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ORGANIZATION OF AMERICAN STATES GENERAL SECRETARIAT
REPORT TO THE PERMANENT COUNCIL
ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS
For the years ended December 31, 2006 and 2005
By the Board of External Auditors ADM
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ORGANIZATION OF AMERICAN STATES
BOARD OF EXTERNAL AUDITORS
The Board of External Auditors (“The Board”) is responsible for the
external audit of the accounts of the General Secretariat pursuant to
the General Assembly Resolution 123 adopted on April 14, 1973, and
Permanent Council Resolution 124 dated June 30, 1975. It began to
function in March 1976, and adopted detailed rules and procedures to
carry out its duties and responsibilities. These rules reflect the stan-
dards and requirements prescribed by the General Assembly and the
Permanent Council for the external audit of the OAS.
The Board is composed of three Members elected by the General
Assembly.
ISBN 0-8270-5073-9
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ORGANIZATION OF AMERICAN STATES GENERAL SECRETARIAT
REPORT TO THE PERMANENT COUNCIL
ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS
For the years ended December 31, 2006 and 2005
By the Board of External Auditors ADM
OAS/Ser. S
JAE/doc. 37/07 March 31, 2007
Original: English
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ORGANIZACIÓN DE LOS ESTADOS AMERICANOS ORGANIZAÇAO DOS ESTADOS AMERICANOS
ORGANISATION DES ETATS AMERICAINS ORGANIZATION OF AMERICAN STATES
JUNTA DE AUDITORES EXTERNOS BOARD OF EXTERNAL AUDITORS
JUNTA DE AUDITORES EXTERNOS COMMISSION DE VERIFICATEURS EXTERIEURS
March 30, 2007 To the Permanent Council of the ORGANIZATION OF AMERICAN STATES
The Board of External Auditors (Board) is pleased to present its annual report on the external audits of the accounts and financial statements of the ORGANIZATION OF AMERICAN STATES (OAS) and its related entities in accordance with Article 123 of the OAS General Standards that governs the operations of the General Secretariat and, generally, OAS’ related organizations. This report is submitted in accordance with Article 130, which requires that the Board submit its report to the Permanent Council within the first four months of the year.
The report covers the following financial statements for the year ended December 31, 2006: Regular Fund, Voluntary (FEMCIDI) and Specific Funds of the OAS Leo S. Rowe Pan American Fund Rowe Memorial Benefit Fund Secretariat for Political Affairs Trust for the Americas Medical Benefits Trust Fund Inter-American Defense Board Retirement and Pension Fund In addition, the report includes comments and recommendations from the Board for improving operat-
ing procedures and internal accounting controls. Ernst and Young, LLP audited the financial statements for the Retirement and Pension Fund. SB &
Company, LLC, performed the other financial statement audits. Both firms have issued unqualified (clean) opinions, the highest level audit results possible, on all of the funds and entities audited. Neither firm iden-tified any internal control weaknesses that rose to the level of a reportable condition. However, some inter-nal control or compliance issues were identified that were reported to OAS management in a management letter.
The Board’s report is based primarily on the audits conducted by external contractors and the Board’s
review thereof. In preparing this report, the Board has also considered the results of the work performed by OAS’ Office of Inspector General in 2006. In addition, the Board met with the Inspector General and vari-ous management officials, including the Executive Secretary for Administration and Finance and the five Directors under this area; representatives from five entities related to OAS; and representatives from the offices of Secretary General and Assistant Secretary General, Committee on Administrative and Budgetary Affairs, Political Affairs, Planning, Control and Evaluation, and Legal Services, to discuss all operations and activities of the OAS, and the internal control environment. The results of our findings were discussed with the Secretary General and the Assistant Secretary General.
1889 F Street, N.W. Washington, D.C. 20006
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ORGANIZACIÓN DE LOS ESTADOS AMERICANOS ORGANIZAÇAO DOS ESTADOS AMERICANOS
ORGANISATION DES ETATS AMERICAINS ORGANIZATION OF AMERICAN STATES
JUNTA DE AUDITORES EXTERNOS BOARD OF EXTERNAL AUDITORS
JUNTA DE AUDITORES EXTERNOS COMMISSION DE VERIFICATEURS EXTERIEURS
The Members of the Board wish to express their appreciation for the cooperation of the General Secre-tariat in facilitating its work, and to the General Assembly and Permanent Council for the opportunity to assist in evaluating the financial operations and management of the OAS.
1889 F Street, N.W. Washington, D.C. 20006
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TABLE OF CONTENTS
SECTION I COMMENTS AND RECOMMENDATIONS TO IMPROVE OPERATING PROCEDURES AND INTERNAL CONTROLS
Chapter 1 Comments Relating to Operating Procedures and Internal Controls Chapter 2 Comments Relating to Entities within the OAS’ Structure Chapter 3 Comments Relating to the Office of the Inspector General Chapter 4 Comments Relating to Other Issues
11
23
27
31
SECTION II FINANCIAL STATEMENTS OF THE ORGANIZATION OF AMERICAN STATES (OAS)
Management Discussion and Analysis Responsibility for Financial Statements Chapter 5 Regular, Voluntary and Specific Funds of the OAS Chapter 6 Leo S. Rowe Pan American Chapter 7 Rowe Memorial Benefit Fund Chapter 8 OAS Medical Benefits Trust Fund Chapter 9 Secretariat for Political Affairs
35
43
45
95
103
111
121
SECTION III FINANCIAL STATEMENTS OF AGENCIES AND ENTITIES RELATED TO THE ORGANIZATION OF AMERICAN STATES (OAS)
Chapter 10 Trust for the Americas Chapter 12 Inter-American Defense Board
141
149
SECTION IV FINANCIAL STATEMENTS OF THE OAS RETIREMENT AND PENSION FUND
Chapter 13 OAS Retirement and Pension Fund 161
9
33
139
159
(Chapter 11 intentionally skipped)
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SECTION I COMMENTS AND RECOMMENDATIONS TO IMPROVE OPERATING PROCEDURES AND INTERNAL CONTROLS
Chapter 1 Comments Relating to Operating Procedures and Internal Controls 11 Chapter 2 Comments Relating to Entities within the OAS Structure 23 Chapter 3 Comments Relating to the Office of the Inspector General 27 Chapter 4 Comments Relating to Other Issues 31
Art Museum of the Americas
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CHAPTER 1 COMMENTS RELATING TO OPERATING PROCEDURES AND INTERNAL CONTROLS
STATUS OF RECOMMENDATIONS FROM THE BOARD’S 2005 REPORT
In its 2005 Report, the Board discussed several
issues related to the operation of OAS and provided
specific recommendations to address them. The
Board is satisfied with the progress made by OAS’
General Secretariat (GS/OAS) in implementing its
recommendations despite OAS’ limited resources.
The Board is closing nine recommendations that it
made in its 2005 report. Implementing these
recommendations has assisted OAS to improve its
financial position, move toward the implementation
of indirect cost recovery, improve controls over
generic vendors, and address a significant issue
related to Fellowships. The Board is pleased that
during its work to address one of the Board’s
recommendations, OAS found that it had overpaid a
contractor more than $1 million, which it was able to
recover. Thirteen recommendations made in the
2006 Report remain open, although the Board has
revised some of these to reflect progress made and
changing circumstances. Information on these
recommendations and new issues are described in
detail in the following sections.
FINANCIAL STATEMENT AUDIT REPORTS
The independent external auditing firm, SB &
Company, LLC (SBC), conducted the audits of the
2006 financial statements of the significant funds and
entities managed by GS/OAS and issued unqualified
(“clean”) opinions, the highest level audit results, on
all of the funds and entities it audited. The financial
statement audits were designed to focus on
appropriate key areas based on SBC’s assessment of
risk.
Another independent external auditing firm, Ernst
& Young, LLP (E&Y), conducted the audit of the 2006
Retirement and Pension Fund financial statements.
E&Y also issued an unqualified opinion on the Fund.
E&Y’s audit included a consideration of internal
control over financial reporting.
INDEPENDENT AUDITORS’ ASSESSMENT OF THE INTERNAL CONTROL ENVIRONMENT
Overall, E&Y and SBC reported that OAS’ internal
control environment was effective. There were no
reportable conditions in the audit opinions. However,
E&Y and SBC both noted areas that could be
improved and provided recommendations to
appropriate officials in OAS.
FINANCIAL CONDITION OF THE OAS REGULAR AND SPECIFIC FUNDS
The Board was pleased to see that the GS/OAS
financial condition improved during 2006. OAS is
moving from having to focus on current financial exi-
gencies to being able to focus on goals and account-
ability. The Board believes that this improved finan-
cial condition shows a commitment by the Member
states to the future of the Organization.
This chapter addresses issues, concerns, and recommendations that the Board wishes to bring to the attention of the General Assembly, Permanent Council, and Secretary General regarding the Organization of American States’ (OAS) General Secretariat. It includes a summary of the financial condition of the Regular Fund and Specific Funds, and also addresses management initiatives undertaken to implement recommendations contained in last year’s Board Report as well as new issues identified by the Board. The information presented in this chapter is organized as follows: Status of Recommendations from the Board’s 2005 Report Financial Statement Audit Reports Independent Auditors’ Assessment of the Internal Control Environment Financial Condition of the OAS Regular and Specific Funds Quota Collections GS/OAS Modernization
Main Building Hall of the Americas
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Regular Fund
The following tables show the Regular Fund financial results from 2002 to 2006:
Notes: A Income mainly consists of quota collections, but also includes such items as rental income and indirect cost recovery. B The $19.1 million fund balance in 2003 is net of $21 million in supplementary appropriations transferred in January 2003 to the Specific Funds due to General Assembly
resolution 831.
The following table shows Regular Fund quota collections from 2002 to 2006:
Notes: C Balances exclude quotas in arrears from Cuba, which were $2.2 million, from several years ago. D Countries with the largest quotas in arrears as of December 31, 2006, include: Argentina, $7.3 million, and Brazil, $4.2 million. Argentina has paid part of this arrearage
in early 2007 and plans to pay the remaining portion in 2007.
(in millions)2006 2005 2004 2003 2002
Account/Line Item:
Income (A) 84.0$ 79.8$ 68.3$ 71.9$ 98.1$ Expenditures 80.3 77.2 79.9 76.3 76.3 Operating ResultsIncrease (Decrease)Fund Balance 13.9$ 10.2$ 7.6$ 19.1$ (B) 44.5$
Regular Fund Financial Results
3.7 2.6 (11.5) (4.4) 21.8
(in millions)2006 2005 2004 2003 2002
Account/Line Item:Beginning balance of quotas from prior years $ 18.7 $ 21.2 $ 14.6 $ 10.6 $ 31.5 Current year quotas 73.7 73.7 73.7 73.7 73.7 Quota collections (79.9) (76.3) (67.1) (69.7) (94.6)Quotas in arrears at year-end (C), (D) $ 12.5 $ 18.7 $ 21.2 $ 14.6 $ 10.6
Regular Fund Quota Collections
The major objective of the Regular Fund, fi-
nanced principally by quotas from Member states, is
to provide general services required by the General
Secretariat, as well as technical supervision and ad-
ministrative support to the General Assembly, Per-
manent Council, and other entities including the In-
ter-American Commission of Human Rights, Inter-
American Commission of Women, Inter-American
Juridical Committee, Inter-American Children’s Insti-
tute, Inter-American Court of Human Rights, Inter-
American Commission for Drug Abuse Control, Inter-
American Communications Commission, and Inter-
American Defense Board.
The Regular Fund’s balance was $13.9 million as
of December 31, 2006, which was an increase over
the December 31, 2005, fund balance of $10.2 mil-
lion. This increase was mainly due to an increase in
collection of quotas in arrears.
Quota collections during 2006 totaled approxi-
mately $79.9 million compared to approximately
$76.3 million in 2005. The balance of quotas in ar-
rears decreased to $12.5 million as of December 31,
2006, compared to $18.7 million as of December 31,
2005. The number of Member states with quotas in
a r r e a r s d e c r e a s e d f r o m e l e v e n
countries in 2005 to nine countries at the end of
2006.
During 2006, the total expenditures and obliga-
tions of $80.3 million was $3.7 million less than the
2006 revenue of $84 million and $1.6 million less
than the adjusted budget of $81.9 million. In 2005,
the total expenditures and obligations of $77.2 mil-
lion was $2.6 million less than the 2005 revenue of
$79.8 million and $1.3 million less than the adjusted
2005 budget of $78.5 million.
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Specific Funds
The Specific Funds are financed by grants or
bequests for activities specified by donors, and any
other contributions by national or international public
or private entities for carrying out activities or
programs of the General Secretariat. These funds
also include designated funds that have been
segregated for a specific purpose and whose use is
restricted through designation by the General
Assembly or the General Secretariat.
In 2006, contributions to the Specific Funds
increased by 3 percent from the amount contributed
in 2005. The Specific Funds financial results from
2004 to 2006 are included in the following table.
As seen on the previous chart, Specific Funds
represented 42 percent of overall spending in 2006.
Quota Collections
As discussed above, quota collections improved in
2006, which shows that Member states are interested
in maintaining OAS viability and importance. GS/OAS
spent a significant amount of time working with
Member states to ensure that quotas were paid in a
timely manner. However, it is still an issue that
impacts OAS’ overall financial condition. Currently,
Member states establish their own payment plans for
quotas. Although some Member states pay their
quotas early in the year, in many cases, the Member
states provide their quota payments near year-end.
This can create a difficult cash flow situation within
GS/OAS because the timing of the quota payments is
irregular when compared to the budget execution.
For instance, OAS at times in the past had a difficult
time meeting payroll and other fixed costs on a
timely basis. Capital and project planning can be
difficult when GS/OAS does not know when or if
funds will be available. OAS should consider changing
the quota requirements so that Member states would
pay their quotas in advance or at set intervals. This
would make the operating budget more consistent.
Unless formal changes are made in the process, the
financial condition could easily worsen in the future.
1.1 The Board reaffirms its recommendation that the
Permanent Council consider changing the quota
requirements to have Member states fund their
quotas by an earlier date.
Budgetary Resources
Even when quotas are collected in a timely manner,
the financial condition of the Regular Fund is still an
issue since the annual quotas do not cover the
operating budget of the GS/OAS. With annual quotas
fixed at $73.7 million for the past several years, OAS
has undergone a continuing decline in the amount of
inflation-adjusted cash resources. For the past few
years, the Regular Fund budgets have remained flat
or declined despite the requirement to finance salary
(in millions)2006 2005 2004
Account/Line Item:Contributions $ 66.7 $ 65.0 $ 110.8
Expenditures and Obligations
$ 57.9 $ 74.9 $ 89.0
Comparison of Regular Fund Quota Collections andSpecific Fund Contributions(in millions)
Comparison of Regular Fund and Specific FundExpenditures and Obligations(in millions)
Specific Funds Financial Results
67.1
76.3
79.9
65.0
66.7
110.82004
2005
2006
Regular Fund Quota Collections Specific Funds Contributions
79.9
77.2
80.3
89.0
74.9
57.9
2004
2005
2006
Specific Funds Expenditures and Obligations
Regular Fund Expenditures and Obligations
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increases set by United Nations rules and absorb
inflationary cost increases. In 2006, the General
Assembly adopted a tentative measure to increase
the annual quota to $76.2 million for 2007. However,
this would not fund the budget ceiling for 2007 of
$84.5 million.
The Secretary General has indicated that during
his tenure, OAS will maintain its budget at the
current value of the 2006 budget ($81.5 million in
2006 dollars). A 3.6 percent increase in this nominal
value is being added to cover the cost of living
increase in 2007, and an additional 3.7 percent is
proposed for 2008. Therefore, the Secretary General
plans to ask for a 2008 budget of $87.5 million. To
cover the increased costs in 2007 and 2008, the
proposal includes a one-time only adjustment of 7.4
percent in the 2008 quotas. In addition, the
Secretary General plans to propose that the General
Assembly implement for 2009 a semi-automatic
mechanism to increase quotas annually to match cost
of living requirements up to 3 percent. It should be
noted that the one-time quota adjustment and the
semi-automatic increase mechanism are separate
and distinct from – and do not result in – any change
in the percentage allocation of quotas among
Member states.
1.2 The Board reaffirms its recommendation that
the Permanent Council revisit the quota cap to
ensure consistency between the mechanism of
setting OAS quotas and the mechanism of
setting expenditures, such as personnel costs.
The proposals of the Secretary General appear
to be well-conceived and provide an automatic
process to increase annual quotas to fund
inflationary cost increases for salaries. These
proposals should receive prompt and
considered attention by the Permanent Council.
The Board continues to urge OAS to be proactive in
searching out innovative ways to increase revenue.
For example, OAS may not be maximizing the
potential of a piece of property that is currently used
by IADB (located at 16th Street and Euclid Street in
Washington D.C.). GS/OAS is currently studying five
different options, all of which include needed
renovations, followed by leasing space to appropriate
users. GS/OAS should complete its review of the
options and propose a course of action to the
Permanent Council. This proposal should include the
estimated cost of the project, including moving and
providing temporary office space to IADB, an
estimate of the length of time needed to complete
the renovation, and potential revenue opportunities.
There may also be more revenue potential in the
rental of the Main Building.
1.3 The Board reaffirms its recommendation that
GS/OAS make a decision on how to maximize
the potential of its property located at 16th
Street and Euclid Street in Washington D.C.
GS/OAS MODERNIZATION
Planning and Strategic Goals
Among other organizational changes in 2005, OAS
developed a new Office of Planning, Control, and
Evaluations to work on budgetary issues, such as
developing strategic goals and a results-oriented
budget. During 2006, OAS developed overall goals
for the Organization. The performance evaluation
system is being restructured to include standards
that specifically reflect OAS’ goals.
As part of this initiative, the Office of Planning,
Control, and Evaluations, has developed a pro forma
financial report that links the use of financial
resources to the achievement of specific strategic
objectives and priorities. GS/OAS has provided this
preliminary format to some of the political bodies.
Based on comments it has received, the Office of
Planning, Control, and Evaluations, is working to
make it easier to understand. The Board believes
that financial statements are essential to
demonstrate the financial health of an organization.
However, this type of financial reporting will better
demonstrate the true costs and benefits of projects.
Although the Board recognizes this might take
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several years to implement, it believes that this is an
important initiative that is responsive to prior
recommendations and should be supported
throughout the Organization. For this project to be
successful, it will need the support of all interested
parties.
1.4 The Board reaffirms its recommendation that
the Permanent Council continue implementing
a planning process that identifies strategic
objectives and priorities, allocates scarce
budgetary resources to achieve OAS’ key goals,
helps to generate reliable cost estimates of
mandates before their approval, and
supports accountability for results.
1.5 The Board reaffirms its recommendation that
GS/OAS continue to develop financial reports
that provide, to the extent possible, a link
between the use of resources and achievement
of strategic goals and objectives in a manner
that is most useful to Member states,
management, and donors. GS/OAS should
work with all interested parties to ensure that
they understand the new format and
information being included.
Recovery of Administrative and Oversight Costs
OAS has a requirement that two percent of all new
Specific Fund contributions be used to fund
administrative support and other indirect costs. The
Board has previously expressed concern that this
requirement was not being uniformly applied, was
not based on an effective cost analysis, and was not
adequately explained to contributors.
The Board recommended that GS/OAS develop
an enforceable and consistent mechanism for
calculating administrative, oversight, and other
indirect costs and that management work with
donors to help them understand the benefits they will
receive from funding such costs. Various parts of the
Organization, ably led by the Secretariat for
Administration and Finance and the new Director of
Budgetary and Financial Services, have worked hard
to implement these recommendations. The Board
understands that proposed revisions are being
considered to certain General Standards based on
comments and suggestions made by Member states.
1.6 The Board recommends that OAS give prompt
attention to the adoption of an enforceable,
supportable mechanism for recovering indirect
costs from Specific Fund donations. This
mechanism should permit tailoring fees in
special circumstances and provide for
transparent explanation to prospective donors
of the costs and benefits of administrative,
oversight, and other indirect services. The
Board reminds OAS that the focus on
recovery of costs should not distract it from the
need to continue to strive for efficiency in the
provision of services.
Accounting Standards
The financial statements for the Regular and Specific
Funds and the Secretariat for Political Affairs are
prepared on the basis of Budgetary and Financial
Rules of the OAS. These rules were adopted to meet
the budgetary and other requirements of the OAS
and, as such, result in accounting principles and a
financial statement presentation that vary in certain
material respects from generally accepted accounting
principles.
The Board believes that using these internally
developed standards limits OAS’ ability to stay
current with business developments affecting other
international organizations and to adopt best
practices. In addition, OAS’ financial reporting is not
as useful as it could be, and OAS is not comparable
to similar organizations.
The Board believes OAS should adopt a
comprehensive, internationally-recognized set of
accounting standards. As OAS continues to
restructure, it should look closely at the importance
of providing financial reporting that shows the true
financial picture of the Organization and that pro-
vides financial statements that are comparable to
similar international organizations.
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Among the basic accounting standards that OAS
could choose to adopt are the International Public
Sector Accounting Standards (IPSAS) established by
the International Federation of Accountants (IFAC),
which are being adopted by other international
organizations and are kept up to date on emerging
accounting and reporting issues.
The transition to the new standards will take time
and resources to implement effectively. OAS will
need to carefully consider the most advantageous
timing and methodology for the transition. However,
the benefits will outweigh the costs. In conjunction
with any change made in this area, OAS should
consider upgrading the accounting system, reviewing
business processes, and rewriting internal policies
and procedures manuals.
In addition, GS/OAS would need to implement an
outreach effort with both internal and external users
of the financial statements to explain how the
financial reporting would be impacted under the new
standards. Currently, the financial statements of the
Regular and Specific Funds are prepared using a cash
basis of accounting. For instance, certain employee
benefits and other obligations are reported when
they are paid, not when they accrue, while quota
revenue is not recognized until actually received.
The Board believes that outreach is a key issue that
should be addressed.
1.7 The Board recommends that GS/OAS
consider other sets of comprehensive
accounting standards and choose the one that
will best meet the needs of the Organization
taking into account standards used by other
international organizations.
1.8 The Board recommends that GS/OAS
develop and propose a plan of action to
transition from the Budgetary and Financial
Rules to the comprehensive accounting
standards chosen. This plan of action should
include modifying the accounting system,
reviewing business processes, revising policies
and procedures, and educating financial
statement users.
Financial and Accounting System
Even though OASES has been in place for several
years, the Board has found that OAS does not fully
utilize the system. OASES should be an enterprise
management tool, which OAS uses to create
efficiencies in operations, generate reports that are
useful for management to make timely and
necessary business decisions, and allow OAS to
utilize, control and monitor functions using the
system. The external auditor and management of
GS/OAS identified several areas where key
procedures were being performed outside of the
OASES system. For instance, some offices maintain
financial information in databases or spreadsheets
outside of OASES. This is costly and does not help to
improve efficiency. In addition, information can vary
between the office’s applications and the accounting
system. Also, duplicate data entry can increase the
chance of errors. OAS could improve efficiency and
accuracy by utilizing OASES as an enterprise
management system. A well implemented and
utilized system helps to better manage risk, improve
service, control costs and align information
technology with business needs.
OIT is beginning an initiative to address this
concern. It has begun to meet with different users to
understand their needs and implement some
restrictions within the system. DBFS also indicated
that they will not accept financial data that was not
obtained from the OASES system. Although some
additional funding will be needed to do the work, the
Board feels that this effort is essential. Any
modifications made during this process should be
coordinated with DBFS to ensure that any change in
accounting principles are taken into account.
1.9 The Board recommends that GS/OAS fully
utilize the Oracle system as an enterprise
management tool. The Office of Information
Technology should determine users’ needs and
develop a plan to integrate these needs in
OASES. When users’ needs can not be fully
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met, the Office of Information Technology
should provide guidance to users on how to
better utilize the system for their needs.
Financial Operations
OAS has gone through a major restructuring in the
past two years, including taking steps to centralize
many aspects of financial management within DBFS.
GS/OAS should continue their efforts to improve
accountability, fiduciary responsibility, and efficiency
in operations. The Board learned that some Specific
Fund technical areas continue to perform certain
types of financial operations that could be performed
by DBFS. The Board believes that this is inefficient
and increases the likelihood of non-compliance with
OAS policies and non-standardization. The
duplication of effort has unnecessarily increased the
indirect costs of OAS. The technical areas should
focus on their priorities, which should be project
management and oversight.
1.10 The Board recommends that GS/OAS
perform a study to determine the extent of
financial management work being
performed outside of the Director of
Budgetary and Financial Services. GS/OAS
should develop a plan of action to reassign the
financial management responsibilities to the
Directorate of Budgetary and Financial
Services. Until this effort is completed, GS/OAS
should partner with the technical areas to
ensure consistency in financial management
issues.
OAS provides certain benefits to its employees that
accrue to them during periods of employment and
are payable at various times during employment or
upon separation, whether voluntary or
involuntary. Under the current OAS financial rules,
these costs are recorded upon payment and not as
they accrue. One of these benefits is separation
indemnity and termination pay. The Board believes
that GS/OAS should perform a study of this issue so
that an accurate amount can be estimated and
projected. This will become even more important as
the organization moves to new accounting standards.
1.11 The Board recommends that GS/OAS study
separation indemnity and termination pay to
accurately estimate and project the amount
ultimately payable.
Project Management
OAS has hundreds of Specific Fund grants and
projects. Many of these projects are funded by
multiple sources. GS/OAS is implementing processes
to assess Specific Fund donations in an organized
and comprehensive manner. OAS plans to limit
Specific Fund contributions to projects that meet its
overall goals. OAS has established the Project
Evaluation Committee that will evaluate the
appropriateness and importance of projects. OAS has
also created a Committee on Resource Mobilization to
help implement a comprehensive fund-raising
strategy, which avoids duplication, focuses on OAS
priorities, and ensures that projects follow the
guidelines of the Project Evaluation Committee.
However, the Board determined that OAS did not
have an adequate system in place to ensure all grant
requirements are known and centralized. Not all
technical areas are complying with the OAS grant
procedures manual. In addition, the OASES system
is not being fully utilized for grant management.
OIG conducted four audits of Specific Fund
projects during 2006 and identified weaknesses in
project management. For instance, some project
agreements did not clearly delineate the
responsibilities of each donor, lacked measurable
goals, or included justifications that were too broad.
OIG also found that in several instances, OAS had
not implemented an adequate system to
monitor the project or report on activities or
progress.
The volume of Specific Fund projects creates
significant project management issues. Without a
centralized system of administration, OAS cannot
ensure it meets the fiduciary responsibility of project
managers.
