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).


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.


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


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 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.


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 is committed to protecting cardholder data from loss or compromise. Consistent with that commitment, the University requires adherence to the Payment Card Industry Data Security Standards (PCI-DSS). In addition to protecting cardholder data, adherence to PCI-DSS reduces the likelihood of fines, penalties, and reputational damage to the University associated with data breaches.


The Virginia Public Procurement Act and subsequent Management Agreements require that purchases be handled in a manner which adheres to the integrity of the procurement process. The main factors determining how a procurement is handled are the anticipated dollar amount of the purchase, the type of good or service being sought, and the timeframe in which a particular item or service must be obtained.


The University has established requirements for approval of academic program agreements to (1) provide adequate lead time to process agreements; (2) ensure that agreements advance the mission and priorities of the University; (3) secure approval from the appropriate academic oversight office and, where appropriate, confirm that all other required approvals have been obtained; and (4) secure approval from an authorized signatory of the University.


Provides guidelines, based on the Internal Revenue Code, and IRS regulations and directives, for determining whether a student’s service in the employ of the University qualifies for an exemption from the Federal Insurance Contributions Act (FICA) taxes imposed on wages. This policy is intended to inform University employees and others about relevant tax issues; it does not constitute legal or tax advice. The University Office of Payroll Services is prohibited from giving University employees legal or tax advice.


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.


Direct deposit benefits both the employee and the University. Benefits to the employee include:

  • No lost or stolen checks;
  • No unclaimed or un-cashed checks;
  • Elimination of long payroll and banking lines and wasted time cashing checks; and
  • Assurance that payments will be automatically deposited while on vacation, sick leave or out of town.

Benefits to the University include:


The University recognizes that volunteers are a valuable resource and can assist the University in its mission of teaching, research, public service, and health care. To reduce volunteer risk and protect the interests of the University, protocols have been established for the engagement of volunteers that clarify the nature of the working relationship and articulate when and how volunteers are authorized to perform activities on behalf of the University.


These requirements (a) contribute to the safe operation and management of University vehicles to protect the general public and the assets of the University; and (b) assist the University in complying with the State’s vehicle regulations in order to prevent denial of liability coverage.


The University Travel and Expense Card (T&E card) provides a means for authorized individuals to make official purchases of goods and services and travel. This policy establishes the standards for the proper use of the University Travel and Expense Card to minimize unnecessary expenses and reduce misuse of the card.


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


Requirements for making outgoing electronic funds transfers (EFTs) for the University have been established in order to protect against cyber fraud and to reduce the risk of loss. This policy is intended for employees who enter EFT transactions into a banking system but excludes batch ACH files transmitted to the bank using a system-to-system direct interface and EFTs initiated by an external party.


Capital projects may result in the loss of existing parking and/or may generate new parking demands.