CU Boulder is participating in an increasingly global world, which has many positive benefits but also creates some challenges. One of those challenges is accepting research paid in a foreign currency.
Accepting an agreement in a foreign currency creates Foreign Exchange Risk for CU Boulder. To address this risk, a foreign currency reserve will be required as a budget item (along with bank transaction fees) for all sponsored projects where payment is made in a foreign currency.
The Office of Contracts and Grants (OCG) Proposal Analyst will budget an estimated amount during the proposal stage. The OCG Grant or Contract Officer will attempt to negotiate favorable language during the agreement review. The Campus Controller's Office (CCO) Cash Management Accountant will provide information about cash receipts compared with the budget.
While these actions are attempts to mitigate the risk, the Principal Investigator (PI) and the department are ultimately responsible for the project, and the decision to accept such an agreement will require an acknowledgement of the responsibility for this risk.