Examination of financial statements of the Inter-American Foundation, fiscal years 1975 and 1974: report to the Congress

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U.S. General Accounting Office, 1976 - Financial statements - 18 pages
 

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Page 6 - ... Government Corporation Control Act (31 USC 841). It is a nonprofit corporation, and it has no capital stock. Its initial operations have been made possible by the transfer of $50 million of the funds appropriated by the Congress for Alliance for Progress development loans. The Institute was created to provide support for developmental activities designed to achieve improved living conditions for persons in the Western Hemisphere. The objectives of the Institute, primarily in cooperation with...
Page 6 - Significant accounting policies a Foundation accounting records are maintained on an accrual basis b Depreciation is computed on the straight-line method based on the useful life of the assets Depreciation is not charged In the year of acquisition, and a full year's depreciation is charged in the year of disposal In fiscal...
Page 6 - Inter-American Social Development Institute. The name was changed pursuant to Public Law 92-226 (406(2)). Significant accounting policies: a. Foundation accounting records are maintained on an accrual basis. b. Depreciation is computed on the straight-line method based on the useful life of the assets. Depreciation is not charged in the year of acquisition, and a full year's depreciation is charged...
Page 7 - ... disposal. In fiscal year 1976, the Foundation adopted a new furniture and equipment capitalization policy, under which furniture and equipment acquired at a unit cost less than $300 is charged to operating expense. 2. In 1969 enabling legislation authorized a transfer of...
Page 9 - America, although when that phased out it might be a good idea to continue "increased technological exchange and the small-scale and participatory projects of the Inter-American Foundation".

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