U.S. Financial Reporting Obligations for Overseas Projects
A range of U.S. federal agencies are charged with enhancing transparency and increasing enforcement of existing legislation that governs international projects. Enforcement is being stepped up, and there are significant penalties levied for failure to comply with a host of federally-mandated filings. In particular, the pace of new legislative activities around international transactions continues to be significant.
In addition to financial reporting requirement for research compliance purposes, Stanford must adhere to a variety of regulatory filing requirements for several U.S. federal agencies. Some of the filing requirements include:
- Schedule F as part of Form 990 for the Internal Revenue Service, reporting on Stanford activities outside the U.S.;
- A quarterly survey (BE-125) for the Department of Commerce covering both inbound and outbound transactions in selected service areas;
- Department of Treasury reports covering foreign financial accounts;
- Department of Education reporting of foreign gifts;
- Internal Revenue Service International Boycott Report.
Information to complete these filing requirements come from many data sources, with the primary source being the financial system (Oracle). There may be instances where Global Business Services (GBS) will reach out directly to the Stanford community to gather data to comply with regulatory requirements.
Central offices handle the administrative and logistical particulars of these governmental filings. As needed, personnel from the appropriate central office may contact you if additional information is required for these governmental filings.