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CRM 304 - Foreign Funds - Exchange and Deposit

Foreign Funds:

Must Be Exchanged Before Being Deposited - All foreign funds received by the University must be exchanged for U.S. dollars before being deposited.

Definition of Foreign Funds - Foreign funds include all coins and currency issued by a non-U.S. government and all checks written on non-U.S. banks or for non-U.S. dollar values.

Limitation on Acceptance - Foreign funds are not generally acceptable for over-the-counter sales. They are acceptable, however, as payment on account, subject to the amount of U.S. dollar value that can be collected in exchange.

Exchanging and Depositing Foreign Funds:

Responsibility - All foreign funds received by the University shall be submitted to the depository bank for collection as a separate item not as part of the regular deposit. Locations making direct deposits will handle their own foreign funds. Locations making deposits through the Campus Cashiers Office will send their foreign funds to Cashiers for collection as a separate item.

created: 02-28-97