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Financial Management of Opportunity Funds in Latin America: Guidelines and Responsibilities

This document outlines the management of Opportunity Funds across several Latin American countries, including Brasil and Ecuador (centralized) and Colombia, Peru, Venezuela, and Guatemala (decentralized). It covers financial responsibilities related to reimbursements and advances for the Binational Center, along with requirements for approval by REAC. Key details include submission deadlines, allowable direct payments for testing and application fees, and the process for requesting reimbursements. Important contact information for inquiries is also provided.

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Financial Management of Opportunity Funds in Latin America: Guidelines and Responsibilities

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  1. Financial Management and more!

  2. ManagingOpportunityFunds • Centralized: Brasil, Ecuador • Decentralized: • Colombia and Peru • Venezuela and Guatemala • 1 Advising Office Countries

  3. FC Ecuador´sFinancialResponsibilities • Reimbursement/AdvancestoBinational Center • Directpaymentonbehalf of Opportunitystudents

  4. Reimbursements • REAC mustapproveallreimbursements • Reimbursementrequestshouldbe in written (letteror email) fromBinationalCenter´s Director orFinancial Manager • Anexcelfilewith expenses detailsshouldbeattached. • Scannedreceipts and invoicesshouldbeattached

  5. Reimbursements • Reimbursementswillbemadequarterly: January, April, July and October • Deadlinetosubmitreimbursementrequests: 20th of themonth prior tothereimbursement • Check – Bank of America (no wiretransfers) to BNC, notadvisororstudent

  6. Advances • OnlyuponREAC´srequest • Anexcelfilewithestimated expenses shouldbeincluded • GAP Scholarships (checktostudent)

  7. Directpayments • Testing: TOEFL, SAT, GRE, GMAT, etc • Additional Score Reports • Applicationfees • Deposits of Enrollment, Orientations and Housing • SEVIS fee • Airfare

  8. Directpayments • Testing • Check date availability • Keepdeadlines in mind • Username and passwords • Score recipients (4 included in price) • Checkallschoolcodes and includethem in request

  9. Directpayments • Applicationfees • Commonapplicationorother online • Checkrequirementstoaccess online and deadlines • Username and passwords • Specifyamount of applicationfee • Ifmailingapplication, a checkwillberequired (at least 21 days in advance) • Includeexactnames (institution and student) and amount; providemailinginformation

  10. Directpayments • Deadlines: January 1st • FC closedduringholidays • SubmityourrequestsbyDecember 14th • Youwillreceiveconfirmationthatpayment has beenmadeforyour records

  11. Questions? Maria Mercedes Salmon msalmon@fulbright.org.ec Maria.m.salmon@gmail.com

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