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policy 0238 : Local Funds

University of Virginia Medical Center departments may use local funds that are deposited to the Medical Center's bank account rather than to the Treasury of Virginia. These funds consist primarily of endowment income and gifts given by private individuals that are outright contributions for which no goods or services are expected, implied or forthcoming to the donor, and in which the donor retains no proprietary interest. These funds are budgeted for in the operating and capital budgets. Revenue received and expenses incurred from these funds are reported in the monthly Medical Center financial statements and are reported to the Medical Center Operating Board, the Board of Visitors and to the Commonwealth of Virginia.

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  1. effective date:

    October 1, 2018