BSO adheres to generally accepted accounting principles and follows the financial/administrative policies approved by the University of Virginia’s Policy Review Committee.  The below University policies are integral in the day-to-day work of the BSO:

BSO also uses the Goods and Services Procurement Guide to ensure costs are reasonable and allowable. As such, financial records are maintained and reports are prepared on a cash basis, with the capability to prepare reports on an accrual basis. Accurate accounting and financial reporting within BSO are integral to providing the necessary information for budgeting, planning, and management responsibilities. To achieve this, BSO’s financial management and reporting systems are constructed so that:

  • Each funding source is individually identified and individual expenses are coded in a manner to ensure that the expense is charged to the correct funding source
  • Costs are treated consistently with BSO written policies and procedures and are applied uniformly
  • All payments are based on fully supporting documentation
  • All financial records are supported by source documentation
  • Only reasonable and necessary costs for the performance of an award are charged to that award
  • Reports can compare actual expenditures with planned expenditure

Within BSO’s financial management and reporting system, a number of checks and balances have been established. Given the small size of the BSO staff, there are limitations in our ability to provide a complete separation of duties and responsibilities. We believe, however, that through the combination of a sound accounting system, daily attention by our administrative staff, regular oversight by management, and independent activities, such as our annual financial audit and, as needed, accountant support, we can achieve sufficient separation of duties and responsibilities.