myUF Marketplace Business Purpose

Directive Statement

A business purpose is required to be documented in myUF Marketplace for all transactions.  While documenting the business purpose in the system is a change, the business purpose itself is not a new requirement.  All transactions have always been required to have a business purpose that met the following requirements:

1. The use must be reasonable and benefit the University
2. The use must fall within the funding entities intent/color of money
3. The use must comply with all applicable laws and regulations

Reason for Directive

A business purpose is a concise statement providing the level of detail needed for an independent party to easily and quickly disseminate the legitimate reason for a transaction and its benefit to the University.

Guidelines for Business Purpose

The business purpose should clearly establish why an expense is occurring not restate the purchase.

Examples: Acceptable Business Purpose

1. Nitrogen used in the preservation of tissue samples
2. Shipping of protein samples to Scully-Castle Research for testing of river-tam microbial
3. Dreamweaver software needed for online annual financial report
4. Lunch for annual department strategic goals retreat

Examples: Unacceptable Business Purpose

1. To support research
2. Shipping charges
3. Pens, markers, paper
4. Sandwiches and drinks

Entering a Business Purpose

Department Level 1 Approvers can enter the Business Purpose for an invoice during processing by:

1. Assigning the invoice to yourself in order to “work” the invoice and make edits
2. Navigating to Buyer Invoice > Summary Tab
3. Typing the Business Purpose in the “General” section (part of the Invoice Header)

Last Reviewed

Last reviewed on 06/28/2024

Toolkit

UF HR Toolkit – myUF Marketplace

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