Foreign Source Gifts, Contracts, and Other Revenue-Producing Activities
Understanding the reporting requirements for foreign source gifts, contracts, and other revenue-producing activities is crucial for maintaining compliance with federal and state regulations.
This portion of the book discusses the requirements for reporting on foreign source gifts, contracts, and revenue-producing activities. The information in this section will provide departments with a general understanding of the federal and state reporting requirements, as well as fiscal officer and unit-level expectations. These regulations mandate the disclosure of any arrangements entered with foreign sources, including the expected value of such arrangements, on a semi-annual basis. From an accounting perspective, it is essential to accurately report these transactions on the income statement to provide a clear and transparent view of Indiana University’s financial activities. Properly documenting and disclosing revenue from foreign sources ensures that IU remains in good standing with regulatory authorities, mitigates the risk of non-compliance penalties, and upholds the integrity of the financial reporting process. By understanding the importance of accurately reporting revenue from foreign sources, employees can contribute to IU’s overall financial health and compliance efforts.
Policies
Review the below policies related to foreign source gifts, contracts, and revenue-producing activities:
- FIN-ACC-40: Charitable Gifts to Indiana University
- FIN-ACC-45: Donor Intent Responsibilities
- FIN-ACC-55: Foreign Source Gifts, Contracts, and Revenue-Producing Activities
- FIN-TRE-90: External Agency Agreements
- FIN-TRE-100: Signature Authority and Delegation
- FIN-TRE-110: Accepting Electronic Payments
- FIN-TRE-120: Processing Revenue
- FIN-TRE-121: Establishing and Modifying Revenue-Producing Activities (RPA)
- FIN-TRE-180: IU-Held Endowments and Quasi-Endowments
- UA-18: University Records Retention and Disposition
Standards
Review the below standard related to foreign source gifts, contracts, and revenue-producing activities:
CheckLists
There are no checklists related to this portion of the book at this time. Please check back in the future!
Training Materials
There are no training materials related to this portion of the book at this time. Please check back in the future!
Other Related Material
Review the below other material related to foreign source gifts, contracts, and revenue-producing activities:
IU Financial System Reports and Procedures
There are no IU financial system reports and procedures related to this portion of the book at this time. Please check back in the future!
