1101 General Accounting

University Financial Activity

Document purpose

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


December, 1986


April, 2024


April, 2024

Responsible Office





  • The Office of the Comptroller is responsible for accounting for University financial activity in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). University financial activity includes the operations of both the University Academic Component (Academic Component) and the University of Pennsylvania Health System (UPHS). The Academic Component provides educational services, primarily for students at the undergraduate, graduate, professional and postdoctoral levels and performs research, training and other services under grants, contracts and similar agreements with sponsoring organizations, primarily departments and agencies of the United States Government. UPHS provides an integrated health care delivery system.
  • Accounts will be maintained and reports prepared on the accrual basis of accounting.
  • Revenues will be recognized when earned (refer to Financial Policy 1117  Revenue Recognition).
  • Expenditures will be recorded when materials or services are received or when an obligation or the impairment of an asset has occurred.
  • The Office of the Comptroller is responsible for maintaining a system of internal controls adequate to safeguard University assets.
  • The Office of the Comptroller is responsible for the delegation of accounting and internal control responsibilities to the appropriate operating organizations.