Financial compliance is a catch-all term used to describe a variety of reporting, monitoring, and review (with or without approval) activities conducted by central financial administration to demonstrate institutional compliance with financial requirements, policies and procedures; give unit leaders visibility into key business processes; and provide frontline staff with tools to help them perform their work in an efficient manner. While Finance Outreach and Compliance (FOC) is not directly responsible for all of the financial compliance activities performed at UVA, we are involved in the establishment and update of finance policies and procedures and develop and deliver training to University finance professionals on the associated systems and processes. Because of its training role, FOC can also serve as a resource to assist in the identification of applicable institutional policies and facilitate problem-solving for unit personnel taking on new responsibilities or leading new initiatives.
UVA Accounting Structure Basics
The University's account structure consists of the following five elements, which are collectively referred to as the PTAEO:
- Project - a six digit number that uniquely identifies a project within the Integrated System. The Project Types spreadsheet provides information on the different types of projects that can be created in the Integrated System and the appropriate expenditure function codes that can be assigned to each type of project. It also contains information on project numbering.
- Task - User-defined (flexible) alpha-numeric field that identifies the Task within a Project. Using the same Task Number across multiple projects can facilitate reportinf across projects of fund sources (Awards).
- Award - a seven digit alpha-numeric field in the University's Integrated System which represents a source of funds owned by a responsible organization. The type of funds is indicated by the first two characters, which are known as the Award Type. The Mapping Award Prefixes to Award Types document provides information on the relationship bewteen the two-character award prefix and the award types that may be assigned to each award prefix. Sponsored program awards will have a "G" followed by another letter that indicates describes the sponsor or sponsor type (e.g., GC = National Insititutes of Health; GI = Industry; and GF = Foundation).
- Expenditure Type - A field in the Integrated System used to describe a specific type of expense
- Organization - A five digit numeric field in the Integrated System that identifies the organizational subunit of the institution responsible for the funds. UVA organization codes and descriptions as well as a list of organizational prefixes used by each ITS-Enterprise Applications advisor area when creating "pick list" names for organizations are maintained by Information Technology Services.
Note: Projects and Awards may be structured one-to-one, one-to-many, or many-to-one. The structure used for the project and award structure of sponsored programs (i.e., grants, contracts, and cooperative agreements) will be determined by the funding and reporting terms provided by the sponsor. Only the Office of Sponsored Programs may set up awards and projects for sponsored programs.