On July 1, 2016, the Executive Committee (EC) implemented an annual exchange rate for all payments received by the International Headquarters from Canadian chapters. Under this new policy, Canadian brothers are required to account for an EC-mandated exchange rate prior to submitting their payments.
In the past, a Canadian chapter that had incurred fees of US$100 would simply pay CA$100, with the Fraternity covering the shortfall caused by the exchange rate. In the recently concluded 2015 to 2016 fiscal year, that exchange-rate loss totaled nearly $22,000. Now, the EC will set an annual exchange rate based on the real-world exchange rate between U.S. and Canadian dollars over the previous four fiscal quarters, with the fees Canadian chapters incur being appropriately converted according to the given rate. Chapters that need to take the converted rate into account will see two dollar figures clearly delineated in their statements — one in U.S. dollars, the other in Canadian dollars — so that there is no confusion about the amount of money they are required to pay.
For more information about the EC’s new policy, contact Peter Holzhausen, controller at International Headquarters, at (847) 869-3655, ext. 203.