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1.12 The Board recommends that GS/OAS
create standard requirements for each project
agreement and create a process to ensure that
agreements adhere to these
requirements. These standards should
include such things as measurable goals and
clear roles and responsibilities.
1.13 The Board recommends that GS/OAS
e n su r e t h a t a l l i n t e r na l g r an t
a d m i n i s t r a t i o n p r o c e d u r e s a r e
communicated. GS/OAS should also
develop a process to centralize the
requirements from all project agreements and
ensure that compliance with these agreements
is appropriately monitored. In addition,
GS/OAS should ensure OASES is fully utilized
for all grant agreements.
Contractor Oversight Process
OAS has improved the oversight of the performance
contractor (CPR) process. For instance, in 2006 OAS
implemented an electronic tool to assist in the
process. However, there is need for further
improvement. Recently, OIG issued a draft report on
the CPR mechanism. This report identified a number
of concerns including: GS/OAS needs to develop a
plan to adequately control and measure the use of
CPRs and ensure that contracts comply with OAS
standards. OIG also found that purchase orders were
not always appropriately reviewed and the OASES
system could not track CPR usage.
The Board is concerned that many offices within
OAS rely on contractors to perform regular,
day-to-day operations. This is a long-standing issue
because the staffing levels are not adequate to
complete mandates. However, the intent of the
contracting process was not to supplement limited
staffing, but instead, to use the funds for limited
projects or for specialized technical skills. GS/OAS
does not have a centralized, independent process to
determine whether CPRs are needed.
The Board understands that CPRs will probably
always be utilized within OAS. However, the Board is
concerned that OAS does not have a clear vision of
CPRs anymore, because they are utilized in so many
different ways, for so many different purposes. OAS
needs to do more than simply adhere with its
General Standards related to CPRs. It needs to take a
step back and redefine the process. Until some type
of business process review is done, the Board does
not believe that OAS will be able to gain control over
the CPR issue.
1.14 The Board reaffirms its recommendation that
GS/OAS continue to strengthen the CPR
oversight process. OAS should develop a plan
to manage the CPR process. This plan should
assess the need and use of CPRs within OAS,
and should include a consideration of different
types of contracting vehicles that could be used
as an alternative to CPRs.
Training
Human capital is one of OAS’ most significant assets
even though it is not recorded in the financial
statements. OAS deserves to have a continuing and
adequate training program to maintain and upgrade
skills of OAS’ employees.
The quota cap for the past several years imposed
the requirement to implement spending reductions
throughout OAS. These decreases have led to
personnel reductions and have inhibited progress in
ensuring sufficient training for OAS staff. The Board
feels that professional development is important in
any organization; however, in light of the limited
staff in many key section of OAS, adequate training
becomes even more essential. This should include
cross-training of individuals to ensure that there is
adequate coverage of all key functions.
HR has begun to develop a comprehensive
training plan for GS/OAS. HR performed a survey of
employees and supervisors to determine the training
needs. HR identified 11 key areas where staff needed
training, including leadership, project,
management, communication, computers, and
coaching. Starting in December 2006, HR began
sessions to address these areas. HR has provided
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training in three of these areas. The Board continues
to support the efforts of HR to promote a professional
development strategy. However technical training
also needs to be included in the overall training plans
of the Organization. This will be even more impor-
tant if OAS implements the Board’s recommendation
related to comprehensive accounting standards.
1.15 The Board reaffirms its recommendation that
GS/OAS continue to reexamine the training
budget. The Board encourages OAS to find
cost-effective alternative methods to train
staff. These methods could include internal
instructors, distance learning, training
agreements with appropriate institutions, and
self-paced computer training methods. This
training should be developed with input from
the Office of Inspector General to ensure that
enhanced training and awareness of key
internal controls are covered. In addition, the
Board encourages OAS to require all employees
performing technical work, in particular
accounting and finance functions, to complete
annually a minimum number of training hours.
This should include cross-training to ensure
that all key functions have adequate
coverage.
Deferred Maintenance
The regular budget generally covers routine
maintenance but does not include funds for the
repair and replacement of larger items. When
General Services determines that something needs to
be replaced, it must obtain a special appropriation.
The Board believes that OAS should include life-cycle
maintenance, in accordance with a master plan, in
the regular budget.
General Services has recently hired a contractor
to perform a condition survey of OAS buildings,
which will include structural, mechanical, and
architectural issues. The Board believes that the
Permanent Council should use this as a road-map to
prioritize future funding of life-cycle maintenance.
Considering the high-cost of utilities, GS/OAS
may also want to consider having a thorough energy
analysis performed on its buildings to assess
opportunities for cost savings. Because of its recent
energy-efficient renovation, the General Secretariat
may not need to be reviewed.
1.16 The Board recommends that the
Permanent Council reevaluate its current
process for funding maintenance issues and
consider using the condition survey report
being developed by external contractors to
prioritize future funding.
1.17 The Board recommends that GS/OAS have a
contractor perform an energy use analysis of
its buildings and implement needed changes to
improve efficiency and obtain cost savings.
Web Pages
The OAS website is the public face of the OAS. OAS
has more than 250 web pages within its website, but
it has not developed a common design for these
pages. In addition, OAS has not provided guidance
on content or message. Therefore, most web pages
are different and vary in quality. This causes incon-
sistency and it increases the chance that conflicting
or incorrect information will be included in
OAS’ website.
There are many aspects to web design that OAS
needs to consider, including content, usability,
appearance, and visibility on the Internet. It is
important for OAS to take the time to plan exactly
what it needs on the website. As part of this effort,
OAS should consider its audience. As more and more
people rely on the Internet, it is essential for OAS to
develop and maintain a useful and accessible website
that clearly and accurately communicates OAS’ vision
and goals.
1.18 The Board recommends that GS/OAS
determine an effective process for
consolidating its web pages and allocate
responsibility for editorial content and
technology.
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Job Descriptions
The Board previously recommended, following the
2005 reorganization, that policies, procedures, and
job descriptions be developed for all new sections
created by the reorganization. According to GS/OAS,
there are up-to-date employee job descriptions.
However, the Board believes that the current job
descriptions are specific to the person filling a
position and are not based on the actual position.
The Board believes that in order to standardize
requirements, especially in line with the new
performance evaluation system, GS/OAS should
revise all job descriptions based on position and
grade.
1.19 The Board recommends that GS/OAS
revise all job descriptions based on the position
and grade level.
Control Environment
Internal control is a major part of managing an
organization. It comprises the plans, methods, and
procedures used to meet missions, goals, and
objectives. Internal control also serves as the first
line of defense in safeguarding assets and preventing
and detecting errors.
OAS Country Offices
The Board, the external financial statement auditor,
OIG, and GS/OAS management have previously
identified concerns with the control environment at
the OAS Country Offices. OAS is working to
coordinate and reassess the role of the to OAS
Country Offices ensure they are meeting
OAS’ intended goals. OAS focused on opportunities to
improve communication and oversight during 2006
and also increased site visits to key offices. However,
OAS needs to consider the internal controls in place
at the OAS Country Offices to ensure that they are
appropriate for the current level of staffing. For
instance, OIG identified a number of internal control
issues as OAS Country Offices during 2006, including
weaknesses in such areas as petty cash, cash
receipts, purchases, vehicle use, and expenses.
In addition, GS/OAS should assess the staffing
plans for OAS Country Offices, taking into account
Specific Fund projects. Presently, each OAS Country
Offices is mandated to have the same number of
employees funded by the Regular Fund, regardless of
the workload.
The staff in the OAS Country Offices also needs
to be adequately trained. HR is working to
implement a comprehensive training program within
OAS, which would benefit the OAS country Offices.
The plan would include “distance learning”
opportunities. However, the focus should be to train
OAS Country Offices employees with regard to the
level of their respective functions.
1.20 The Board reaffirms its recommendation that
GS/OAS ensure that each Country Office has a
reasonable staffing level based on workload,
that the staff at the Country Offices are
adequately trained, and that an appropriate
methodology to monitor internal controls at the
Country Offices is established.
Vendor Listings
There is a formal vendor listing in the OASES system.
In order for a requisition to be processed, the vendor
name must already be in the vendor listing.
However, the Board determined that there was no
formal process to ascertain that new or existing
vendors were valid. There was also no formal
process to remove vendors no longer needed from
the system. This issue increases the risk that
unauthorized disbursements and misappropriations of
cash would not be identified and prevented.
1.21 The Board reaffirms its recommendation that
GS/OAS improve controls over approved
vendor listings. This should include developing
a formal process to ascertain that new and
existing vendors are valid.
Information Technology System
During 2006, OIG issued a report that it had an
external contractor prepared on reporting and data
integrity for the OASES system. This report
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identified a number of key weaknesses with the
system. For instance, the contractor found that
responsibilities within the system are not properly
configured to align with employee job functions,
resulting in excessive access rights. The contractor
also found that accounting periods are not
permanently closed, thereby increasing the risk of
adjustments being made to prior year periods. In
addition, GS/OAS has not completed developing an
adequate contingency plan.
GS/OAS is taking a number of actions to improve
its systems. For instance, OIT is reformulating its
teams, appointing a new project manager, enhancing
security policies, and consolidating servers. OIT has
also created a “cold back-up” in a location outside of
the OAS and plans to create a “hot back-up” in the
future. Although OIT has begun to make
improvements in this area, the Board believes that
more needs to be done.
1.22 The Board recommends that GS/OAS
develop and implement a plan to improve the
data integrity of the OASES system.
1.23 The Board reaffirms its recommendation that
GS/OAS implement and test an appropriate
contingency plan.
Travel Expenditures
The Board has found that not all employees provide
support for their official travel expenditures in a
timely manner. OAS does not have an effective
process in place to monitor this issue. In addition,
there is no effective process in place to monitor the
travel advances provided to contractors. OAS
management is in the process of developing an
automated system which it believes will assist in the
oversight of this issue. However, it has not been
completed.
1.24 The Board reaffirms its recommendation that
GS/OAS review travel expense advances on a
timely basis and also implement a requirement
that contractors provide travel expense support
by completing appropriate forms.
Inventory Tracking
Both the external financial statement auditors and
the Inspector General noted issues related to the
inadequacy of OAS’ inventory records. For instance,
during a number of audits performed by OIG, it
noted items that were not included on the inventory
records as well as items that were included that were
no longer owned by OAS. Although GS/OAS has
taken some steps to address this issue, for instance
it is in the process of implementing a new inventory
tracking system, it needs to continue to improve the
inventory recording and reconciliation process.
1.25 The Board reaffirms its recommendation that
GS/OAS improve the reconciliation of fixed
asset tracking records and the inventory
accounts.
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CHAPTER 2 COMMENTS RELATING TO ENTITIES WITHIN THE OAS’ STRUCTURE
LEO S. ROWE PAN AMERICAN FUND (ROWE PAN AMERICAN)
The Rowe Pan American Fund is a trust fund
established to provide loans to students from
Member states, other than residents and citizens of
the United States, and to make loans to OAS
employees for educational and emergency purposes.
Student loans are interest-free and repayments
commence after students have completed their
courses of study. Loans to employees bear interest
rates approximately one percent below the prevailing
prime rate in the United States. Employees repay
these loans through payroll deductions.
New loans to students decreased by about 18
percent to $233,762 in 2006 compared to $286,154
in 2005. The amount of loans collected increased
from $631,356 in 2005 to $766,725 in 2006. New
loans to employees for education or emergencies
went down slightly from $97,523 in 2005 to $65,178
in 2006.
Total assets of the Fund increased approximately
8 percent to $14 million in 2006. The main assets of
the Fund as of December 31, 2006, were financial
investments (85 percent), loans to students (9
percent) and loans to OAS employees (2 percent).
(Continues on next column . . .)
The following table summarizes the financial
results of the Rowe Pan American Fund for 2006 and
2005.
ROWE MEMORIAL BENEFIT FUND (ROWE MEMORIAL)
The assets of the Rowe Memorial Benefit Fund
have been accumulated principally from contributions
received from Dr. Leo S. Rowe, a former Director
General of the Pan-American Union. These assets are
held in trust to provide certain welfare benefits for
OAS employees and to provide awards of up to $300
to OAS staff that have made an outstanding
contribution.
The following table summarizes the financial re-
sults of the Rowe Memorial Fund for 2006 and 2005:
The Board is pleased to note that OAS has arranged audits of the various entities within the OAS organizational structure that have material amounts of OAS resources. Independent audits provide information and assurances that controls are in place to protect OAS resources. In the complex organizational structure that constitutes OAS, management attention needs to be focused on all major entities or parts of entities that manage material amounts of OAS resources. As discussed earlier, the external financial statement auditors expressed unqualified (“clean”) opinions, the highest level audit results, on the following 2006 financial statements of OAS entities. The external auditor had not identified any internal control weaknesses that rose to the level of a reportable condition during these audits, although it did identify other internal control or compliance issues that it reported to OAS management in a management letter. The information presented in this chapter is organized as follows:
Leo S. Rowe Pan American Fund (Rowe Pan American) Rowe Memorial Benefit Fund (Rowe Memorial) Medical Benefits Trust Fund (Medical Benefits) Secretariat for Political Affairs (SPA)
Trust for the Americas Inter-American Defense Board Fund (IADB) Retirement and Pension Fund
(in thousands)2006 2005
Account/Line Item:Income $ 1,316 $ 814 Expenses (386) (296) Change in net assets 930 518 Net assets, beginning of year
12,928 12,410
Net assets, end of year $ 13,859 $ 12,928
2006 2005Account/Line Item:
Dividends and Income $ 10,911 $ 7,233 Subsidies - (2,000)
Award and other expenses (15,300) (740)
Technical services (5,725) (3,500) Change in net assets (10,114) 993 Net assets, beginning of year
248,252 247,259
Net assets, end of year $ 238,138 $ 248,252
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MEDICAL BENEFITS TRUST FUND (MEDICAL BENEFITS)
The Medical Benefits Trust Fund provides medical
benefits to OAS staff members. Fund activity is
limited to paying covered employees’ health claims.
Claim adjudication is handled by Blue Cross Blue
Shield. As of December 31, 2006, net assets of the
Trust were $18.9 million (a 29 percent increase)
compared to $14.7 million in 2005.
The following table summarizes the financial
results of the Medical Trust Fund for 2006 and 2005:
Every three years, the Medical Benefits Trust Fund
hires an actuary to calculate the present value of the
cost of accrued post-retirement health benefits. In
2003, the actuary calculated a cost of $45.4 million.
However, this amount had increased to $54.6 million
in 2006. The actuary provided a number of ideas to
the Fund to address this situation.
2.1 The Board recommends that GS/OAS
assess the recommendations made by the
actuary related to the future cost of
p o s t - r e t i r e m e n t h e a l t h b e n e f i t s ,
determine which option is most appropriate,
and take necessary steps to implement
corrective action. Consideration should also be
given to obtaining another actuarial study in
2007.
SECRETARIAT FOR POLITICAL AFFAIRS (SPA)
The Secretariat was established to (1) help
strengthen political processes in the Member states,
in particular to strengthen democracy as the best
option for ensuring peace, security, and
development, and (2) increase the legitimacy of
institutions in political processes and to strengthen
the means of maintaining those process. During
2006, the Secretariat received major contributions
from Canada, Norway, Spain, Sweden, and the
United States.
The following table summarizes the financial
results of the Secretariat for Political Affairs for 2006
and 2005:
TRUST FOR THE AMERICAS
The Trust for the Americas is a not-for-profit
organization that mobilizes resources to confront the
problems posed by extreme poverty and to promote
democracy. Resources have been provided by
contributions from corporate donors and Federal
grants. OAS supports the Trust with the provision of
financial, material, and staff support. As of
December 31, 2006, the Trust for the Americas held
$840,465 in total assets compared to $908,150 in
2005.
The following table summarizes the financial
results of the Trust for 2006 and 2005:
(in thousands)2006 2005
Account/Line Item:Income $ 12,419 $ 9,694 Expenses (8,199) (7,915) Change in net assets 4,221 1,779 Net assets, beginning of year
14,733 12,954
Net assets, end of year $ 18,954 $ 14,733
(in thousands)2006 2005
Account/Line Item:Income $ 23,026 $ 28,576 Expenses: Including realized and unrealized losses on investments
24,390 (32,304)
Change in net assets (1,364) (3,728)Net assets, beginning of year
8,902 10,129
Net Transfers - 2,501 Net assets, end of year $ 7,538 $ 8,902
(in thousands)
2006 2005
Account/Line Item:Income $ 2,626 $ 2,874 Expenses: Including realized and unrealized losses on investments
(2,549) (2,797)
Change in unrestricted net Assets
77 77
Temporarily restricted contributions
124 276
Change in net assets 201 353 Net assets, beginning of year
623 270
Net assets, end of year $ 824 $ 623
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GS/OAS is in the process of implementing new
requirements for recovering indirect costs from
donors. In accordance with existing practices, the
Trust for the Americas already charges its donors an
indirect cost fee that it uses for operating expenses.
Because of this practice and the Trust for the
Americas’ unique status, special consideration should
be given to the amount collected from the Trust by
OAS related to indirect costs.
2.2 The Board recommends that GS/OAS work with
the Trust for the Amer icas to
formulate a reasonable process to recover indi-
rect costs for services provided by OAS to the
Trust.
INTER-AMERICAN DEFENSE BOARD (IADB)
IADB was established in 1942 and is comprised of
military officers representing the highest echelons of
their nation’s defense establishments. The Board’s
expenses were primarily for four functions: the
Council of Delegates, the International Staff, the
Inter-American Defense College, and administrative
support. In 2006, IADB’s net assets decreased to
$354,900 from the net amount of assets in 2005 of
$385,000. The total amount of revenue decreased
from $5.9 million in 2005 to $5.5 million in 2006. In
addition, the total amount of expenses stayed fairly
constant at $5.69 million in 2005 compared to $5.70
million in 2006.
The following table summarizes the financial
results of the IADB for 2006 and 2005:
RETIREMENT AND PENSION FUND
This fund includes both the Retirement and Pension
Fund and the Provident Plan. The Pension Plan is a
contributory retirement plan maintained for the
benefit of most staff members of the OAS. The
Provident Plan is a contributory savings plan
established for the benefit of employees’ under short
term contracts. The amount of net assets available
for benefits decreased from $306.1 million in 2005 to
$302.6 million in 2006.
The following table summarizes the financial
results of the Retirement and Pension Fund for 2006
and 2005:
(in thousands)2006 2005
Account/Line Item:Income including net assets released from restrictions
$ 5,513 $ 5,900
Expenses (5,701) (5,693) Change in net assets (188) 207 Change in temporarily restricted net assets
158 -
Net assets, beginning of year
385 178
Net assets, end of year $ 355 $ 385
(in thousands)2006 2005
Account/Line Item:Income $ 50,881 $ 32,092 Expenses (54,345) (33,432) Change in net assets (3,464) (1,340)Net assets, beginning of year
306,100 307,440
Net assets, end of year $ 302,636 $ 306,100
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CHAPTER 3 COMMENTS RELATING TO THE OFFICE OF THE INSPECTOR GENERAL
STATUS OF RECOMMENDATIONS FROM THE BOARD’S 2005 REPORT
In its 2005 Report, the Board discussed several
issues related to OIG operations and provided
specific recommendations to address them. The
Board is satisfied with the progress made by OIG in
implementing its recommendations despite limited
resources. The Board is closing two recommendations
that it made in its 2005 report. Four of the
recommendations remain open, although the Board
has revised some of these to accommodate changing
circumstances.
OIG STAFFING AND BUDGET
The IG informed the Board that OAS management
had been very supportive of her requests to increase
the number of staff in her office, and as a result, OIG
staff levels improved during 2006. OIG now has
eight funded positions, seven of which were currently
filled. In addition to the Inspector General, OIG has
three senior auditor positions (one is unfilled), one
junior auditor, two trainees, and one administrative
assistant. The IG indicated that this staffing level is
better than it has been in years.
Although the staffing level has improved, the
Board believes that OIG may still be understaffed,
particularly when seniority, rather than just number
of positions, is considered. OIG’s limited resources
could still be a factor impacting adequate response to
OAS audit needs. Given the importance of the work
performed by OIG to ensure a sound internal control
environment and the importance of obtaining timely
audit results, it is essential to adequately staff OIG.
OIG should develop a staffing plan, with
consideration of future initiatives planned by OAS,
and then work with GS/OAS to obtain funding.
Last year, the Board recommended that project
agreements include a provision to ensure that OIG
receive the necessary funds to perform required
audits. We assume the proposal for indirect cost
recovery takes this into account.
3.1 The Board recommends that the Office of
I n s p e c t o r G e n e r a l p r e p a r e , f o r
cons idera t ion by management , a
supportable staffing plan that considers future
risks.
3.2 The Board recommends that if the indirect cost
recovery process is implemented for Specific
Fund donations, then GS/OAS, in conjunction
with the Office of Inspector General, should
develop a methodology to ensure appropriate
funds are provided for audit oversight of such
donations.
Training and Professional Development
OIG’s internal policies require OIG staff to obtain at
least 80 hours of continuing education over each
two-year period. A minimum of 20 hours must be
done each year. The IG indicated that OIG’s 2006
annual budget for training of $8,000 had not
This chapter discusses issues related to the Office of the Inspector General (OIG). The status and role of the OIG within OAS is important to the Board since the OIG is an essential continuing safeguard to assess and maintain the internal control environment. Under Executive Order 95-05, the Internal Au-dit Function of the General Secretariat and the OIG, is charged with the re-sponsibility of assisting the Secretary General and the governing bodies to monitor various levels of management with respect to the General Secre-tariat’s and OAS’ programs and resources, and adherence to the legal system governing them. Status of Recommendations from the Board’s 2005 Report OIG Staffing and Budget 2006 OIG Audit Work Including Status of OIG Recommendations 2007 OIG Work Plan
General Secretariat
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increased significantly from 2005. The IG believes
that all OIG staff had received sufficient training to
maintain their auditing skills. In 2006, in addition to
the in-house training offered to all GS/OAS staff on
such issues as OASES, two of the staff completed
master degree programs related to accounting and a
third is working on a master’s degree. In addition, all
employees received training on ethics and a common
type of software used by auditors. Both trainees
received introductory auditor training.
The IG’s training goal for 2007 is to have all OIG
employees focus on fraud training. In addition, she
hopes to have the junior staff take courses related to
report writing, risk assessment, and audit evidence.
3.3 The Board reaffirms its recommendation that
the Office of Inspector General’s budget be
sufficient to obtain training that meets
minimum professional requirements.
Professional Standards Review
The General Secretariat’s Executive Order 95-05
makes reference to the need for the Office of the
Secretary General to provide for a comprehensive
evaluation or peer review of the internal audit
function conducted every three years by independent
auditors from outside OAS. The independent auditors
should report on compliance in accordance with the
Standards for the Professional Practice of Internal
Auditing. No evaluation has been performed or
scheduled, and no funds have been budgeted for this
purpose. The IG is implementing additional internal
quality control review steps to better ensure the
quality of the reports issued. However, the IG should
pursue opportunities to participate in the peer review
process of another international organization in the
Washington D.C. area.
3.4 The Board reaffirms its recommendation of the
need for a peer review evaluation to be
performed every three years in accordance
with standards. The Board recommends that
the Office of Inspector General include this
item in the annual budget request and
recommends that the requirement be properly
funded.
Improved Cooperation and Coordination
The Board was pleased that the cooperation between
OIG and GS/OAS continued to improve. The
Inspector General continues to regularly consult with
management on high-risk issues, reviews draft
policies and procedures, consults with Legal Services
on investigations, and attends various OAS meetings
related to business processes. The Board was also
pleased to note improved coordination between OIG
and SBC. For instance, SBC met with OIG to discuss
issues and findings. The Board encourages all parties
to maintain this open and constructive working
relationship.
2006 OIG AUDIT WORK INCLUDING STATUS OF OIG RECOMMENDATIONS
During 2006, OIG worked on 13 audits, six
investigations, and one evaluation. Not all of these
reports have been issued as final. For the work
performed in 2006, OIG issued a total of 76
recommendations (50 considered high risk, 23
considered medium risk, and 3 considered low risk).
OIG reported that 60 of the recommendations were
in the process of being implemented and 16
recommendations had been implemented. According
to OIG, all recommendations from 2005 and earlier
had been closed.
(Continues on next page . . .)
General Secretariat
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 29 -
The Board recognizes OIG’s continuing achieve-
ments despite limited resources, and encourages it to
continue its ongoing audit follow-up process, so that
adequate action is taken on open recommendations.
2007 OIG WORK PLAN
The IG presented the Board with its tentative 2007
audit work plan. Annually the IG performs a risk as-
sessment to identify areas to audit. Because of the
limited resources, the IG must prioritize the work per-
formed. During the planning process, the IG consid-
ers recommendations made by the Board of External
Auditors; resolutions from Member states; referrals
from other sources; and areas internally identified as
high risk. For instance, the IG indicated that, in her
opinion, the five highest risk areas for GS/OAS in
2007 are system issues (includes data integrity, sys-
tem security, and flexibility of systems to meet user
reporting needs); the internal control environment at
OAS Country Offices; use of performance contractors;
project management; and inadequate policies and
procedures.
The IG also tries to audit each National Office on a
cyclical basis, and will therefore choose ones that
HIGH MEDIUM LOW TotalAUDIT-01 Nov-06 Strategic Risk Assessment of the Educational
Portal of the Americas1 2 - 3
AUDIT-02 Nov-06 The Educational Portal of the Americas 2 1 1 4AUDIT-03 Nov-06 OASES Reporting and Data Integrity Assessment 9 4 2 15
AUDIT-04 Dec-06 Education Grant 3 3 - 6AUDIT-05 Dec-06 GS/OAS Policy on Overhead Cost 1 3 - 4AUDIT-06 IN DRAFT SG-TRD/008 CARANA Project 1 - - 1AUDIT-07 IN DRAFT SEDI Foreign Trade Information System 3 - - 3AUDIT-08 IN DRAFT Project Number SG-TRD/002 Technical
Assistance FTAA- - - 0
AUDIT-09 IN DRAFT Overhead for Administration and Management Project Number SG-TRD/011
1 - - 1
AUDIT-10 IN DRAFT CPR Mechanism 6 2 - 8AUDIT-11 IN DRAFT GS/OAS Office in Antigua and Barbuda 3 2 - 5AUDIT-12 IN DRAFT GS/OAS Office in Barbados 2 1 - 3AUDIT-13 IN DRAFT Secretariat of the Inter-American Children’s
Institute4 - - 4
INV-01 May-06 2005 Expenditures Related to the Scholarship Program
7 4 - 11
INV-02 Dec-06 Fraudulent Transactions Processed in the GS/OAS Office in Honduras
4 1 - 5
INV-03 IN DRAFT Jamaica: Supporting the Development of a Nutraceutical Industry
- - - 0
INV-04 IN DRAFT Honduras: Let’s Save the First Grade - - - 0INV-05 IN DRAFT Mexico: Pedagogical Supports for the Integration
of Handicapped Minors from 6 Years to the Regular School
- - - 0
INV-06 IN DRAFT Nicaragua: Initiative for the Development of the Technical-Pedagogical Capacity in the Management of Education and the Local Development
- - - 0
EVAL-01 Jul-06 Staffing Needs of the Leo S. Rowe Pan American Fund
3 - - 3
50 23 3 76
Summary of OIG Reports and Recommendations for 2006
Recommendations
TOTAL
Report Number Date Report Title
The following table outlines the work performed by OIG in 2006 and the recommendations for each report by risk
level.
