Finances and Banking
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New educational opportunities must begin by completing the Program Abroad Budget Form. This form includes an estimated budget for the program. This includes revenue and expenses that should be considered when developing the program. Not all lines will apply for all programs. If you need assistance developing the budget, please contact Elissa Morton.
For assistance in budgeting for activities that will be funded with external grants or contracts, contact one of the following:
Timely, reliable financial reporting regarding global activities is essential for budgeting, accounting, and compliance with tax laws and other regulations. In addition, depending on the country and entity type, some jurisdictions require local books and records on hand at a Registered Office Address and available for inspection by local authorities.
All programs are required to submit monthly cash receipts and cash disbursements reports to the Controller’s Office. The Controller’s Office will update the general ledger on a monthly basis for the activity of the abroad program. Contact the Controller’s Office to set up the accounting process.
Purchasing While Abroad
Middlebury’s Purchasing and Accounts Payable Office can assist by providing sources for travel related services and information on the most efficient and cost effective process to acquire goods and services in a foreign country while traveling on Middlebury business.
The Purchasing Card is the preferred method for making purchases while abroad in accordance with Middlebury’s Procurement Policy and Grants and Sponsored Research Policies. Information on how to apply for a card and policies and procedures can be found on the Purchasing and Payment website. In cases when the p-card is not accepted, a cash travel advance or a request for reimbursement may be requested in accordance with Middlebury’s Travel Policies. When reconciling your expenses from abroad, please ensure that you assign each expenditure the correct BANNER location code.
Capital equipment item purchases (purchases greater than USD $5,000) need to first be approved via the Capital Equipment process coordinated by the Budget Office. For information about insuring these items, see the Business Services website. Additional restrictions may apply to certain controlled information (e.g., technical data, encryption software) as well as controlled physical items (e.g., scientific equipment) regardless of the value. This information is further detailed in the Export Control section of this website.
All contracts with Third Parties need to follow the contract policy and be reviewed by Business Services
Establishing Foreign Bank Accounts
It is sometimes necessary for the College to establish local bank accounts to support the work of a program, center, project or other entity taking place overseas. Note that it may not always be possible to open a foreign bank account in the name of Middlebury College without undergoing some form of legal registration in the specific country. If you believe that a foreign account is needed, please contact the Treasury Department well in advance of the starting date.
Information that will need to be provided include:
- a description of the program
- purpose and duration of the proposed account
- name and information of the proposed local bank to be used
- procedures for depositing, withdrawing, and transferring funds
- proposed authorized signers in addition to the College Treasurer
- process for reconciliation of all transaction activities and ending balance on the bank statement to entries in the general ledger