Policies

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.

To provide a process whereby a University department may seek restitution and recovery from third parties for departmental damage.

Equipment assets owned or held by the University must be accurately inventoried and recorded to meet both generally accepted accounting principles and federal or state regulations. This policy details guidelines on how equipment assets records are to be maintained.

Provides guidance on honoraria payments and/or travel and incidental expenses reimbursements to non-employees including short-term, nonimmigrant alien visitors to the University in order to comply with U.S. Immigration and Tax laws.
(Note: Financial Reporting & Operations is prohibited from providing tax and/or legal advice.)

The University is committed to complying with applicable state and local sales tax laws and regulations. University requirements have been established for collecting, reporting, and remitting sales tax in order to avoid penalties for failure to timely file complete and accurate tax returns.

This policy establishes the University’s standards for official purchases.

This policy describes 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.

The University has established internal controls for the transfer of equipment assets to and from the University to properly record/retire equipment assets in the financial accounting system and adequately insure equipment inventory. In addition, controls over equipment assets serve to avoid any potential adverse impact upon negotiated Federal Facilities & Administrative (F&A) rates and safeguard sponsor awards.

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).

The University has established standards for the consistent treatment of costs associated with sponsored programs so as to avoid double-charging the Federal government. This is in accordance with 2 CFR 200.412 Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, issued by the Office of Management and Budget (OMB).

In response to the increasing nationwide incidence of identity theft, the Federal Trade Commission, along with the banking regulatory agencies, issued a so-called “Red Flags Rule” intended to protect consumers from this crime. “Red Flags” are circumstances that should cause creditors and financial institutions to suspect that identity thieves may be using the identifying information of others to commit fraud.

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 budget 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.

The University has established guidelines to assist in complying with Title 2 Code of Federal Regulations Section 200 and applicable cost accounting standards for those individuals who prepare and submit proposals for sponsored programs on behalf of the University. To prevent over-charging sponsors, these guidelines provide a basis for determining whether an activity is considered to occur On-Grounds or Off-Grounds and thus the respective Facilities & Administrative (F&A) rate to apply.

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.

The purpose of this policy is to set forth the investment and operational policies for the University’s Working Capital Funds. It was approved by the Board of Visitors in November 2011 and replaced the Short-Term Investment.

The University has set forth requirements for administering, safeguarding, and reconciling change funds and to provide for effective oversight and control over University change funds.

The University is committed to sound fiscal stewardship of University funds. This policy provides guidelines for the timely payment of goods and services, internal controls, and required documentation to comply with state and federal laws.

The University has set forth requirements for establishing, managing, and closing petty checking accounts and to provide for effective oversight and control over University petty checking accounts.

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.