Examination of Financial Statements of the Inter-American Foundation for the 15-month Period Ended September 30, 1976: Report to the Congress
General Accounting Office, 1977 - 21 pages
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15-MONTH PERIOD ENDED acceptable accordance accounting activities agreement American and Caribbean annual APPENDIX Appointed appropriated funds approved assets attempt audit auditor authority Board Budget Chairman changes CHAPTER charge communication COMPARATIVE Comptroller Congress Congressional Control copies countries Depreciation directed economic educational Employee enable ended September 30 established examined expenses financial statements fiscal fiscal year 1977 Foreign Assistance Act Foundation's fund balances furniture and equipment future Government corporation GRANT DISBURSEMENTS grantee's groups House included independent individual Initial institutions Inter-American Development Bank Inter-American Foundation investment July Latin American Less LIABILITIES limitations loans maintains Management meet ment million needs obligated Office Operating fund operations OPINION organizations percent period ended September period then ended President Progress Trust Fund projects Public Law receive remain repayments requests SCHEDULE Social Progress Trust sources statements technical assistance tion Total transfer U.S. Government United
Page 8 - Our examination was made in accordance with generally accepted auditing standards and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances.
Page 14 - 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 in the year of disposal In fiscal year 1976, the Foundation adopted a new furniture and equipment capitalization policy, under which...
Page 14 - ... Development Bank. Such revision should provide for the— (1) periodic transfer of unencumbered capital resources of such trust fund, and of any future repayments or other accruals otherwise payable to such trust fund, to the Inter-American Foundation, to be administered by the Foundation for purposes of part IV of the Foreign Assistance Act of 1969...
Page 15 - ... repayments consist of foreign currencies of Latin American countries. The Social Progress Trust Fund, which is owned by the US, is administered for the US by the InterAmerican Development Bank. The Congress intended that the Bank would transfer a substantial and gradually increasing proportion of the trust funds to the Foundation, and that the Office of Management and Budget would coordinate the use of funds to be transferred. Implementation of this Congressional mandate first occurred with the...
Page 15 - Act of 1973 provided for the periodic transfer of unencumbered capital resources of the Social Progress Trust Fund, and of any future repayments or other accruals otherwise payable to such trust fund, to the Inter-American Foundation for use in its program. Such resources and future repayments consist of foreign currencies of Latin American countries. The Social Progress Trust Fund, which is owned by the US, is administered for the US by the InterAmerican Development Bank. The Congress intended that...
Page 14 - 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.
Page 6 - Argentina, Barbados, Bolivia, Brazil, Colombia, Costa Rica, Chile, Dominican Republic, Ecuador, El Salvador, Guatemala, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Peru, the United States, Trinidad and Tobago, Uruguay and Venezuela.
Page 8 - June 30, 1975, and the results of its operations and the changes in fund balances for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year.
Page 8 - Act of 1974 changes the fiscal year from July 1 through June 30. to October 1 through September 30, beginning October 1.
Page 16 - ... to be transferred. Implementation of this Congressional mandate first occurred with the signing of an agreement dated December 20, 1973, between the Foundation and the Bank. The agreement initially provided that the Bank would make available to the Foundation over a period of 3 years $30 million in such foreign currencies as might be required by the Foundation to carry out its purposes. In August 1974, this amount was increased to $31 million. Of this amount $25,906,338 were obligated and $5,093,662...