Financial Policies

Policies related to the financial operation of the University of Pennsylvania

Sort By

2700 - Internal Controls

Comptroller

2700 - Internal Controls

Comptroller

2700 - Internal Controls

Comptroller

2700 - Internal Controls

Comptroller

2700 - Internal Controls

Comptroller

Last Reviewed April, 2020

2702 Internal Audit

It is the policy of the University of Pennsylvania to support an internal audit function within the University and University of Pennsylvania Health System to provide independent appraisal services to management and the Board of Trustees to assist them in the effective discharge of their governance and oversight responsibilities. As such, the Office of Audit, Compliance and Privacy has been established under the direction of the Associate Vice President for Audit, Compliance and Privacy who reports directly to the Board of Trustees through the Trustee Committee on Audit and Compliance. Both University and Health System management and the Board of Trustees have approved the role of the Office of Audit, Compliance and Privacy as described in this statement.

2700 - Internal Controls

Audit, Compliance & Privacy

Last Reviewed April, 2020

2703 Safeguarding University Assets

2700 - Internal Controls

Comptroller

Last Reviewed June, 2020

2704 Account Reconciliation and Review

Reconciliation, verification and substantiation are essential for an effective internal control environment to ensure: Accumulated general ledger account balances can be substantiated by supporting detail records; Accuracy and completeness of individual transactions that have been posted to the general ledger; The information transmitted to, contained in, and reported from the University's financial systems is accurate, complete and recorded in a timely manner; The information can be relied upon for making financial and administrative decisions; Efficient and effective audit process; and Fraud, theft, compliance violations and other irregularities are quickly detected and reported to the appropriate authorities.

2700 - Internal Controls

Comptroller

Last Reviewed April, 2021

3001 Authority to Bind the University

To minimize the legal and practical complications for the University resulting from individuals without proper authority proceeding on behalf of the University.

3000 - Miscellaneous

Comptroller

Last Reviewed February, 2020

3002 Rental of Leased Property/Facility for Commercial or Private Use

The rental of leased property is intended to support the University’s mission of instruction, research and public service. In certain cases, the University leases owned property to third parties for other legitimate and legal purposes.

3000 - Miscellaneous

Facilities and Real Estate Services (FRES)