VCU Procurement Services

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 […]

We’ve made some helpful updates to the VCU Controller’s Office website to make it easier for you to find the information and support you need. Here’s what’s new: 🟡 New “Contact Us” PageNot sure who to reach out to? Our new Contact Us page brings together key contacts from the Controller’s Office, Grants and Contracts […]

From new faces to fond farewells, here’s what’s been happening recently across Finance and Administration teams!

Vendors sometimes contact VCU about payments that don’t match their invoices and one reason this may happen is because of a partial or full payment interception.  Payment interceptions usually happen as a result of the  Commonwealth Debt Set-Off (CDS) Program, a legally mandated program that recovers outstanding debts that vendors owe to state (CDS) and federal Treasury […]

To celebrate another successful fiscal year, the VCU Division of Finance is hosting an Ice Cream Social today — Thursday, July 24, from 1–3 p.m. at Rodney’s (Shafer Court Dining Center, first floor). If you RSVP’d, we hope to see you there for some sweet treats and a chance to unwind with colleagues. It’s a […]

As of July 1, 2025, VCU’s capitalization threshold for equipment purchases has officially increased from $5,000 to $10,000 per item. What This Means: Quick Coding Reminders: 🧾 Need more detail?Full guidance — including HEETF rules, software, training, and split coding — is available from the Controller’s Office. 👉 View the full guidance and policy here […]