Updated 12 days ago
P.O. Box 400306 Charlottesville, VA 22904-4306
The University Financial Model is the initiative transitioning UVA's legacy, incremental budget model, to a decentralized model that incorporates incentives and activity drivers to create a more accountable, responsive, and transparent process for resource allocation. In the past, the University pooled all resources centrally and allocated them out in the form of expenditure authority, or ‘targets.' While this model served UVA well in the past, it limited the ability to view and understand the full picture of financial operations... Instead of centrally retaining and allocating University resources, UFM allocates all revenues to the generating units (colleges/schools, auxiliaries, and centers & institutes) known as Activity Centers, as well as the costs incurred by central administration, or Service Centers. Wherever possible, revenues and costs that are directly assignable to an activity center are recognized by the generating unit. The major exceptions are undergraduate tuition and..