General University Reference Utility
Policy FN11 CONTRACTS AND LEASES
Policy Steward: Office of the Corporate Controller
To state the authority for signing contractual documents which include,
but are not limited to: agreements, contracts, leases (for real estate or
equipment), construction documents, entertainment industry contracts, academic
affiliation and research collaboration agreements, and agreements for the
utilization of non-Penn State property.
Except as stated under LIMITED DELEGATION OF SIGNATURE AUTHORITY below,
all contractual documents, must be signed by one of the following
University officials as authorized by the Board of Trustees to contractually
bind the University:
President, Vice President, Secretary, Treasurer, Assistant Treasurer
(Board Officers), and Senior Vice President for Finance and Business, and the
Corporate Controller (University Officers). In addition, for all agreements and
contracts related to the affairs of the Milton S. Hershey Medical Center, the
Associate Vice President for Finance and Corporate Controller, and in
his/her absence, the Associate Controller.
As expressly authorized by the Board of Trustees, the Treasurer, or in
his/her absence, the Senior Vice President for Finance and Business may
delegate in writing to such employees of the Corporation as they may deem
appropriate, the authority to execute and acknowledge on behalf of the
University's standardized agreements and contracts for which those employees
have administrative responsibility. These delegations (except for the Milton S.
Hershey Medical Center) are detailed in Financial Guideline #2.
For questions, additional detail, or to request changes to this policy, please contact the Office of the Corporate Controller.
Effective Date: October 22, 2001
Date Approved: October 22, 2001
Date Published: October 22, 2001 (Editorial changes- June 25, 2014)
Most recent changes:
- June 26, 2014 - Editorial changes. In SCOPE AND AUTHORITY section, first sentence of paragraph #2, changed the reference from "Corporate Controller" to "Associate Vice President for Finance and Corporate Controller." In the last sentence of paragraph #2, changed "Assistant Controller" to "Associate Controller."
Revision History (and effective dates):
- September 25, 2013 - Editorial changes. Addition of policy steward information, in the event that there are questions or requests for changes to the policy.
- October 22, 2001 - Deleted Associate Treasurer from SCOPE AND AUTHORITY section.
- February 9, 1998 - Under Scope and Authority, 'Associate Vice
President for Health Finance and Controller' changed to 'Associate Vice
President for Finance and Business and Controller.'
- August 11, 1997 - Under Scope and Authority, Hershey's 'Assistant
Controller' replaces 'Chief Operating Officer and Executive Director,
- January 12, 1996 -
- 'Vice President for Finance' changed to 'Senior Vice President
for Finance and Business.'
- Added provision for the Treasurer, or in his/her absence, the
Senior Vice President for Finance and Business, to delegate in writing to
employees authority to execute and acknowledge standardized agreements.
- March 29, 1994 - Reorganization of policy, and added Guideline #2 for
- May 26, 1992 -
- Changed the Associate Vice President for Finance, and the
Corporate Controller from 'officers of the Corpoartion' to 'officers of the
- Added provisions for contracts and sub-contracts for sponsored
(e.g., research) funds.
- Added special provision for equipment lease agreements
containinga clause indicating Penn State will comply with IRS information
- July 18, 1991 - Added Assistant Vice President for Finance and
Operations, and the Corporate Controller to the list of corporation officers;
Deleted as officials of the University the Assistant Vice President for
Operations and Services, and the Associate Vice President for Administration
and Operations at Hershey.
- March 12, 1991 - Eliminated ASA/SGA funding restriction for
University Master Entertainment Form under the Entertainment Industry Contracts
- June 30, 1990 - Under Common Contractual Documents, the dollar amount
applicable to equipment leases, maintenance agreements, or for the purchase of
supplies, equipment or other tangible goods, was changed from $50,000 to
- May 14, 1990 - New Policy derived from Policy PC12.