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 30 -
have not been reviewed in some time. This is
consistent with a recommendation made by the
Board in 2002. For 2007, nine of the 15 audits
planned (60%) relate to OAS Country Offices.
OIG often gets special requests for audits or
investigations that must be performed. Sometimes,
due to limited staffing, other ongoing work will be
delayed to address these special requests.
In order to enhance the effectiveness of the
internal control evaluations performed by OIG and
the procedures performed by the financial statement
auditors, OIG coordinates its activities with those of
the Board and the independent financial statement
auditors selected by the Board and OAS
management. The Board believes that this process is
generally working effectively.
The Board supports and agrees with the OIG’s
planned audit activities for 2007. The Board
encourages OIG to continue to focus its limited
resources on areas with a high degree of risk and/or
those with the highest potential for increasing
efficiency, economy, and effectiveness within OAS.
Main Building Aztec Patio
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 31 -
CHAPTER 4 COMMENTS RELATING TO OTHER ISSUES
EXTERNAL FINANCIAL STATEMENT AUDITOR
The Board is authorized to use, and has traditionally
used, the services of reputable firms of auditors to
perform audits of the financial statements of
OAS. The current contracts with the two firms (SBC
and E&Y) that currently audit all of the financial
statements of the significant funds and entities man-
aged by GS/OAS conclude once the audits of the
2006 financial statements are completed. GS/OAS
administers the contracting process. However, the
Board of External Auditors oversees the process to
ensure it is performed in an appropriate manner.
GS/OAS makes a recommendation to the Board
related to the most appropriate contractor. The
Board will review this recommendation and make the
final determination. This contracting process needs
to be started as soon as possible to ensure that the
2007 audits are completed in a timely manner.
For at least the past three years, the Pension
Fund used a different auditor than the rest of the
OAS entities. In the course of its recommendation
process, GS/OAS should consider any advantages or
disadvantages of having all of the audits
performed by the same auditor. The Board
understands that the Pension Fund has certain
unique requirements that may need to be addressed.
Therefore, GS/OAS should work with the Pension
Fund, to ensure that OAS’ request for proposal in-
cludes all requirements pertinent to the Pension
Fund.
4.1 The Board recommends that GS/OAS begin the
process to issue a request for proposal for the
2007 financial statement audits. GS/OAS
should develop an appropriate process to
ensure that the final choice of contractor can
be made as early as possible but not later than
July 2007. This request should cover all
financial statements discussed in the Board’s
report and should include specific requirements
related to the Pension Fund audit.
NOMINATION AND SELECTION OF NEW MEMBERS TO THE BOARD OF EXTERNAL AUDITORS
The Board of External Auditors is composed of
three Members, from different Member states, each
of whom is a high-ranking official that has
responsibility for examining accounts related to
public administration. Each Member state has the
right to nominate a candidate for membership on
the Board.
The members of the Board of External Auditors
are elected by the General Assembly for a
three-year term of office. Normally, the General
Assembly elects one new member each year. In
2003, the General Assembly did not elect a new
member of the Board, so in 2004 the General
Assembly elected two new members for three-year
terms ending December 31, 2007.
As a result, the General Assembly will again
need to elect two new Board Members during its
meeting in 2007. To preserve the historical
practice of having one member complete a term
each year, the Board believes the General
Assembly should elect in 2007 one member for a
two-year term and one member for a three-year
term. The Board believes that GS/OAS should
ensure that Member states are promptly made
aware of this requirement so that they have time
to nominate candidates.
4.2 The Board recommends that GS/OAS take
prompt action to ensure that Member states
are aware of the need to fill two positions on
The Board of External Auditors is responsible for overseeing an annual examination of the accounts of the General Secretariat. During its annual meeting, the Board identified issues related to the following: External financial statement auditor Nomination and selection of the new members to the Board of External Auditors
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 32 -
the Board of External Auditors in 2007. Member
states should be encouraged to submit candi-
dates for consideration of the General Assembly.
4.3 The Board recommends that the General
Assembly elect two new members to the Board
of External Auditors in 2007, one of whom
should be elected for a two-year term and the
other should be elected for a three-year term.
General Secretariat
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
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SECTION II FINANCIAL STATEMENTS OF THE ORGANIZATION OF AMERICAN STATES (OAS)
Management Discussion and Analysis 35 Responsibility for Financial Statements 43 Chapter 5 Regular, Voluntary and Specific Funds of the OAS 45 Chapter 6 Leo S. Rowe Pan American 95 Chapter 7 Rowe Memorial Benefit Fund 103 Chapter 8 OAS Medical Benefits Trust Fund 111 Chapter 9 Secretariat for Political Affairs 121
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GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
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Budget Execution of the 2006 Regular Fund Program-Budget Budget Execution and Quota Payments Regular Fund Financial Position Contributions to Specific Funds
Pledges to FEMCIDI Indirect Cost Recovery (ICR) from Specific Funds Internationally-recognized Accounting Standards Financial Management Framework (FMF)
MANAGEMENT DISCUSSION AND ANALYSIS
Content This overview is designed to provide readers with a view of the Organization’s financial results and certain factors that may affect it in the future. The information presented within this discussion is organized as follows:
BUDGET EXECUTION OF THE 2006 REGULAR FUND PROGRAM-BUDGET
Approved Levels
At the thirty-fifth Regular Session of the General
Assembly, the General Secretariat was authorized,
pursuant to Resolution AG/RES. 2157 (XXXV-O/05),
to execute $76,275.5 thousand in Regular Fund
Program-Budget activities. The table below illustrates
approved appropriations and sources of financing for
the fiscal period corresponding to January 1 through
December 31, 2006:
This level was subsequently raised by the Permanent
Council through a supplementary appropriation of
$5,222.2 thousand approved for a modified appro-
priation of $81,497.7 thousand.
Budgetary Execution *
Budget execution (expenditures and obligations) as
of December 31, 2006 reached $78,431.6 thousand,
or 96.2%, of the total Modified Appropriation of
$81,497.7 thousand. The total unobligated
appropriation as of December 31, 2006 is $3,066.1
thousand. From this balance, the governing
bodies have granted special authorization to defer
the execution of $2,976.4 thousand corresponding
to subprograms 31E (Fellowships) and 21C (OAS
Conferences), passed January 1, 2007. This brings
the total of unobligated appropriation to $89.7
thousand, or 0.1% of the net appropriations for
2006, excluding those authorized by the governing
bodies.
Figure 1 below presents budgetary execution and
the unobligated appropriation segregated by person-
nel and non-personnel as of December 31, 2006, fol-
lowed by detailed information of non-personnel budg-
etary execution (Figure 2). 2006 Approved Appropriations and Financing(in thousands)
AppropriationsPersonnel 49,140.4$ Non-personnel 27,135.1
76,275.5$
Sources of FinancingQuota Assessment 73,727.1$ Administrative and Technical Support 1,180.0 Other Income 1,368.4
76,275.5$
Figure 1: Budgetary Execution by Category of Expenditure
(in thousands)
Personnel (100% executed)
Non-Personnel (90.6% executed)
Non-Personnel (Unobligated Appropriation)
Figure 2: Break-down of Non-Personnel Budgetary Execution
(in thousands)
$29,398.7 36.1%
$3,066.1 3.7%
$49,032.9 60.2%
7,777.0
5,705.1
4,109.2
2,971.4
1,776.8 1,558.9
564.9
4,935.4
Contr
acts
Build
ing
Mai
nte
nan
ce
Fello
wsh
ips
Non-
recu
rren
tPer
sonnel
Tra
vel
Equip
men
t &
Supplie
s
Docu
men
ts
Oth
er C
ost
s
* Does not include activity related to FONDEM, Americas Magazine nor the Extraordinary General Assembly.
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 36 -
BUDGET EXECUTION AND QUOTA PAYMENTS
Figure 3 below compares budgetary execution
versus quota payment receipts (current and arrears)
for the period January 1, 2006 to December 31,
2006:
Summary of Quota Payments
Receipt of Quota Payments to the Regular Fund
(current and arrears) has increased by nearly 15% in
the past four years. Payment by Member states of
prior-year arrears has increased significantly,
reducing the arrears to the lowest levels in recent
years. Notwithstanding improved payments of
arrears, payments of current-year quotas continues
to be below the assessed level.
As seen in Figure 4 on the next column, Quota
Payments of quotas to the Regular Fund for
current-year assessments and prior-year balances
increased from $67.1 million in 2004 to $76.3 million
in 2005 (nearly 14%); and to $79.9 million for 2006
(an additional 5%). In 2004, there was a $21.1
million gap between Quota Receivables and Quota
Payments. For 2006, this gap was reduced to $12.4
million, a 41% improvement in Quota Payments by
Member states. This improvement is primarily due to
payments of quotas in arrears.
As seen in Figure 5 below, payments for current-year
quota assessments have modestly improved in 2005
and 2006 by 2% and 4%, respectively, as compared
to 2004. Nevertheless, annual payments of
current-year quota assessments reach approximately
89%, on average. The 11% gap has been commonly
filled through the payment of arrears. In the event
that arrears were not collected, this gap would have
to be covered through the Reserve Subfund.
Significant improvements have occurred in the
payment of quotas in arrears as seen in Figure 6 on
the next page. During 2005, Member states paid
$12.3 million in arrears, a substantial increase of
$8.1 million compared to the $4.2 million paid in
2004. In 2006, the effect was even greater, when
Member states paid $14.3 million in arrears. This
represents an increase of approximately 241% for
2004 payments for prior-year balances. This outcome
in 2006 was primarily attributed to payments of $7.1
million from Argentina, $3.3 million from Brazil, $2.4
Figure 4: Quota Payments (current and arrears)(in millions)
94.9
88.283.8
92.3
69.767.1
76.379.9
2003 2004 2005 2006
Quota Receivables Quota Payments
Figure 3: 2006 Budgetary Execution vs Quota Payment Receipts(in millions)
ExpendituresObligations2006 Quota Payment Receipts (current and arrears)
65.0
61.2
61.1
58.5
46.846.5
45.2
36.1
17.5
3.42.6
79.9
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Modified Appropriation of $81.5
60.2
65.669.4
71.6 72.9 74.0 74.1 75.4 75.9 77.3
78.4
67.1
Figure 5: Quota Assessment versus Quota Payments(in millions)
73.773.7 73.7 73.7
65.6
64.062.9
69.1
2003 2004 2005 2006
Quota Assestment Quota Payments
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 37 -
from Venezuela, $0.7 million from the Dominican
Republic and $0.3 million from Uruguay.
REGULAR FUND FINANCIAL POSITION
Through December 31, 2006, the net change of the
Regular Fund resulted in a $3.7 million positive
balance in operating activities. As shown in the
figure below, the net change of $3.7 million, together
with 2006 beginning balance of $10.1 million, yielded
a positive Fund Balance of $13.8 million for 2006.
This $13.8 million Fund Balance is divided in two
categories, to take into consideration the governing
bodies’ decision to defer the execution of $2.9 million
in Subprogram 31E – Human Development Fund
Committee (Fellowships), pending joint approval to
resume from the Permanent Council and
CEPCIDI. This splits the Fund Balance in Restricted
Balance for Fellowships ($2.9 million) and
Unrestricted Balance ($10.9 million) at year end.
CONTRIBUTIONS TO SPECIFIC FUNDS
As defined by the General Standards that Govern the
Operations of the General Secretariat, “Specific funds
are made up of special contributions, including those
received without purposes and limitations specified
by the donor, from Member States and permanent
observer states of the Organization and from other
member states of the United Nations, as well as from
individuals or public or private institutions, whether
national or international for the execution and or
strengthening of development cooperation activities
or programs of the General Secretariat and other
organs and entities of the Organization in accordance
with agreements and contracts entered into by the
General Secretariat in exercise of the powers
conferred under the Charter.”
The following analysis includes contributions
received by the former Inter-American Agency for
Cooperation and Development (IACD), and
previously not reported as part of the General
Secretariat’s Funds as explained in the Notes to the
Combining Financial Statements on page 51.
Overall Contributions
As detailed in Figure 8 below, contributions to
Specific Funds amounted to a net of $59.7 million in
2006 compared to $65 million during the year 2005,
decreasing by $5.3 million, or 8.2%. Notwithstand-
ing the recent decrease in contributions to Specific
Funds, the overall trend continues to be upward since
2002 and before, closing the gap with the Regular
Fund.
Figure 6: Quota in Arrears versus Prior Years Quota Payments(in millions)
21.2
14.5
10.1
18.6
0.6
4.2
12.314.3
2003 2004 2005 2006
Quota in Arrears Prior Years Quota Payments
Figure 7: Increases, Decreases, Net Change and Fund Balance(in millions)
a) Includes a restricted balance of $3.0 million for Fellowships.
71.976.3
19.1
68.3
(11.6)
7.5
77.2
2.610.1
80.3
3.7
13.8
(4.4)
79.979.8 84.0
Increases Decreases Net Change Fund Balance
2003
2004
2005
2006
a
Figure 8: Regular Fund versus Specific Fund Contributions
(in millions)
a) Does not include pass-through funds from the Government of Mexico to finance Specialized Conferences ($9.9M in 2003 and $31.7M in 2004), as well as to establish the Mexican Fund for Cooperation with Latin America and the Caribbean ($10.5M in 2004).
b) Includes $4.9M in Unprogrammed Funds for Cooperation from the United States.
c) Does not include pledges to FEMCIDI from the United States ($4.7M) and Mexico ($0.3M). In addition, it does not include $2M for the Mexican Fund for Cooperation with Latin America and the Caribbean.
$76.0 $76.0 $76.6 $76.6
$63.1$68.6
$65.0$59.7
$81.5
$47.2
2002 2003 2004 2005 2006
Regular Fund Program-Budget
Specific Fund Contributions
ac
ab
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 38 -
As shown on Table 1 below, the major contributor to Specific Funds during 2006 was the United States with $11.4
million (19.2% of total contributions), followed closely by Canada and Spain. From the $59.7 million net
contributions, 50.9% of contributions to Specific Funds were received from Member states, 31.9% from Permanent
Observers and the remaining 17.2% from other donors. As detailed in Figure 9 below, Member states oriented more
than half of their contributions to programs managed by areas under Chapter 5—Secretariat for Multidimensional
Security (eg. CICTE, CICAD and Demining Programs) and Chapter 7—Executive Secretariat for Integral Development
(eg. Development Programs), while Observers oriented more than half of their contributions to Chapter 6—
Secretariat for Political Affairs (eg. Democracy and Governance Programs).
Table 1: Top 15 donors to Specific Funds during 2006(in thousands)
Member states Observers Others TOTAL %
United States 11,490.8$ -$ -$ 11,490.8$ a 19.2%Canada 11,443.8 - - 11,443.8 19.2%Spain - 7,264.0 - 7,264.0 12.2%Sweden - 6,766.4 - 6,766.4 11.3%United Nations - - 3,741.7 3,741.7 6.3%Norway - 1,765.1 - 1,765.1 3.0%World Bank - - 1,442.9 1,442.9 2.4%Mexico 1,293.1 - - 1,293.1 b 2.2%Honduras 1,197.0 - - 1,197.0 2.0%I-A Development Bank - - 1,190.3 1,190.3 2.0%Brazil 1,032.6 - - 1,032.6 1.7%Argentina 1,012.5 - - 1,012.5 1.7%European Union - 1,003.7 - 1,003.7 1.7%International Organization for Migration - - 987.5 987.5 1.7%Multiple Funding Sources & Others 2,898.4 2,277.2 2,925.6 8,101.2 13.6%
TOTAL 30,368.2$ 19,076.4$ 10,288.0$ 59,732.6$ 100.0%
Figure 9: 2006 contributions to Specific Funds by Chapter(in thousands)
Legend:Ch 1 - Secretary General Ch 6 - Secretariat for Political AffairsCh 2 - Assistant Secretary General Ch 7 - Executive Secretariat for Integral DevelopmentCh 3 - Autonomous and/or Decentralized Entities Unp. - UnprogrammedCh 5 - Secretariat for Mulltidimensional Security
a) Does not include $4.7M in pledges from the United States to FEMCIDI.
b) Does not include $0.3M in pledges from Mexico to FEMCIDI nor $2M for the Mexican Fund for Cooperation with Latin America and the Caribbean.
Member states (50.9% of contributions)
Ch 5 $8,663.3
29%
Ch 7 $7,431.0
24%
Ch 2 $6,023.5
20%
Ch 6 $4,492.4
15%
Other $3,758.0
12%
Observers (31.9% of contributions)
Ch 5 $4,377.5
23%
Unp. $3,306.7
17%
Other $511.0
3%
Ch 3 $738.5
4%Ch 6
$10,142.7 53%
Others (17.2% of contributions)
Ch 7 $4,513.5
43%
Ch 6 $3,885.4
38%
Ch 2 $1,124.3
11%
Ch 1 $368.7
4%Other $396.1
4%
a, b
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 39 -
PLEDGES TO THE SPECIAL MULTILATERAL FUND OF THE INTER-AMERICAN COUNCIL FOR INTEGRAL DEVELOPMENT (FEMCIDI)
The Special Multilateral Fund of the Inter-American
Council for Integral Development (FEMCIDI) is the
Fund established by the Member states to contribute
to the financing of national and multilateral
cooperation programs, projects and activities which
are carried out in the framework of the Strategic Plan
for Partnership Development. FEMCIDI is made up of
voluntary contributions from Member states and
other sources. The Member states may assign their
voluntary pledges to the Integral Development
Account and/or to one of various Sectoral Accounts.
Such distribution is established by each contributing
Member state, within the established deadlines.
The Executive Secretariat for Integral
Development (SEDI) is responsible for administering
FEMCIDI resources. It coordinates the activities
related to the receipt, selection, and awarding of
projects financed by FEMCIDI. The resources of
FEMCIDI finance a) technical meetings, seminars,
workshops which contribute to the Inter-American
Dialogue and the partnership for development
b) partnership for development activities carried out
under the Strategic Plan c) the technical supervision
and administrative support of up to fifteen percent of
the total net amount of programs funded by FEMCIDI
for the fiscal period and d) special appropriations,
expressly authorized by CEPCIDI, to deal with
situations or activities unforeseen in the
programming of partnership for the development
activities.
Major contributors to FEMCIDI have been the
United States, Canada and Mexico. As shown on
Figure 10, contributions to FEMCIDI for 2005 and
2006 were significantly lower. For both years,
Canada has redirected their pledges towards Specific
Fund programs rather than to FEMCIDI. These
programs, under the direction of SEDI, are for areas
of development policy and multilateral/multinational
programming. For 2005, the United States did not
make a pledge to FEMCIDI.
As detailed in Figure 11 below, over half of FEMCIDI’s
execution during 2006 was directed towards
Education and Scientific Development, Exchange and
Transfer of Technology.
Figure 10: Pledges to FEMCIDI
(in thousands)
1,046.0 972.4 974.9 1,070.1 930.6
750.0 749.9 499.9 350.0
1,248.0 1,333.81,491.2
$5,100.0 $5,100.0$4,900.0
200.0
$4,702.5
8,144.0 8,156.17,866.0
5,983.1
1,270.1
2002 2003 2004 2005 2006
United States
Canada
Mexico
Others
Total Pledges
Figure 11: 2006 FEMCIDI Execution by Sectoral Account
(in thousands)
Education $1,088.1
30%
Sustainable Development
and Environment
$270.4 7%
Other $921.0
25%
Social Development and Creation of Productive Employment
$547.4 15%
Scientific Development, Exchange and
Transfer of Technology
$837.3 23%
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- 40 -
INDIRECT COST RECOVERY (ICR) FROM SPECIFIC FUNDS
Internationally accepted accounting practices
establishes fiduciary responsibility on the Treasurer
of a multilateral organization to ensure that budgets
are financially viable and sustainable, that funds are
used for their intended purpose, and that the
Organization has the capacity to fulfill its obligations
to Member states and its donors.
In the execution of Specific Funds, the
Organization incurs indirect costs incurred that,
although necessary, cannot be easily attributed to a
particular project or program. Some of these costs
include: setup and management of accounts,
financial reporting, procurement of goods and
services, internal and external audit coordination,
and others.
During 2006, Management and Member states
spent valuable amounts of effort towards the revision
of the current ICR policy. Although not finalized at
year end, a broad consensus had been reached on
accepting that it is critical for the Organization to
have accurate information regarding the costs
associated with managing Specific Fund
contributions and that the Organization should
partially recover indirect costs. A clear and
transparent ICR policy will help ensure sound
financial management decisions in the future, and
will enable the Organization to provide increased
accountability to stakeholders.
INTERNATIONALLY-RECOGNIZED ACCOUNTING STANDARDS
The financial statements of the Regular and Specific
Funds are prepared on the basis of the Budgetary
and Financial Rules of the OAS and applicable
General Standards. These rules were adopted
decades ago at a time when international accounting
standards for the public sector did not exist. As a
result, the OAS follows accounting principles and
financial statement presentation that differ
significantly from generally accepted accounting
principles. There are numerous negative implications
in using internally developed accounting standards,
such as: i) results in financial reporting that do not
reflect the true financial position of the Organization
since certain material assets and liabilities are not
accrued under these standards; ii) hampers the
ability for comparability as Organization’s donors
cannot compare OAS’ results to that of similar
organizations; iii) does not allow the OAS to keep
pace with best accounting practices in use by other
international organizations; and, iv) does not support
the results-based management framework to which
the Organization is committed.
Since the Organization’s adoption of its own
t a i l o r ed a c coun t i ng r u l e s i n 1976 ,
internationally-recognized accounting standards such
as International Public Sector Accounting Standards
(IPSAS) were developed for governments,
government entities and the public sector. IPSAS,
which are a set of high-quality, independently
developed accounting standards, require full-accrual
basis of accounting and is considered the best
practice. IPSAS include detailed requirements and
guidance that provide considerable support for
financial statement consistency and comparability.
They are the only international accounting standards
applicable to the public sector as well as national,
regional and local government.
The Board of External Auditors has consistently
recommended that the OAS revisit its accounting
principles and practices in order to bring the
Organization in-line with best practices of the public
sector financial accounting and reporting. As of March
2006, over 40 countries, including the governments
of some Member states and Permanent Observer
countries have adopted or are in the process of
adopting IPSAS as their basis of accounting. United
Nations system organizations will adopt IPSAS by
2010. International Organizations such as the
Organization for Economic Cooperation and Develop-
ment (OECD), the European Commission (EC), and
North Atlantic Treaty Organization (NATO) have
adopted IPSAS and public sector financial institutions
such as the World Bank apply International
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 41 -
Accounting Standards/International Financial
Reporting Standards as required by IPSAS.
Management believes that the Organization’s
adoption of independently developed, widely
accepted and internationally recognized standards
such as IPSAS will improve the consistency and
comparability of OAS’ results with other international
institutions; will result in financial reporting that
reflects the true financial position of the
Organization; and, will enhance transparency and
decision-making at all levels of the Organization.
During 2007, management will evaluate the
organizat ional impact of adopting an
internationally-recognized set of accounting
standards will seek approval from Member states to
move forward with the adoption of these standards
and transition plan. The goal is to fully adopt these
standards by the year 2010.
FINANCIAL MANAGEMENT FRAMEWORK (FMF)
A Financial Management Framework (FMF) for all
dependencies of the General Secretariat is now under
development. The FMF is intended to facilitate a
more effective budget process and improve the
management of the Organization’s assets. The
development of the FMF will also clarify and establish
roles, responsibilities and accountabilities of key
personnel involved in the financial management of
OAS resources.
The FMF will facilitate the development of
comprehensive financial guidelines and Service Level
Agreements (SLAs) between the Secretariat for
Administration and Finance (SAF) and each of the
major functional areas of the General Secretariat.
The SLAs will foster best practices at the OAS,
through improvements on resource allocation,
resource management and service delivery.
The FMF will be continuously reviewed to:
i) ensure compliance with OAS statutes and
regulatory requirements; ii) provide improved
accountability to Member states and donors;
iii) ensure discipline in financial management
throughout the Organization; iv) encourage effective
resource allocation; v) assure its easiness to
understand and work; vi) maintain central
administration intervention to a minimum; and, vii)
allow flexibility and facilitate innovation.
Development and issuance of individual
components and toolkits of the FMF will take place
during 2007 in close coordination with functional
areas of the Organization. Some components and
toolkits of the FMF have already been issued and
developed. Key components and toolkits of the FMF
planned for 2007-08 include:
1. Financial Handbook for Specific Fund
Agreements. The handbook includes a summarized
version and highlights of financial clauses included in
OAS financial legislation. Its main objective is to
promote a transparent mechanism by which
stakeholders are aware of their responsibilities in
terms of project delivery, financial compliance/
certification and reporting.
2. Donor Framework Agreements. Framework
Agreements are used to establish strategic
relationships with donors over a long period of time.
These agreements should encourage donors to
establish large multi-year framework agreements for
the OAS to draw upon, and avoid hundreds of
contribution agreements which impose a heavy
administrative burden on both OAS and donors.
3. Revised Indirect Cost Recovery (ICR) Policy.
The OAS is funded with multiple sources requiring
efficiency, effective record-keeping, and an
environment of transparency and accountability. A
sound cost-recovery policy will promote transparency
and reduce cross-subsidization among projects and/
or Funds.
4. Code of Ethics for SAF Personnel. The Code
establishes the fundamental principles of professional
ethics for personnel within the SAF and provides a
conceptual framework for applying those principles.
The conceptual framework provides guidance on
fundamental ethical principles. Personnel within the
SAF are required to apply this conceptual framework
to identify threats to compliance with the
fundamental principles, to evaluate their significance
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 42 -
and, if such threats are other than clearly
insignificant, to apply safeguards to eliminate them
or reduce them to an acceptable level such that
compliance with the fundamental principles is not
compromised.
