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.
