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


To provide guidance for applying taxes to scholarship/fellowship payments made to foreign national students and fellows, in order to comply with U.S. Immigration and Tax laws.

(Note: Compliance and Immigration Services is prohibited from providing tax or legal advice. Students are encouraged to consult their own tax advisor.)


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 ...


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.


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


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.


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.


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.


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 of Virginia, for its own protection and for the protection of its employees and agents as well as the general public, maintains an umbrella of insurance and self-insurance protection as part of its risk management programs. This policy describes the general types of coverage provided and the responsibilities of University employees.


To standardize basic policy on gift agreements for (a) commitments of $100,000 or more, (b) named endowment gifts at any level, and (c) capital gifts at levels that include naming rights. To ensure that gift terms and conditions, obligations and restrictions are fully and consistently identified, described and evaluated, and appropriately authorized.


To manage sponsored program award-projects that are in a budget deficit.


This policy establishes guidelines and requirements for University and/or Medical Center units wishing to create Quasi Endowment accounts in order to invest funds in the University of Virginia Investment Management Company’s (UVIMCO’s) Long-Term Pool to meet long-term financial needs.


The University of Virginia is committed to safeguarding University assets and has established requirements governing receipts and handling of cash and select monetary instruments to reduce the risk of misappropriations and/or loss.


This policy establishes guidelines and expectations for managing project cash balances in order to: (1) encourage the prudent management of cash; (2) maintain sufficient cash balances; and (3) further fiduciary responsibility of all units. The policy explains how cash balances are monitored, the actions to be taken with regard to unauthorized cash deficits, and the process for requesting authorization for cash deficits.


The policy establishes guidelines regarding internal investment options available to University units holding surplus cash balances that generally are not needed for at least twelve months.


Describes the requirements for the processing, receipt and distribution of U.S. mail and messenger mail in a timely and efficient manner so as to minimize costs.


Recipients of federal funds must maintain an accurate payroll distribution system allowing for periodic after-the-fact certification of charges made to specific activities for the purpose of documenting reasonable estimations of actual work performed on those specific activities. This is a requirement of 2 CFR Part 200.430 of the Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards.


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:


Equipment assets owned or held by the University must be accurately inventoried to safeguard and recorded to meet both generally accepted accounting principles and federal or state regulations. This policy sets forth guidelines on how equipment assets records are to be maintained.