William and Mary is an agency of the Commonwealth of Virginia. As a result, the college is bound by the laws and regulations of Virginia. Commonwealth law is very clear that any state agency must abide by the laws, rules and regulations promulgated by the legislature and state agencies.
State funds include state general funds (state allocated tax dollars); tuition and other Education and General revenues, auxiliary enterprise revenues, athletics revenues, grant, and contract revenues, and funds under the control of the Board of Visitors (even those sometimes referred to as “private BOV funds”)
Truly private funds include those from affiliated foundations or other private sources. If such funds are used in connection with a contract to which the College is a party, the contract is subject to the College’s contracting requirements.
This distills down to the fact that William and Mary has three distinct types of funds that we deal with.
- State funds
- Local funds 8 accounts. These are funds that are essentially passing through that the Finance department acts as bank for an entity that is affiliated with the College but is not a part of it. Examples are conferences held by departments or faculty outside of their official duties or summer camps involving athletics.
- Truly private funds.
The vast majority of the funds used at William and Mary fall under the state funds category which means that the transactions related to those funds fall under state guidelines and control including Procurement and Finance.