Pardon Our Dust! Financial Health Review Is Coming Soon

Stay tuned!

Every good renovation starts with a sign on the door that says "Pardon Our Dust", so consider this our sign indicating the exciting new process coming soon to our UVA Finance community.

We are reimaging the account certification process to better meet the needs of our finance partners across Grounds and our institution's leadership. As we have considered the environment and leadership needs of UVA, it became apparent that our account certification process could be reimagined to not only be a strong control on our finances but also provide valuable context about financial activities across the University. Today is the first peek, with more to come!

 Note On the Remodel Design: What Isn't Changing

The Account Certification process for Grants will not be changing. These detailed reviews support sponsor reimbursement documentation and reconciliation requirements. This part of the Account Certification process will be keeping its current look and requirements!

 Our New Build: Financial Health Review

As you think of this remodel, you can think of the Financial Health Review as a summary-level analysis that uses budget and prior year financials to give you valuable insights on unit financial activity. There are two parts of this new process:

■  Monthly Activity Review

Financials are analyzed at the sub-department level (level 1 cost center hierarchy) to develop insights that will help provide key context for MBU leadership conversations. Finance teams will be able to spot and tackle unexpected variances before they become bigger puzzles to solve.

■  Quarterly Health of the MBU

Year-to-Date financials will be reviewed by the MBU to tell the story of the finances including important trends or emerging issues. These insights will help build the bigger story of UVA's finances and help our institution's leadership understand what has happened and where we are going.

 Building with the Tools We Already Have - Anaplan

We are leaning on our new Anaplan tool for the new Financial Health Review process. The Anaplan system will help make this process useful and user-friendly while also driving more connection between our planning tool and the actuals that are occurring day-to-day.

 Designed for MBU Flexibility

We recognize that each MBU has their own unique financial structures and this has been front of mind in the design of the FHR process. For the process, each MBU owns the configuration of their sub-department structures and assigns individuals to the roles in the new process.

 A Note for School of Medicine

The School of Medicine will continue their current internal monthly review process rather than be required to complete the monthly FHR process from UVAFinance. SOM will still be required to complete the monthly Grant account certifications as well as the quarterly FHR MBU review.

⚠ Work in Progress

Still Under Construction

This is just the start! We're anticipating go-live in February 2027 for review of January actuals. Next up, we will be working with MBUs on design and role assignments and begin testing the FHR process. More details will be shared soon. Questions in the meantime? Reach out to AskFinance@virginia.edu.

More updates coming soon!