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New procedures establish guidance for private funds expenditures

From: University Operations

Virginia Tech and the Virginia Tech Foundation, Inc. (VTF) have developed new guidance and procedures governing the expenditure of all funds contributed by private donors to the university. This change will reduce the administrative burden on university departments, provide increased clarity and transparency around institutional costs, and significantly bolster the university’s overall financial reporting efforts.  

Effective July 1, all private funds expenditures will be processed using the university’s current systems (including HokieMart, Chrome River, Banner, etc.). These new procedures require that requests to spend, authorization to spend, and completion of transactions be managed within university systems. VTF will continue to receive all donations and gifts made to the university and will ensure that expenditures from private funds align with donor intent.

“This new approach improves transparency and allows senior leaders at the university to manage more effectively across multiple fund types. It will reduce redundancy of systems and ensure that university business is being conducted in accordance with state and university policy regardless of the source of funds being used,” said Amy Sebring, executive vice president and chief operating officer.

Virginia Tech and VTF will hold joint information sessions on May 28 and June 12 to review the new procedures, and a FAQs document is also available here.

  • May 28, 10 a.m.: Overview of the new procedures and Q&A; register here

  • June 12, 11 a.m.: Focus on fiscal-year end transition activities and Q&A; register here

Completion of the university’s existing HokieMart and Chrome River training modules will help prepare employees working on these activities. Any questions about the new private funds procure to pay (P2P) process can be directed to vtfp2p@vt.edu.

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