Financial Policies

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.

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

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.

To ensure that external activities undertaken by University schools, departments, and centers are consistent with the University’s mission of instruction, research, and public service and that such activities comply with the University’s financial policies.

This policy establishes procedures for the authorization and approval of joint ventures between the University of Pennsylvania including its exempt affiliated entities, and unrelated taxable entities. The purpose of this policy is to manage and monitor joint venture activities to safeguard the tax exempt status of the University and its exempt affiliated entities. Reference to “University” below shall be read to include the affiliated exempt entities of the University, as appropriate.