As a small, comprehensive, public, land-grant research university with its own medical school, UVM has a complex business and financial operating environment. The University’s financial revenues come from net tuition and fees; federal and state appropriations; grants and contracts; private gifts, including capital and endowment; income-expense (auxiliary) activities in the form of sales and services; and other revenues, including net investment income.

Our Operating Environment

As the flagship university of the State of Vermont, UVM is accountable to its citizenry and government for truthful and transparent disclosure of its financial condition. As a key driver of academic, social, and economic progress within Vermont, UVM is responsible for exemplary leadership in business ethics, including integrity of financial reporting and the progressive management of risk to assure the financial health and wellbeing of the institution.

The University is required to follow certain standards, including those issued by the Governmental Accounting Standards Board (GASB), and the laws, regulations, and standards of the State of Vermont and United States.

UVM also aspires to follow best practices developed by relevant financial and higher education industry professional associations, such as the National Association of College and University Business Officers (NACUBO), Association of College and University Auditors (ACUA), Committee of Sponsoring Organizations of the Treadway Commission (COSO), American Institute of Certified Public Accountants (AICPA), and the University Risk Management and Insurance Association (URMIA).

Our Financial Management Framework

The University’s financial management framework has five major components that take place on an annual cycle:

Our Services

The Division of Finance supports the University's goals for academic excellence by providing a wide range of financial services to the University of Vermont community .

Planning & Budgeting Services

The processes that inform, guide, and determine the use of the University’s financial resources to achieve the University’s strategic objectives through the allocation of monies for transformational and strategic initiatives, to sustain ongoing operations, and to meet unforeseen contingencies, resulting in the University’s annual budget.

  • Financial projections and forecasts – provide data and analysis to inform senior management decisions
  • Budget planning – administer the University’s annual budget process
  • Budget monitoring – track University and unit financial performance against budget throughout the fiscal year

Transactional Services

The day-to-day transacting and monitoring of the collection and consumption of University financial resources in accordance with applicable policies and procedures.

  • Accounts payable – issue timely, accurate payments to vendors
  • Banking – manage the University’s relationships and accounts with financial institutions
  • Cash management –deposit and disburse cash securely and accurately; managing the University’s cash position
  • Debt management – issue and manage University debt in support of capital investments
  • Effort management – support federally mandated allocation and certification of faculty and staff effort on sponsored agreements
  • Payroll – timely and accurate payment of the University’s faculty, staff, and student employees
  • Purchasing – leverage the University’s purchasing power through strategic and competitive sourcing of goods and services
  • Purchasing Cards – administer a secure, convenient payment method for smaller purchase and business travel for faculty and staff cardholders
  • Results of operations - reappropriate year-end balances to the next fiscal year
  • Tax administration – timely and accurate payment of the University’s state and federal tax obligations
  • Travel & expense reimbursement – timely and accurate processing of travel advances and expense reports

Accounting Services

The University is obligated to externally and publicly report on its annual activities and resultant financial condition to its numerous benefactors and stakeholders, primarily via the University’s Annual Financial Report.

  • Cost accounting – maintain the integrity of the University’s indirect cost recovery (F&A) and benefits rates
  • General accounting – review, approve, monitor, audit, and reconcile all University financial transactions and activity
  • Endowment accounting – review, monitor, audit, and reconcile all University transactions and activities related to the University endowment
  • Financial statements - produce audited financial statements for the University that present fairly, in all material respects, the financial position of the University in conformity with U.S. Generally Accepted Accounting Principles

Information, Advisory, and Support Services

  • For external stakeholders – provide financial information, publications, and disclosures to government entities, granting agencies, auditors, and others
  • For senior management and the Board of Trustees – provide data and expertise to inform strategic decisions, and directly support the Board Budget, Finance & Investment Committee and the Investment Subcommittee
  • For academic and administrative units – develop University financial management policies and procedures and provide expertise, guidance, and training
  • For finance process owners – provide business process improvement, systems analysis, and project and change management services
  • For DF staff – promote a culture of continuous improvement and responsiveness to the campus community through communication and professional development services