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.  

Guidelines are provided regarding responsibility for the University’s and/or Medical Center's operating and capital budget and long-term financial planning processes in order to: (1) provide reasonable assurance of the integrity of funding processes; (2) manage available resources to a consistent standard of accountability; (3) support progress towards strategic goals; and (4) facilitate informed decisions around the investment of financial resources in operating activities and capital assets.

This policy describes the process for reviewing, approving and executing contracts on behalf of the University so that: (i) the contract is reviewed and signed by a University representative with the requisite signature authority as delegated by the Board of Visitors; (ii) the terms of University contracts are consistent with state and federal law, directives and guidelines; and (iii) all reviews and approvals required by University policies are obtained prior to execution of the contract.

The conduct of certain University research, teaching, service, and patient care activities is subject to control under Federal export control or sanction regulations. Controls may be applicable due to the use or generation of controlled technology or the conduct of controlled activities which may occur inside or outside the U.S.

This policy serves two purposes: 1) a formal expression of the University’s commitment to compliance with U.S. export control and sanction requirements; and 2) describes the general framework the University has established to support that commitment.

The University has established requirements for approval of academic program agreements to (1) provide adequate lead time to process agreements; (2) ensure that agreements advance the mission and priorities of the University; (3) secure approval from the appropriate academic oversight office and, where appropriate, confirm that all other required approvals have been obtained; and (4) secure approval from an authorized signatory of the University.

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.

This policy sets forth the requirements for establishing and managing University revenue generating activities and the rates that can be assessed: 1) to students as a condition of their enrollment; 2) by internal service providers; and 3) as nuisance charges to prevent abuse of services. This policy is necessary so that the assessed rates reflect actual costs and are consistently applied.