Policies

VPFI-001

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.

FIN-020

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.

FIN-033

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.

FIN-025

The policy establishes guidelines regarding the internal investment options available to University units holding reserves and other investable balances that will not be used for at least twelve months.

FIN-029

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. Pursuant to the Private Business Use test set forth at 26 USC §141, the tax-exempt status of a bond issuance is jeopardized if more than 10% of the proceeds are used for Private Business Use (the applicable limit is 5% for bonds issued for the benefit of University-Associated Organizations and other 501(c)3 affiliates).

FIN-024

The policy establishes guidelines and requirements for University units, University-Associated Organizations, and other University-affiliated external parties to borrow money from the University’s Internal Bank for certain approved purposes.