In 1997, a resolution was adopted by the 165th Convention directed the Board of Governors to devise a method to bring payments by U.S. and Canadian brothers into rough economic parity. The Board presented alternatives at the 166th Convention (1998), but the Convention could not agree as to which alternative should be adopted, and the Convention adjourned without making a decision. During Fiscal Year 1998-1999 the Board of Governors developed a plan for a phased-in and gradual move towards ending disparity. This plan called for moving toward parity over five years, with no change in the first year (1999-2000), and then a 25% increment towards parity for each of the following four years.
The plan also specified that once parity was attained, adjustments would be made only when there was a differential of 10% or more between the two currencies. During the fiscal year 2003-2004 (the fifth and final year of the gradual transition to parity), the fraternity calculated Canadian fees based on 100% of the difference in value between Canadian and U.S. currencies “rounded” to convenient amounts. Since that time an equivalency factor has been calculated each year on or about July 1, the start of the fraternity’s fiscal year.
2022-23 FEE CALCULATION
Calculation of fees for the Fraternity's fiscal year 7/1/2022 - 6/30/2023. Relative Values of Currencies as of market close on June 30, 2022 (per the WSJ Currency Exchange)
$1.00 USD = $1.292 CAD / $1.00 CAD = $0.774 USD
Since there has not been a substantial change in the relative values of the currencies during the most recent fiscal year, during the fraternity’s 2022-2023 Fiscal Year fees will remain payable in either U.S. or Canadian currency.