Finance and Budget

University Controller’s Office

Financial policies

All cash received for University purposes must be deposited with the University Cashiers.

Authorization

No bank account which in any way purports to be, or appears to be, associated with VCU, or holds University or State funds, shall be established or maintained without the prior authorization of Treasury Services. This authorization includes bank accounts affecting any University funds. All University bank accounts are reconciled by the University Controller’s Office.

Restrictions

All University funds must be placed in a bank account that clearly carries the name "Virginia Commonwealth University" in the account title.

A VCU bank account may be used only for legitimate and allowable University related revenue and/or expenses.

Student, faculty and staff organizations are prohibited from establishing or maintaining bank accounts using the name "Virginia Commonwealth University" or "VCU" in the account title, except as provided for in the above sections.

Student, faculty and staff organizations cannot use the University's taxpayer identification number in the establishment or maintenance of any bank account. This restriction applies to contracted independent organizations, fraternal organizations and student, faculty or staff organizations operating without either type of agreement.

Please see Treasury Services for complete policy.

Institutional memberships

Institutional memberships are those held by Virginia Commonwealth University in professional, technical, occupational, or related organizations. These memberships are held by the University or an organizational unit, and not by individuals; memberships are subject to the approval of the appropriate Vice President. Memberships are limited to those organizations which are of direct benefit to the Commonwealth and the University. Individual memberships are permitted only when the individual membership provides a direct benefit to the University's program or service, or when the organization prohibits group membership and the Vice President involved determines the membership as being necessary to the conduct of the program.

Signatures on expenditure documents

Each department is responsible for ensuring that only authorized individuals approve expenditure documents. Authorized individuals should be restricted to department heads, responsible persons, the school fiscal administrators and deans. Any signatures on University documents must be originals or electronic; an individual signing another persons name and initialing it is unacceptable as is anyone using another persons electronic ID and password. Signature stamps seriously weaken internal control of disbursements, and their use is specifically prohibited.

Repair and replacement reserves

The purpose of this policy is to allow departments to establish repair and replacement reserves to accumulate funding for the replacement of assets costing more than $50,000 and are funded from departmental operating budgets.

The major requirements of this policy are as follows:

  • Specific equipment items must be funded up front.
  • The cost must exceed $50,000.
  • The equipment is of the type that would not be replaced on an annual cycle.
  • The reserve must be funded each year.
  • Reserve funds may not be returned to the operating budget.
  • Annual contribution and total project costs cannot exceed levels on the authorization form.

Any questions about this policy should be directed to the VCU Controller's Office: finsecurity@vcu.edu

Other VCU financial policies

See below for a list of relevant Financial Policy topics.

For all Finance policies, please visit the VCU Policy Library.