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VCU Finance & Administration University Controller's Office

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


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University Funds

University Funds include both restricted and unrestricted funds for which the sources of revenue are gifts to University departments, investment earnings, endowment income and foundation support, and other transfers. University Funds are deposited and disbursed through local bank accounts and are not included in funds appropriated by the General Assembly. Since University Fund organizations are supported by cash deposits, the budget balance available in the Banner system equals the actual cash balance. Once the balance is spent, no further funds are available unless other deposits are made. Any remaining cash (budget) balances at fiscal year end will roll forward as adopted and adjusted budget.

There are two different types of University Fund organizations. Organizations in the 4XXXXX series are unrestricted in use. No donor restrictions have been placed on the use of the funds. The allowable and unallowable expenditures policy would still apply, however. Due to the nature of these funds, University Fund indexes should be the last source of funds used by a department.

Organizations in the 6XXXXX series are restricted in use based on donor requirements. Department heads and fiscal administrators are responsible for ensuring that expenditures are made in accordance with the restrictions or designated purposes of these funds. Common types of restricted university organizations are scholarships and research fellowships.

It is the responsibility of the department head, fiscal administrator and/or responsible person to ensure that adequate funds are available for expenditures in individual local fund organizations prior to executing any type of expenditure transaction, including payroll disbursements. Banner organization deficits should be addressed immediately and offset with funding from an unrestricted local fund source. Please see: Deficit Monitoring Policy. Transfers from a State supported source (E&G, FACR, Sponsored, Auxiliary and Hospital) are not allowed.

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