Financial Policies

To ensure the validity of cost, revenue and other transfers, including payroll reallocations.

(A) The University of Pennsylvania Basic Plan and the University of Pennsylvania Matching Plan provide eligible employees with retirement benefits and an opportunity to contribute to their retirement savings. (B) The Supplemental Retirement Annuity Plan of the University of Pennsylvania provides eligible employees with the opportunity to make pre-tax and/ or Roth contributions to their retirement savings account. (C) The Retirement Allowance Plan of the University of Pennsylvania provides eligible employees with a retirement benefit based on their average compensation and years of service with the University. (D) The Retiree Health Plan provides retirees (and their dependents) with certain medical benefits. (E) The University of Pennsylvania, Penn Police Association, Defined Benefit Pension Plan provides eligible police officers with a retirement benefit based on their average compensation and years of service with the University.

To provide a policy for the accounting for gifts of securities.

To define revenue recognition and to provide guidelines for recognizing revenue in accordance with generally accepted accounting principles (GAAP).

Appropriate stewardship of donor-restricted funds requires that the costs of programs and positions supported by such gifts be covered first from relevant donor-restricted funds before using the University’s unrestricted funds.

To provide information on the University's financial operation to management, Trustees, and other interested parties.

The Vice President for Finance and Treasurer is responsible for managing the University’s banking relationships and the associated accounts.