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Office of the Provost

University Policies

Policy Detail

Foreign Gift and Contract Reporting

Policy Number: FINA 1.50
Section: Administration and Finance
Title: Foreign Gift and Contract Reporting
Date (Original): 08/30/2024
Date (Date of Draft version): 08/30/2024
Policy For: USC System
Procedures For: USC System
Authorized By: Executive Vice President for Administration and Finance and Chief Financial Officer
Issued By: University Finance - Controller's Office

Policy Description and/or Reason for Revision:

Under Purpose: • The revised version simplifies the wording but retains the core function. • It clarifies that the policy outlines reporting obligations for the entire university. Under Definitions and Acronyms: • The revised version capitalizes "Foreign Source" for consistency. • It adds a definition for "Consideration" to explain "Gift." Under Policy Statement: • The revised version clarifies that the University Controller's Office is responsible for filing disclosure reports. • It clarifies the reporting threshold by stating that the combined value of contracts and gifts must reach $250,000 within a year. • It adds a sentence explaining the purpose of the reporting requirement.

Deadline for Comments: 09/16/2024
Comment Contact Name: Kelly Epting
Comment Email: eptingk@mailbox.sc.edu

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