5. Financial Risk Management Policy. This policy
will allow for the identification and management of
threats that could severely impact the Organization,
such as an unexpected shortage of liquidity to meet
short-term obligations or unanticipated gaps in the
internal control system.
SAF / April 2007
Art Museum of the Americas
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 43 -
RESPONSIBILITY FOR FINANCIAL STATEMENTS
The General Assembly approved the administration of
the funds under its purview, to the General
Secretariat and the Executive Secretariat For
Integral Development (SEDI), and granted
autonomy to certain organizations, agencies and/or
entities.
During the years 2006 and 2005, the
administration of the OAS entities contained in this
report was divided as follows: the General Secretariat
was responsible for financial administration of the
Regular Fund and its related specific projects. The
SEDI was responsible for the financial administration
of Special Multilateral of the Inter-American Council
Fund for Integral Development (FEMCIDI) funds and
its related specific projects. The Leo S. Rowe Pan
American Fund was under the administrative
responsibility of SEDI and its treasury was under the
General Secretariat. The Inter-American Defense
Board received contributions from OAS but operated
administratively as an autonomous entity. The
Retirement and Pension Fund conducts a separate
independent audit which is included in this
publication under Section IV.
According to the separation of administrative
responsibility mentioned above, the annual audit
book for year 2006 is divided into four sections:
Section I relates to the comments and
recommendations by the Board of External Auditors
to improve operating procedures and internal
controls; Section II incorporates the financial
statements of the funds administered by the General
Secretariat; Section III incorporates the financial
statements of entities related to OAS that operate
administratively autonomous; and Section IV reflects
the financial statements of the Retirement and
Pension Fund.
As reflected in Section II, the General Secretariat
has prepared and is responsible for the integrity of
the financial data included in the accompanying
financial statements. The statements have been
prepared in conformity with accounting practices
prescribed by the Budgetary and Financial Rules of
the Organization, which include the financially
oriented General Standards to Govern the
Operations of the General Secretariat and other
provisions approved by the General Assembly. The
accounting practices utilized by the General
Secretariat differ in certain respects from accounting
principles generally accepted in the United States of
America customarily applied in the presentation of
financial statements. A description of the significant
differences with the accounting principles generally
accepted in the United States of America is set forth
in Note 2 to the combining financial statements.
The General Secretariat maintains an accounting
system and related controls to provide reasonable
assurance that financial records are reliable for
preparing financial statements. The accounting
system includes internal controls to provide
assurance that proper procedures and methods of
operations are used to implement plans, policies and
directives of the General Secretariat.
In addition, the Board of External Auditors,
consisting of three members elected by the General
Assembly, is authorized to audit all accounts, funds,
and operations of the Organization. The Board of
External Auditors has engaged the services of the
independent accounting firm SB & Company, LLC to
audit the financial statements. SB & Company’s
auditing procedures include a review of internal
controls and selected tests of transactions and
records. These auditing procedures are intended to
provide a reasonable level of assurance that the
financial statements are fairly stated in all material
respects. The Board periodically meets with the
independent auditors, officials of the General
Secretariat, and internal auditors to review and
evaluate accounting, auditing and financial reporting
activities and responsibilities. The Board of External
Auditors, the independent auditors, as well as the
internal auditors, have unlimited access to all records
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 44 -
maintained by the General Secretariat. For the Leo
S. Rowe Pan American Fund (Rowe Fund), the
General Secretariat acts as its Treasurer and in that
capacity has prepared those financial statements,
and is responsible for the integrity of the data
contained therein.
However, the Rowe Fund is administratively
under the SEDI, and accordingly, the SEDI is
responsible for all operational aspects of the Rowe
Fund Technical Secretariat.
Main Building “Peace Roots” Mural
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 45 -
CHAPTER 5 REGULAR, VOLUNTARY AND SPECIFIC FUNDS OF THE ORGANIZATION OF AMERICAN STATES
COMBINING FINANCIAL STATEMENTS
Exhibit 1 Combining Statement of Assets, Liabilities and Fund Balances Exhibit 2 Combining Statement of Changes in Fund Balances
49
50
INDEPENDENT PUBLIC ACCOUNTANTS’ REPORT
NOTES TO COMBINING FINANCIAL STATEMENTS
1. Organization and Combining Financial Statements 2. Accounting Principles 3. Use of Estimates 4. Foreign Currencies 5. Equity in OAS Treasury Fund 6. Fixed Assets 7. Accountable Advances 8. Contributions to Specific Funds 9. Tax Reimbursements 10. Mortgage Liability 11. Leases 12. Retirement Plans 13. Post Employment Health Care and Life Insurance Benefits 14. Contingencies 15. Fellowships 16. Grants
51 52 54 54 54 55 55 56 57 57 57 58 58 58 58 59
SCHEDULES TO COMBINING FINANCIAL STATEMENTS
Schedule 1 Regular Fund—Statement of Quota Assessments, Collections and Balances Schedule 2 FEMCIDI—Statement of Pledges, Payments and Balances Schedule 3 Regular Fund—Summary of Appropriations Schedule 4 Regular Fund—Summary of Disposition of Appropriations Schedule 5 FEMCIDI—Summary of Appropriations Schedule 6 Specific Funds—Statements of Changes in Fund Balances Schedule 7 Service, Designated and Tax Funds— Statements of Changes in Fund Balances
61
62
63
63
64
65
87
REPORT OF INDEPENDENT PUBLIC ACCOUNTANT ON COMPLIANCE
47
51
61
89
49
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 46 -
This Page Intentionally Left Blank
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 47 -
INDEPENDENT PUBLIC ACCOUNTANTS’ REPORT
The Board of External Auditors Organization of American States
We have audited the accompanying combining statement of assets, liabilities and fund balances of the Organization of American States, (the Organization), as of December 31, 2006 and the related combin-ing statement of changes in fund balances for the year then ended. These combining financial statements are the responsibility of the Organization’s management. Our responsibility is to express an opinion on these combining financial statements based on our audit. The 2005 combined comparative information has been derived from the Organization’s 2005 financial statements from the Organization’s; Regular and Spe-cific Funds, and the Inter American Agency for Cooperation and Development funds for Operations, FEM-CIDI, and Specific Funds and in our reports dated March 22, 2006, we expressed unqualified opinions on the respective financial statements of these funds. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the external auditing requirements prescribed in Chapter IX of the General Standards of the Organization of American States. Those standards require that we plan and perform the audit to ob-tain reasonable assurance about whether the combining financial statements are free of material misstate-ment. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the combining financial statements. An audit also includes assessing the accounting principles used and signifi-cant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. As described in Note 2, the Organization prepares its combining financial statements on the basis of accounting principles prescribed by the Budgetary and Financial Rules (which include the applicable fi-nancially-oriented General Standards adopted by the General Assembly of the Organization of American States), which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America. In our opinion, the combining financial statements referred to above present fairly, in all material respects, the assets, liabilities and fund balances of the Organization as of December 31, 2006, and the changes in their fund balances for the year then ended on the basis of accounting described in Note 2.
200 International Circle • Suite 5500 • Hunt Valley • Maryland 21030 • P 410-584-0060 • F 410-584-0061
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 48 -
Our audit has been made primarily for the purpose of expressing an opinion on the 2006 combin-ing financial statements referred to in the first paragraph of this report taken as a whole. The accompanying information in the Management’s Discussion and Analysis and in Supplementary Schedules 1 through 7 is presented for the purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the procedures applied in our audit of the basic combining financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic combining fi-nancial statements mentioned above taken as a whole.
Washington, DC March 23, 2007
200 International Circle • Suite 5500 • Hunt Valley • Maryland 21030 • P 410-584-0060 • F 410-584-0061
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 49 -
OR
GA
NIZ
AT
ION
OF A
ME
RIC
AN
ST
AT
ES
The a
ccomp
anyin
g note
s for
m pa
rt of
the f
inan
cial s
tatem
ents
Co
mb
inin
g S
tate
men
t o
f A
ssets
, Lia
bilit
ies
an
d F
un
d B
ala
nce
As o
f Dec
embe
r 31,
200
6 w
ith c
ompa
rativ
e to
tals
for 2
005
(in th
ousa
nds)
Reg
ula
r F
un
dF
EM
CID
ISp
ecif
ic F
un
ds
Serv
ice
Fu
nd
(A)
2006
2005
Ass
ets
Cas
h a
nd E
quity
in O
AS T
reas
ury
Fund
16,7
68
$
11,3
74
$
80,6
25
$
10,4
81
$
119,2
48
$
104,2
49
$
Def
erre
d c
harg
es r
elat
ed t
o fu
ture
yea
r's
appro
pri
ation
s6,7
69
-
-
-
6,7
69
7,2
01
Adva
nce
s to
em
plo
yees
and o
ther
rec
eiva
ble
s425
-
260
37
722
4,9
70
Inve
stm
ent
in F
ixed
Ass
et F
und
57,8
16
-
-
-
57,8
16
59,2
82
Tota
l Ass
ets
81,7
78
$
11,3
74
$
80,8
85
$
10,5
18
$
184,5
55
$
175,7
02
$
Lia
bilit
ies
an
d F
un
d B
ala
nce
Unliq
uid
ated
oblig
atio
ns
1,7
92
$
17
$
11,2
01
$
3,1
57
$
16,1
67
$
19,3
85
$
Quota
s /
Pled
ges
colle
cted
in a
dva
nce
270
246
-
-
516
120
Am
ounts
to
be
charg
ed t
o fu
ture
yea
r's
appro
pri
ation
s6,7
69
-
-
-
6,7
69
7,2
01
Acc
ounts
paya
ble
and o
ther
lia
bili
ties
1,2
81
78
3,0
65
1,2
88
5,7
12
8,9
92
Def
erre
d I
nco
me
- Tax
Equal
izat
ion F
und
-
-
-
2,8
10
2,8
10
-
Mor
tgag
e Li
abili
ty23,8
90
-
-
-
23,8
90
24,2
35
T
otal
Lia
bili
ties
34,0
02
341
14,2
66
7,2
55
55,8
64
59,9
33
Fu
nd
Bala
nce
s:Res
tric
ted for
Fel
low
ship
s3,0
00
-
-
-
3,0
00
1,5
52
Res
erve
subfu
nd
10,8
50
235
-
-
11,0
85
8,6
46
Fund B
ala
nce
-
-
66,6
19
3,1
38
69,7
57
51,6
53
Tax
Equaliz
ation
fund
-
-
-
-
-
(4,3
53)
Oper
ating s
ubfu
nd u
nappro
pri
ate
d
-
10,7
98
-
125
10,9
23
23,2
36
Tot
al F
und B
alan
ce13,8
50
11,0
33
66,6
19
3,2
63
94,7
65
80,7
34
Res
tric
ted for
fix
ed a
sset
s33,9
26
-
-
-
33,9
26
35,0
35
To
tal Lia
bilit
ies
an
d F
un
d B
ala
nce
81,7
78
$
11,3
74
$
80,8
85
$
10,5
18
$
184,5
55
$
175,7
02
$
(A)
Incl
udes
Tax
Equal
izat
ion F
und.
Exh
ibit
1
Com
bin
ing
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 50 -
OR
GA
NIZ
AT
ION
OF A
ME
RIC
AN
ST
AT
ES
The a
ccomp
anyin
g note
s for
m pa
rt of
the f
inan
cial s
tatem
ents
Co
mb
inin
g S
tate
men
t o
f C
han
ges
in F
un
d B
ala
nce
Yea
r end
ed D
ecem
ber 3
1, 2
006
with
com
para
tive
tota
ls fo
r 200
5(in
thou
sand
s)
Reg
ula
r F
un
dF
EM
CID
ISp
ecif
ic F
un
ds
Serv
ice
Fu
nd
s(A
)
Elim
inat
ion
of I
nte
rfu
nd
T
ran
sact
ion
s20
05In
crease
sQ
uota
s &
Ple
dge
Colle
ctio
ns
79,8
55
$
1,1
21
$
-$
-$
-$
80,9
76
$
77,5
48
$
Less
pro
mpt
paym
ent
cred
its
(226)
-
-
-
-
(226)
(309)
Contr
ibutions
-
-
66,7
36
16
-
66,7
52
65,0
13
Contr
ibutions
to T
ax R
eim
burs
emen
t-
-
-
11,2
26
-
11,2
26
9,2
05
Tra
nsf
ers
-
5,0
17
-
5,2
47
(10,0
45)
219
(C)
(2,6
10)
Inte
rest
Inco
me
542
345
3,0
72
77
-
4,0
36
3,4
47
Adm
inis
trative
Support
- V
olu
nta
ry F
unds
214
-
-
-
(214)
-
(C)
-
ICR b
y Cen
tral
Adm
inis
tration
700
-
-
2,0
74
(2,1
82)
592
(C)
-
Ren
tal
500
-
-
1,2
05
-
1,7
05
1,5
95
Am
eric
as
Magazi
ne
Subcr
iption
s279
-
-
-
-
279
300
Oth
er I
nco
me
& R
efunds
2,1
60
226
-
3,6
83
(1,7
34)
4,3
35
(C)
8,2
85
T
ota
l In
crea
ses
84,0
24
6,7
10
69,8
08
23,5
28
(14,1
75)
169,8
94
162,4
74
Decr
ease
sExp
enditure
s &
Oblig
ations
78,4
32
3,4
16
57,9
88
11,5
33
(7,0
27)
144,3
41
(C)
157,4
45
US R
eim
burs
emen
t Pa
ymen
t-
-
-
6,8
91
-
6,8
91
7,2
65
Tra
nsf
er O
ut
& R
eturn
s1,4
94
694
9,1
13
766
(7,1
48)
4,9
19
(C)
6,4
13
Supple
men
tary
Appro
pia
tions
59
-
-
-
-
59
1,6
92
Am
eric
as
Magazi
ne
349
-
-
-
-
349
332
T
ota
l D
ecre
ase
s80,3
34
4,1
10
67,1
01
19,1
90
(14,1
75)
156,5
59
173,1
47
Net
incr
ease
(d
ecr
ease
) d
uri
ng
peri
od
3,6
90
2,6
00
2,7
07
4,3
38
-
13,3
35
(10,6
73)
Fu
nd
bala
nce
s, b
eg
inn
ing
of
peri
od
, as
rest
ate
d10,1
60
8,4
33
(B)
63,9
12
(1,0
75)
-
81,4
30
91,4
07
Fu
nd
bala
nce
s, e
nd
of
peri
od
13,8
50
$
11,0
33
$
66,6
19
$
3,2
63
$
-$
94,7
65
$
80,7
34
$
(A)
Incl
udes
Tax
Equal
izat
ion F
und.
(B)
Am
ount
was
res
tate
d in 2
006 (
prior
bal
ance
was
$7,7
56 t
housa
nd).
(C)
Com
bin
ing a
mount
excl
udes
inte
rfund t
ransa
ctio
ns.
Exh
ibit
2
Com
bin
ing
2006
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 51 -
1. ORGANIZATION AND COMBINING FINANCIAL STATEMENTS
The Charter of the Organization of American States
(OAS) was signed in Bogota in 1948 and amended by
the Protocol of Buenos Aires in 1967, by the
Protocol of Cartagena de Indias in 1985, by the
Protocol of Washington in 1992, and by the Protocol
of Managua in 1993. In this charter, OAS was
created as an international organization to achieve an
order of peace and justice, to promote solidarity, to
strengthen collaboration, and to defend their
sovereignty, territorial integrity, and independence.
The OAS is a regional agency, within the United
Nations. The OAS accomplishes its purposes by
means of a) the General Assembly, b) the Meeting of
Consultation of Ministers of Foreign Affairs, c) the
Councils, d) the Inter-American Juridical Committee,
e) the Inter-American Commission on Human Rights,
and f) the General Secretariat.
The General Secretariat is the central and
permanent organ of the OAS. To ensure observance
of limitations and restrictions placed on the use of
resources available to OAS, the accounts of OAS are
maintained in accordance with fund accounting
principles. Separate accounts are maintained for
each fund. The Combining financial statements of
the OAS include the financial statements of the Regu-
lar Operating Fund, The Special Multilateral Fund of
the Inter-American Council for Integral Development
(FEMCIDI), Specific Funds, and Service Funds,
including those of the former Inter-American Agency
for Cooperation and Development (IACD). The
separate financial reporting on the former IACD has
been eliminated in 2006 as a result of Executive
Order 05-13, Rev. 2, in which the Permanent Council
by Resolution CP/RES. 895 (1524/05), dated
December 16, 2005, restructured the General
Secretariat to include the former IACD as a
dependency and not a separate entity of the
Organization.
The financial position and changes in fund
balance of the Regular Fund, FEMCIDI, Specific Funds
and Service Funds are reflected in Exhibits 1 and 2
on a combining basis and all interfund activity have
been eliminated. Combining totals, including the
footnotes, for 2005 have been presented for
comparative purposes.
The Operating Subfund Unappropriated account
for SEDI is shown as part of the Service Funds. For
2006, this fund did not receive subsidies from OAS or
voluntary pledge contributions. The FEMCIDI
Reserve Subfund is a fund for unforeseen activities
that may arise during the course of the year. During
fiscal year 2005, OAS identified outstanding
commitments from years 2001 and 2002 related to
FEMCIDI that were improperly included in
unliquidated obligations as of December 31, 2005.
These unexpended remaining funds should have
lapsed in the December 31, 2005 financial
statements after the execution period, and increased
the fund balance available for reprogramming. As a
result, the fund balance as of December 31, 2005
has been restated by $677,258 to reflect the
deobligation of the unexpended resources.
In the accompanying Combining financial
statements, the funds administered by the General
Secretariat are grouped in the following categories,
according to their source of financing and purpose:
Regular Fund
Financed primarily by the assessment of quotas to
the Member states and contributions from certain
other OAS funds. The purpose of this fund is to
provide the General Secretariat with general
support as well as technical supervision and
administrative services to the programs. In addition
to the General Secretariat, the following organs,
specialized organizations, agencies and entities are
financed wholly or in part through budgetary
appropriations of the Regular Fund and are included
in the financial statements of the Regular Fund:
NOTES TO COMBINING FINANCIAL STATEMENTS
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 52 -
General Assembly Permanent Council of the OAS Inter-American Commission on Human Rights Inter-American Court on Human Rights Inter-American Commission of Women Inter-American Juridical Committee Inter-American Children’s Institute Inter-American Commission for Drug Abuse
Control Inter-American Telecommunications
Commission Inter-American Defense Board Executive Secretariat for Integral Development Pan American Development Foundation
The Special Multilateral Fund of the Inter-American Council for Integral Development (FEMCIDI)
Financed mainly by voluntary contributions of the
Member states to support the programs adopted by
the Council and approved by the General Assembly.
FEMCIDI finances the multilateral and national
cooperation programs, projects and activities of
Inter-American Council for Integral Development
(CIDI). FEMCIDI consists of the Integral
Development account and the following Sectoral
accounts:
Economic Diversification and Integration, Trade Liberalization and Market Access
Social Development and Creation of Productive Employment
Education Culture Scientific Development, and Exchange and
Transfer of Technology Strengthening of Democratic Institutions Sustainable Development and Environment Sustainable Development of Tourism
Specific Funds
Financed by grants or bequests for activities specified
by the donor, and any other contributions by national
or international, public or private entities, for
carrying out or strengthening specific activities or
programs of the General Secretariat. These funds
have been segregated for specific purposes and their
use is restricted through designation by the General
Assembly, the General Secretariat and/or the donor.
Service Funds
The OAS manages several activities identified as
Service Funds, which allows OAS to handle certain
administrative activities not directly related to donor
agreements or Trust Funds. Since 2005, OAS
segregated these funds from the Specific Funds’
financial statements to reflect the impact of those
Funds.
Other Entities and Specialized Organizations
The assets and liabilities as of December 31, 2006
and 2005, and the related income and expenses for
the years ended of the following organizations, which
are subject to separate budgetary control and
financial reporting, are not included within the
accompanying financial statements of OAS
(Exhibits 1 and 2):
Inter-American Indian Institute Inter-American Institute for Cooperation on
Agriculture * Inter-American Library Simon Bolivar * Leo S. Rowe Pan American Fund * Rowe Memorial Benefit Fund * OAS Medical Benefits Trust * Inter-American Defense Board * Pan-American Development Foundation * Pan American Health Organization Retirement and Pension Fund
2. ACCOUNTING PRINCIPLES
The accompanying Combining financial statements
have been prepared in accordance with the
Budgetary and Financial Rules of the OAS (Rules).
The Rules provide the basis for the accounting
principles applied in the preparation of the Combining
financial statements. The Rules were adopted to
meet budgetary and other requirements of OAS, and
as such result in accounting principles and a financial
statement display which vary in certain material
respects from accounting principles generally
accepted in the United States of America. OAS has
not quantified the impact of these differences on the
financial statements. The significant deviations are
listed on the following page.
* Recipients for cash and/or in kind contributions or administrative services from the Regular Fund.
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
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A. The General Secretariat deems impractical to
evaluate the collectibility of assessed but
uncollected quotas; therefore, quotas and pledges
are included in the financial statements of the
various funds only to the extent collected.
Contributions from Member states and from other
interested parties for specific purposes are similarly
recorded at the time of collection.
B. Unliquidated obligations in certain funds
include amounts related to commitments to disburse
monies for the procurement of goods or services in
future periods. Such amounts represent liabilities to
third parties at the end of the respective periods and
are anticipated to be expended in the subsequent
year in the completion of a particular program or
activity. Unliquidated obligations in the Regular Fund
are de-obligated upon the expiration of the related
appropriation. Those de-obligated obligations are
recorded as other income in the accompanying
financial statements.
C. OAS provides certain benefits to its employees
that accrue to them during periods of employment
and are payable at various times during employment
or upon separation, whether voluntary or
involuntary. Costs for such employee benefits have
historically been recorded upon payment rather than
as such benefits accrue. The following table shows
these expenditures and obligations for the years
ended December 31, 2006 and 2005:
D. The General Assembly of the OAS adopts a
consolidated program budget which includes the
budgets for the Regular Fund. In the
c o m b i n i n g b u d g e t , t h e a m o u n t s
appropriated for substantially all approved career
personnel costs are included in the Regular Fund’s
budget. In addition, certain other administrative
costs benefiting all funds are included in the budget
of the Regular Fund. In lieu of allocating these costs
to various funds on a services-rendered basis, the
General Assembly has provided that the other funds
pay a contribution to the Regular Fund for
administrative and technical support. The amount of
the contribution may not bear a direct relationship to
the actual cost of the services provided to those
funds during the period.
E. The Statements of Assets, Liabilities and Fund
Balances of the Regular Fund include certain amounts
to be charged against future appropriations. These
expenditures are deferred as there is no approved
budgetary financing. This deferral does not relate to
the period in which the benefits accrue.
F. The Statements of Assets, Liabilities and Fund
Balance of the Regular Fund do not account for
unexpended advances i ssued in the
performance of certain OAS programs as they are
recorded as expenses (Note 7).
G. Contributions from Member states and other
interested parties in the form of use of facilities and
services are received for certain activities
administered by the General Secretariat. No amounts
are recorded in the accompanying combining
financial statements relating to the use of such
facilities or services in as much as the General
Secretariat currently does not have an objective
procedure to value these amounts.
H. A cash flow statement is not provided and
certain other provisions pertaining to accounting
principles generally accepted in the United States of
America related to financial statement display are not
applied. In addition, unrealized gains/(losses) on
investments are not included in income, and
investments are recorded at historical cost, not at
fair market value.
I. OAS has created revolving accounts (Service
2006 2005Home travel $ 180,440 $ 143,790
Repatriation of family and household goods upon separation
91,312 165,146
Separation indemnity and termination pay
2,622,142 1,093,258
Medical Benefits subsequent to separation
2,664,660 2,297,134
Total $5,558,554 $3,699,328
Unrecorded earned annual and special leave approximated $6,178,163 and $6,290,051, as of December 31, 2006 and 2005, respectively.
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
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Funds) according to its Rules for the allocation of
common costs among the various OAS funds and
entities and other administrative activities that are
not necessarily donor related. The major purpose of
Service Funds is the identification of costs that
should be allocated to various GS/OAS dependencies
or to manage administrative activities. Those
GS/OAS entities to which the costs are allocated
recognize the amount as expenditures and a
reduction in cash, and the service fund recognizes
the related income and the expenditures to third
party vendors for 2006. Since 2005, OAS segregated
these funds within the Specific Funds financial
statements to reflect the impact of those Funds.
J. FEMCIDI pledges received in a fiscal year are
expended in the next fiscal year. Revenue is
recognized in the year it is received and credited to
the FEMCIDI sectoral accounts as instructed by the
contributing countries until project execution the
following fiscal year. This policy reflects the
provisions of the FEMCIDI statutes.
3. USE OF ESTIMATES
The preparation of combining financial statements in
accordance with the Rules requires management to
make estimates and assumptions that affect the
reported amounts of assets and liabilities,
disclosure of contingent assets and liabilities as of
the date of the financial statements and the
reported amounts of income and expenses during the
reporting period. Actual results could differ from
those estimates.
4. FOREIGN CURRENCIES
Certain income and expense transactions during
2006 and 2005 were in currencies other than the
United States dollar. These transactions have been
translated into United States dollar equivalents at
rates of exchange in effect at the time of the
transactions. Foreign currency assets included in the
accompanying combining financial statements,
consisting principally of cash and time deposits
amounting to approximately $1,491,000 and
$832,000 as of December 31, 2006 and 2005,
respectively, have been translated into the United
States dollar at the applicable exchange rates at the
time of the transactions. Certain currencies are
restricted as to convertibility and, therefore, must be
utilized in foreign local currency for OAS activities.
5. EQUITY IN OAS TREASURY FUND
All U.S. dollars available for use in carrying out the
activities of the various funds of the OAS are
consolidated in the OAS Treasury Fund. Each fund
administered by the General Secretariat maintains an
equity to the extent of its cash balance retained
therein. The General Secretariat administers the OAS
Treasury Fund, and amounts not immediately
required for operations are invested. Income earned
by the OAS Treasury Fund is added to the equity of
each fund in proportion to its balance.
The composition of the OAS Treasury Fund as of
December 31 is as follows:
OAS Treasury Fund
The Regular Fund is divided into two subfunds:
Operating Subfund and the Reserve Subfund.
The Operations Subfund
In accordance with the Regular Fund
Program-Budget, all income of the Regular Fund is
2006 2005Demand and Time Deposits, net of $576,000 and $967,000 representing checks not presented for payment as of December 31, 2006 and 2005, respectively.
