2.1 Budgeting
Contained within this chapter are the University's policies governing
the preparation and approval of operating and capital budgets, policies
defining the role of the University Budget Office and other
departments, agencies and activities which participate in the budgetary
process, and policies pertaining to the implementation and control of
operating and capital budgets. These policies apply to all University
of Virginia divisions/agencies, departments and activities.
2.2 Budgeting Process
The following policies govern the budget preparation process. An explanation
of the role of the University Budget Office is provided and the process
by which operating activities, departments and divisions of the University
participate in the preparation of budgets is described. The policies
articulate ways in which the budget process varies among the three divisions/agencies
of the University. Budget categories which are subject to compliance
with standard institutional guidelines are mentioned. The policies presented
pertain to the development of University budgets and the biennial budget
request to the Commonwealth of Virginia.
2.3 Responsibility for Preparation and
Approval of University Budgets
The University Budget Office has primary responsibility for planning,
coordinating, and participating in the preparation of University budgets.
Schedules, minimum standards, formats, procedures, and expenditure/revenue
estimation criteria are promulgated by the University Budget Office.
Participation on the part of managers at all levels and persons who
are responsible for specific accounts is an integral part of this process.
For purposes of this policy statement, annual operating budgets, capital
budgets and other special purpose budgets are encompassed by the term
University Budgets. This general policy statement is applicable to all
funds, both State and Local.
Major responsibility for development of budgets in selected areas is
delegated as follows:
The Board of Visitors approves the annual operating budgets applicable
to all divisions of the University of Virginia prior to the beginning
of each fiscal year.
Capital budgets and other special purpose budgets are approved by The
Board of Visitors or the University Budget Office as appropriate.
2.4 Responsibility for the Preparation and
Approval of Biennial Budget Requests to the State
The University Budget Office has primary responsibility for planning,
coordinating and participating in the preparation of biennial budget
requests to the State. Coordination with the Department of Planning
and Budget and the State Council of Higher Education on budget matters
is also the responsibility of the University Budget Office. Schedules,
minimum standards, format and interpretations of procedures are promulgated
by the University Budget Office.
Major responsibility for development of the biennial budget submissions
is delegated as follows:
It is the policy of the University to provide for active participation
on the part of vice presidents, deans, and department/activity heads
in the development of the biennial budget submissions.
The biennial budget submissions for all divisions of the University
are reviewed with The Board of Visitors.
2.5 Budget Guidelines Covering Revenue Estimation
and Expenditure Criteria
The University Budget Office is responsible for providing guidance
pertaining to the estimation of revenues and projection of expenditures.
Such guidance may take the form of communication of guidance provided
by the State or such other guidance as may result from independent studies
and the application of budget assumptions. Such guidance may be promulgated
through the release of memoranda, budget instructions, transmittal of
data received from the State or such other media as may be deemed appropriate.
This policy does not preclude activities from submitting justification
for variance from standard guidelines in formats designated by the University
Budget Office.
All guidelines related to revenues will place primary emphasis on the
estimates of the administrative officer of the University who has responsibility
for the revenue source.
2.6 Timetable of Budget Functions
It is the responsibility of the University Budget Office to establish
a schedule of budget functions which will serve to guide the budget
development and implementation process for all divisions of the University.
The schedule which is developed will be based on requirements and due
dates established by the State, guidance received from the President
and the Finance Committee of The Board of Visitors, and the management
needs of the University. Efforts will be made to provide for participation
of all divisions in the development of the timetable of budget functions.
The Office of Sponsored Programs is delegated the authority to establish
the schedule of budget functions for sponsored programs and the related
negotiations between the sponsor, principal investigator, fiscal administrator,
and central University officers.
Vice presidents, deans, and department or activity heads are authorized
to establish working schedules within the general schedule established
by the University Budget Office.
The method of communicating the schedule of budget functions shall
be generally consistent from year to year and will be by such media
as is deemed necessary and appropriate.
