Budgets
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The Original Budget submission is approved by the Board of Visitors and activated in Workday as of July 1. The Original Budget submission is fixed…
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Working Budget is the Board-approved budget (whether original or revised) plus or minus any budget amendments.
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The University Financial Model (UFM) is UVA’s budget model, based on Responsibility Center Management (RCM) budget models. It incorporates…
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The financial condition and strategic and administrative plans of an organization that include information on sources, uses, activities, and purposes…
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All funds budgeting is a comprehensive framework, structured to present a University-wide view of the allocation of its financial resources. An all…
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A subsequent budget approved by the Board of Visitors which officially replaces the original budget. A revised budget can only be approved by the…
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The expendable fund balance represents a unit’s available cumulative net position / retained earnings, inclusive of operating surplus (deficit), or…
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A Budget Model is a quantitative system or approach used to support resource management within an institution. Budget models are not financial…
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Budget authority that authorizes expenses for a particular use and/or time period that are financed by another unit's expendable fund balance.…
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Funds that are provided and managed by the Commonwealth of Virginia for purchasing new or upgrading obsolete equipment used for instruction and…
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Carry-forward balances are in-year fund surpluses or deficits (shortfalls) which can be carried over from one fiscal year to the next or subsequent…
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Budget Variance is the comparison of YTD actuals and/or Commitments/Obligations vs. specified budget version, e.g. Original/Revised Budget or Working…
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