University Funds
University funds are primarily gifts to VCU departments, investment earnings, endowment income, foundation support, and other transfers. These gifts may be restricted or unrestricted in their use, and focus on academics, research, and scholarships.
Restricted vs. unrestricted funds
Restricted funds are set aside for a particular purpose as a result of designated giving. The donor or funding source has stipulated on how the money may be spent, and the fiscal administration of a unit ensures that the funds are spent in accordance with these restrictions. Common types of restricted university organizations are scholarships and research fellowships. These funds are set in their use and cannot be repurposed or used elsewhere.
By contrast, unrestricted funds have no stipulation, yet even those dollars are committed to salaries, scholarships, and the general operation costs for the campus.
FY24 University Funds Budget: $72.3M
Institutional Support is primarily used to fund development operations and reimburse the university for staff that support the foundations.
| Data table - FY24 University Funds budget | ||
|---|---|---|
| Academic & Research | $53.7M | 74.3% |
| Student Services & Aid | $12.8M | 17.7% |
| Institutional Support | $5.8M | 8.0% |
| Total | $72.3M | |