Fiscal Operations Manual
Section 500: Financial Accounting and Analysis
WARNING: THESE ARE NOT CURRENT POLICIES!!
Foreign programs frequently present special challenges. International vendors often require immediate payment for goods and services in local currency. The solution has been to provide funds to foreign personnel in advance. The program director is then responsible for the funds.
Occasionally, providing an advance to a foreign program includes depositing funds in a foreign bank. Approval must be obtained in advance from OSU Office of Business Affairs and the State Treasurer.
Authorization should be requested by letter to the Assistant Vice President/Controller within Business Affairs for approval. The request should include the following:
A brief description of the need to use a foreign bank
The source of funds and the degree of liability assumed by the University
A statement of whether the government insures funds deposited in the foreign bank, or whether such protection can be obtained
A summary of reasonable and prudent measures that will be taken to protect the funds
The amount to be deposited
An estimate of the average balance