1103 Accounting Systems Maintenance

Document purpose

Maintenance of BEN Financials (BEN), the financial accounting system is necessary to ensure financial accounting and reporting integrity.

effective

December, 1986

revised

May, 2021

Reviewed

May, 2021

Responsible Office

Financial Systems & Training

Approval

Financial Systems & Training

Policy

  1. Financial Systems is responsible for the maintenance of BEN Financials. 

  2. The number of accounts will be limited to a level necessary to ensure the efficient operation of the University unless required by specific agreements. All requests to create new accounts (funds) must be accompanied by proper documentation and approvals, as indicated below: 

    1. Unrestricted Funds: Penn Budget Planning & Analysis
    2. Agency, Loan, Endowment, Operating Gift Funds and Capital Gift Funds: Gift & Investment Services
    3. Sponsored Projects Accounts (Grants and Contracts): Office of Research Services  
  3. Accounts will be established in appropriate fund groups to reflect the nature of the revenues to be generated and/or the purpose of the expenditures to be incurred as defined by the Audit Guide for Colleges and Universities. 

  4. All changes to account purpose codes and other account specific information must be approved by the Office of the Comptroller and Penn Budget Planning & Analysis.

  5. Departments are required to notify Financial Systems, on a timely basis, of the following: 

    1. Any organizational change affecting reporting responsibility. 
    2. Any accounts inactive unrestricted funds or other inactive account segments to be disabled
  6. Departments are required to notify Gift & Investment Services, on a timely basis, of any Agency, Loan, Endowment, Operating Gift Funds and Capital Gift Funds which should be deactivated due to:

    1. The University is no longer acting as a go-between for an external agency (for Agency Funds). 
    2. The gift has been expended and no additional gifts are expected (for Loan and Gift Funds).
    3. The investments in a quasi-endowment or term endowment have been fully liquidated and spent, and no additional funds are expected (for Endowment Funds).