$119,371,000 $104,886,000
Accrued Interest Receivable 87,000 59,000 Scheduled Disbursements (219,000) (126,000)Local Currency at National Offices 1,491,000 832,000
120,730,000 105,651,000
Less Equity of:Trust Funds (Rowe, Medical Benefits, Trust for the Americas)
1,501,000 1,413,000
Add:Petty Cash and Cash in Transit 19,000 11,000
Total $119,248,000 $104,249,000
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
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credited to, and all obligations and expenditures are
charged to the Operating Subfund, except for those
amounts allocated to the Reserve Subfund or
Supplementary Appropriations.
The Reserve Subfund
The purpose of the Reserve Subfund is to ensure the
regular and continuous financial functioning of the
General Secretariat. The amount of this Subfund
shall be equivalent to 30 percent of the total
annual quotas of the Member states. Amounts in
excess of the 30 percent shall be available for any
purpose approved by the General Assembly. As of
December 31, 2006 and 2005, the total fund
balance was insufficient to provide 30 percent to this
balance.
Regular Fund Balances
Within the Reserve Subfund, $3 million has been
restricted for Supplementary Appropriations. The
purpose of the restricted balance is to reserve funds
to cover resolutions that have been approved but not
provided for in the Regular Fund Program-Budget as
of December 31, 2006 and 2005.
The following is the roll forward of the equity
accounts from December 31, 2005 to December 31,
2006:
6. FIXED ASSETS
The General Secretariat follows the practice of
charging to current fiscal period’s appropriations the
amount disbursed in acquiring real property,
equipment, and works of art and subsequently
capitalizing such acquisitions in a separate Fixed
Assets Fund. This practice allows the GS/OAS to
continue to reflect those expenditures for fixed
assets against the amounts appropriated for such
purposes while, at the same time, presenting them
as capitalized assets on the Statements of Assets,
Liabilities and Fund Balances. Only those assets
under direct control of the General Secretariat at its
headquarters, its offices in the Member states and
certain assets within the missions are included in the
financial statements.
Fixed assets are recorded at cost and depreciated
on a straight line basis over their estimated useful
lives. The composition of fixed assets as of December
31 is as follows:
OAS capitalized approximately $841,151 of
building costs associated with renovations to their
existing properties, the GSB Building, the Main
Building and the Museum as of December 31, 2006.
7. ACCOUNTABLE ADVANCES
In the performance of various activities, the
administrators of the various funds may deem
necessary to advance funds for conducting a program
or a specific event prior to the actual occurrence of
the expenses, such as activities in remote locations.
In the opinion of the administrators of the funds,
such action is necessary to assure the timely
performance of such activities. Recipients of
advances are required to submit an accounting or
suitable supporting documentation for the resulting
(in thousands)
UnappropriatedBalance as of 12/31/2005 $ - $ 8,608 $ 1,552 $ 35,035
Net increase during period - 2,242 1,448 -
Net increase (decrease) in fixed assets
- - - (1,109)
Balance as of 12/31/2006
$ - $ 10,850 $ 3,000 * $ 33,926
* $3,000 restricted to cover Fellowships 2006 appropriated to be executed in 2007 and in subsequent years, pursuant to AG/RES. 2257 (XXXVI-O/06).
Operating Subfund
Restricted for Fixed Assets
Reserve Subfund
Appropriated
AssetDepreciation Basis 2006 2005
Land N/A $ 5,491,305 $ 5,491,305
Buildings 50 years 61,864,333 61,523,712
Vehicles 5 years 3,833,132 3,913,812
Furniture 10 years 4,868,387 4,920,988
Technical Machinery and Equipment
5 years 13,091,614 12,921,067
Works of Art N/A 3,048,248 2,746,148
Collections N/A 1,350 1,350
92,198,369 91,518,382
Less: accumulated depreciation (34,382,835) (32,236,173)
Net Book Value as of December 31
$ 57,815,534 $ 59,282,209
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
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expenditures in a form deemed adequate by the administrators of the funds and by the Department of Budgetary
and Financial Services. Advances of this nature are recorded as expenditures in the period in which funds are ad-
vanced.
8. CONTRIBUTIONS TO SPECIFIC FUNDS
Contributions by donor to Specific Funds during the year ended December 31, 2006, as reflected in Exhibits 1 and
2 of the accompanying combining financial statements, are as follows:
Member statesArgentina 1,012,468$ Bahamas 52,200 Barbados 25,713 Bolivia 72,679 Brazil 1,032,512 Canada 11,443,903 Chile 390,000 Colombia 560,943 Costa Rica 128,685 Dominica 13,500 Dominican Republic 427,735 Ecuador 250,305 El Salvador 117,317 Honduras 1,196,990 Jamaica 20,472 Mexico 3,594,486 Nicaragua 37,000 Panama 444,911 Peru 25,000 St. Lucia 43,261 Trinidad and Tobago 76,818 United States 16,193,345 Uruguay 15,000 Venezuela 196,850
Total Member states 37,372,093$ 56%
ObserversChina 200,000 Denmark 50,000 European Union 1,003,730 Finland 332,337 France 275,538 Germany 31,880 Greece 20,000 Italy 432,707 Japan 212,250 Korea 130,000 Netherlands 318,577 Norway 1,765,091 Qatar 10,000 Spain 7,264,076 Sweden 6,766,383 Thailand 10,000 Turkey 12,000 United Kingdom 241,900
Total Observers 19,076,469 29%
Non Member states and othersCONAE 222,160 I-A Development Bank 1,190,266 International Development Research Centre 269,404 International Organization for Migration 987,500 OSI Dev. Foundation 249,946 Renewable Energy and Energy Efficiency Partnership 137,162 United Nations 3,741,707 World Bank 1,442,913 690524Multiple Funding Sources & Others 2,046,810
Total non Member states and others 10,287,868 15%
Total contributions to Specific Funds 66,736,430$ 100%
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
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9. TAX REIMBURSEMENTS
Tax reimbursements represent amounts paid to
certain employees of the General Secretariat of the
Organization of American States (GS/OAS) for
income taxes paid to their respective Member state.
The GS/OAS is responsible for reimbursement of
income taxes to qualified individuals. At the same
time, the Member states are responsible for
reimbursement to the GS/OAS for the amount
disbursed to the employee. The Regular Fund is
sometimes required to reimburse taxes to staff
members prior to receipt of payment by the Member
states.
10. MORTGAGE LIABILITY
Mortgage liability was incurred solely by the Regular
Fund under the following terms and conditions:
On October 24th, 2001, GS/OAS authorized Bank of
America N.A. (lender) the issuance and sale of up to
Twenty-Five Million Dollars ($25,000,000) in the
aggregate principal amount of The General
Secretariat of the Organization of American States
Taxable Variable Rate Demand Notes, Series A
(Demand notes), and planned to use the proceeds to
pay off the old mortgage, finance the cost of the
construction, renovation, and equipping of the
property located at 1889 F Street N.W.
The Demand notes will mature on March 1, 2033.
In support of the Demand notes to be issued, Bank of
America provided GS/OAS with a letter of credit
which will expire on November 1, 2011. The
proceeds were used to repay the existing mortgage,
financing fees and renovations. Although the
Demand notes are issued at the then prevailing
market rate, GS/OAS entered into a SWAP
agreement with Bank of America locking the interest
it will pay on the Demand notes to 6.37%.
Swap agreement
As GS/OAS does not follow accounting principles
generally accepted in the United States of America,
GS/OAS does not account for the interest rate swap
agreement under Statement of Financial Standards
No. 133, “Accounting for Derivative Instruments and
Hedging Activities.” Thus, OAS has not determined
whether this swap is an effective or ineffective hedge
relationship, and has not marked to market the value
of swap.
During fiscal years 2006 and 2005, OAS paid
$1,703,727 and $1,723,914 respectively, of interest
expense and fees related to the swap agreement, of
which $148,338 and $117,749 relates to bank fees,
respectively.
The GS/OAS has various debt covenants related
to the Demand notes. Not all of the requirements of
those covenants were met during fiscal years 2006
and 2005. The terms of the Demand notes
agreement require the bank to issue a letter of
notification requesting that the default be remedied
within 30 days. The GS/OAS is not in technical
default unless the covenants are not brought into
compliance within the allotted 30 day time frame.
The GS/OAS has not received a letter of notification
from the bank as of the date of the audit opinion,
and thus are not in technical default on the Demand
notes.
11. LEASES
The General Secretariat leases certain facilities and
Principal balance as of 12/31/2006:
$ 23,890,000
Repayment terms
Annual interest rate 6.37%Interest expense and fees:
2005 $ 1,723,914 2006 $ 1,703,727
Principal Payments Prior Years $ 765,000 2006 345,000 2007 360,000 2008 390,000 2009 410,000 2010 and thereafter 22,730,000
Total $ 25,000,000
Due in monthly installments beginning on Sep. 1, 2003, through Mar. 1, 2033. Payments are made semiannually.
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
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equipment. Rental expense for such leases was
$1,142,111 and $1,007,629 for the years ended
December 31, 2006 and 2005, respectively. The GS/
OAS sub-leases space in its GSB building to other
tenants. These leases have varying terms of 5 and
15 years extending through June 2018. The GS/OAS
earned rental income of approximately $1,705,000
and $1,595,500 for the years ended December 31,
2006 and 2005, respectively, and includes ad-hoc
rentals of the Hall of the Americas.
12. RETIREMENT PLANS
Staff members of the General Secretariat of OAS are
required to join the Retirement and Pension Plan,
Provident Plan or 401(M) Plan, as a condition of
employment. In addition under special agreements,
employees of other agencies of the Inter-American
system may also participate in these Plans. The
following agencies are current participants: the
Inter-American Institute for Cooperation on
Agriculture (IICA), the Inter-American Defense Board
(IADB), and the Inter-American Court of Human
Rights (ICHR).
The Retirement and Pension Plan is a
contributory retirement plan. Compulsory
contributions are shared 2/3 by the institution and
1/3 by the staff member. The Provident Plan is a
contributory savings plan established for the benefit
of employees under short-term contracts.
Compulsory contributions to the Provident Plan are
made in equal amounts and participants are fully
vested at all times on their respective balances in the
Plan.
The 401(M) plan is also a contributory plan
designed for members with a contract for a limited
time in excess of one year or for members who have
not elected participation in the Retirement and
Pension Plan. The 401(M) is similar in its nature to an
IRA. Pension expense for the Retirement and
Pension, Provident and 401(M) Plans borne by the
Regular Fund amounted to $ 7,036,795 in 2006, and
$7,831,398 in 2005.
In addition to the retirement plan described
above, the General Secretariat provides a lifetime
annuity to former Secretary Generals and Assistant
Secretary Generals with survival benefits for their
spouses and has extended pension benefits to
certain former staff members with expired fixed term
pensions. The approximate cost of these annuities,
$515,149 and $355,500 in 2006 and 2005
respectively, is budgeted and recognized in the year
paid. The approximate present value of estimated
future payments of $6.8 million and $7.2 million as
of December 31, 2006 and 2005, respectively, is
reflected in the amounts to be charged to future
years appropriations in the Statement of Assets,
Liabilities and Fund Balances of the Regular Fund.
13. POST EMPLOYMENT HEALTH CARE AND LIFE INSURANCE BENEFITS
In addition to providing pension benefits as
described in Note 12 above, the General Secretariat
provides health care and life insurance benefits for
retirees and their dependents. The cost of health care
is partially borne by the retirees. The cost to the
General Secretariat for its portion of the health care
as well as the life insurance is recognized when paid.
For the years ended December 31, 2006 and 2005,
those costs were $2,760,190 and $2,462,783,
respectively.
14. CONTINGENCIES
There are several claims asserted by various
individuals arising from the normal course of the
Organization’s activities. In the opinion of
management, these cases and assertions will not
result in a material adverse financial effect on the
financial condition of the Regular and Specific Funds.
15. FELLOWSHIPS
On an annual basis the GS/OAS approves
fellowships to students that will matriculate in a
country different than their national origin. OAS
obligates funds related to the current fiscal period in
that period. Future commitments of students are
contingent on eligibility factors such as grades and
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
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continuing education at the selected colleges.
For 2006, Member states instructed the General
Secretariat to “… pause in the awarding of new 2006
graduate (PRA) and undergraduate (SPECAF)
scholarships… ” pursuant to AG/RES. 2257 (XXXVI-
O/06). Member states also instructed that “… Once
the pause established by [AG/RES. 2257 (XXXVI-
O/06)][had] been lifted, to authorize the General
Secretariat to use unobligated and unspent 2006
appropriations for new graduate and undergraduate
fellowships in 2007 and in subsequent years.”
As of December 31, 2006, the OAS had recorded
the following fellowship commitments for 2007 and
2008:
16. GRANTS
Grants received by the GS/OAS may be subject to
donor audit. Donors may request the GS/OAS
financial reports of funds received and expended as
prescribed in the corresponding donor agreements.
Management believes it is in compliance with all
donor requirements.
Fellowship Commitments
2007 $ 1,069,753
2008 90,190
$ 1,159,943
General Secretariat
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
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GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
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267,1
47
57,5
57
-
PERU
-
-
0.4
1306,1
00
-
306,1
00
-
-
ST.K
ITTS A
ND
NEVIS
-
-
0.0
214,9
00
298
14,9
00
-
-
ST.L
UCIA
-
22,4
00
0.0
322,4
00
-
22,4
00
-
-
ST.V
INCEN
T A
ND
TH
E G
REN
AD
INES
-
-
0.0
214,9
00
304
14,9
00
-
-
SU
RIN
AM
E66,1
25
-
0.0
752,3
00
-
118,4
25
-
-
TRIN
IDAD
AN
D T
OBAG
O-
3,5
49
0.1
8134,4
00
2,6
88
134,4
00
-
-
UN
ITED
STATES
-
-
59.4
744,3
95,9
00
-
44,3
95,9
00
-
-
URU
GU
AY
582,3
00
-
0.2
6194,1
00
-
388,2
00
-
388,2
00
VEN
EZU
ELA
2,3
88,9
00
-
3.2
02,3
88,9
00
-
4,7
77,8
00
-
-
18,6
75,4
66
$
a88,5
49
$
98.7
6
b73,7
27,1
00
$
225,8
33
$
79,8
55,0
75
$
270,4
35
$
12,5
47,4
91
$
a
a) D
oes
not
incl
ude
Cuba
whic
h h
as a
unco
llect
ed b
alan
ce o
f $2,1
66,3
22.
b)
In t
he
com
puta
tion o
f quota
ass
essm
ents
to M
ember
sta
tes,
1.2
4%
rep
rese
nts
the
last
quota
ass
esed
to C
uba.
c) P
aym
ent
rece
ived
on 1
/9/0
7.
d)
Paym
ent
rece
ived
on 1
/12/0
7.
Sch
ed
ule
1R
eg
ula
r Fu
nd
Sta
tem
en
t o
f Q
uo
ta C
ollect
ion
s A
ssess
men
ts,
Co
llect
ion
s an
d B
ala
nce
sY
ear e
nded
Dec
embe
r 31,
200
6
Bal
ance
s as
of
Dec
emb
er 3
1, 2
005
2005
pro
mp
t p
aym
ent
& o
ther
cr
edit
sU
nco
llect
ed b
alan
ces
as
of D
ecem
ber
31,
200
6M
emb
er S
tate
s
Col
lect
ion
s in
200
6Q
uot
a as
sess
men
t fo
r 20
06
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 62 -
OR
GA
NIZ
AT
ION
OF A
ME
RIC
AN
ST
AT
ES
Sta
tem
en
t o
f P
led
ges,
Paym
en
ts a
nd
Bala
nce
sA
s of D
ecem
ber 3
1, 2
006
Pay
men
tsO
uts
tan
din
gfo
r 20
06 a
nd
In
ad
van
ce f
orb
alan
ces
atP
led
ges
for
2006
pri
or y
ears
year
200
7D
ecem
ber
31,
200
6
AN
TIG
UA A
ND
BARBU
DA
$ -
$
6,9
88
$ 6,9
88
$ -
$
-
ARG
EN
TIN
A -
4
0,0
00
4
0,0
00
-
-
BAH
AM
AS,
CO
MM
. O
F -
2
0,0
00
2
0,0
00
-
-
BARBAD
OS
-
1
6,4
00
1
6,4
00
-
-
BELI
ZE
-
7
,800
7
,800
-
-
BO
LIVIA
-
2
9,1
00
2
9,1
00
-
-
BRAZIL
-
5
,000
5
,000 209,9
86
-
CH
ILE
-
110,0
00 110,0
00
-
-
CO
LOM
BIA
-
105,0
39 105,0
39
-
-
CO
STA R
ICA
-
3
2,9
00
3
2,9
00
-
-
DO
MIN
ICA,
CO
MM
. O
F -
5
,100
5
,100
-
-
DO
MIN
ICAN
REPU
BLI
C -
3
5,0
00
3
5,0
00
-
-
ECU
AD
OR
-
4
0,6
66
4
0,6
66
-
-
EL
SALV
AD
OR
-
3
2,1
00
3
2,1
00
-
-
GREN
AD
A -
6
,000
6
,000
-
-
GU
ATEM
ALA
-
2
5,0
00
2
5,0
00
-
-
GU
YAN
A -
5
,100
5
,100
-
-
HAIT
I -
5
,000
5
,000
-
-
HO
ND
URAS
-
7
,253
7
,238
-
15
JAM
AIC
A -
3
9,8
00
3
9,8
00
-
-
MEXIC
O 150,0
00 350,0
00 500,0
00
-
-
NIC
ARAG
UA
-
1
8,0
00
1
8,0
00
-
-
PAN
AM
A -
3
9,6
00
3
9,6
00
-
-
PARAG
UAY
-
9
,300
9
,874
574
-
PERU
-
5
5,0
00
5
5,0
00
-
-
ST.
KIT
TS A
ND
NEVIS
-
5
,100
5
,100
-
-
ST.
LUCIA
-
7
,600
7
,581
-
19
ST.
VIN
CEN
T A
ND
TH
E G
REN
AD
INES
-
5
,100
5
,100
5
,100
-
SU
RIN
AM
E -
1
0,0
00
1
0,0
00
-
-
TRIN
IDAD
AN
D T
OBAG
O -
3
1,2
00
3
1,2
00
-
-
UN
ITED
STATES
-
4
,702,5
00
4
,702,5
00
-
-
URU
GU
AY
-
9
,500
9
,500
-
-
VEN
EZU
ELA
-
166,0
00 155,9
60
-
1
0,0
40
$ 1
50,0
00
$ 5,9
83,1
46
$ 6,1
23,6
46
$ 2
15,6
60 $
1
0,0
74
FE
MC
IDI
Mem
ber
Sta
tes
Sch
ed
ule
2
Un
colle
cted
Bal
ance
s as
of
Dec
emb
er 3
1, 2
005
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 63 -
As of December 31
Approved by theGeneral Assembly
(a)
AdjustedAppropriation
Approved by the Permanent Council
(b)
SupplementaryAppropriation
(c)
DiscretionaryAppropriation
( d )
2006AdjustedBudget
Secretary General 7,214,300$ 7,459,100$ 387,831$ 67,705$ 7,914,636$ Assistant Secretary General 18,366,900 18,884,000 60,000 (524,497) 18,419,503 Autonomous and/or Decentralized Entities 12,826,000 13,286,500 - (528,431) 12,758,069 Department of International Legal Affairs 2,220,900 2,229,500 - (103,683) 2,125,817 Secretariat for Multidimensional Security 2,452,200 2,623,400 - (83,063) 2,540,337 Secretariat for Political Affairs 2,780,200 3,137,400 - 554,225 3,691,625 Executive Secretariat for Integral Development 8,082,200 8,178,800 - (612,736) 7,566,064 Secretariat for Administration and Finance 9,986,300 10,519,000 818 (280,718) 10,239,100 Basic Infrastructure and Common Costs 9,409,000 11,977,500 - 1,511,198 13,488,698 Subsidies:
Inter-American Court of Human Rights 1,391,300 1,656,300 - - 1,656,300 Inter-American Defense Board 1,416,200 1,416,200 - - 1,416,200 Pan-American Development Foundantion 130,000 130,000 - - 130,000
Total 76,275,500$ 81,497,700$ 448,649$ -$ 81,946,349$
(a) AG/RES. 2157 (XXXV-O/05).
(b) CP/RES. 903 (1542/06).
(c) Americas Magazine ($353,649), FONDEM ($35,000), Special General Assembly ($60,000).
(d) CP/doc. 4152/06, CP/CAAP/Rep. 7/06, and CP/CAAP-2887/07.
Summary of Disposition of AppropriationsAs of December 31
2006AdjustedBudget
Charges for Expenditures
Unliquidated Obligations
Total Expenditures and Obligations
Unused Appropriations
Secretary General 7,914,636$ 7,858,287$ 31,300$ 7,889,587$ 25,049$ Assistant Secretary General 18,419,503 18,071,934 222,098 18,294,032 125,471 Autonomous and/or Decentralized Entities 12,758,069 9,342,074 497,741 9,839,815 2,918,254 Department of International Legal Affairs 2,125,817 2,121,711 1,744 2,123,455 2,362 Secretariat for Multidimensional Security 2,540,337 2,512,120 23,730 2,535,850 4,487 Secretariat for Political Affairs 3,691,625 3,617,272 74,066 3,691,338 287 Executive Secretariat for Integral Development 7,566,064 7,399,944 143,438 7,543,382 22,682 Secretariat for Administration and Finance 10,239,100 9,992,046 246,143 10,238,189 911 Basic Infrastructure and Common Costs 13,488,698 12,927,992 553,257 13,481,249 7,449 Subsidies: -
Inter-American Court of Human Rights 1,656,300 1,656,300 - 1,656,300 - Inter-American Defense Board 1,416,200 1,416,200 - 1,416,200 - Pan-American Development Foundantion 130,000 130,000 - 130,000 -
Total 81,946,349$ 77,045,880$ 1,793,517$ 78,839,397$ 3,106,952$
Budgeted Funding:
Quotas 73,727,100$
Supplementary Appropriations:
CP/RES. 903 (1542/06) 5,222,200
FONDEM 35,000
Americas Magazine Subscription Revenue 353,649
Extraordinary General Assembly 60,000
79,397,949
Interest, Rental and Other Income 2,548,400
Total 81,946,349$
Schedule 4Regular Fund
Summary of Appropriations
Schedule 3Regular Fund
Actuals
2006 Budget
ORGANIZATION OF AMERICAN STATES
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 64 -
ORGANIZATION OF AMERICAN STATES
Summary of AppropriationsAs of December 31
2006 AdjustedAppropriation
(a)
Total Expenditures and Obligations
(b)
Unused Appropriations
(c)Integral Development Account $ 774,402 $ 108,456 $ 665,946 Economic Diversification and Integration, Trade Liberalization and Market Access
1,093,339 263,812 829,527
Social Development and Creation of Productive Employment
1,603,488 547,375 1,056,113
Education 4,820,232 1,088,070 3,732,162 Culture 273,177 11,658 261,519
Scientific Development, Exchange and Transfer of Technology
3,091,057 837,329 2,253,728
Strengthening of Democratic Institutions 463,205 44,402 418,803 Sustainable Development of Tourism 1,137,893 211,617 926,276 Sustainable Development and Environment 1,755,454 270,382 1,485,072 Projects Preparation 853,102 5,813 847,289 Projects Evaluation 70,678 61,480 9,198 Contribution for Adm. and Technical Support 213,760 213,760 -
Total $ 16,149,787 $ 3,664,154 $ 12,485,633
Notes:
(b) Includes expenditures from FEM-ADM-2002 award, FEM-2003 FEMCIDI award, FEM-2004 FEMCIDI award and FEM-2005 award.
(a) Includes the remaining budget of the pre-2002 award FEM-2002 project, pre-2003 FEMCIDI awards and 2004 FEMCIDI programming awards approved by the IACD Management Board on June 21, 2005 (IACD/JD/doc.95/05 Rev. 1), years 2005 and 2006 contributions and interest earned from 2002 - 2006.
