VCU Procurement Services

Early Payment Discounts (EPDs) help VCU stretch its purchasing dollars by allowing certain vendors to accept slightly reduced payments in exchange for faster payment than the standard 35-day terms. The program usually runs smoothly, but questions often arise during vendor transitions—when a vendor is added to or removed from the program. EPD terms follow the […]

The Controller’s Office and the Budget Office are working on updating the fringe rates applicable to fiscal year 2026. Formal rate approval was received on March 10, 2026, and is applicable to transactions incurred on or after July 1, 2025. Updated Fringe Rates Update Process – Controller’s Office Update Process – Budget Office The Budget […]

Sometimes the easiest way to avoid delays is also the simplest: start ahead. Departments often manage multiple priorities, and procurement is just one part of a larger effort. Bringing procurement into the conversation sooner creates more opportunity to identify the right path, resolve questions proactively, and keep things moving efficiently and compliantly. Not every purchase […]

System receiving in RealSource is more than just a formality—it confirms that goods or services have actually been delivered before payment is released. When receiving is delayed, payments often stall, which can affect vendor relationships and cash flow. Why it matters: Timely system receiving supports Early Payment Discounts (EPD) and ensures compliance with the Prompt […]

Did you know your VCU login is a golden ticket to the world’s top news? VCU Libraries provides all faculty, staff, and students with no-cost access to a massive range of local, national, and international publications—including: Why pay for a personal subscription when you already have the front page at your fingertips? Unlock your free […]

When planning to utilize Candex, it is advisable to request that individuals who will receive payments complete their registration in advance. Ensuring that payees are registered prior to initiating the purchasing process enables greater efficiency when creating purchase orders. This proactive approach facilitates a more streamlined workflow and supports the timely processing and delivery of […]

The Disbursement Operations, Treasury Accounting, Debt & Investments, and Treasury Administration teams within Treasury Services are heading to a new space, and we can’t wait to welcome you.  Starting April 2nd, you can find us at the Grace Street Center on the 7th floor. The Details: Come stop by and say hello! We’re looking forward to seeing […]

Your digital workspace should adapt to you. Whether you’re coordinating across time zones or require specific accessibility features, adjusting your settings in RealSource only takes a few clicks. How to Update Your Preferences Follow these steps to customize your account: Why Customize? Updating these settings ensures your project deadlines align with your local time and […]

What is ARMICS?ARMICS (Agency Risk Management and Internal Control Standards) is a State Comptroller directive that ensures VCU’s fiscal processes are accurate, compliant, and well-documented. It sets expectations for internal controls, risk management, and proper oversight of financial activities. What this means for youARMICS helps make sure financial processes run smoothly and accurately. This means […]

At VCU Procurement Services, we strive to provide a transparent and efficient experience for our campus departments and the businesses that support our university. A frequent question we hear from staff and faculty is: “How is a vendor’s payment method determined?” The answer is simple: The vendor is always in the driver’s seat.  They choose […]