Common use of BOARD OF VISITORS ACCOUNTABILITY AND DELEGATION OF AUTHORITY Clause in Contracts

BOARD OF VISITORS ACCOUNTABILITY AND DELEGATION OF AUTHORITY. 2797 The board of visitors shall at all times be fully and ultimately accountable for the proper fulfillment 2798 of the duties and responsibilities set forth in, and for the appropriate implementation of this policy. 2799 Consistent with this full and ultimate accountability, however, the board may, pursuant to its legally 2800 permissible procedures, specifically delegate either herein or by separate board resolution the duties 2801 and responsibilities set forth in this policy to a person or persons within the University who, while 2752 2802 continuing to be fully accountable for such duties and responsibilities, may further delegate the 2803 implementation of those duties and responsibilities pursuant to the University's usual delegation policies 2804 and procedures. 2805 V. FINANCIAL MANAGEMENT AND REPORTING SYSTEM. 2806 The President of the University, acting through the Senior Vice President of Administration and 2807 Finance or his designee, shall continue to be authorized by the board to maintain existing policies and 2808 implement new policies governing the management of University financial resources. These policies shall 2809 continue to (i) ensure compliance with generally accepted accounting principles; (ii) ensure consistency 2810 with the current accounting principles employed by the Commonwealth, including the use of fund 2811 accounting principles, with regard to the establishment of the underlying accounting records of the 2812 University and the allocation and utilization of resources within the accounting system, including the 2813 relevant guidance provided by the State Council of Higher Education for Virginia chart of accounts with

BOARD OF VISITORS ACCOUNTABILITY AND DELEGATION OF AUTHORITY. 2797 The board of visitors shall at all times be fully and ultimately accountable for the proper fulfillment 2798 2797 of the duties and responsibilities set forth in, and for the appropriate implementation of of, this policy. 2799 2798 Consistent with this full and ultimate accountability, however, the board may, pursuant to its legally 2800 2799 permissible procedures, specifically delegate either herein or by separate board resolution the duties 2801 2800 and responsibilities set forth in this policy to a person or persons within the University who, while 2752 2802 2801 continuing to be fully accountable for such duties and responsibilities, may further delegate the 2803 2755 OF XXXXXX XXXXX UNIVERSITY 2802 implementation of those duties and responsibilities pursuant to the University's usual delegation policies 2804 2803 and procedures. 2805 2804 V. FINANCIAL MANAGEMENT AND REPORTING SYSTEM. 2806 2805 The President of the University, acting through the Senior Vice President of for Administration and 2807 2806 Finance or his designee, shall continue to be authorized by the board to maintain existing policies and 2808 2807 implement new policies governing the management of University financial resources. These policies shall 2809 2808 continue to (i) ensure compliance with generally accepted accounting principles; (ii) ensure consistency 2810 2809 with the current accounting principles employed by the Commonwealth, including the use of fund 2811 2810 accounting principles, with regard to the establishment of the underlying accounting records of the 2812 2811 University and the allocation and utilization of resources within the accounting system, including the 2813 2812 relevant guidance provided by the State Council of Higher Education for Virginia chart of accounts with

BOARD OF VISITORS ACCOUNTABILITY AND DELEGATION OF AUTHORITY. 2797 The board of visitors shall at all times be fully and ultimately accountable for the proper fulfillment 2798 of the duties and responsibilities set forth in, and for the appropriate implementation of this policy. 2799 Consistent with this full and ultimate accountability, however, the board may, pursuant to its legally 2800 permissible procedures, specifically delegate either herein or by separate board resolution the duties 2801 and responsibilities set forth in this policy to a person or persons within the University who, while 2752 2802 continuing to be fully accountable for such duties and responsibilities, may further delegate the 2803 implementation of those duties and responsibilities pursuant to the University's usual delegation policies 2804 and procedures. 2805 V. FINANCIAL MANAGEMENT AND REPORTING SYSTEM. 2806 The President of the University, acting through the Senior Vice President of Administration and 2807 Finance or his designee, shall continue to be authorized by the board to maintain existing policies and 2808 implement new policies governing the management of University financial resources. These policies shall 2809 continue to (i) ensure compliance with generally accepted accounting principles; (ii) ensure consistency 2810 with the current accounting principles employed by the Commonwealth, including the use of fund 2811 accounting principles, with regard to the establishment of the underlying accounting records of the 2812 University and the allocation and utilization of resources within the accounting system, including the 2813 relevant guidance provided by the State Council of Higher Education for Virginia chart of accounts with