Schedule 5FEMCIDI
Actuals
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 65 -
OR
GA
NIZ
AT
ION
OF A
ME
RIC
AN
ST
AT
ES
From
Janu
ary
1, 2
006
to D
ecem
ber 3
1, 2
006
Cas
h B
alan
ceIn
tere
stR
etu
rn, R
efu
nd
s &
Cas
h B
alan
ce
Un
liqu
idat
edF
un
d B
alan
ce O
rgan
izat
ion
Ja
nu
ary
01, 2
006
Con
trib
uti
ons
Tra
nsf
ers
Inco
me
Oth
er I
nco
me
Exp
end
itu
res
Net
Ch
ange
D
ecem
ber
31,
200
6O
blig
atio
ns
Dec
emb
er 3
1, 2
006
Offi
ce Offic
e of
the
Sec
reta
ry G
ener
al (
11A)
(84,4
38)
$
150,0
00
$
165,0
00
$
-
(1,3
93)
$
105,4
25
$
208,1
82
$
123,7
44
$
7,6
50
$
116,0
94
$
Dep
artm
ent
of Le
gal Ser
vice
s (1
1B)
132,3
32
15,5
30
-
-
-
650
14,8
80
147,2
12
-
147,2
12
Dep
artm
ent
of P
lannin
g,
Contr
ol, a
nd E
valu
atio
n (
11C)
-
-
179,1
32
-
-
126,5
26
52,6
06
52,6
06
50,1
47
2,4
59
Dep
artm
ent
of Ext
ernal
Rel
atio
ns
(11D
)127,2
44
228,1
19
-
-
(611)
145,4
40
82,0
68
209,3
12
16,6
19
192,6
93
Dep
artm
ent
of P
ress
and C
omm
unic
atio
ns
(11E)
(19,6
91)
2,1
93
2,5
00
-
2,6
95
4,1
98
3,1
90
(16,5
01)
1,4
25
(17,9
26)
Offic
e of Pr
oto
col (1
1F)
48,5
87
-
-
-
-
-
-
48,5
87
-
48,5
87
Sum
mits
Dep
art
men
t (1
1G
)239,8
10
540,7
91
9,8
00
-
(56,5
40)
481,1
67
12,8
84
252,6
94
138,2
68
114,4
26
Offic
e of
the
Ass
ista
nt
Sec
reta
ry G
ener
al (2
1A)
(341,6
48)
4,5
31,0
92
(11,5
00)
-
(4,6
18)
283,0
15
4,2
31,9
59
3,8
90,3
11
45,4
41
3,8
44,8
71
Offic
e of Con
fere
nce
s and M
eetings
(21B)
190,5
64
135,2
33
-
-
-
102,9
81
32,2
52
222,8
16
3,7
90
219,0
26
OAS C
onfe
rence
s (2
1C)
87,2
83
343,2
98
(2,2
45)
-
-
256,9
04
84,1
49
171,4
33
8,4
43
162,9
90
Offic
e of Cultura
l Ser
vice
s (2
1D
)74,7
10
4,0
00
-
-
36,6
27
65,5
33
(24,9
06)
49,8
04
454
49,3
50
Coord
inat
ing O
ffic
e fo
r th
e O
ffic
es a
nd U
nits
of th
e G
ener
al S
ecre
tari
at
in t
he
Mem
ber
Sta
tes
(21E)
684,7
18
309,3
99
(3,9
04)
-
32,7
26
399,4
91
(61,2
70)
623,4
48
47,3
33
576,1
15
Offic
e of
the
Sec
reta
riat
to
the
Gen
eral
Ass
embly
,
Mee
ting o
f Consu
ltation
, P
erm
anen
t Counci
l an
d
Subsi
dia
ry O
rgan
s (2
1F)
9,7
43
-
-
-
-
2,7
24
(2,7
24)
7,0
19
1,0
78
5,9
41
Gen
eral
Ass
embly
(21G
)8,6
74
739,1
57
-
-
(20,8
08)
219,6
81
498,6
68
507,3
42
-
507,3
42
Perm
anen
t Sec
reta
riat
of th
e In
ter-
Am
eric
an
Com
mis
sion o
f W
om
en (
21I)
359,0
38
308,3
83
(54,0
88)
319
$
(137)
443,6
96
(189,2
19)
169,8
19
40,4
29
129,3
90
Sec
reta
riat
of th
e In
ter-
Am
eric
an C
omm
itte
e on
Por
ts
(21J)
-
299,4
38
503,0
92
-
(19,7
19)
275,6
47
507,1
64
507,1
64
58,3
25
448,8
39
Inte
r-Am
eric
an C
hild
ren’s
Inst
itute
(21K)
281,1
83
18,0
00
(16,0
33)
-
-
10,5
00
(8,5
33)
272,6
50
-
272,6
50
Sec
reta
riat
of th
e In
ter-
Am
eric
an T
elec
omm
unic
ation
s Com
mis
sion (
21L)
65,3
67
553,8
14
2,2
45
-
(91)
559,5
70
(3,6
02)
61,7
65
19,7
39
42,0
27
Exe
cutive
Sec
reta
riat
of th
e In
ter-
Am
eric
an
Com
mis
sion o
n H
um
an R
ights
(31B)
2,3
05,4
35
1,3
28,2
54
768,7
64
22,8
18
(15,8
48)
2,0
10,2
58
93,7
30
2,3
99,1
65
1,0
44,8
46
1,3
54,3
19
Sec
reta
riat
of th
e O
AS A
dm
inis
trative
Tri
bunal (3
1C)
76,8
47
24,0
51
-
-
(642)
24,5
14
(1,1
05)
75,7
42
15,4
98
60,2
44
Offic
e of th
e In
spec
tor
Gen
eral (3
1D
)1,7
36
-
-
-
-
-
-
1,7
36
-
1,7
36
Hum
an D
evel
opm
ent
Fund C
om
mitte
e (3
1E)
26,7
67
9,3
63
19,3
32
-
-
400
28,2
95
55,0
62
-
55,0
62
Dep
artm
ent
of I
nte
rnational Le
gal
Affai
rs (
41B)
8,3
05
-
-
-
(190)
-
(190)
8,1
15
-
8,1
15
Inte
rnat
ional La
w O
ffic
e (4
1D
)4,7
65
2,3
95
-
-
-
-
2,3
95
7,1
60
-
7,1
60
Juri
dic
al C
ooper
atio
n O
ffic
e (4
1E)
468,4
28
436,5
47
-
-
(673)
529,8
48
(93,9
74)
374,4
54
182,9
83
191,4
71
Exe
cutive
Sec
reta
riat
of th
e In
ter-
Am
eric
an D
rug A
buse
Contr
ol Com
mis
sion
(51C)
14,8
14,3
35
6,0
07,4
01
(8,0
00)
-
15,7
16
6,3
92,9
26
(377,8
09)
14,4
36,5
26
2,4
13,1
53
12,0
23,3
73
Sec
reta
riat
for
the
Inte
r-Am
eric
an C
omm
itte
e ag
ainst
Ter
rori
sm (
CIC
TE)
(51E)
2,0
52,1
10
1,1
82,5
21
(38,8
98)
2,7
15
(82,5
93)
1,8
97,3
19
(833,5
73)
1,2
18,5
36
379,7
24
838,8
13
Dep
artm
ent
for
the
Prev
ention o
f Thre
ats
again
st P
ublic
Sec
uri
ty (
51F)
1,8
36,6
14
6,0
17,9
25
-
46,8
78
1,3
83
6,1
21,9
50
(55,7
63)
1,7
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GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 67 -
OR
GA
NIZ
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OF A
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275
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ceW
ork
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n In
dige
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00
20
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20
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tem
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k G
r on
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geno
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ight
s6,
284
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284
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lyW
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dige
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52
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49
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49
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Mex
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k G
r on
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s3,
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9
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9,81
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54
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9,
800
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25
2,69
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11
4,42
6
Offi
ce o
f the
Ass
ista
nt S
ecre
tary
Gen
eral
(21A
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orw
ayA
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. on
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hts
of In
dige
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Peo
ples
5,99
0
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3)
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703)
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Em
erge
ncy
Res
pons
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the
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urin
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11
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atio
nsH
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-
19
8,44
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96,6
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10
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5
32
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69,7
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ario
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dura
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bser
vatio
n(3
63,5
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(3
63,5
08)
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St.
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aH
urric
ane
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rina
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tims
Fund
10,0
00
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-
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-
-
-
10
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-
10
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ada
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sion
to S
uppo
rt S
treng
then
ing
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ocra
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ti-
4,32
1,14
8
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18
5,02
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4,
136,
123
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136,
123
13
,400
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2,72
3
Var
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Wor
kmen
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ompe
nsat
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30,5
74
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30
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30
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TOTA
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28
3,01
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890,
311
45
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3,84
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Offi
ce o
f Con
fere
nces
and
Mee
tings
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rugu
ayC
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inis
ters
of E
duca
tion
Mee
tin5,
091
-
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-
-
5,
091
-
5,09
1
Var
ious
Con
f. &
Mee
tings
-Prin
t.Ser
vice
s87
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-
-
-
-
-
-
87,1
67
-
87,1
67
E
l Sal
vado
rE
l Sal
vado
r-G
en A
ssem
bly
9,28
7
-
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-
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-
9,28
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9,
287
B
razi
lE
xprt.
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port
on I-
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um R
ight
s4,
526
-
-
-
-
-
-
4,
526
-
4,52
6
Bar
bado
sG
ener
al A
ssem
bly
2,35
2
-
-
-
-
-
-
2,35
2
-
2,
352
C
osta
Ric
aG
ener
al A
ssem
bly
14,7
16
-
-
-
-
-
-
14
,716
-
14
,716
US
INL
Gro
up o
f Gov
ernm
ent E
xper
ts C
onfe
renc
es3,
919
-
-
-
-
-
-
3,
919
-
3,91
9
Per
man
ent C
ourt
oH
earin
g at
the
OA
S G
uyan
a/S
urin
ame
-
8,
755
-
-
-
-
8,
755
8,
755
-
8,75
5
U.S
.Ju
stic
e S
tudy
Cen
ter
(1,9
47)
-
-
-
-
-
-
(1
,947
)
-
(1
,947
)
Uru
guay
Mee
tings
of C
IDI
1,40
1
-
-
-
-
-
-
1,40
1
-
1,
401
A
rgen
tina
Mod
el O
AS
Gen
eral
Ass
embl
y10
,000
-
-
-
-
-
-
10,0
00
-
10,0
00
V
ario
usM
odel
OA
S G
ener
al A
ssem
bly
1,38
1
-
-
-
-
-
-
1,38
1
-
1,
381
M
exic
oS
peci
al O
AS
Con
fere
nce
52,6
72
-
-
-
-
-
-
52
,672
-
52
,672
Bol
ivia
XL
CIC
AD
Per
iod
of R
egul
ar S
essi
ons
-
72
,679
-
-
-
59
,207
13,4
72
13
,472
1,17
0
12,3
03
E
l Sal
vado
rX
XX
III G
ener
al A
ssem
bly
CIM
-
53
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-
-
-
43
,775
10,0
24
10
,024
2,62
0
7,40
4
TOTA
L19
0,56
4
13
5,23
3
-
-
-
102,
981
32,2
52
22
2,81
6
3,
790
21
9,02
6
OA
S C
onfe
renc
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1C)
Col
ombi
aC
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-IV N
P A
ND
VI M
EE
TIN
G-
50,0
00
-
-
-
25,8
12
24
,188
24,1
88
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6
23
,212
Trin
.&To
bC
ICTE
-V R
egul
ar S
essi
on 2
005
17,1
24
-
-
-
-
39
0
(3
90)
16,7
34
-
16,7
34
C
olom
bia
CIF
TA-In
tera
mer
ican
Con
vent
ion
5,45
6
-
-
-
-
-
-
5,45
6
-
5,
456
C
osta
Ric
aC
ITE
L IV
GE
NE
RA
L A
SS
EM
BLY
-
21
,546
(2,2
45)
-
-
19
,301
-
-
-
-
Nic
arag
uaIA
Con
vent
ion
Aga
inst
Cor
rupt
ion
- Nic
arag
ua19
,071
-
-
-
-
-
-
19,0
71
-
19,0
71
B
razi
lIII
Mee
ting
Min
iste
rs L
ocal
Gov
ernm
ents
371
-
-
-
-
36
(36)
335
-
33
5
V
enez
uela
Inte
r-A
mer
ican
For
um17
,977
-
-
-
-
-
-
17,9
77
-
17,9
77
U
SD
SM
tg. o
f Exp
erts
on
Con
fiden
ce13
,363
-
-
-
-
-
-
13,3
63
-
13,3
63
D
om. R
epub
.R
EM
JA-V
I ME
ETI
NG
OF
MIN
ISTE
RS
-
70
,420
-
-
-
56
,241
14,1
79
14
,179
-
14
,179
Ven
ezue
laR
euni
on T
rata
de
Per
sona
s-
76,8
50
-
-
-
59,3
45
17
,505
17,5
05
4,
024
13
,482
Can
ada
Sec
ond
Mee
ting
Sm
all I
slan
ds(3
,871
)
-
-
-
-
-
-
(3,8
71)
-
(3,8
71)
M
exic
oS
peci
al C
onfe
renc
e on
Sec
urity
8,46
1
-
-
-
-
-
-
8,46
1
-
8,
461
G
uate
mal
aV
I Neg
otia
tions
Mee
ting
Indi
geno
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eopl
e9,
331
-
-
-
-
2,
335
(2
,335
)
6,99
6
687
6,30
9
Bra
zil
VII
Mee
t. N
eg. I
nd. P
eop.
-
12
4,48
2
-
-
-
93,4
44
31
,038
31,0
38
2,
756
28
,282
TOTA
L87
,283
343,
298
(2,2
45)
-
-
25
6,90
4
84
,149
171,
433
8,44
3
162,
990
Offi
ce o
f Cul
tura
l Ser
vice
s (2
1D)
Var
ious
AR
T M
US
. AM
ER
-PE
RM
. FD
14,6
60
-
-
-
10,8
43
16
,374
(5,5
31)
9,
129
45
4
8,
675
V
ario
usH
ipol
ito L
ibra
ry18
,206
-
-
-
25
,784
39,4
03
(1
3,61
9)
4,
587
-
4,58
7
Bra
zil
Mus
eum
Infra
stru
ctur
e R
enov
atio
n10
,000
-
-
-
-
-
-
10,0
00
-
10,0
00
Q
atar
Mus
eum
Infra
stru
ctur
e R
enov
atio
n5,
850
-
-
-
-
4,
000
(4
,000
)
1,85
0
-
1,
850
Tu
rkey
Mus
eum
Infra
stru
ctur
e R
enov
atio
n6,
000
4,
000
-
-
-
5,75
6
(1,7
56)
4,
244
-
4,24
4
Par
agua
yM
useu
m o
f Art
Am
eric
as40
8
-
-
-
-
-
-
40
8
-
408
Oth
erP
alco
to N
ew M
useu
m2,
363
-
-
-
-
-
-
2,
363
-
2,36
3
Var
ious
Sal
es -
OA
S M
icro
film
Sal
es2,
406
-
-
-
-
-
-
2,
406
-
2,40
6
Var
ious
Sal
es-M
useu
m o
f Art
Am
eric
as14
,110
-
-
-
-
-
-
14,1
10
-
14,1
10
X
erox
Cor
p.X
erox
-Gra
nt L
atin
Am
er.A
rt70
6
-
-
-
-
-
-
70
6
-
706
TOTA
L74
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4,00
0
-
-
36,6
27
65
,533
(24,
906)
49,8
04
45
4
49
,350
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 68 -
OR
GA
NIZ
AT
ION
OF A
ME
RIC
AN
ST
AT
ES
From
Janu
ary
1, 2
006
to D
ecem
ber 3
1, 2
006
Cas
h B
alan
ceIn
tere
stR
etu
rn, R
efu
nd
s &
Cas
h B
alan
ce
Un
liqu
idat
edF
un
d B
alan
ceO
rgan
izat
ion
, Don
or &
Pro
ject
Jan
uar
y 01
, 200
6C
ontr
ibu
tion
sT
ran
sfer
sIn
com
eO
ther
In
com
eE
xpen
dit
ure
sN
et C
han
ge
Dec
emb
er 3
1, 2
006
Ob
ligat
ion
sD
ecem
ber
31,
200
6
Sch
ed
ule
6S
peci
fic
Fu
nd
s
Sta
tem
en
ts o
f C
han
ges
in F
un
d B
ala
nce
s
Coo
rdin
atin
g O
ffice
for t
he O
ffice
s an
d U
nits
of t
he G
ener
al S
ecre
taria
t in
the
Mem
ber S
tate
s (2
1E)
Oth
erH
urric
ane
Geo
rge
Rel
ief
1,81
8
-
-
-
-
-
-
1,81
8
-
1,
818
IIC
A
IICA
to O
ffice
of G
uyan
a2,
340
-
-
-
-
-
-
2,
340
-
2,34
0
Var
ious
Offi
ce in
the
Mem
ber S
tate
s54
0,73
1
26
5,99
9
(3
,904
)
-
32
,726
237,
363
57,4
57
59
8,18
9
28
,407
569,
782
FOA
LS
ocia
l Net
wor
k P
roje
ct -
OA
S13
9,82
9
43
,400
-
-
-
16
2,12
8
(1
18,7
28)
21
,101
18,9
26
2,
175
TO
TAL
684,
718
309,
399
(3,9
04)
-
32,7
26
39
9,49
1
(6
1,27
0)
62
3,44
8
47
,333
576,
115
Offi
ce o
f the
Sec
reta
riat t
o th
e G
ener
al A
ssem
bly,
Mee
ting
of C
onsu
ltatio
n, P
erm
anen
t Cou
ncil
and
Subs
idia
ry O
rgan
s (2
1F)
Var
ious
Unp
rogr
amm
ed C
onfe
renc
es9,
743
-
-
-
-
2,
724
(2
,724
)
7,01
9
1,07
8
5,94
1
Gen
eral
Ass
embl
y (2
1G)
Gre
nada
Gre
nada
- VII
Gen
eral
(14,
341)
-
-
-
-
-
-
(14,
341)
-
(1
4,34
1)
C
ON
EP
III F
orum
Priv
ate
Sec
tor/O
AS
-
8,
112
-
-
-
7,30
6
806
806
-
80
6
N
icar
agua
NI X
XIII
Gen
eral
Ass
embl
y2,
207
-
-
-
-
-
-
2,
207
-
2,20
7
US
DS
XX
XV
Ses
s. G
ener
al A
ssem
bly
U.S
.20
,808
-
-
-
(2
0,80
8)
-
(20,
808)
-
-
-
D
om. R
epub
.X
XX
VI S
ess.
Gen
Ass
embl
y (R
epD
)-
331,
315
-
-
-
21
2,37
5
11
8,94
0
11
8,94
0
-
118,
940
Pan
ama
XX
XV
II S
ess.
Gen
Ass
embl
y (P
N)
-
39
9,73
0
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-
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39
9,73
0
39
9,73
0
-
399,
730
TOTA
L8,
674
73
9,15
7
-
-
(2
0,80
8)
21
9,68
1
49
8,66
8
50
7,34
2
-
507,
342
Perm
anen
t Sec
reta
riat o
f the
Inte
r-A
mer
ican
Com
mis
sion
of W
omen
(21I
)U
ni. G
WA
nti-T
raffi
ck. P
roj./
GW
U C
ont.
-
4,
500
(1
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)
-
-
3,37
8
-
-
-
-
Can
ada
Ant
i-Tra
ffick
ing
Per
sons
Hai
ti-
31,5
18
-
-
(3
,850
)
27,6
68
-
-
-
-
U
SA
IDC
ount
er T
raffi
ckin
g of
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en-
36,7
81
(3
3,85
0)
-
(1,4
55)
35
,298
(33,
822)
(33,
822)
-
(3
3,82
2)
C
anad
aG
ende
r Mai
nstre
amin
g-O
AS
/CIM
19,3
63
33
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-
-
-
53
,310
(19,
363)
-
-
-
S
ED
IH
IV/A
IDS
Res
earc
h-
-
7,
500
-
-
7,
500
-
-
-
-
P
hilip
pine
sH
uman
Tra
ffick
ing
7,50
0
-
(7
,500
)
-
-
-
(7
,500
)
-
-
-
U
SD
SIm
plem
enta
tion
Act
iviti
es T
raffi
ckin
g P
erso
ns10
6,60
0
-
(3,2
93)
-
2,50
5
108,
055
(108
,842
)
(2,2
42)
82
(2
,324
)
Mex
ico
Mee
t. of
Exp
. Fol
low
Up
Mec
h. C
onv.
Bel
em d
o P
ara
59,0
42
54
,152
-
-
-
11
,703
42,4
49
10
1,49
1
36
0
10
1,13
1
B
razi
lM
eetin
g of
Exp
erts
Con
vent
ion
of B
elém
do
Par
á19
,800
-
-
-
-
-
-
19,8
00
-
19,8
00
N
ethe
rland
sP
artic
ipat
ion
& G
ende
r Equ
ality
in P
ublic
Fin
ance
100,
000
70,0
00
-
319
$
-
10
4,07
9
(3
3,75
9)
66
,241
34,4
65
31
,776
Mex
ico
Traf
fic o
f Wom
& C
hild
in A
mer
ica
35,3
48
-
(15,
824)
-
-
19,5
24
(3
5,34
8)
-
-
-
US
AID
Traf
fic o
f Wom
& C
hild
in A
mer
ica
(2,4
50)
-
-
-
2,45
0
-
2,
450
-
-
-
Chi
naTr
aini
ng C
ours
e - L
ima,
Per
u33
20
,000
-
-
213
19,3
99
81
4
84
7
38
80
8
H
unt A
lt. F
und
Trai
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Secr
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9,43
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58,3
25
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8,83
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Inte
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549
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2,54
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hild
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151
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551
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2,55
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919
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Inst
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l31
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1)
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27
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2,30
2
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2,30
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2,
302
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Inte
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10,5
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500
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500
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1,50
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10,7
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2,41
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2,
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26
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265
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532
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Var
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4
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14
7
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147
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26
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26
Uni
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Net
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24)
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-
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42
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422
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-
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-
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-
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Var
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Spe
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3
18
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-
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10,5
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27
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Secr
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15
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Exec
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163,
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1
87
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167
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Ford
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00
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42
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57
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ase
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otio
n C
arib
bean
6,24
8
-
-
-
-
1,00
0
(1,0
00)
5,
248
-
5,24
8
Irela
ndS
uppo
rt to
ICH
R C
olom
bia
156,
118
-
-
5,11
4
-
58
,297
(53,
182)
102,
936
31,2
00
71
,736
Mex
ico
Uni
t for
Hum
an R
ight
s D
efen
ders
78
-
-
-
-
-
-
78
-
78
U
SD
SU
nit f
or H
uman
Rig
hts
Def
ende
rs77
,751
-
23
,000
-
-
45,3
35
(2
2,33
5)
55
,415
-
55
,415
IAD
BV
iole
nce
Pre
vent
ion
-
37
,500
-
-
-
-
37,5
00
37
,500
-
37
,500
TOTA
L2,
305,
435
1,
328,
254
76
8,76
4
22
,818
(15,
848)
2,01
0,25
8
93,7
30
2,
399,
165
1,
044,
846
1,
354,
319
Secr
etar
iat o
f the
OA
S A
dmin
istr
ativ
e Tr
ibun
al (3
1C)
IICA
Adm
in T
ribun
al S
essi
ons
76,8
47
24
,051
-
-
(642
)
24
,514
(1,1
05)
75
,742
15,4
98
60
,244
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 70 -
OR
GA
NIZ
AT
ION
OF A
ME
RIC
AN
ST
AT
ES
From
Janu
ary
1, 2
006
to D
ecem
ber 3
1, 2
006
Cas
h B
alan
ceIn
tere
stR
etu
rn, R
efu
nd
s &
Cas
h B
alan
ce
Un
liqu
idat
edF
un
d B
alan
ceO
rgan
izat
ion
, Don
or &
Pro
ject
Jan
uar
y 01
, 200
6C
ontr
ibu
tion
sT
ran
sfer
sIn
com
eO
ther
In
com
eE
xpen
dit
ure
sN
et C
han
ge
Dec
emb
er 3
1, 2
006
Ob
ligat
ion
sD
ecem
ber
31,
200
6
Sch
ed
ule
6S
peci
fic
Fu
nd
s
Sta
tem
en
ts o
f C
han
ges
in F
un
d B
ala
nce
s
Offi
ce o
f the
Insp
ecto
r Gen
eral
(31D
)IA
CD
Aud
it an
d In
vest
igat
ion
Pro
ject
s1,
736
-
-
-
-
-
-
1,
736
-
1,73
6
Hum
an D
evel
opm
ent F
und
Com
mitt
ee (3
1E)
Var
ious
CIT
EL-
Fello
wsh
ips
11,1
46
9,
363
-
-
-
400
8,96
3
20,1
09
-
20,1
09
C
IDI
Con
trib-
Fello
wsh
ips
8,14
5
-
-
-
-
-
-
8,14
5
-
8,
145
S
t.Vin
.&G
ren.
Con
trib-
Fello
wsh
ips
1,37
4
-
-
-
-
-
-
1,37
4
-
1,
374
C
hile
Cou
rse
on N
utrit
iona
l Pol
icie
s5,
000
-
-
-
-
-
-
5,
000
-
5,00
0
Den
mar
kR
omul
o G
alle
gos
Fello
wsh
ips
1,10
2
-
19
,332
-
-
-
19
,332
20,4
34
-
20,4
34
TO
TAL
26,7
67
9,
363
19
,332
-
-
400
28,2
95
55
,062
-
55
,062
Dep
artm
ent o
f Int
erna
tiona
l Leg
al A
ffairs
(41B
)C
anad
aB
ijurid
ism
190
-
-
-
(1
90)
-
(1
90)
-
-
-
C
osta
Ric
aM
in o
f Jus
tice
6,74
6
-
-
-
-
-
-
6,74
6
-
6,
746
P
eru
Min
of J
ustic
e1,
369
-
-
-
-
-
-
1,
369
-
1,36
9
TOTA
L8,
305
-
-
-
(190
)
-
(190
)
8,
115
-
8,11
5
Inte
rnat
iona
l Law
Offi
ce (4
1D)
Uru
guay
Inte
rnat
iona
l Law
126
-
-
-
-
-
-
126
-
12
6
V
ario
usLe
gal P
ublic
atio
ns4,
639
2,
395
-
-
-
-
2,
395
7,
034
-
7,03
4
TOTA
L4,
765
2,
395
-
-
-
-
2,
395
7,
160
-
7,16
0
Jurid
ical
Coo
pera
tion
Offi
ce (4
1E)
Bra
zil
2nd
Mee
ting
Cen
tral A
utho
rity
MLA
263
-
-
-
-
-
-
263
263
-
C
hina
CIF
TA M
eetin
g99
1
-
-
-
-
99
1
(9
91)
-
-
-
C
olom
bia
CIF
TA M
eetin
g7,
203
-
-
-
-
36
5
(3
65)
6,83
8
-
6,
838
B
oliv
iaIA
Con
fere
nce
Int'l
Law
(41,
847)
-
-
-
-
-
-
(41,
847)
-
(4
1,84
7)
B
aham
asI-A
Con
vent
ion
Aga
inst
Cor
rupt
ion
(Fol
low
-up)
-
3,
000
-
-
-
2,80
6
194
194
194
-
B
razi
lI-A
Con
vent
ion
Aga
inst
Cor
rupt
ion
(Fol
low
-up)
13,1
49
-
-
-
-
13
,143
(13,
143)
6
-
6
C
anad
aI-A
Con
vent
ion
Aga
inst
Cor
rupt
ion
(Fol
low
-up)
45,7
88
13
3,54
7
-
-
18
8
15
1,23
5
(1
7,49
9)
28
,289
22,0
45
6,
244
M
exic
oI-A
Con
vent
ion
Aga
inst
Cor
rupt
ion
(Fol
low
-up)
998
-
-
-
-
997
(997
)
1
1
-
Nic
arag
uaI-A
Con
vent
ion
Aga
inst
Cor
rupt
ion
(Fol
low
-up)
7,58
4
3,00
0
-
-
-
10
,584
(7,5
84)
-
-
-
US
DS
I-A C
onve
ntio
n A
gain
st C
orru
ptio
n (F
ollo
w-u
p)17
7
-
-
-
-
17
7
(1
77)
-
-
-
U
SIN
LI-A
Con
vent
ion
Aga
inst
Cor
rupt
ion
(Fol
low
-up)
316,
153
297,
000
-
-
-
30
3,99
7
(6
,997
)
309,
156
128,
411
180,
746
US
DS
I-A C
onve
ntio
n A
gain
st C
orru
ptio
n (W
orks
hop)
78,3
36
-
-
-
(717
)
17
,938
(18,
655)
59,6
81
31
,750
27,9
31
U
SD
SIn
tern
atio
nal A
rbitr
atio
n E
com
& L
egal
Dev
elop
112
-
-
-
94
4
1,
043
(9
9)
13
-
13
US
DS
Inve
stig
ativ
e R
epor
t aga
inst
Cor
rupt
ion
1,08
9
-
-
-
(1
,089
)
-
(1
,089
)
-
-
-
U
nite
d N
atio
nsJo
int P
rog.
