Disbursements in Non-U.S. Currency Policy

 

Policy Summary

It is the general policy of the university to make all payments in U.S. currency.  In certain circumstances, the university may make a payment outside the United States in a non-U.S. currency in accordance with the requirements of this policy.

Reason for Policy/Purpose 

The purpose of this policy is to promote accurate and timely payment in circumstances where payment to vendors is to be made in a non-U.S. currency. Employee travel and entertainment expenses are not directly covered by this policy. Reference the Travel, Entertainment and Business Expense Reimbursement Policy for further detail.

Who is Governed by this Policy

  • Staff
  • Faculty

Policy/Procedures

It is the general policy of the university to make all payments in U.S. currency.  In certain circumstances, the university will make payment in a non-U.S. currency via Electronic Funds Transfer (EFT) or via bank draft denominated in non-U.S. currency.  Requests for payment in non-U.S. currency must be made to Accounts Payable utilizing the forms and procedures set forth in Appendix A. Treasury Management will review and process the payment request.  If the payment is to be made to a non-U.S. individual or a non-U.S. organization, the Tax Department also will review the payment request to determine the tax withholding and reporting requirements.  The university is prohibited by law from making payments in non-U.S. currencies to certain foreign countries or persons in them. 

Related Information

A Brief Primer on Doing Business Abroad:  U.S. Laws that Affect GW’s International Activities

Tax Issues Regarding Payments to Non-U.S. Individuals and Organizations

Compliance with Laws when Conducting University Activities Overseas

Travel, Entertainment and Business Expense Reimbursement Policy

Appendix A: Procedures for Disbursements by Electronic Funds Transfer (EFT) in Non-U.S. Currency

Contacts

Subject Contact Telephone
Payments in Non-U.S. Currency Treasury Management 202-994-0985
Prohibited Non-U.S. Currency Payments Office of the Senior Vice President and General Counsel 202- 994-6503

Responsible University Official: Associate Vice President for Finance
Responsible Office: Treasury Management

Last Reviewed: June 20, 2014

 

Non-compliance with this policy can be reported through this website.