1502 Working Capital Management

Document purpose

effective

December 1986

revised

May 2021

Reviewed

May 2021

Responsible Office

Treasurer

Approval

Treasurer

The Policy

  1. The Office of the Vice President for Finance and Treasurer is responsible for determining the University’s daily cash position and ensuring sufficient cash is available to fund daily operations.

  2. Schools/Centers are responsible for notifying the Office of the Vice President for Finance and Treasurer when purchasing an asset of property or equipment that is covered under Financial Policy #2311, Equipment Leasing.

  3. Acquisition of real estate requires at least a 2-day notice for payment processing.

  4. All requests for University cash disbursements must be entered through Penn Marketplace and paid through Accounts Payable. Exceptions to this process include: Human Resources/Benefits payments, Student Registration & Financial Services (SRFS) refunds, tax payments, debt service requests and emergency wires requested by the Executive Director of Finance & Treasury, Vice President for Finance and Treasurer or Executive Vice President. These requests for same-day payments should be completed by 10am EST the day of payment by submitting a request in Penn Marketplace and selecting Same Day Payment. Please note: Same Day Payment option is only available to select Marketplace users.