Financial Policy #2325: Gifts to Other Charitable Organizations
Effective May 1, 2005
The Office of the Comptroller, in conjunction with the Business Advisory Board, has revised Financial Policy #2325, Gifts to Other Charitable Organizations. This policy, which has an effective date of May 1, 2005, provides for the prudent utilization of University resources consistent with the University’s charitable mission and purpose.
In general, gifts of cash by the University to other charitable organizations in the form of a gift or contribution are generally prohibited except as specifically noted in the policy. Gifts of property determined to be obsolete may be considered for donation subject to written approval by the senior responsible financial official of the School/Center. A reasonable effort should be made to determine whether the property could be effectively used elsewhere in the University.
Individuals retained by the University may not elect to have compensation or other remuneration redirected to a charitable organization, other than the University, in lieu of directly receiving the compensation or remuneration.
The full policy can be found online at www.finance.upenn.edu/vpfinance/fpm.
Almanac, Vol. 51, No. 32, May 10, 2005
May 10, 2005
Volume 51 Number 32