UWEC 40, Foreign Gifts and Contracts Reporting
Last Updated
Authority
Federal | Section 117 of the Higher Education Act of 1965; Section 10339B of the Research and Development, Competition, and Innovation Act of 2022
UW System | RPD13-6, Contracts with Research Companies; SYS 306, Accounting and Budget Control; Draft SYS 6XX, Foreign Gifts and Contracts Reporting
Objective
The purpose of this practice directive is to establish general parameters for completing reports regarding foreign transactions required by law and University of Wisconsin (UW) System policy. This practice directive does not supersede any stricter standards set by state or federal law.
Statement
UW-Eau Claire places significant emphasis on adhering to compliance with foreign gifts and contracts reporting. This commitment supports transparency in financial dealings with international entities, bolstering confidence among stakeholders including students, faculty, staff, donors, and relevant authorities. In addition, comprehensive reporting facilitates informed decision-making for university leadership, enabling effective allocation of resources and strategic initiatives. Finally, adherence to these regulations averts potential legal and financial consequences, preserving the university's standing and fiscal integrity over time.