In keeping with the vision of the Pennsylvania State University to be the nation's finest university in the integration of teaching, research and service, and to demonstrate strength through respect for others and diversity, Finance & Business recognizes the importance of supplier and contractor diversity and by creating sound business relationships, seeks to strengthen the economic development and viability for minority and women-owned businesses. Penn State is committed to developing and sustaining these relationships and through our Supplier and Contractor Diversity Programs the University expects increased competition and the ability to obtain excellence in goods and services.
To fulfill this commitment Penn State's Finance & Business will actively solicit participation by diverse businesses for the University's material, supplies, equipment, construction and service needs. We have established an overall aspirational target of 10% for all procurements. The University community will ensure firms are made aware of purchasing opportunities to the fullest extent practicable through outreach and other communication channels.
We believe that as an organization we continue to make progress in supplier and contractor diversity but there is always more to be done. Through value-added strategic diversity programs and internal utilization guidelines, the University hopes to continue to expand economic opportunities to minority firms.