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Setting Expectations

Financial Risk Management with Foreign Institutions From a Central and Departmental View Presented by: Bob Stemple, Associate Director Research Revenue Peggy Bartek, Sr. Grants Administrator MGH Center for Global Health. Setting Expectations. Specific deliverables Scope Communication

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Setting Expectations

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  1. Financial Risk Management with Foreign Institutions From a Central and Departmental ViewPresented by: Bob Stemple, Associate Director Research RevenuePeggy Bartek, Sr. Grants Administrator MGH Center for Global Health

  2. Setting Expectations • Specific deliverables • Scope • Communication • Cultural Who? What? Where? When?

  3. Assessing Collaborators • Financial systems • Technical expertise • Environmental factors (economic, geographical) • Past performance, questionnaires

  4. Building an Agreement • Clear deliverables • Contractual language as protection for all parties • Managing risk, never eliminating it • Engaging local counsel • Third parties – NGOs, hospitals, universities

  5. Types of Agreements • Fixed price – what happens when currency fluctuates? • Milestones – what happens when milestones are not met? • Custom agreements

  6. Managing Risk - Ongoing • Fluctuating exchange rates – who takes the hit? • COMMUNICATION! – local and foreign • Roles and responsibilities – collaborator and foreign PI • Training for local administrators • Petty cash at foreign sites

  7. Worldwide Research Dealing with Exchange Rates

  8. Subcontract from a hospital in SpainContract states to be invoiced and paid in U.S. Dollars

  9. Subcontract from a hospital in SpainContract states Budget in Euros

  10. Confused? It only gets worse!

  11. Subcontract from a hospital in SpainContract states to be invoiced in Euros

  12. Do of any of these pieces make sense?

  13. Subcontract from a hospital in SpainContract states to be invoiced & paid inEuros

  14. Subcontract to a hospital in JapanContract states to pay in Japanese Yen

  15. The money will fit together with the research, if we work together as a team!

  16. You CAN control the research, you CAN’T control the world economy.Be sure to negotiate to get terms in US Dollars

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