OA
S/A
CN
UR
-Pha
se26
-
-
-
-
-
-
26
-
26
US
DS
Lega
l Coo
p A
dmin
ist A
ccou
nt55
-
-
-
-
-
-
55
-
55
Var
ious
Lega
l Coo
p A
dmin
ist A
ccou
nt(1
1)
-
-
-
-
-
-
(1
1)
-
(11)
US
DS
Mtn
g of
Exp
erts
Cor
rptn
Coo
p26
,891
-
-
-
-
26,5
71
(2
6,57
1)
32
0
32
0
-
Can
ada
RE
MJA
/WG
/MLA
Mee
tings
817
-
-
-
-
-
-
817
-
81
7
U
SD
SU
.S./C
IDI-
I-A C
onve
ntio
n A
gain
st C
orru
ptio
n10
,653
-
-
-
-
-
-
10,6
53
-
10,6
53
TO
TAL
468,
428
436,
547
-
-
(673
)
52
9,84
8
(9
3,97
4)
37
4,45
4
18
2,98
3
19
1,47
0
Exec
utiv
e Se
cret
aria
t of t
he In
ter-
Am
eric
an D
rug
Abu
se C
ontr
ol C
omm
issi
on (5
1C)
US
INL
(AC
CE
SO
) Im
plem
enta
tion
170,
100
-
-
-
-
36,0
47
(3
6,04
7)
13
4,05
3
-
134,
053
US
INL
Adm
in &
Tec
hnic
al S
ppt t
o E
DR
U34
,694
-
97
,806
-
10
,000
98,3
37
9,
469
44
,163
27,8
81
16
,283
Can
ada
Adm
inis
trativ
e/Te
ch.
116
139,
197
-
-
(109
,690
)
28,6
03
90
4
1,
020
-
1,02
0
US
INL
Adm
inis
trativ
e/Te
ch.
268,
284
-
16
7,79
9
-
109,
690
306,
295
(28,
806)
239,
478
120,
026
119,
452
UK
Aer
ial S
pray
Mon
. Pro
g. In
CO
L31
-
-
-
-
-
-
31
-
31
US
INL
Aer
ial S
pray
Mon
. Pro
g. In
CO
L1,
384,
534
-
-
-
-
25
6,54
5
(2
56,5
45)
1,
127,
989
24
8,96
9
87
9,02
0
U
SIN
LA
ltern
. Dev
.-GLE
AM
1,97
3
-
-
-
-
-
-
1,97
3
-
1,
973
U
SIN
LA
ltern
ativ
e D
evel
opm
ent C
acao
197,
760
-
(1
00,0
00)
-
-
12
,731
(112
,731
)
85,0
29
-
85,0
29
U
SD
AA
ltern
ativ
e D
evel
opm
ent C
arib
eean
SIG
ATO
KA
44,2
40
-
-
-
-
-
-
44
,240
-
44
,240
US
INL
Alte
rnat
ive
Dev
elop
men
t Car
ibee
an S
IGA
TOK
A36
,986
-
-
-
-
-
-
36,9
86
-
36,9
86
U
SD
AA
ltern
ativ
e D
evel
opm
ent C
olom
bia
25,7
01
-
-
-
-
-
-
25
,701
-
25
,701
US
INL
Alte
rnat
ive
Dev
elop
men
t Col
ombi
a25
4
-
-
-
-
-
-
25
4
-
254
US
DA
Alte
rnat
ive
Dev
elop
men
t Gen
eral
Sup
port
13,1
93
-
-
-
-
2,
657
(2
,657
)
10,5
36
-
10,5
36
U
SIN
LA
ltern
ativ
e D
evel
opm
ent G
ener
al S
uppo
rt11
,505
-
50
,000
-
-
4,43
8
45,5
62
57
,066
-
57
,066
US
INL
Alte
rnat
ive
Dev
elop
men
t SIG
ATO
KA
28,6
41
-
5,00
0
-
-
3,35
3
1,64
7
30,2
88
-
30,2
88
U
SIN
LB
oliv
ia-G
LEA
M75
,075
-
10
0,00
0
-
-
62
,055
37,9
45
11
3,01
9
51
,074
61,9
45
V
ario
usC
anad
ian
Con
tribu
tion
21
-
-
-
-
-
-
21
-
21
U
SIN
LC
arib
. Onl
ine
Cap
. Bui
ld. P
rg.
-
-
192,
950
-
-
129,
492
63,4
58
63
,458
59,6
37
3,
821
E
EC
Car
ibbe
an C
hem
ical
Res
ourc
es48
8
-
-
-
-
-
-
48
8
-
488
US
INL
Car
ibea
n P
reve
ntio
n5,
458
-
(1,3
62)
-
-
3,
254
(4
,616
)
841
-
84
1
U
SIN
LC
hem
ical
Con
trol S
yste
ms
46,7
49
-
26,3
41
-
-
45
,350
(19,
009)
27,7
40
6,
156
21
,584
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 71 -
OR
GA
NIZ
AT
ION
OF A
ME
RIC
AN
ST
AT
ES
From
Janu
ary
1, 2
006
to D
ecem
ber 3
1, 2
006
Cas
h B
alan
ceIn
tere
stR
etu
rn, R
efu
nd
s &
Cas
h B
alan
ce
Un
liqu
idat
edF
un
d B
alan
ceO
rgan
izat
ion
, Don
or &
Pro
ject
Jan
uar
y 01
, 200
6C
ontr
ibu
tion
sT
ran
sfer
sIn
com
eO
ther
In
com
eE
xpen
dit
ure
sN
et C
han
ge
Dec
emb
er 3
1, 2
006
Ob
ligat
ion
sD
ecem
ber
31,
200
6
Sch
ed
ule
6S
peci
fic
Fu
nd
s
Sta
tem
en
ts o
f C
han
ges
in F
un
d B
ala
nce
s
US
INL
CIC
AD
- Und
istri
bute
d Fu
nds
5,66
1,31
8
3,36
9,00
0
(3,8
72,4
21)
-
-
-
(5
03,4
21)
5,
157,
898
-
5,15
7,89
8
Can
ada
CIC
AD
/RC
MP
Law
Enf
orce
men
t-
43,3
72
-
-
-
43,3
72
-
-
-
-
U
SIN
LC
ICA
D/R
CM
P L
aw E
nfor
cem
ent
12,2
36
-
68,0
00
-
-
53
,755
14,2
45
26
,481
1,85
1
24,6
30
S
pain
CIC
DA
T(2
79)
-
-
-
-
-
-
(279
)
-
(279
)
U
SIN
LC
ICD
AT
122,
735
-
(7
9,55
0)
-
-
18
9
(7
9,73
9)
42
,996
1,07
6
41,9
20
U
SIN
LC
olom
bian
Indi
geno
us30
5
-
-
-
-
-
-
30
5
-
305
Can
ada
Com
mun
ity P
olic
ing
674
-
-
-
-
-
-
674
-
67
4
S
GC
Com
mun
ity P
olic
ing
15,2
22
-
-
-
-
-
-
15
,222
-
15
,222
US
INL
Com
mun
ity P
olic
ing
59,9
55
-
-
-
-
80
(8
0)
59
,875
-
59
,875
US
INL
Con
trol &
Inte
rdic
tion
(25)
-
-
-
-
-
-
(25)
-
(2
5)
C
anad
aC
ontro
l & In
terd
ictio
n In
telli
genc
e50
59
,705
12,7
09
-
(12,
709)
59,7
05
-
50
-
50
S
GC
Con
trol &
Inte
rdic
tion
Inte
llige
nce
883
-
-
-
-
-
-
883
-
88
3
S
pain
Con
trol &
Inte
rdic
tion
Inte
llige
nce
10
-
-
-
-
-
-
10
-
10
U
SIN
LC
ontro
l & In
terd
ictio
n In
telli
genc
e13
3,19
8
-
-
-
12,7
67
97
,152
(84,
385)
48,8
13
9,
852
38
,961
Can
ada
Cos
t of S
ubst
ance
Abu
se3,
021
30
,538
-
-
(30,
538)
-
-
3,02
1
-
3,
021
U
SIN
LC
ost o
f Sub
stan
ce A
buse
196,
120
-
87
,500
-
30
,811
149,
356
(31,
045)
165,
075
20,9
37
14
4,13
8
V
ario
usC
ost o
f Sub
stan
ce A
buse
33
-
-
-
-
-
-
33
-
33
C
anad
aC
usto
ms/
Mar
itim
e C
oop.
14,1
59
27
,935
(12,
709)
-
(2
7,93
5)
-
(12,
709)
1,45
0
-
1,
450
Fr
ance
Cus
tom
s/M
ariti
me
Coo
p.1,
288
-
-
-
-
-
-
1,
288
-
1,28
8
SG
CC
usto
ms/
Mar
itim
e C
oop.
-
52
,800
-
-
-
-
52,8
00
52
,800
-
52
,800
US
DS
Cus
tom
s/M
ariti
me
Coo
p.(3
43)
-
-
-
-
-
-
(343
)
-
(343
)
U
SIN
LC
usto
ms/
Mar
itim
e C
oop.
142,
444
-
16
0,00
0
-
27,9
35
18
9,05
5
(1
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GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
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6
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 73 -
OR
GA
NIZ
AT
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OF A
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348
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118
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698
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115,
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US
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Dep
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602
228,
870
172,
731
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 74 -
OR
GA
NIZ
AT
ION
OF A
ME
RIC
AN
ST
AT
ES
From
Janu
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1, 2
006
to D
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006
Cas
h B
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149
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710)
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34,0
21
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41,6
92
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3,54
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480
Italy
Dem
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19,3
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33
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42
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53
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383
44
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41
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US
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10
7,80
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107,
777
23
23
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23
C
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CA
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tem
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8,88
9
-
-
-
-
6,27
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79)
2,
610
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2,61
0
Italy
PA
DC
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uate
mal
a1,
617
-
-
-
-
1,
617
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)
-
-
-
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orw
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CA
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tem
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93,0
35
-
-
-
183
90,7
82
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0,59
9)
2,
436
2,
426
9
C
anad
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truct
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69
-
-
-
-
69
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-
-
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gs S
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ctiv
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0
29
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00
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836,
614
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017,
925
-
46,8
78
1,
383
6,
121,
950
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5,76
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1,
780,
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1,
252,
936
52
7,91
5
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US
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Cen
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50,0
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16
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33
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95
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AS
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Com
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12
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3
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-
1,
803
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aham
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nica
l Sup
port
-
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000
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-
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-
3,
000
3,
000
-
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0
Mex
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nica
l Sup
port
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IT)
-
-
15,8
24
-
-
-
15,8
24
15
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15
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nes
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nica
l Sup
port
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IT)
-
-
7,50
0
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-
7,
500
7,
500
-
7,50
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nica
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port
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113
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3
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SA
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99
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02
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ffairs
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49,6
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10
9
29
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Can
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517,
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38
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00
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10
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Pol
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as39
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-
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-
38,9
97
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7)
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0
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US
DS
Spe
cial
Mis
sion
to N
icar
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132,
286
-
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10,0
00)
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-
19
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)
3,14
7
-
3,
147
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SD
SS
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rt fo
r the
Con
stitu
ent A
ssem
bly
in B
oliv
ia23
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7
-
(189
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)
-
-
15,7
00
(2
04,7
00)
30
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1,10
6
28,9
21
TO
TAL
465,
803
517,
898
(746
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)
745
-
13
3,11
3
(3
61,1
67)
10
4,63
6
1,
215
10
3,42
0
Dep
artm
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or th
e Pr
omot
ion
of D
emoc
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(61C
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EC
Apr
il 11
Inve
stig
atio
n3,
070
-
-
-
-
-
-
3,
070
-
3,07
0
UK
Car
ibbe
an E
lect
oral
Tec
hnic
al A
ssis
tanc
e5,
507
-
-
-
-
-
-
5,
507
-
5,50
7
CID
AC
IDA
Con
tribu
tion
5,69
0
-
-
-
-
-
-
5,69
0
-
5,
690
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 75 -
OR
GA
NIZ
AT
ION
OF A
ME
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ST
AT
ES
From
Janu
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1, 2
006
to D
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1, 2
006
Cas
h B
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nd
s &
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h B
alan
ce
Un
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, Don
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Pro
ject
Jan
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tion
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31,
200
6
Sch
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ule
6S
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fic
Fu
nd
s
Sta
tem
en
ts o
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han
ges
in F
un
d B
ala
nce
s
Var
ious
D
emoc
Ove
rhea
d C
ontri
butio
n7
-
-
-
-
-
-
7
-
7
Italy
Dem
ocra
tic G
over
nabi
lity
And
ean
Reg
ion
6,86
9
-
-
-
-
669
(669
)
6,
200
-
6,20
0
Nor
way
Dem
ocra
tic V
alue
s an
d P
oliti
cal M
anag
emen
t in
C.A
.53
8
-
-
-
(538
)
-
(538
)
-
-
-
US
DS
Dev
elop
men
t Ind
icat
ors
for t
he E
valu
atio
n of
Ele
ctio
ns-
-
-
-
-
4,00
0
(4,0
00)
(4
,000
)
8,00
0
(12,
000)
Nor
way
Dim
inis
hing
Vot
ing
Abs
tinen
ce in
Gua
tem
ala
5,58
2
-
-
-
-
-
-
5,58
2
-
5,
582
E
EC
Dis
arm
amen
t-Ven
ezue
la46
8
-
-
-
-
-
-
46
8
-
468
Col
ombi
aE
lec
Tech
Ass
ist C
olom
bia
2006
-
42
9,38
8
-
-
-
361,
721
67,6
66
67
,666
3,45
2
64,2
15
Fi
nlan
dE
lect
. Obs
. Mis
sion
- N
icar
agua
12
1
-
-
-
-
-
-
12
1
-
121
Japa
nE
lect
. Obs
. Mis
sion
- N
icar
agua
76
7
-
-
-
-
-
-
76
7
-
767
Nor
way
Ele
ct. O
bs. M
issi
on -
Nic
arag
ua
419
-
-
-
-
-
-
419
-
41
9
S
wed
enE
lect
. Obs
. Mis
sion
- N
icar
agua
33
2
-
-
-
-
-
-
33
2
-
332
UK
Ele
ct. O
bs. M
issi
on -
Nic
arag
ua
187
-
-
-
-
-
-
187
-
18
7
A
rgen
tina
Ele
ct. O
bs. M
issi
on-H
aiti
1999
(113
)
-
-
-
168
-
16
8
55
-
55
Can
ada
Ele
ct. O
bs. M
issi
on-H
aiti
1999
2,04
7
-
-
-
-
-
-
2,04
7
-
2,
047
C
hile
Ele
ct. O
bs. M
issi
on-H
aiti
1999
(4,3
49)
-
-
-
-
-
-
(4
,349
)
-
(4
,349
)
Net
herla
nds
Ele
ct. O
bs. M
issi
on-H
aiti
1999
315
-
-
-
-
-
-
315
-
31
5
S
pain
Ele
ct. O
bs. M
issi
on-H
aiti
1999
896
-
-
-
-
-
-
896
-
89
6
U
KE
lect
. Obs
. Mis
sion
-Hai
ti 19
9957
-
-
-
-
-
-
57
-
57
Sw
itzer
land
Ele
ct. O
bs. P
arag
uay
686
-
-
-
-
-
-
686
-
68
6
C
anad
aE
lect
. Obs
. Ven
ezue
la R
efer
endu
m 2
004
7
-
-
-
-
-
-
7
-
7
V
ario
usE
lect
. Tec
hnic
al A
ssis
tanc
e46
7
-
-
-
-
-
-
46
7
-
467
Bra
zil
Ele
ctor
al O
bser
vatio
n Fu
nd-
-
-
-
35
9
-
359
359
-
35
9
U
SD
SE
lect
oral
Obs
erva
tion
Fund
41,8
03
-
-
-
-
-
-
41
,803
-
41
,803
Sw
eden
Ele
ctor
al P
rogr
am S
uppo
rt44
4,21
1
76
7,99
8
1,
785
9,
468
2,
317
41
0,35
5
37
1,21
3
81
5,42
4
49
,201
766,
223
NO
RA
DE
lect
oral
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gram
s A
ssita
nce
17
-
-
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17
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17
U
SA
IDE
lect
oral
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port
2005
Hon
dura
s 3,
914
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-
3,
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Em
b. S
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hnic
al A
ssis
tanc
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the
Car
ibbe
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494
-
(417
)
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2,
077
(2
,494
)
-
-
-
U
KE
lect
oral
Tec
hnic
al A
ssis
tanc
e in
the
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ibbe
an7,
809
-
-
-
-
32
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2)
7,
777
-
7,77
7
US
DS
Ele
ctor
al T
echn
ical
Ass
ista
nce
in th
e C
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89,1
78
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35,6
64
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9,17
8)
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Can
ada
Ele
ctor
al T
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ical
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ject
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aiti
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SA
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lect
oral
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hnic
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ct in
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361,
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32
0
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0
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320
Uni
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Nat
ions
Ele
ctor
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echn
ical
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ject
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aiti
38,6
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621,
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13
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3
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926
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1)
21
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6
16,8
38
U
SA
IDE
lect
oral
Tec
hnic
al P
roje
ct in
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4
141,
862
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6,52
7
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6,
527
U
SD
SE
lect
oral
Tec
hnic
al P
roje
ct in
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35
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34,7
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6
29
6
20
4
92
U
SD
SE
OM
199
9 E
l Sal
vado
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11,2
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11,2
25
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nite
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200
0 S
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5,76
7
-
5,
767
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SD
SE
OM
200
0 S
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88
-
(8
7)
-
-
-
(87)
1
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1
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anad
aE
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200
1 G
uyan
a 39
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-
-
-
-
-
-
39,1
46
-
39,1
46
U
SD
SE
OM
200
1 G
uyan
a 18
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-
-
-
-
-
-
18,7
71
-
18,7
71
U
SD
SE
OM
200
1 N
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agua
9,65
6
-
-
-
-
-
-
9,65
6
-
9,
656
B
razi
lE
OM
200
1 P
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43
-
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-
-
-
-
43
-
43
Ja
pan
EO
M 2
001
Per
u94
-
-
-
-
-
-
94
-
94
Sw
eden
EO
M 2
001
Per
u33
-
-
-
(33)
-
(3
3)
-
-
-
US
DS
EO
M 2
001
Per
u12
-
-
-
-
-
-
12
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12
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nd th
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720
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-
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1,
720
-
1,72
0
US
DS
EO
M 2
001
St.V
ince
nt a
nd th
e G
rena
dine
s26
0
-
-
-
(260
)
-
(260
)
-
-
-
Can
ada
EO
M 2
002
Ecu
ador
(3,0
69)
-
-
-
-
-
-
(3
,069
)
-
(3
,069
)
US
DS
EO
M 2
002
Ecu
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6,36
8
-
-
-
(4
7)
-
(47)
6,32
1
-
6,
321
U
SD
SE
OM
200
2 P
eru
6,77
1
-
-
-
-
-
-
6,77
1
-
6,
771
U
SD
SE
OM
200
3 B
oliv
ia2,
197
-
-
-
-
-
-
2,
197
-
2,19
7
US
DS
EO
M 2
003
Gre
nada
663
-
-
-
-
-
-
663
-
66
3
Ja
pan
EO
M 2
003
Gua
tem
ala
15,2
18
-
-
-
-
-
-
15
,218
-
15
,218
UK
EO
M 2
003
Gua
tem
ala
461
-
-
-
-
-
-
461
-
46
1
U
SD
SE
OM
200
3 G
uate
mal
a 53
,195
-
(5
3,19
5)
-
-
-
(53,
195)
-
-
-
U
SD
SE
OM
200
4 B
oliv
ia R
efer
endu
m
41,8
31
-
(41,
831)
-
-
-
(4
1,83
1)
-
-
-
US
DS
EO
M 2
004
Bol
ivia
n M
unic
ipal
Ele
ctio
ns58
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-
(5
8,58
7)
-
-
-
(58,
587)
-
-
-
S
wed
enE
OM
200
4 N
icar
agua
59
-
-
-
(59)
-
(5
9)
-
-
-
US
DS
EO
M 2
004
Nic
arag
ua
73,2
95
-
(73,
295)
-
-
-
(7
3,29
5)
-
-
-
Arg
entin
aE
OM
200
5 B
oliv
ia2,
918
-
(2,9
18)
-
-
-
(2,9
18)
-
-
-
Bra
zil
EO
M 2
005
Bol
ivia
5,31
3
-
(4
,765
)
-
-
548
(5,3
13)
-
-
-
Can
ada
EO
M 2
005
Bol
ivia
17,1
13
-
-
-
(17,
113)
-
(1
7,11
3)
-
-
-
Den
mar
kE
OM
200
5 B
oliv
ia10
,065
-
-
202
4,38
2
5,15
0
(565
)
9,
500
1,
028
8,
472
N
ethe
rland
sE
OM
200
5 B
oliv
ia91
,416
-
-
-
(6
6,03
2)
25
,365
(91,
398)
18
16
2
Spa
inE
OM
200
5 B
oliv
ia64
,533
100,
000
(100
,000
)
-
(5
5,30
3)
9,
230
(6
4,53
3)
-
-
-
Sw
eden
EO
M 2
005
Bol
ivia
1,24
4
-
-
80
5,85
0
3,46
2
2,46
8
3,71
2
1,02
8
2,68
4
US
DS
EO
M 2
005
Bol
ivia
30,5
54
-
(30,
459)
-
7,
809
7,
904
(3
0,55
4)
-
-
-
Den
mar
kE
OM
200
5 H
ondu
ras
4,97
5
-
-
-
1,
394
81
1
58
3
5,
557
-
5,55
7
Kor
eaE
OM
200
5 H
ondu
ras
3,39
5
-
-
-
(3
,395
)
-
(3
,395
)
-
-
-
S
wed
enE
OM
200
5 H
ondu
ras
1,60
2
-
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33)
-
-
1,36
9
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02)
-
-
-
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 76 -
OR
GA
NIZ
AT
ION
OF A
ME
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From
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Cas
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s
Sta
tem
en
ts o
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in F
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s
US
DS
EO
M 2
005
Hon
dura
s18
7
-
-
-
3,70
1
-
3,
701
3,
888
-
3,88
8
Mex
ico
EO
M 2
005
Hon
dura
s P
rimar
ies
1,50
4
-
-
-
-
-
-
1,50
4
-
1,
504
S
wed
enE
OM
200
5 H
ondu
ras
Prim
arie
s1,
552
-
(1,5
52)
-
-
-
(1,5
52)
-
-
-
US
DS
EO
M 2
005
Hon
dura
s P
rimar
ies
4,75
9
-
(4
,759
)
-
-
-
(4
,759
)
-
-
-
U
SD
SE
OM
200
5 S
t Vin
cent
and
the
Gre
nadi
nes
5,03
7
-
-
-
-
3,07
6
(3,0
76)
1,
961
-
1,96
1
Arg
entin
aE
OM
200
5 V
enez
uela
93
-
-
-
-
-
-
93
-
93
B
razi
lE
OM
200
5 V
enez
uela
3,73
5
-
-
-
-
2,93
3
(2,9
33)
80
2
-
802
Can
ada
EO
M 2
005
Ven
ezue
la12
,609
-
-
-
14
6
8,
876
(8
,730
)
3,87
9
-
3,
879
C
hile
EO
M 2
005
Ven
ezue
la41
7
-
-
-
-
41
7
(4
17)
-
-
-
K
orea
EO
M 2
005
Ven
ezue
la3,
358
-
-
-
-
1,
581
(1
,581
)
1,77
7
-
1,
777
N
orw
ayE
OM
200
5 V
enez
uela
32,9
47
-
-
-
-
30
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(30,
597)
2,35
0
-
2,
350
B
razi
lE
OM
200
6 C
olom
bia
-
-
5,00
0
-
-
3,00
0
2,00
0
2,00
0
-
2,
000
C
anad
aE
OM
200
6 C
olom
bia
-
-
11,9
57
-
-
11
,957
-
-
-
-
US
DS
EO
M 2
006
Col
ombi
a-
-
75
,000
-
-
68,9
97
6,
003
6,
003
37
5,
967
B
razi
lE
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200
6 D
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Rep
ublic
-
-
2,00
0
-
-
1,48
7
513
513
-
51
3
C
anad
aE
OM
200
6 D
omin
ican
Rep
ublic
-
-
5,08
5
-
-
5,00
0
85
85
85
-
E
EC
EO
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006
Dom
inic
an R
epub
lic-
61,3
30
-
-
-
34,6
69
26
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26,6
61
-
26,6
61
U
SA
IDE
OM
200
6 D
omin
ican
Rep
ublic
-
30
0,00
0
(7
5)
-
-
21
1,85
7
88
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88,0
68
1,
080
86
,988
Bra
zil
EO
M 2
006
Ecu
ador
-
-
5,00
0
-
-
927
4,07
3
4,07
3
-
4,
073
C
anad
aE
OM
200
6 E
cuad
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-
49
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-
-
40,0
93
9,
330
9,
330
1,
487
7,
843
K
orea
EO
M 2
006
Ecu
ador
-
20
,000
-
-
-
19
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86
86
50
36
US
DS
EO
M 2
006
Ecu
ador
-
-
305,
000
-
-
272,
824
32,1
76
32
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23,8
55
8,
321
Ja
pan
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M 2
006
Ecu
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(2nd
Rou
nd)
-
20
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-
-
-
40
0
19
,600
19,6
00
-
19,6
00
U
SD
SE
OM
200
6 E
cuad
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ound
)-
-
95
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-
-
58,3
16
36
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36,6
84
2,
967
33
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zil
EO
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El S
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dor
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-
2,00
0
-
-
1,96
3
37
37
-
37
C
anad
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200
6 E
l Sal
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40
1
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-
40
1
-
-
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SD
SE
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200
6 E
l Sal
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r-
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40
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-
-
25,3
34
14
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14,6
66
-
14,6
66
B
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200
6 G
uyan
a-
-
10
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-
-
6,69
9
3,30
1
3,30
1
483
2,81
8
Can
ada
EO
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Guy
ana
-
15
5,20
7
67
,392
-
-
176,
946
45,6
52
45
,652
4,67
9
40,9
73
C
hile
EO
M 2
006
Guy
ana
-
5,
000
-
-
-
513
4,48
7
4,48
7
137
4,35
0
Mex
ico
EO
M 2
006
Guy
ana
-
5,
000
-
-
-
4,79
6
204
204
173
30
UK
EO
M 2
006
Guy
ana
-
94
,600
-
-
-
7,
648
86
,952
86,9
52
8,
294
78
,658
US
DS
EO
M 2
006
Guy
ana
-
-
210,
000
-
-
153,
635
56,3
65
56
,365
19,0
86
37
,279
Bra
zil
EO
M 2
006
Nic
arag
ua (D
PC
ME
)-
-
88
5
-
-
87
0
15
15
-
15
Can
ada
EO
M 2
006
Nic
arag
ua (D
PC
ME
)-
-
14
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-
-
13,8
80
25
3
25
3
-
253
Net
herla
nds
EO
M 2
006
Nic
arag
ua (D
PC
ME
)-
17,3
58
-
-
-
-
17
,358
17,3
58
-
17,3
58
N
orw
ayE
OM
200
6 N
icar
agua
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CM
E)
-
5,
392
-
-
-
-
5,
392
5,
392
-
5,39
2
Sw
eden
EO
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006
Nic
arag
ua (D
PC
ME
)-
72,7
07
-
-
-
1,45
4
71,2
53
71
,253
-
71
,253
US
AID
EO
M 2
006
Nic
arag
ua (D
PC
ME
)-
149,
400
-
-
-
14
9,32
8
72
72
28
,965
(28,
893)
US
DS
EO
M 2
006
Nic
arag
ua (D
PC
ME
)-
-
11
5,05
0
-
-
11
3,39
0
1,
660
1,
660
-
1,66
0
Bra
zil
EO
M 2
006
Nic
arag
ua (D
PD
)-
-
4,
115
-
-
3,
012
1,
104
1,
104
29
5
80
9
C
anad
aE
OM
200
6 N
icar
agua
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D)
-
-
65,7
16
-
-
48
,088
17,6
28
17
,628
6,60
7
11,0
20
D
enm
ark
EO
M 2
006
Nic
arag
ua (D
PD
)-
50,0
00
-
-
-
123
49,8
78
49
,878
-
49
,878
Japa
nE
OM
200
6 N
icar
agua
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D)
-
10
0,00
0
-
-
-
44,3
40
55
,660
55,6
60
86
0
54
,800
Net
herla
nds
EO
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006
Nic
arag
ua (D
PD
)-
80,7
08
-
-
-
8,88
6
71,8
23
71
,823
-
71
,823
Nor
way
EO
M 2
006
Nic
arag
ua (D
PD
)-
25,0
69
-
-
-
23,8
82
1,
187
1,
187
-
1,18
7
Sw
eden
EO
M 2
006
Nic
arag
ua (D
PD
)-
338,
066
-
2,
156
-
6,76
1
333,
461
333,
461
-
33
3,46
1
U
SA
IDE
OM
200
6 N
icar
agua
(DP
D)
-
1,
223,
100
-
-
-
1,22
8,01
3
(4,9
13)
(4
,913
)
61,5
52
(6
6,46
5)
U
SD
SE
OM
200
6 N
icar
agua
(DP
D)
-
-
902,
943
-
-
673,
940
229,
003
229,
003
46,2
19
18
2,78
4
C
anad
aE
OM
200
6 P
eru
-
-
86,3
05
60
1
-
64,3
62
22
,544
22,5
44
-
22,5
44
Ja
pan
EO
M 2
006
Per
u-
92,2
50
-
-
-
83,4
07
8,
843
8,
843
1,
552
7,
291
K
orea
EO
M 2
006
Per
u-
20,0
00
(8
,487
)
-
-
11,5
13
-
-
-
-
N
orw
ayE
OM
200
6 P
eru
-
22
,000
(3,3
98)
-
-
18
,602
-
-
-
-
US
DS
EO
M 2
006
Per
u-
-
29
9,04
8
-
-
29
5,95
2
3,
097
3,
097
2,
767
33
0
C
anad
aE
OM
200
6 S
t. Lu
cia
-
-
8,76
0
-
-
8,23
3
527
527
519
8
UK
EO
M 2
006
St.
