# \*\*Non-Constitutional: Terms of Tenure for STEP Program Manager\*\* **URL:** \ **Category:** Finalized AIPs\ **Created:** [September 7, 2024, 7:59am UTC](https://forum.arbitrum.foundation/t/non-constitutional-terms-of-tenure-for-step-program-manager/26675 "2024-09-07T07:59:58Z")\ **Posts on this page:** 1\ **Showing post:** 3
**Author:** ![thedevanshmehta](https://yyz1.discourse-cdn.com/flex029/user_avatar/forum.arbitrum.foundation/thedevanshmehta/32/2334_2.png) [@thedevanshmehta](https://forum.arbitrum.foundation/u/thedevanshmehta)\ **Post date:** [September 7, 2024, 11:49am UTC](https://forum.arbitrum.foundation/t/non-constitutional-terms-of-tenure-for-step-program-manager/26675/3 "2024-09-07T11:49:59Z")
> [@JoJo](#): > > My question is: why was there this huge delay in converting the arb in usd? The foundation dollar cost averaged the ARB over a 7 week period to minimize any price shocks to the market. I am not sure when the first liquidation was though, I believe it was in either May or June. > [@JoJo](#): > > this is something that we need to address as a dao and is not specific to only this program: if an entity is requesting arb to pay another entity in a non arb denominated way (usually usd), the funds MUST be converted right after being received in a tally vote, obviously compatible with the tools used (ie: aera) completely aligned here, it is ironic that despite predicting fairly accurately what costs would be incurred in a program manager through the sample quotation, we still landed up in this fracas. There is some [discussion](https://forum.arbitrum.foundation/t/establishing-a-dao-oversight-committee-to-bring-strategy-process-accountability-to-treasury-management-on-arbitrum/26475) kickstarted by @Avantgarde to remedy this state of affairs by having short term cash reserves in USDC. The yield from the current STEP proposal is also in the same alley, providing between $1 and $1.5 million per year in USDC to our treasury. > [@JoJo](#): > > i also understand that would have just not been the right move for request to external financial professionals to quote their service in a crypto currency not pegged, or anything that was not usd. Matter of the fact the example you provided was in usd. The nub of the matter according to those i spoke with at the foundation (who requested this proposal and vote) was that program managers should not have provided quotations higher than the sanctioned amount on tally in the first place. Although thats not possible to do unless they also provided a quotation in ARB 🫤 --- _[View the full topic](https://forum.arbitrum.foundation/t/non-constitutional-terms-of-tenure-for-step-program-manager/26675)._