**INACTIVE POLICY**

For Current Policies:
Policy Table of Contents

 

                      UNIVERSITY OF VIRGINIA
           FINANCIAL AND ADMINISTRATIVE POLICIES MANUAL



TITLE:  UNIVERSITY FINANCIAL ACCOUNTING SYSTEM       POLICY: II.B.1x 

                                                                   
                                                                  
The University Financial Accounting System is designed to record,
classify, summarize, and report financial data in conformity with
established accounting policies.

The University Financial Accounting System is computer-based.  It
exists in conjunction with, and draws data from, a number of
computer-based and manual systems.

Establishment and Maintenance of the Accounting System

The University Comptroller has primary responsibility for the
establishment and maintenance of the University Financial
Accounting System.

In establishing and maintaining the University Financial Accounting
System, consideration will be given to the special needs of
divisions, departments, and activities.

Establishment and Maintenance of University Accounts

The Department of Accounting Operations has primary responsibility
for the establishment and maintenance of all University accounts. 
This responsibility has been delegated to the Office of Sponsored
Programs for all grant and contract accounts; the Department of
Financial Analysis for gift, endowment and plant accounts; and the
Hospital for all Hospital current fund accounts.

Any department or activity may initiate a request for the
establishment or maintenance of a non-sponsored program account. 
Such requests should be made by submitting a Request for
Establishment of University Account Code to the Department of
Accounting Operations or the delegated department as designated
above.  Copies of all relevant correspondence and other
documentation should be attached.

NOTE:  Approval for the creation of all restricted accounts
(subledger 6) and endowments must be obtained from the Development
Office.  Approval for the creation of imputed interest accounts
must be obtained from the Investment Office.

See also Procedure 2-1, "Establishing/Changing University Account
Codes."


Preliminary sponsored program accounts may be established when
funding has been assured by a sponsor but official award documents
have not yet been received for processing.  These accounts must be
guaranteed by the requesting department (and the Hospital
Controller's Office for all Hospital current fund accounts). 
Requests for the establishment of preliminary sponsored program
accounts should be directed to the Office of Sponsored Programs.

Sponsored program accounts for officially received awards are
automatically established by the Office of Sponsored Programs as
part of the Notice of Award procedure.

Availability of Financial Accounting Information

The University Comptroller has primary responsibility for the
dissemination of all financial accounting information for both
external reporting requirements and internal management needs.

The availability of financial accounting information will be
governed by relevant Federal and State statutes and University
policy pertaining thereto.

The following categories of accounting information are available to
the University community:

      Monthly statements showing budget status and transaction
      detail are forwarded to the responsible person named for each
      account.

      Summaries of all accounts related to specific departments are
      forwarded on request to responsible administrators.

      Special purpose statements may be prepared on either a
      routine or special requirement basis if required data,
      facilities, and resources are available.

ISSUED BY:                                                 06/15/87

University Comptroller         2.2.1.1