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  3. How is a sponsored project awarded in foreign currency handled?

How is a sponsored project awarded in foreign currency handled?

When payment is received

Revenue will be recorded in the actual USD received. If the sponsor pays in installments, each payment will be converted to USD when received, based on the conversion rate at that time. Contracts & Grants will apply the converted dollar amounts received in each payment.

Account closeout

At account closeout, expenditures must be reconciled to total USD received for the project. Any shortfall is the College’s responsibility.

Read more:

Research Administration and Compliance, Manage Project

Updated on August 26, 2020

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