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VCU Finance & Administration University Controller's Office

912 W. Franklin Street, Richmond, VA 23284-3035 (804) 828-0388 VCUFinance@vcu.edu

 

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Hospital Services Funds

Hospital Services represents University revenue and expenditures for services provided by the University to the VCU Health System and related activities. This accounting mechanism was initiated with the conversion of the Medical College of Virginia Hospitals from state agency status to an independent authority. At that time, a new state program, Hospital Services, was assigned to the University for recording this activity. The University has no claim on these funds, but rather acts as a paymaster.

The Hospital Services budget includes the Clinical, Educational, and Research Services Agreement (CERSA) between the Health Sciences schools and VCU Health System. The Hospital Services budget also includes funding from the Operations and Services Agreement (OSA) for a variety of administrative services provided to the VCU Health System by the University. For instance, the VCU Health System leases space from the University and the University contracts with the Health System through the Operating Service Agreement for operation and maintenance services for the leased space and other Health System facilities.

Hospital Services activity is a component of State funds and is recorded in Banner organizations (indexes) beginning with H8. Initial permanent and current operating budgets are established based on the Consolidated Budget Plan approved by the Board of Visitors.

Please see: Definitions of Permanent, Current and Adjusted Budget

Budgets may not be overspent at the organization (index) level. Individual Vice Presidents have oversight responsibility for monitoring and controlling operating budgets for units under their purview. Departmental administrators and fiscal personnel are responsible for reviewing information in Banner Finance for accuracy and ensuring that sufficient budget is available to support the fiscal year activities. In the event that a Banner org/index goes into a deficit, the deficit must be resolved as soon as possible but no later than the next month-end. Budget and Resource Analysis is responsible for central University monitoring of deficits and will work directly with the individual Vice Presidents’ offices regarding appropriate follow-up actions. In order to fill a vacant position (faculty or classified), sufficient permanent and current budget must be allocated to support the salary and fringe benefits for the selected candidate. Employment offers cannot be made until full funding is identified. Please see: Deficit Monitoring Policy.

As with all State funds, Hospital Services organizations may not be used for expenditures such as gifts, alcohol or social memberships. Please see Allowable and Non-Allowable Expenditures for a complete list.

 
   
 
Page last updated 23 May, 2013
 

Virginia Commonwealth University
Finance & Administration
University Controller's Office
912 West Franklin Street
Box 843035
Richmond, Virginia 23284-3035
(804)828-0388