Hi all,
I am dealing with an international grant which was received in US$. The budget was created in Euros for the European funder. We estimated a US$ budget by forecasting an exchange rate. However, all the contracts
(US and European) and faculty stipend contracts state that payments are to be made in Euros. There are several contractors in Europe, thus they will receive a wire transfer in Euros.
The PI on the project wants to pay everyone using the exchange rate set on the day the funds were received in September 2022. I told her we have to use the current rate of the day the payments are made. The
Finance Office agrees with me. The PI wrote in the contracts that the “time stamped” rate would be used, meaning the rate that registered in September. The PI is very headstrong.
Has anyone paid invoices with an Exchange rate that was the rate on the day the funds were received or do you the current exchange rate?
I hope you can understand the situation. It has been very complicated. Did I mention that my university does not have experience with international grants!
I look forward to hear from you all with experience.
Eileen
Eileen Maher Kronauer
Grant Officer
Office of Grants and Sponsored Projects
Lesley University
Cambridge, MA