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.
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.
To manage sponsored program award-projects that are in a budget deficit.
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.
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.
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.
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:
Charges to Federal awards for salaries and wages must be based on records that accurately reflect the work performed and comply with the standards for documentation detailed in the Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). This policy establishes the University’s approach to fulfilling these obligations.
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 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.
To provide a process whereby a University department may seek restitution and recovery from third parties for departmental damage.
This policy provides guidance on honoraria payments and/or travel and incidental expense reimbursements to non-employees including short-term, nonimmigrant alien visitors to the University to assist in complying with U.S. Immigration and Tax laws.
(Note: Financial Operations & Tax is prohibited from providing tax and/or legal advice.)
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.
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.
This policy establishes the University’s standards for official purchases.
This policy describes how authorized billing departments may establish an accounts receivable for faculty, staff, students, and other customers of the University and how to collect the receivable. 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.
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 funding 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.