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Policy: II.B.1x2 (inactive)

Issued: June 15, 1987

Owner: University Comptroller

Latest Revision: January 25, 2000



For Current Policies:
Policy Table of Contents



1.0 Purpose

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

2.0 Policy [Top]

2.1 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 Accounting System, consideration will be given to the special needs of divisions, departments, and activities.

2.2 Establishment and Maintenance of University Accounts

The Department of General Accounting 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 projects; and the Medical Center for all Medical Center current fund acounts.

Any department or activity may initiate a request for the etablishment 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 General Accounting or the delegated department as designated above. Copies of all relevant correspondence and other documenttion should be attached.

NOTE: Approval for the creation of all restricted acounts (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 a sponsor has assured funding but official award documents have not yet been received for processing.  These accounts must be guaranteed by the requesting department (and the Medical Center Controller's Office for all Medical Center projects).  Requests for the establishment of preliminary sponsored program accounts should be directed to the Office of Sponsored Programs.

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

2.3 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:

The University's Information Warehouse houses summary and detail financial information for all accounts.  It can be used to produce predefined reports or customized reports designed by the end user.

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

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

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

3.0 Definitions [Top]


4.0 References [Top]


5.0 Approvals and Revisions [Top]

Previous version in effect from 7/15/87 to 1/25/00 available in policy archive.

Maintained by University Comptroller
© 2000 by the Rector and Visitors of the University of Virginia