Disposition of Institutional Support Balances Upon Faculty Resignation

Date: January 26, 2015
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:
A department will notify the dean’s office when a faculty member announces his or her intention to leave the SOM. The dean’s office will consider start-up or retention funds remaining in the departing faculty member’s account as frozen from the date of notification, and these funds will revert 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 dean 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. The departing faculty member may not make an additional expenditure from the start-up account unless the chair receives the dean’s written approval. The department is responsible for any unauthorized expenditure of residual faculty start-up funds.

Revision History:
Implemented 12/20/06; administrative updates 1/26/15