This section provides resources and guidance on how to budget for your global activity, as well as how to access and spend funds outside of the U.S. Especially for long-term programs, it is recommended that financial planning begin at least three to six months prior to the planned activity, while paying special attention to the many legal, tax, and safety implications of moving and spending money across borders.

Should you have further questions, please refer to each sub-category for details and contacts.

Budgeting

Thoughtful budgeting of your activity during the planning stage can help to avoid unforeseen expenses during implementation. It is recommended that you work with your school/college or departmental business office to prepare a budget, as they may have a preferred format.

Sample budget templates for research and teaching activities are offered as tools to help you think through items to include in your budget. They are meant only as a guide; each activity is unique and therefore the budget may need to be tailored to your specific requirements. These sample budget templates can be requested from Global Program’s Assistant Vice President of Finance & Operations, Kevin Nelson.

When budgeting for your activity, please remember to take into consideration the additional complexities and potential costs associated with running an activity abroad. Potential areas where you may incur additional costs include:

  • legal counsel
  • permanent and part-time hiring
  • providing for local benefits
  • banking
  • health and safety planning
  • currency fluctuation
  • other unique costs associated with the activity

For research budgets, please review sponsored programs’ proposal guidelines.

International Banking

If you are planning a long-term project and expect to have significant recurring cash in/outflows, you may want to plan on opening an overseas bank account.

Schools and departments may not establish a bank account for a BU program without first contacting and working with Debt & Treasury Management.

A Boston University bank account refers to those opened for/with:

  • The University or any of its schools, colleges, departments, centers, institutes, or programs.
  • Any entity in which the University has an interest.
    • e.g., an entity established for overseas activities or a subsidiary of the University
  • The Trustees of Boston University tax identification number.

Debt & Treasury Management’s role is to ensure execution of all international funding and bank account administration activity in compliance with established University procedures and controls. However, you and your department will retain full responsibility for regular monitoring of account activity, completion of the required monthly reconciliation process, and ensuring that control of local cash and banking activities are in place at all times.

Foreign Purchases and Payments

All foreign payments, including currency conversions, are processed through Accounts Payable.

In general, the preferred method of ordering all goods and services is via a purchase request using Ariba Guided BUying. However, there are certain circumstances where alternate methods of ordering and payment are acceptable to allow efficiency and greater convenience. In cases like these, a Disbursement Request Form can be accessed through the University’s Comptroller website under Accounts Payable.

While most payments to foreign vendors are made via wire or electronic funds transfer, cash advances and/or expense reimbursement for international travel should be handled through the standard travel expense channels. These are described by the Comptroller or Accounts Payable.

    Moveable Capital Equipment

    Moveable capital equipment is defined as any individual, tangible, non-expendable property with a useful life of more than one year, with an acquisition cost of $5,000 or more, and not permanently attached to a building or structure.

    When purchasing such equipment, you should engage with BU Sourcing & Procurement and Property Management, since to maintain compliance with federal regulations, the University must identify all moveable capital equipment, including items that are:

    • donated
    • leased
    • loaned
    • transferred
    • purchased with restricted or unrestricted funds.

    The Property Management department in the Financial Affairs office identifies, locates, and photographs every piece of equipment on each campus of Boston University and numerous off-campus sites. This information is entered into the Property System, which:

    • maintains records throughout the equipment’s life cycle
    • ensures accurate depreciation, adequate insurance coverage, and efficient utilization of University property
    • tracks the funding source and owner title of each piece of equipment
    • allows for the proper and timely completion of reports on active awards

    Property Management also provides the University’s Risk Management office with the details of all moveable capital equipment purchases. They also complete a capital equipment inventory every two years to ensure that all records and insurance remains current and correct.

    Additional restrictions may apply to certain controlled information (e.g., technical data, encryption software), as well as physical items (e.g., scientific equipment), regardless of the value. This information is further detailed in the Export Controls section.