April 8, 2025, 4:45 pm: The T&E Card Change Request form is failing intermittently. We are working with ITS to address the issue. In the meantime, please send us an email with the information the form requests to askfinance@virginia.edu
Resources
- What is F&A?
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F&A stands for Facilities and Administrative costs. It is the current federal government, Title 2 Code of Federal Regulations section 200 (2 CFR 200), terminology for what was formerly known as indirect costs and applies to grants and contracts. Many people also refer to this as overhead.
The process for getting revenue into the University starts with a point-of-sale system. When a transaction is started in a point-of-sale system, that system contacts a payment processor to verify the payment. The payment processor is Elavon. When the payment processor is contacted about a payment, they check with the credit card company to confirm the payment. The credit card companies respond with an “approve” or “deny” message, which is sent back to the point-of-sale system. This process only takes a few seconds.
F&A Distribution by Project for FY22, in Excel spreadsheet format (.xls or .xlsx).
Our mission is to ensure the ongoing fiscal integrity of the University through the effective management of all of its Fixed Assets (Land, Buildings, Infrastructure, Equipment, Vehicles, Software, Library Books, etc.) policies. This includes the review and analysis of capital building projects, the capitalizing of all University Fixed Assets, the maintaining of an accurate Fixed Assets System, and the conducting of annual inventory audits. The Fixed Assets Accounting Group is responsible for providing financial reporting to the University, the Commonwealth, and other regional and national agencies, including federal sponsors such as NASA and the Department of Defense. We are also responsible for administering the Equipment Trust Fund (ETF) program.
This source of funds is derived from the application of a negotiated indirect cost recovery percentage to grant and contract expenditures. They represent the recovery of the fair share of the Facilities and Administrative costs of the University in support of sponsored programs activities. The "F" parts of F&A include the costs of the buildings and equipment, utilities, the maintenance of buildings, and the cost of the University's libraries. The "A" parts include central administration, school and departmental administration, and the Office of Sponsored Programs.
F&A recoveries are distributed to departments and schools based on a formula approved by the academic vice presidents and administered by Financial Planning & Analysis.