Financial Policies

Policies related to the financial operation of the University of Pennsylvania

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Last Reviewed April, 2024

1101 General Accounting – University Financial Activity

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

1100 – Accounting

Comptroller

Last Reviewed April, 2024

1102 General Accounting – Financial Resources

The primary purpose of the accounting system is to account for resources in accordance with objectives established by the Trustees, management, donors, government agencies or others.

1100 – Accounting

Comptroller

Last Reviewed April, 2024

1103 Accounting Systems Maintenance

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

1100 – Accounting

Financial Systems & Training

Last Reviewed May, 2024

1104 Investments

To provide policy for the accounting for investments.

1100 – Accounting

Treasurer

Last Reviewed April, 2024

1105 Inventories of Materials

Certain materials and supplies are held in inventory by the University and used for instruction, research and service related activities, and for resale.

1100 – Accounting

Comptroller

Last Reviewed May, 2024

1106.0 Plant Assets: Definition

To define the parameters for capitalizing assets.

1100 – Accounting

Comptroller

Last Reviewed May, 2024

1106.01 Plant Assets: Definitions – Land & Building

To define capitalized land/land improvements and buildings/building improvements

1100 – Accounting

Facilities and Real Estate Services (FRES)

Last Reviewed May, 2024

1106.02 Plant Assets: Definition – Equipment & Other

To define capitalized equipment and other assets.

1100 – Accounting

Comptroller

Last Reviewed May, 2024

1106.1 Plant Assets – Capitalization

To provide a capitalization policy for Plant Assets.

1100 – Accounting

Comptroller

Last Reviewed May, 2024

1106.2 Plant Assets – Depreciation

To provide the depreciation policy for plant assets.

Comptroller