Financial Policy revisions effective July 1, 2024
The following financial policies have been updated and published with a July 1, 2024 effective date:
- FN04 Long-Term and Short-Term Advances - this policy was completely rewritten to indicate the policy pertaining to long-term, short-term, and short-term research advances. This policy was expanded to include all types of advances and information from decommissioned FN05 Operating Cash Funds.
- FN05 Operating Cash Funds has been decommissioned. See FN04 Long-Term and Short-Term Advances.
- FN15 Endowed or Named, Annually Funded, Accounts - Quasi-Endowment information updated throughout the document in compliance with Pennsylvania Act 141 requirements.
- FN18 University Approval Authorization - Editorial changes:
- Budget Assistant and Financial Assistant approval thresholds increased from under $10,000 to under $15,000, as approved by the Associate Vice President of Budget and Finance.
- Director of Financial Officers identified as having responsibility for Financial Officers at University Park.
- Associate Vice President for Finance and Business Services identified as having responsibility for Commonwealth Campus Financial Officers.
- Rubber Stamps and Electronic Signatures subsection - Last sentence added to the section, as required by the Office of General Counsel.
- FNG02 Limited Delegation of Contract Approvals - Editorial changes:
- New Assistant Vice President for Research and Interim Director of Sponsored Programs (AVPR/DOSP) title added. Associate Vice President for Research/Director of Office of Sponsored Programs title changed to Associate Vice President for Research/Director of Research Administration Services (AVPR/DRAS).