Financial Policies

The University may engage in sales and service activities in support of its tax-exempt charitable mission of instruction, research, and public service. Effective financial management of such sales and service activities requires adherence to all University Financial Policies. These include but are not limited to Inventories, Extension of Credit to Outside Third Parties for Sales and Services, Collection, Reporting and Payment for all States Sales and Use Tax, Sales and Service Activities, and Internal Control Policies.

The purpose of this policy is to ensure proper collection, reporting and payment of Pennsylvania State and Local Sales and Use Taxes and Other States Sales and Use Taxes.

To ensure proper reporting of Unrelated Business Taxable Income (UBTI).

The filing and prosecution of patent applications as well as maintaining issued patents are necessary for the University to protect the ownership of inventions and discoveries.

This policy describes requirements for using AirPennNet-Device network with a Wi-Fi enabled credit card terminal.

To ensure that funds provided from external sources to support research and other projects are administered in accordance with University policies as well as those of the sponsor. External sources include both governmental and private organizations

To ensure that proposals submitted for external support of research and other sponsored projects comply with University financial and other policies.

To ensure that funds received for the clinical testing of pharmaceuticals and medical devices (“clinical trials”) are administered in accordance with University policies, sponsor requirements and federal regulations.

Purpose: To ensure that the terms and conditions of agreements for sponsored projects comply with established University policies and to establish authority for negotiations.