Table of Contents
- Procurement Services
- New RealSource Enhancement
- Grants & Contracts
- G&C Accounting Policy Updates
- Controller’s Office
- ARMICS
Procurement Services
New RealSource Enhancement (Adopt)
Procurement Services is excited to announce a new enhancement to RealSource. Adopt improves the user experience with real-time guidance, training and in context support. With this feature, Procurement Services is able to measure usage patterns and trends to better identify and refine processes. Adopt allows Procurement Services to further drive utilization of the system with guidance and support conveniently available to the user. To use this functionality, click on any of the 
star badges located throughout the RealSource system.
We welcome any suggestions for other guides or tutorials that may be of assistance. Please email us at realsource@vcu.edu or submit a Cherwell ticket at https://itsupport.vcu.edu/.
Grants & Contracts
G&C Accounting Policy Updates
Financial Closeout of Sponsored Awards Policy
G&C will begin enforcing the section "Residual Balances on Fixed Price Awards" in Calendar Year 2024. Additional communication will be provided to stakeholders no later than March 1, 2024, with specifics on how and when this policy will be enforced. Additionally, G&C made two language clarifications to this section of the policy, detailed below:
- "Such action will result in 25% of the remaining direct cost balance"
- "Additionally, when an award is set to close with a residual balance greater than 10% of the overall project budget, or more than $1,000, an explanation of the outstanding balance will be required..."
Award Acceptance & Establishment Policy
This policy will be retired due to its outdated elements and procedural nature. Guidance on these topics, including procedures, is available on the G&C Award Establishment webpage.
Controller’s Office
ARMICS
Now is a great time to get started on your annual ARMICS testing. Provost and Health Services are due May 3rd and Central units are due May 24th.
To comply, the following must be completed within the ARMICS database:
- ARMICS documentation must be completed and controls tested.
- The ARMICS certification must be submitted. (If a major weakness is found, contact Anthony Locatelli prior to certifying.)
Various resources are available in the ARMICS database under "Resources." Additionally, two mini-training videos can be found on the Controller's Office ARMICS webpage.