Foreign Exchange (FX) Management for Research Policy
A policy on the management of foreign currency research income was implemented with effect from 1 August 2009, following collaboration between the Research Office and the Finance Division. A Working Party, with representatives from all Schools developed the new fx policy and a paper was submitted and approved at Finance Committee on 28 April 2010.
On this page:
Policy Objectives
A centralised foreign exchange management policy and process where:
- All foreign exchange rate risk, for grants within scope, is managed by the Chest.
- Each award, for grants within scope - has a sterling budget for the lifetime of that award - allocated when the contract is signed. This gives sterling budget certainty to PIs for each relevant award.
Scope
- US dollar awards and Euro awards - regardless of sponsor
- Co-ordinator awards
- To include all awards activated on 1 August 2009 or later.
Out of Scope
- Expenditure in foreign currency
- Non-US and Euro awards
Policy
The new FX Management for Research Income Policy provides sterling budget certainty for those awards in scope. The budget is set on a key date in the award lifecycle. The key date is different for EC and non-EC awards.
Non-EC, € EURO, & $ Dollar Grants
The key date will be the earlier of:
Date contract was signed by the University
or
Date of first cash receipt
or
Date of authorisation to proceed form is received by the Research Office
EC Grants (€ EURO)
The key date will be:
Date Grant Preparation Form is received by the Research Office
Queries
In the first instance any queries relating to the individual awards should be referred to the relevant Awards Administrator in the Research Office.