VCU Procurement Services

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 […]

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 […]

Payroll Services will hold Quarterly Tuition Benefit Taxation Overview Webinars to assist employees in understanding how this benefit may impact annual taxes.Employees may register for an upcoming session via the below links. Future sessions may be found on the Employee Tax Updates section of the Payroll Services section of the Controller’s Office website.

As the semester winds down and winter break approaches, we want to take a moment to say thank you. Our SVP for Finance and Administration, CFO recently shared a message of appreciation recognizing the hard work and commitment of Finance staff across the university. We’re proud to echo that sentiment and highlight her words here.

Grants & Contracts (G&C) has updated several resources on the website related to post-award financial management for sponsored projects. The new pages include: Action Needed Before Winter Break To ensure requests can be processed before the holiday break, please submit the following no later than Monday, December 15: Requests submitted after December 15 will be processed as quickly […]

VCU is a non-profit organization and an agency of the Commonwealth, so most of our income is exempt from federal income tax. However, some activities that are not directly related to VCU’s mission can generate income that is taxable. This is called Unrelated Business Income Tax (UBIT). In the past, VCU Finance has paid UBIT from a central fund. Beginning […]

The IRS is updating several reporting thresholds beginning January 1, 2026, and these changes affect how VCU processes payments to non-employees. This includes research and survey participants, guest speakers, community members, and others receiving incentive or stipend payments. What’s Changing SSN / W-9 Collection Threshold VCU will collect SSN/W-9 information when a non-employee receives $250 […]

The VCU Grants & Contracts (G&C) team is proud to announce that three of its staff were honored at this year’s Research Administrator’s Day. The annual event celebrates the contributions of research administrators who support VCU’s research enterprise. This year’s award recipients from G&C include: The G&C team congratulates Cathy, Michaela, and Delois on their […]

We’re working closely with our partners in the Controller’s Office and Payroll Services to make sure that research participant payments remain clear, compliant, and easy to process. The main change is the introduction of a new Research Study Participant Payment Form, which replaces the previous submission method for VCU employee participants. This new form helps […]

We heard you! Based on your feedback, the Controller’s Office has put together a helpful Account Codes Guide to make it easier for financial users across VCU to find and select the correct Account Code whether you’re making a purchase, managing fixed assets, or moving expenses in Banner. If you’ve ever wondered which 6-digit code […]