Published on Fri, 06/12/2019 - 15:21
The FOREX policy states that EC awards are activated using a lifetime exchange rate based on when the Grant Agreement is signed to allow PIs to plan their budgets. However, due to the movement of exchange rates over time, or in periods of high rate volatility this can result with the PI fully spending the Sterling budget but the Research Office not being able to claim the full amount of Euros.
The Research Office can re-budget the award 12 months before the end of the project to maximise the amount of Euros claimed and therefore increase the Sterling budget to the PI’s benefit. If a department wishes this to happen, they need to contact their Research Support Advisor in advance of the final 12 months so that the award can be re-budgeted for that period.