Report of Foreign Bank and Financial Accounts (FBAR)
FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR) is used to report a financial interest in or signature authority over a foreign account. FBAR has a filing date of April 15; however, if an individual does not file by April 15 an automatic six-month extension is given until October 15. The FBAR is electronically filed with the U.S. Department of the Treasury and states that the person filing has a financial interest in, or signature authority over, financial accounts in a foreign country with an aggregate value exceeding $10,000 at any time during the calendar year.
The tax compliance team works with the Harvard Office of Treasury Management (OTM) to identify and notify all the individuals with signature authority. FBAR forms for all Harvard University individuals with signature authority are drafted and provided to you annually solely based on the Harvard-owned foreign bank accounts. Please make sure to include any other personal reportable foreign bank accounts on the FBAR.
For more information regarding FBARs and personal income tax reporting responsibilities, please see the Harvard University Bank Account Policy – Appendix B.