**INACTIVE POLICY**

For Current Policies:
Policy Table of Contents

 

                      UNIVERSITY OF VIRGINIA 
           FINANCIAL AND ADMINISTRATIVE POLICIES MANUAL



TITLE:  FINANCIAL ACCOUNTING POLICY-                 POLICY: II.A.1x
        GENERAL                                                    
                                                                    

Financial accounting policies are designed to:

     Provide financial reporting consistent with generally accepted
     accounting principles for higher education and hospitals.

     Provide management information required for financial
     planning, coordination, and control.

     Provide financial reporting required to respond to the various
     external entities that provide financial support for the
     University.

Responsibility for the Establishment of Financial Accounting 
Policies

The University Comptroller is responsible for the establishment of
University financial accounting policies.

The Medical Center Director of Finance is responsible for the
establishment of Medical Center financial accounting policies.

In developing comprehensive University financial accounting
policies, consideration will be given to the special needs of
divisions, departments, and activities.

Current Financial Accounting Policies

Current financial accounting policies of the University have been
established in conformity with generally accepted accounting
principles for higher education as set forth in College and
University Business Administration, the American Institute of
Certified Public Accountants (AICPA) Industry Audit Guide Audits of
Colleges and Universities, the Financial Accounting Standards Board
Statements of Financial Accounting Standards, and the Governmental
Accounting Standards Board Statements of Governmental Accounting
Standards. Separate statements for the Medical Center are prepared
in conformity with the AICPA Hospital Audit Guide.  Specialized
policies have been established as required to conform with
regulations promulgated by agencies of the federal and state
governments.

Annual financial statements are prepared that include the accounts
of all organizational units of the University of Virginia including
the Academic Division, the Medical Center, and Clinch Valley
College.


Responsibility for the Submission of Accounting Data

The responsible person named for each established account has
ultimate responsibility for the timely and accurate transmittal of
financial transactions related to that account to the central
accounting offices in conformity with established University
financial accounting policies and procedures.

See also Policy VII.A.11, "Timely Payments to Vendors" for
provisions of the State Prompt Payments Act.

Monitoring of Adherence to Financial Policies by the Audit
Department

The University's Audit Department will monitor and evaluate
adherence to generally accepted accounting principles.

See also Policy I.C.1, "Internal Audit."


                                                                   
ISSUED BY:                                                 07/17/89

University Comptroller         2.1.1.1