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Policy: III.A.1x (inactive)

Issued: July 9, 1993

Owner: Director of the Budget

Latest Revision: April 5, 2002

BUDGETING AND BUDGETING PROCESS


**INACTIVE POLICY**

For Current Policies:
Policy Table of Contents

 

This policy has been replaced and migrated to the standardized format.
See
https://policy.itc.virginia.edu/policy/policydisplay?id=FIN-022

1.0 Purpose

This policy describes the general guidelines for budgeting and the budgeting process.

2.0 Policy [Top]

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:

Area

Delegated To

Sponsored Programs

Director, Office of Sponsored Programs

Medical Center

CEO, Medical Center

UVA College at Wise

Chancellor, UVA College at Wise

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:

Area

Delegated To

Enrollment projections

Vice President and Provost

Medical Center (Agency 209)

CEO, Medical Center

UVA College at Wise
(Agency 246)

Chancellor, UVA College at Wise

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.

3.0 Definitions [Top]

4.0 References [Top]

5.0 Approvals and Revisions [Top]

This policy has been replaced by Oversight of University Operating and Capital Budgets and Long-term Financial Plans on 6/8/09.


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