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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

05/01/2020: reviewed content

Toolkit

UF HR Toolkit – myUF Marketplace

Contacts

Disbursements: (352) 392-1241

myUFMarketplace@ufl.edu

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