Responsibility for Foreign Awards Paid in Foreign Currency Guidance

In our May 15, 2023 newsletter, we reminded our community to review the Foreign Awards Paid in Foreign Currency Guidance and to obligate 90% of the award to accommodate potential foreign currency fluctuations, for applicable awards. We encourage you to refer to the guidance for detailed information on the roles and responsibilities but, in today's newsletter, we would like highlight GM vs SRM responsibility for obligating 90% at the award setup stage.

Per our normal practice, when an award is ready to be obligated in GMAS, the department GM will send the SPA SRM the award's allocation breakdown. If an award is applicable to this guidance, the GM will complete the allocation using 90% of the awarded amount to obligate the award. SRMs will review the GM's allocation and verify that it was completed correctly. On a quarterly basis, as GMs are reconciling expenses, they will submit requests to SRMs to adjust the obligated award amount in GMAS to reflect the actual USD received to date (any change >USD$250) based on the most recent foreign currency conversion (OANDA).

To view previously featured HCSRA Hints, visit the HCSRA Hints page.