Disposition of Institutional Support Balances Upon Faculty Resignation

Date: August 27, 2024
Number: 1.520
Status: Final

Contact Office:
Controller
PO Box 800796
Charlottesville, VA 22908
Phone: 434-924-8412
Fax: 434-924-8173

Oversight Executive:
Chief Operating Officer
PO Box 800793
Charlottesville, VA 22908
Phone: 434-297-7492
Fax: 434-982-0874

Applies to:
Any faculty member in the School of Medicine (“SOM”) who has a balance in his or her institutionally funded start-up or retention account and has announced his or her intention to leave the SOM, regardless of the reason.

Reason for Policy:
This policy clarifies how school-funded start-up packages are managed once a faculty member has announced his or her intention to leave the SOM.

Policy Statement:
The Department Administrator must notify the School of Medicine Controller of a faculty members resignation no later than 7 days after Chair acceptance. Department leadership is responsible for ensuring that these funds are no longer utilized. Any unspent balance will revert back to the Dean’s Office unless approved for use as follows:

If the department chair wishes the faculty member to continue to have access to the start-up or retention funds, the chair will send the School of Medicine Controller a plan that describes how the remaining funds will be used and how the expenditure will benefit the institution, including a justification for paying existing commitments against the account. Approval, denial, or request for more information will be communicated by the Controller to the Department Administrator no later than 14 working days after written submission of the request. The department is responsible for removing any unauthorized expenditure of residual faculty start-up funds.

Revision History:
Implemented 12/20/06; Administrative Updates 1/26/15; Updated 8/26/2024