Advance Payment Guidelines for VCU
Question: Can I pay in advance or make a deposit?
Answer: Virginia agencies generally can’t pay in advance, but VCU has some flexibility. Although we usually advise against it, advance payments are possible under certain conditions.
Advance Payment Requirements for a P-card:
- If the vendor requires advance payment or a deposit, a memo or email from a Dean or VP is needed.
- The memo or email must state that the department understands and accepts the risks of advance payment (e.g., total loss of funds).
- This memo or email must be signed by or come directly from a VP or Dean.
- If the total amount exceeds $10,000, additional approval from procurement is required. Please inform us if this is the case.