[NCUC-EC] notification about minor reimbursement mistakes

[Mueller, Milton L]

Dear EC colleagues,
On my next financial report you will see some minor deviations from authorized reimbursement amounts.
Usually these are in the range of $25 - $70. The reason this happens is that there seems to be a discrepancy between the currency exchange rates that are quoted to me on the web and those used by the bank when it transfers money. In making these payments, I have tried to make it in the local currency, because that saves us $10 in wire transfer fees. However, that requires me to calculate ("guess" might be a better word) how much the US dollar amount would be in the foreign currency.

Just to give you an example, I just reimbursed Ayden. You authorized me to pay him $599.89 in US dollars. I asked a web-based currency converter how much that was in UK pounds, because if I make the transfer in pounds the wire fee is lower. The currency converter told me that $599.89 = UKP 422.40. So  transferred 422.40 UK pounds. After I did that, the bank said it had paid him $625 in US dollars.

I had a similar problem with Tatiana, she was overpaid $70. From now on I will just transfer in US$ amounts.

Dr. Milton L. Mueller
Professor, School of Public Policy
Georgia Institute of Technology


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