Policy 3200: Disbursements
Virginia Polytechnic Institute and State University
Policy and Procedures
Date: February 28, 1999
All expenditures of the university are subject to scrutiny by State authorities,
sponsors, auditors, and other interested parties. Persons authorizing expenditures
should assure that the expenditures of university funds are necessary,
reasonable, and directly related to the goals and missions of the university.
The university's general policy is to apply the Commonwealth of Virginia's
policies, standards, and limitations to all transactions, regardless of
the source of funds. The university's procedures are based on the Commonwealth
Accounting Policies and Procedures (CAPP) Manual, which is written and
published by the Department of Accounts to provide authoritative guidance
on the application of accounting policies, procedures and systems pursuant
to Section 2.1-196.1 of the Code of Virginia.
In addition procedures related to disbursements may be based on Federal
regulations and state rules outside the CAPP Manual where necessary to
fulfill university Administration's responsibility for prudent management
of all resources.
In most situations, approval of a manager (including but not limited
to department heads and center directors) with signatory authority for
the account(s) involved will be sufficient to authorize expenditures. However,
the University Controller has ultimate responsibility for expenditure transaction
processing and may, on occasion, seek additional approvals.
This policy applies to all disbursements regardless of the mechanism of
payment or the source of funds. Payments to other university departments
must also be in compliance. Procedures related to Payroll, Travel, and
Accounts Payable should be followed in order to assure compliance with
university disbursement policy. These procedures can be found on the Controller's
Office home page. In addition, costing policies affect the correct
application of this policy.
6. Approval and Revisions
Approved February 28, 1999, by Vice President for Finance and Treasurer,
Raymond D. Smoot, Jr.