Policies

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.

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 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.