Penn State Policies Updates

Policy Guideline FNG02 Limited Delegation of Contract Approvals Policy Guideline FNG02 Limited Delegation of Contract Approvals had editorial changes to update the Office of Physical Plant titles. These changes were requested by the Associate Vice President for Budget and Finance.

Policy FN10 Other Business Expenses and Activities continues to be under review; however, the Senior Vice President for Finance and Business authorized e ditorial changes to the Events Involving Students section to remove the approval requirement of the budget executive, for events involving graduate students, and the Vice President of Student Affairs, for events involving undergraduate students. These editorial changes are to align with Policy AD18 Possession, Use and Distribution of Alcoholic Beverages. The editorial changes were published December 11, 2024.

FN29 Student Financial Hold is a new financial policy, requested by the Office of the Bursar. This policy was drafted after a gap-analysis indicated no formal policy statement existed declaring the University’s right to place a hold on a student account due to an outstanding financial obligation. The business practice existed; however, there was no official policy. The policy will labeled as "new" for the next 30 days during which time comments may be submitted. On November 22, 2024, the comment period will close and the "new" label will be replaced with the "active" label.

Poliy Guideline FNG02 Limited Delegation of Contract Approval revised The Associate Vice President for Budget and Finance has authorized the following editorial changes to Policy Guideline FNG02 Limited Delegation of Contract Approval: References to Senior Vice President for Finance & Business/Treasurer changed to Senior Vice President for Finance & Business Delegations to the Associate Vice President for Facilities Management and Planning added Delegations to the Assistant Vice President of Operations, Design, and Construction added Delegations to the Assistant Vice President of Facilities...

Policy FN18 University Approval Authorization editorial changes Policy FN18 University Approval Authorization had an editorial change. The Separation of Duties section was updated to indicate that "Budget and Finance Approvers should never approve a requisition for which they are the Shopper. This editorial change was requested by the Associate Vice President of Budget and Finance.

Policy FN27 Establishing and Billing Service Center User Rates was revised. The editorial changes included: Senior Vice President for Finance & Business must approval all Finance & Business rates Senior Director of Research Administration position eliminated. All references removed from document Removal of approval of OPP rates by the Associate Vice President for Budget and Finance as these rates will now be approved by the Senior VP for Finance & Business The changes are effective as of August 1, 2024.

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...

Policy TR02 Penn State Travel updated The Air Travel subsection of Policy TR02 Penn State Travel has been revised. The Seat upgrades/early seat selection fees has been increased from $150 to $250. All other requirements remain the same. Effective: November 1, 2023

Policy FN25 University Bank Accounts Policy FN25 University Bank Accounts is a new financial policy. This policy documents internal controls for establishing University bank accounts. Policy FN33 Sales and Use Taxes Policy FN33 Sales and Use Taxes is a new financial policy. This policy documents the requirements pertaining to the collection and remittance of sales and use taxes. For each of these policies, the "new" status will remain in effort for 30 days during which time anyone may submit inquiries pertaining to the policies. After 30 days, the policy status will change to "active" and any...

Office of Gift Planning name changed to Office of Gift Acceptance Effective July 1, 2023, the Office of Gift Planning will be divided. The administrative functions will be housed within the newly created Office of Gift Acceptance. The following policies and procedures have been updated to reflect this administrative change: Policy FN03 Substantiation, Disclosure, and Accountability for the Receipt of Contributions from Non-Governmental Sources Policy FN09 Scholarships Policy FN15 Endowed or Named, Annually Funded, Accounts Procedure CR2012 Endowment Spending Stewardship Procedure CR2021...

Policy BT06 Course-Related Fees Approval updated Policy BT06 Course-Related Fees Approval has undergone a complete review and has been approved by executive administration for publication. The updated version has a publication date of May 23, 2023.

Policy FN02 Billing and Accounts Receivable updated Policy FN02 Billing and Accounts Receivable has undergone an extensive review and has been approved by executive administration for publication. The new revisions are dated April 13, 2023 and all changes are effective April 14, 2023.

Policy FN02 Billing and Accounts Receivable updated Policy FN02 Billing and Accounts Receivable has undergone an extensive review and has been approved by executive administration for publication. The new revisions are dated April 13, 2023 and all changes are effective April 14, 2023.

Policy FN03 Substantiation, Disclosure, and Accountability for the Receipt of Contributions from Non-Governmental Sources Policy FN03 Substantiation, Disclosure, and Accountability for the Receipt of Contributions from Non-Governmental Sources underwent an extensive review due to the transformation of the IBIS legacy system to the System for Integrated Management, Budgeting, and Accounting (SIMBA) financial system. Policy Guidelines FNG01 Flow and Accountability of Gifts and Grants from Non-Governmental Sources has been decommissioned and replaced by Procedure CR2021 Flow and Accountability of...

Policy PR01 University Payroll The Overpayments section of Policy PR01 University Payroll has been updated to further clarify the repayment of overpayment requirements. The policy revisions were published and are effective June 10, 2022.

Policy FN17 Required Use of Approved University Forms Appearing in the General University Reference Utility has been revised. Policy FN17 lasted received a complete review in 2016. Since that time the University’s legacy computer systems have changed. SIMBA has replaced IBIS, LionPATH has replaced ISIS, and WorkLion has been deployed for HR and Payroll processes. The Corona Virus and the declared pandemic resulted in remote work and necessitated the ability to process documents electronically. Policy FN18 University Approval Authorization has been updated to reflect the permitted use of...

Policy FN14 Use of University Tangible Non-Capital Property, Capital Property, Supplies, and University Services revised Policy FN14 Use of University Tangible Non-Capital Property, Capital Property, Supplies, and University Services lasted received a complete review in 2016. Since that time the financial management system has changed from IBIS to SIMBA and as such the document underwent an extensive review to update terms and processes. The policy title was changed to remove the word Assets and replace with Property (Non-Capital and Capital). This policy was published February 15, 2022.

Policy FN08 Refunds revised Policy FN08 Refunds was last reviewed in 1992 and since that time legacy system IBIS and ISIS have been replaced with the System for Integrated Management, Budgeting, and Accounting (SIMBA) and LionPATH systems respectively. All IBIS terms have been replaced with SIMBA terms and ISIS terms have been replaced with LionPATH terms. The statement indicating that check refunds of $2.00 or less will not be issued was added. The "waiting period" time was clarified to indicate the waiting period is 14 calendar days. The policy was published February 8, 2022.

Policy FN18 University Approval Authorization has been updated to reflect the terminology and processes for Workday and SIMBA. Workday and SIMBA both deploy standardized approvals/workflows based on the approval roles defined within this policy. Standing appointment, fixed-term multi-year, and fixed-term 1 appointment types have been updated to become regular staff and limited-term staff. Additionally, the electronic signature language has been updated to reflect current use of technology for electronic signatures. These policy changes became effective today, December 16, 2021.

Policy FN01 Cash Revenues updated and Policy Guideline FNG03 Cash Revenue Transactions decommissioned Policy FN01 Cash Revenues lasted received a complete review in 2015. Since that time the financial management system has changed from IBIS to SIMBA and as such the document needs a complete review to update terms and processes. Also, the policy information from Policy Guideline FNG03 Cash Revenue Transactions was incorporated into Policy FN01 Cash Revenues and the procedural/process information was incorporated into the appropriate procedure. Policy Guideline FNG03 Cash Revenue Transactions...