New Process for Taxable Income (UBIT) Starting FY 2027
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 […]
✨ People Moves & Milestones: Finance & Administration Updates
From new faces to fond farewells, here’s what’s been happening recently across Finance and Administration teams!
Capital Equipment Threshold Has Increased 💼📦
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 […]
New in RealSource: Account Code Review Step
Greetings RealSource users! We’re making a small update in RealSource to help improve the accuracy of account code selections and keep the approval process running smoothly. What’s changing?Requisitions that use certain account codes will now go through a quick review by the Controller’s Office. This helps catch any miscoded items early and ensures everything is […]
