endowment accounts in order to invest funds in the University of Virginia Investment Management Company's long-term pool to meet long-term financial needs.

Policy Link (https://uvapolicy.virginia.edu/policy/FIN-026)

Reconciliations of all University accounts are required to maintain the integrity of the University's accounting records and to protect the interests of the University. Reconciliations are essential for an effective internal control environment so that:

-The information transmitted to, contained in, and reported from the University's financial systems is accurate, complete, and recorded in a timely manner;

University of Virginia, the University of Virginia Medical Center, and the College at Wise are committed to maintaining a strong system of internal control as a business best-practice. This policy assists in complying with the Commonwealth of Virginia Agency Risk Management and Internal Control Standards (ARMICS) and is consistent with the internal control integrated framework promulgated by the Committee of Sponsoring Organizations of the Treadwell Commission (COSO)

This policy outlines how credit may be extended to students, faculty, staff, and other customers of the University and, once credit is established, how the receivable is to be collected. This policy and associated procedures are designed to minimize the number and amount of past due (delinquent) accounts receivable and the write-off of uncollectible balances.  

Digital communications are a powerful and efficient tool to communicate with University constituents to conduct the business of the institution and foster engagement at UVA. A unified digital communications policy is necessary to establish clear responsibility and standards for how University entities connect with constituents via mass email and other digital communications tools.

The use of tax-exempt debt plays an important role in funding a significant portion of the University’s capital projects. As a result, the University realizes the importance of complying with federal and institutional requirements regarding the issuance and ongoing management of its tax-exempt debt. The policy is intended to define compliance practices including compliance actions, records management, and process continuity within the Office of Treasury Management and Financial Reporting and Operations.

The use of tax-exempt debt plays an important role in funding a significant portion of the University’s capital projects. As a result, the University realizes the importance of complying with federal and institutional requirements regarding the issuance and ongoing management of its tax-exempt debt. The policy is intended to define compliance practices including compliance actions, records management, and process continuity within the Office of Treasury Management and the Office of the Comptroller.

This policy describes how various types of Academic Services are classified and paid by the University.

This policy sets forth requirements for establishing and managing University of Virginia bank or other Financial Institution Accounts, to provide for effective oversight and control over University funds and financial assets.

The Federal agencies expect that “most Federally-funded research programs should have some level of committed faculty (or senior researchers) effort, paid or unpaid by the Federal government. This effort can be provided at any time within the fiscal year (summer months, academic year, or both).” A clarification memo also states that, “… Some types of research programs…do not require committed faculty effort, paid or unpaid by the Federal government ...”

The University complies with U.S. Immigration and Tax laws and provides guidance for applying taxes to scholarship/fellowship payments made to foreign national students and fellows.

(Note: Financial Operations & Tax is prohibited from providing tax or legal advice. Students are encouraged to consult their own tax advisor.)

Differentiating between gifts and sponsored programs is critical to assuring the appropriate management of awards to the University. This policy identifies characteristics of gifts and sponsored programs to assist University personnel in determining how to handle funds associated with each type of support.

To standardize policy on the acceptance, valuation, recording, and disposition of gifts of securities.

The University of Virginia, the University of Virginia Medical Center, and the College at Wise are committed to maintaining a strong system of internal control as a business best-practice. This policy assists the University, the Medical Center, and the College at Wise in complying with the Commonwealth of Virginia Agency Risk Management and Internal Control Standards (ARMICS) and is consistent with the internal control integrated framework promulgated by the Committee of Sponsoring Organizations of the Treadwell Commission (COSO).

The University is committed to sound fiscal stewardship of funds and compliance with applicable federal and state laws. Requirements have been established for University employees and non-employees who are traveling or entertaining on behalf of the University.

Acceptance of gifts or other special benefits from vendors can give the appearance of impropriety, compromise the employee’s integrity or potentially place an employee in a conflict of interest situation. In certain circumstances, the employee also could be subject to criminal prosecution.