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.

Procedures & Best Practices