Financial Policies

To define the authority and responsibilities for the procurement of goods and services for the University.

To support supplier diversity and inclusion, including utilization of local community businesses, in alignment with the Penn Compact.

To establish the policies and procedures related to the appropriate use of a University of Pennsylvania Purchasing Card.

To ensure purchasing card transactions are within the guidelines of the gift or endowment funds donor intention.

To preclude conflicts of interest with regard to related party purchases.

To establish responsibility for ensuring compliance with University procurement policy.

To optimally leverage University spend and achieve best value for goods and services purchased.

To enable proper use and prevent unauthorized use of the University’s sales and use tax exemption with the Commonwealth of Pennsylvania.

To define purchases requiring competitive bidding.

To ensure the proper receipt and inspection of purchased goods.