Purpose | To effectively manage the foreign exchange income and payments of the University and its faculties and departments. |
Scope | All campuses except Malaysia
All staff
All controlled entities |
Policy Statement | Faculties, departments and divisions are required to make payments, or receive income, in foreign currencies as part of their normal day to day activities. In the normal course of business such foreign currency payments will be made via Accounts Payable Section, while foreign currency receipts will be transacted through the University’s normal banking arrangements, with the Australian dollar cost/income then processed to the department concerned.
Where such payments/receipts are material ie equivalent of $AUD 200,000 plus, faculties, departments and divisions should consider hedging the relevant transaction to limit the risk posed by any adverse movements in foreign exchange rates. Details should be discussed with Treasury Department prior to any formal transaction taking place.
A request to hedge a foreign exchange transaction must be supported by a fixed contract. In the event that this contract is subsequently cancelled, all costs associated with cancelling the hedge contract will be for the account of the relevant faculty, department or division. |
Supporting procedures | Foreign exchange hedge for purchases or income (Aust)
|
Responsibility for implementation | Treasurer
Vice President Finance
Resources & Finance Committee
Monash University Council |
Status | New |
Key Stakeholders | Vice President Finance
Resources & Finance Committee
Monash University Council
Faculties & Departments |
Approval body | Name: Strategy and Resources Committee
Meeting: 01/2008
Date: 07-February-2008
Agenda item: 8.2
|
Endorsement body | Name: Resources & Finance Committee
Meeting: 06/2007
Date: 22-November-2007
Agenda item: 3.2.8
|
Definitions | |
Related legislation | Monash University Act
|
Related policies | |
Related documents | |
Date Effective | 07-February-2008 |
Review Date | 09-June-2009 |
Owner | Treasurer |
Author | Treasurer |
Contact Person | finpol@adm.monash.edu.au
|
