Exchange rate conversions for project budgets awarded in foreign currencies.
Project budget exchange rates
Project Budgets awarded in a foreign currency are set up on MyFinance at the below rate to assist in limiting exposure to exchange rate variance.
Please be aware that:
- Budget reviews are undertaken throughout the life of a project in line with income received from funders with budgets adjusted accordingly
- The responsibility for exchange rate losses or gains on projects rests with departments and is not covered centrally
- For purchases, UCL deals with a variety of foreign currencies, which can be selected in iProcurement when raising a Purchase Order (PO).
Bill & Melinda Gates Foundation projects
For Bill & Melinda Gates Foundation awards please also note the following:
- Budgets are set up as per the institutional rate
- Income is received in USD($) and will be converted upon receipt. Any subsequent currency gains/losses will result in a review of MyFinance and the budget adjusted accordingly
- Each currency gain/loss is to be reported to the funder in each reporting period
- The exchange rate used for reporting to the funder for each period will be the average rate(s) achieved for the conversion of income during that period.