Finance and BudgetUnderstanding VCU’s Finances

TRUE — Accounting standards require VCUHS be reported as a component unit on the face of VCU's financial statements. Outside of the reimbursements and support outlined in the agreements between VCUHS and VCU, their resources are not available to be used for the university’s operating needs.

The agreement for the reimbursement for shared services, including safety, security, audit, parking, development, enterprise marketing and communication, telecommunications, and various other services. For instance, VCUHS leases space from the University and the University contracts with the Health System through the Operating Service Agreement for operation and maintenance services for the leased space and other Health System facilities. 

The VCU Controller’s Office is responsible for gathering updates and coordinating with the VCUHS for approval of the OSA.

The agreement between the VCU Health Sciences schools (School of Medicine, Massey Cancer Center Oncology Clinic, School of Dentistry, etc.) with a focus to provide support for clinical, educational and research activities to the hospital.

While the OSA is an agreement between the University and VCUHS, the CERSA exists between some schools and VCUHS, rather than the University as a whole.