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Foreign Exchange Project Update

May 01, 2016

Under a Board­ approved initiative to provide additional targeted services to members and raise incremental revenues in a manner consistent with CRKN's strategic plan, CRKN has offered members the opportunity to participate in foreign exchange projects in each of the past four years. These projects are intended to give members additional options to protect their collections budgets by offsetting the risks of unfavorable FX movements.

Participants could choose to lock in a market exchange rate earlier ­ or to bid for a better rate ­ for their estimated commitment for several of CRKN's largest licenses. In return, participants paid a fee on the funds requested and booked under the provisions of the projects to offset the organizational resources required to offer the project. For the 2015­16 FY, members were also given the limited option to be invoiced in USD for two CRKN license agreements, under a similar fee structure.

In February, at the direction of the Finance & Audit Committee, CRKN released a discussion paper on foreign exchange and hosted two teleconferences describing CRKN's approach to foreign exchange. In addition to providing information to members, staff sought member input on ways in which CRKN might tailor its services to better meet member needs.

CRKN shared information on the optional 2016 foreign exchange project (including options for USD invoicing) for the Elsevier Science Direct, Wiley Blackwell and SpringerLink licenses.


In total, 22 members have committed to participate in the foreign exchange project, and an additional 7 members have asked to be invoiced in USD for the same licenses. As before, the timing of the project has been arranged to coincide with members' fiscal year ends ­ the majority of which are March 31st or April 30th. In all cases, CRKN will not bill members until the start of their new fiscal year ­ likely, no earlier than May 1st.

Keywords

Finances
Foreign exchange
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CRKN respectfully acknowledges that its offices are located on the traditional, unceded territory of the Algonquin Anishinaabe People. We also recognize that our member institutions are situated across the land now known as Canada, and we extend our respect and gratitude to all First Nations, Métis, and Inuit communities.

Through our work—particularly with the Canadiana and Héritage collections—we are committed to acknowledging colonial injustices, supporting First Nation, Inuit, and Métis data sovereignty, and working in partnership with communities. We strive to engage in respectful practices that honour community protocols and uphold the right of Indigenous Peoples to determine how materials related to their heritage are governed.

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© 2013 - 2025 Canadian Research Knowledge Network
  • License Information
    • CRKN Licensing Principles
    • Model License
    • The Banding System
    • Stakeholder Alignment Group
    • License Negotiations
    • Negotiation Outcomes
      • Invoicing Schedule
    • Directories
    • Publishers and Vendors
    • Tools and Services
      • Foreign Exchange Service
      • Publication Data Report
      • Unsub
      • Perpetual Access Rights Reports (Serials)
  • Open Access
    • Partnership for Open Access
    • Community Open Access Initiatives
    • Read and Publish Agreements
    • APC Discounts
    • Towards Open Scholarship: A Canadian Action Plan
    • Assessment Guidelines for Open Access Publishers
    • CRKN Open Access Journals List
  • Canadiana
    • About the Canadiana Collections
      • Call for Canadiana Collection Development Projects
      • What’s New in the Collections
      • Navigating the Collections
      • System Status
      • Canadiana Citation Guide
      • Canadiana Infrastructure Updates
      • Canadiana Metadata and Usage Reports
      • Rights Statement Project
      • History of Canadiana
    • Digitization Services
      • Digitization Projects
    • Preservation and Access
      • Trustworthy Digital Repository
    • Digital Heritage Content and Preservation Listserv
    • Clark Wilson LLP Memo on the Acquisition and Use of Commercial Microfilm
    • Future of Canadiana
  • Persistent Identifiers
    • ORCID-CA Consortium
      • How to Join ORCID-CA
      • ORCID-CA Governing Committee
    • DataCite Canada Consortium
      • How to Join DataCite Canada
      • DataCite Canada Governing Committee
    • National PID Strategy
    • Canadian Persistent Identifier Advisory Committee
  • Projects and Collaborations
    • NISO Membership
    • SCOAP³
    • FMD Membership
    • Coalition for Canadian Digital Heritage
    • HSS Digital Research Infrastructure in Canada
    • More Projects and Collaborations
  • News and Events
    • News
    • 2025 CRKN Virtual Conference
    • 2025 CRKN Member Summit and AGM
    • Code of Conduct
    • Webinars
  • About CRKN
    • Board of Directors
    • Members
      • Associate Membership
    • Committees
      • Executive Committee
      • Finance and Audit Committee
      • Content Strategy Committee
        • Knowledge Base Entitlements Sub-Committee
      • Preservation and Access Committee
        • Canadiana Content Sub-Committee
        • Platform Technical Sub-Committee
      • Conference Planning Committee
      • Task Groups
      • CRKN Researcher Council
    • Annual Report
    • Staff
    • Careers
    • History of CRKN
    • Ron MacDonald Service Award
    • Strategic Plan