Policies

Digital communications are a powerful and efficient tool to communicate with University constituents to conduct the business of the institution and foster engagement at UVA. A unified digital communications policy is necessary to establish clear responsibility and standards for how University entities connect with constituents via mass email and other digital communications tools.

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 Financial Reporting and Operations.

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.

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

The University complies with U.S. Immigration and Tax laws and provides guidance for applying taxes to scholarship/fellowship payments made to foreign national students and fellows.

(Note: Financial Operations & Tax 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.

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

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.