Luci
a-
9,50
0
-
-
-
8,
662
83
8
83
8
97
74
1
U
SD
SE
OM
200
6 S
t. Lu
cia
-
-
10,0
00
-
-
9,
908
92
92
75
17
U
SD
SE
OM
200
6 V
enez
uela
#2
-
-
100,
000
-
-
73,4
41
26
,559
26,5
59
-
26,5
59
K
orea
EO
M M
unic
ipal
& L
egis
lativ
e E
lect
ions
in P
eru
-
20
,000
8,48
7
-
-
27,8
18
66
9
66
9
42
1
24
8
N
orw
ayE
OM
Mun
icip
al &
Leg
isla
tive
Ele
ctio
ns in
Per
u-
-
3,
398
-
-
2,
225
1,
173
1,
173
42
6
74
7
U
SD
SE
OM
Mun
icip
al &
Leg
isla
tive
Ele
ctio
ns in
Per
u-
-
40
,001
-
-
36,5
24
3,
477
3,
477
1,
613
1,
864
C
anad
aE
OM
Par
agua
y37
3
-
-
-
-
-
-
37
3
-
373
Arg
entin
aE
OM
Spe
cific
Fun
ds-
-
2,
918
-
-
-
2,91
8
2,91
8
-
2,
918
B
razi
lE
OM
Spe
cific
Fun
ds9,
265
50
,000
(36,
235)
-
(3
43)
10,0
57
3,
366
12
,631
-
12
,631
Nic
arag
uaE
OM
Spe
cific
Fun
ds20
-
-
-
-
-
-
20
-
20
US
DS
EO
M S
peci
fic F
unds
100,
934
-
-
-
-
1,05
0
(1,0
50)
99
,884
-
99
,884
Chi
naE
OM
: Ref
eren
dum
for E
xpan
sion
-
20
,000
-
-
-
9,
315
10
,685
10,6
85
6,
000
4,
685
K
orea
EO
M: R
efer
endu
m fo
r Exp
ansi
on-
20,0
00
-
-
-
15,6
79
4,
321
4,
321
-
4,32
1
US
DS
EO
M: R
efer
endu
m fo
r Exp
ansi
on-
-
30
,000
-
-
27,0
62
2,
938
2,
938
2,
424
51
5
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 77 -
OR
GA
NIZ
AT
ION
OF A
ME
RIC
AN
ST
AT
ES
From
Janu
ary
1, 2
006
to D
ecem
ber 3
1, 2
006
Cas
h B
alan
ceIn
tere
stR
etu
rn, R
efu
nd
s &
Cas
h B
alan
ce
Un
liqu
idat
edF
un
d B
alan
ceO
rgan
izat
ion
, Don
or &
Pro
ject
Jan
uar
y 01
, 200
6C
ontr
ibu
tion
sT
ran
sfer
sIn
com
eO
ther
In
com
eE
xpen
dit
ure
sN
et C
han
ge
Dec
emb
er 3
1, 2
006
Ob
ligat
ion
sD
ecem
ber
31,
200
6
Sch
ed
ule
6S
peci
fic
Fu
nd
s
Sta
tem
en
ts o
f C
han
ges
in F
un
d B
ala
nce
s
Nor
way
EO
M-A
tlant
ic C
oast
in N
I 200
29,
895
-
-
-
-
-
-
9,
895
-
9,89
5
Sw
eden
EO
M-A
tlant
ic C
oast
in N
I 200
211
,829
-
-
-
-
-
-
11,8
29
-
11,8
29
C
anad
aE
OM
-Con
stitu
ent A
ssem
bly
Pro
cess
in B
oliv
ia 2
006
-
-
35,9
44
-
-
21
7
35
,728
35,7
28
-
35,7
28
U
SD
SE
OM
-Con
stitu
ent A
ssem
bly
Pro
cess
in B
oliv
ia 2
006
-
-
250,
000
-
-
153,
186
96,8
14
96
,814
10,4
12
86
,403
EE
CE
TA -
Ven
ezue
la3,
935
-
-
-
-
-
-
3,
935
-
3,93
5
UN
ES
CO
Exp
erts
Mee
ting
- Edu
catio
n &
Pea
ce72
6
-
-
-
-
-
-
72
6
-
726
Net
herla
nds
Gen
eral
Ele
ctio
n V
olun
teer
s8
-
-
-
-
-
-
8
-
8
EE
CH
eadq
uarte
rs-C
arac
as11
,588
-
-
-
-
-
-
11,5
88
-
11,5
88
A
DC
Hig
h Le
vel M
issi
on.-P
erú
12,6
56
-
-
-
-
-
-
12
,656
-
12
,656
Bah
amas
Hig
h Le
vel M
issi
on.-P
erú
106
-
-
-
-
-
-
106
-
10
6
E
l Sal
vado
rH
igh
Leve
l Mis
sion
.-Per
ú25
5
-
-
-
-
-
-
25
5
-
255
Nic
arag
uaH
ome
Rec
onst
ruct
ion
Nic
arag
ua14
2
-
-
-
(139
)
-
(139
)
3
-
3
US
DS
Hor
iz. C
oope
ratio
n B
razi
l-Par
agua
y / E
lect
roni
c V
ote
8,60
8
-
-
-
-
-
-
8,60
8
-
8,
608
D
om. R
epub
.H
oriz
onta
l Coo
pera
tion
Pro
ject
100,
000
-
-
-
-
20,6
53
(2
0,65
3)
79
,347
-
79
,347
Var
ious
Hor
izon
tal C
oope
ratio
n P
roje
ct65
,123
-
(7
,988
)
-
-
30,5
03
(3
8,49
1)
26
,632
788
25,8
44
E
cuad
orIn
form
atio
n S
yste
m T
ech.
Ass
ist.
Ecu
ador
-
25
0,30
5
-
-
-
185,
241
65,0
64
65
,064
32,4
51
32
,613
El S
alva
dor
Info
rmat
ion
Sys
tem
Tec
h. A
ssis
t. E
cuad
or-
49,1
18
-
-
-
15,2
50
33
,868
33,8
68
-
33,8
68
V
ario
usIn
form
atio
n S
yste
m T
ech.
Ass
ist.
Ecu
ador
102,
740
-
(6
2,63
1)
-
-
40
,109
(102
,740
)
-
-
-
U
SD
SIn
stitu
tiona
l Stre
ngth
enin
g1,
058
-
-
-
-
-
-
1,
058
-
1,05
8
US
DS
Inte
r-A
mer
ican
Ele
ctor
al T
echn
olog
y P
rogr
am (P
ITE
)60
,631
-
-
-
-
50,0
37
(5
0,03
7)
10
,595
6,16
9
4,42
5
Can
ada
Inte
r-A
mer
ican
For
um o
n P
oliti
cal P
artie
s57
4
-
-
-
(293
)
-
(293
)
28
1
-
281
Fran
ceIn
ter-
Am
eric
an F
orum
on
Pol
itica
l Par
ties
26
-
(2
6)
-
-
-
(26)
-
-
-
IA
DB
Inte
r-A
mer
ican
For
um o
n P
oliti
cal P
artie
s10
,851
37,5
00
-
-
4,
006
33
,593
7,91
3
18,7
64
-
18,7
64
K
orea
Inte
r-A
mer
ican
For
um o
n P
oliti
cal P
artie
s11
,499
50,0
00
-
-
(1
,495
)
35,5
34
12
,972
24,4
71
-
24,4
71
Lu
xem
bour
gIn
ter-
Am
eric
an F
orum
on
Pol
itica
l Par
ties
34,5
60
-
-
-
-
37
,802
(37,
802)
(3,2
41)
29
1
(3
,532
)
Net
herla
nds
Inte
r-A
mer
ican
For
um o
n P
oliti
cal P
artie
s97
8
-
-
-
-
-
-
97
8
-
978
US
DS
Inte
r-A
mer
ican
For
um o
n P
oliti
cal P
artie
s22
2,63
1
-
-
-
(1,7
39)
11
0,57
8
(1
12,3
17)
11
0,31
4
-
110,
314
Bah
amas
MA
PP
/OA
S M
issi
on to
Sup
port
295
5,00
0
-
-
-
4,
614
38
6
68
1
-
681
Can
ada
MA
PP
/OA
S M
issi
on to
Sup
port
-
86
4,17
4
-
-
(1
29,4
11)
73
4,76
3
-
-
-
-
C
hile
MA
PP
/OA
S M
issi
on to
Sup
port
-
48
,000
-
-
-
-
48,0
00
48
,000
-
48
,000
Col
ombi
aM
AP
P/O
AS
Mis
sion
to S
uppo
rt58
,514
-
-
-
91
,762
108,
289
(16,
527)
41,9
87
-
41,9
87
IO
MM
AP
P/O
AS
Mis
sion
to S
uppo
rt-
987,
500
-
-
-
35
4,62
5
63
2,87
5
63
2,87
5
82
,540
550,
335
Irela
ndM
AP
P/O
AS
Mis
sion
to S
uppo
rt10
,400
-
-
-
24
,247
32,9
03
(8
,656
)
1,74
4
-
1,
744
M
etro
Seg
.M
AP
P/O
AS
Mis
sion
to S
uppo
rt-
84,8
65
-
-
-
45,5
80
39
,284
39,2
84
6,
039
33
,245
Net
herla
nds
MA
PP
/OA
S M
issi
on to
Sup
port
1,43
1,66
8
-
(2
2)
-
37,5
41
1,
441,
373
(1
,403
,854
)
27
,814
43,9
58
(1
6,14
4)
N
orw
ayM
AP
P/O
AS
Mis
sion
to S
uppo
rt-
301,
643
-
93
2
-
6,03
3
296,
541
296,
541
-
29
6,54
1
S
pain
MA
PP
/OA
S M
issi
on to
Sup
port
-
2,
399,
608
-
-
-
580,
092
1,81
9,51
6
1,81
9,51
6
370,
239
1,44
9,27
7
Sw
eden
MA
PP
/OA
S M
issi
on to
Sup
port
125,
246
1,24
3,55
6
-
9,
980
(5
,910
)
1,24
9,03
8
(1,4
12)
12
3,83
4
11
4,97
0
8,
864
Th
aila
ndM
AP
P/O
AS
Mis
sion
to S
uppo
rt-
10,0
00
-
-
-
9,39
2
608
608
239
369
Can
ada
Mis
sion
to V
erify
Sig
natu
res
- Ven
ezue
la R
ef.
88
-
-
-
-
-
-
88
-
88
M
exic
oM
issi
on to
Ver
ify S
igna
ture
s - V
enez
uela
Ref
.50
-
-
-
-
-
-
50
-
50
SA
ICM
issi
on to
Ver
ify S
igna
ture
s - V
enez
uela
Ref
.50
,188
-
-
-
(5
0,18
8)
-
(50,
188)
-
-
-
S
witz
erla
ndM
issi
on to
Ver
ify S
igna
ture
s - V
enez
uela
Ref
.1,
010
-
-
-
-
-
-
1,
010
-
1,01
0
Sw
eden
Mod
erni
zatio
n &
Leg
isla
tive
Age
nda
Con
gres
s 20
05-0
710
0,40
4
66
8,47
0
-
-
11
62
2,20
3
46
,277
146,
681
7,85
9
138,
822
Bra
zil
MO
E-V
EN
EZU
ELA
200
6-
-
10
,000
-
-
8,70
5
1,29
5
1,29
5
1,29
5
-
C
anad
aM
OE
-VE
NE
ZUE
LA 2
006
-
-
95,9
60
-
-
93
,440
2,52
0
2,52
0
2,52
0
-
Fi
nlan
dM
OE
-VE
NE
ZUE
LA 2
006
-
50
,000
-
-
-
12
0
49
,880
49,8
80
-
49,8
80
N
ethe
rland
sM
OE
-VE
NE
ZUE
LA 2
006
-
-
-
-
-
-
-
-
9,72
5
(9,7
25)
S
pain
MO
E-V
EN
EZU
ELA
200
6-
-
12
7,18
0
-
-
88
,249
38,9
31
38
,931
38,9
31
-
IAD
BM
OR
EC
IV1,
340,
584
1,
100,
266
-
31,3
72
77
8
1,
983,
345
(8
50,9
28)
48
9,65
6
23
2,44
3
25
7,21
3
E
EC
Neg
otia
tion
Tabl
es &
Agr
eem
ent
4,78
4
-
-
-
-
-
-
4,78
4
-
4,
784
C
anad
aO
AS
-Mis
sion
to H
aiti
214
-
-
-
-
-
-
214
-
21
4
Tr
in.&
Tob
OA
S-M
issi
on to
Hai
ti23
9
-
-
-
-
-
-
23
9
-
239
UK
OA
S-M
issi
on to
Hai
ti19
-
-
-
-
-
-
19
-
19
Net
herla
nds
OH
-Dem
oc V
alue
s &
Pol
it M
gmt
7,34
6
-
-
-
(6
,746
)
-
(6
,746
)
599
-
59
9
V
ario
usO
H-D
emoc
Val
ues
& P
olit
Mgm
t(5
,124
)
-
-
-
5,
124
-
5,12
4
-
-
-
S
wed
enP
eace
and
Rei
nser
tion
129
-
-
-
-
-
-
129
-
12
9
C
anad
aP
erm
anen
t For
um P
oliti
cal P
artie
s41
4
-
-
-
-
-
-
41
4
-
414
US
DS
Per
man
ent F
orum
Pol
itica
l Par
ties
328
-
-
-
1,
999
-
1,99
9
2,32
7
-
2,
327
N
ethe
rland
sP
lan
Ass
. Tec
nica
TS
E G
uate
mal
a1,
627
-
-
-
(1,6
27)
-
(1,6
27)
-
-
-
Net
herla
nds
Pol
itic
Man
agem
ent -
Gua
tem
ala
72,0
56
-
-
-
-
67
,199
(67,
199)
4,85
6
-
4,
856
N
OR
AD
Pol
itic
Man
agem
ent -
Gua
tem
ala
92,4
36
50
4,77
1
-
4,91
2
1,64
8
419,
072
92,2
60
18
4,69
7
58
,431
126,
266
Sw
eden
Pol
itic
Man
agem
ent -
Gua
tem
ala
15,6
05
39
4,22
9
-
5,14
0
-
36
2,36
7
37
,002
52,6
08
21
,581
31,0
27
U
SD
SP
oliti
cal P
artie
s S
uppo
rt in
Hai
ti10
0,00
0
-
-
-
-
-
-
10
0,00
0
-
100,
000
Italy
Pol
itica
l Par
ty fo
cus
in H
aiti
61,9
85
-
-
-
-
-
-
61
,985
-
61
,985
Can
ada
Pro
gram
for D
emoc
ratic
Gov
erna
nce
28,4
11
-
-
-
-
4,
200
(4
,200
)
24,2
11
-
24,2
11
U
SD
SP
rogr
am fo
r Dem
ocra
tic G
over
nanc
e 14
,317
-
-
-
-
-
-
14,3
17
-
14,3
17
B
oliv
iaP
RO
NA
GO
B20
,088
-
(2
0,08
9)
-
-
-
(20,
089)
-
-
-
U
SD
SS
eed
Fund
for t
he D
eplo
ymen
t of S
peci
al M
issi
ons
-
-
-
-
-
3,
685
(3
,685
)
(3,6
85)
22
,500
(26,
185)
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 78 -
OR
GA
NIZ
AT
ION
OF A
ME
RIC
AN
ST
AT
ES
From
Janu
ary
1, 2
006
to D
ecem
ber 3
1, 2
006
Cas
h B
alan
ceIn
tere
stR
etu
rn, R
efu
nd
s &
Cas
h B
alan
ce
Un
liqu
idat
edF
un
d B
alan
ceO
rgan
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ion
, Don
or &
Pro
ject
Jan
uar
y 01
, 200
6C
ontr
ibu
tion
sT
ran
sfer
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ther
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ure
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et C
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ge
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emb
er 3
1, 2
006
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ligat
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sD
ecem
ber
31,
200
6
Sch
ed
ule
6S
peci
fic
Fu
nd
s
Sta
tem
en
ts o
f C
han
ges
in F
un
d B
ala
nce
s
Swed
enSo
n of
the
Riv
er -
Nic
arag
ua24
3
-
-
-
(243
)
-
(243
)
-
-
-
Can
ada
Spec
ial F
und
for S
treng
then
ing
Dem
ocra
cy66
1
-
-
-
-
-
-
66
1
-
661
Nic
arag
uaSp
ecia
l Fun
d fo
r Stre
ngth
enin
g D
emoc
racy
3,00
0
-
-
-
-
-
-
3,00
0
-
3,
000
An
tig-B
arb.
Spec
ial M
issi
on to
Stre
ngth
Dem
oc-H
aiti
13
-
-
-
-
-
-
13
-
13
Ar
gent
ina
Spec
ial M
issi
on to
Stre
ngth
Dem
oc-H
aiti
551
-
-
-
-
479
(479
)
72
53
19
Ba
ham
asSp
ecia
l Mis
sion
to S
treng
th D
emoc
-Hai
ti1,
922
-
-
-
-
-
-
1,
922
-
1,92
2
Barb
ados
Spec
ial M
issi
on to
Stre
ngth
Dem
oc-H
aiti
64
-
-
-
-
-
-
64
-
64
Br
azil
Spec
ial M
issi
on to
Stre
ngth
Dem
oc-H
aiti
(1,6
60)
-
-
-
-
-
-
(1
,660
)
-
(1
,660
)
Can
ada
Spec
ial M
issi
on to
Stre
ngth
Dem
oc-H
aiti
2,02
9,09
2
-
26
2,86
0
-
1,71
1
2,23
5,30
7
(1,9
70,7
36)
58,3
56
51
,325
7,03
2
Car
icom
Spec
ial M
issi
on to
Stre
ngth
Dem
oc-H
aiti
405
-
-
-
-
-
-
405
-
40
5
C
ypru
sSp
ecia
l Mis
sion
to S
treng
th D
emoc
-Hai
ti8
-
-
-
-
-
-
8
-
8
EEC
Spec
ial M
issi
on to
Stre
ngth
Dem
oc-H
aiti
22,0
45
-
-
-
-
-
-
22
,045
-
22
,045
Fran
ceSp
ecia
l Mis
sion
to S
treng
th D
emoc
-Hai
ti6,
689
-
-
-
-
-
-
6,
689
-
6,68
9
Ger
man
ySp
ecia
l Mis
sion
to S
treng
th D
emoc
-Hai
ti60
0
-
-
-
-
-
-
60
0
-
600
Hai
tiSp
ecia
l Mis
sion
to S
treng
th D
emoc
-Hai
ti10
-
-
-
-
-
-
10
-
10
HO
LY S
EESp
ecia
l Mis
sion
to S
treng
th D
emoc
-Hai
ti10
-
-
-
-
-
-
10
-
10
Isra
elSp
ecia
l Mis
sion
to S
treng
th D
emoc
-Hai
ti1,
047
-
-
-
-
81
2
(8
12)
236
-
23
6
Ita
lySp
ecia
l Mis
sion
to S
treng
th D
emoc
-Hai
ti19
,455
-
-
-
-
17,2
97
(1
7,29
7)
2,
158
2,
145
13
N
icar
agua
Spec
ial M
issi
on to
Stre
ngth
Dem
oc-H
aiti
111
-
-
-
-
-
-
111
-
11
1
N
OAH
Spec
ial M
issi
on to
Stre
ngth
Dem
oc-H
aiti
13
-
-
-
-
-
-
13
-
13
N
orw
aySp
ecia
l Mis
sion
to S
treng
th D
emoc
-Hai
ti49
,771
-
-
-
61
7
23
,483
(22,
866)
26,9
05
17
,131
9,77
5
Switz
erla
ndSp
ecia
l Mis
sion
to S
treng
th D
emoc
-Hai
ti11
,222
-
-
-
-
11,2
22
(1
1,22
2)
-
-
-
UK
Spec
ial M
issi
on to
Stre
ngth
Dem
oc-H
aiti
40
-
-
-
-
-
-
40
-
40
U
nite
d N
atio
nsSp
ecia
l Mis
sion
to S
treng
th D
emoc
-Hai
ti1,
712,
910
-
-
-
154,
086
1,71
9,42
0
(1,5
65,3
34)
147,
576
113,
910
33,6
66
U
SDS
Spec
ial M
issi
on to
Stre
ngth
Dem
oc-H
aiti
782,
046
-
(3
5,00
0)
-
63,8
33
76
8,68
5
(7
39,8
51)
42
,195
40,3
15
1,
879
Va
rious
Spec
ial M
issi
on to
Stre
ngth
Dem
oc-H
aiti
-
2,
673
-
-
-
260,
103
(257
,430
)
(257
,430
)
163
(257
,594
)
Surin
ame
Spec
ial M
issi
on to
Sur
inam
e27
0
-
-
-
-
-
-
27
0
-
270
Swed
enSp
ecia
l Pro
g. E
lect
Tec
h As
sist
NI
45,9
26
-
-
-
(34,
929)
-
(3
4,92
9)
10
,997
-
10
,997
Can
ada
Stre
ngth
. Reg
. adv
isor
s11
7
-
-
-
-
-
-
11
7
-
117
UK
Stre
ngth
. Reg
. adv
isor
s18
8
-
-
-
-
-
-
18
8
-
188
USD
SSt
reng
then
ing
Dem
oc. P
roc.
Cub
a50
,000
-
-
-
-
-
-
50,0
00
-
50,0
00
U
SAID
Stre
ngth
enin
g Pe
ace
in th
e C
entra
l Atla
ntic
Reg
ions
-
-
-
-
2,20
0
-
2,
200
2,
200
-
2,20
0
Swed
enSu
pp. M
oder
niza
tion
of E
lect
oral
Sys
tem
in G
uate
mal
a7,
572
-
-
-
(7,5
72)
-
(7,5
72)
-
-
-
Vario
usSu
pp. M
oder
niza
tion
of E
lect
oral
Sys
tem
in G
uate
mal
a9,
447
-
(9,4
47)
-
-
-
(9,4
47)
-
-
-
Baha
mas
Supp
ort D
emoc
racy
in H
aiti
-
8,
000
-
-
-
2,71
0
5,29
0
5,29
0
-
5,
290
N
icar
agua
Supp
ort D
emoc
racy
in H
aiti
3,00
0
3,00
0
-
-
-
-
3,00
0
6,00
0
-
6,
000
Sw
eden
Supp
ort E
lect
oral
Sys
t. G
uate
mal
a 20
05-0
729
1,25
7
53
6,31
7
-
12,9
65
34
0
58
8,57
7
(3
8,95
6)
25
2,30
1
59
,860
192,
441
USA
IDSu
ppor
t Ele
ctor
al S
yst.
Gua
tem
ala
2005
-07
-
78
,300
-
-
-
78
,213
87
87
38,1
48
(3
8,06
1)
C
anad
aSu
ppor
t for
Sup
rem
e El
ecto
ral T
ribun
al, G
uate
mal
a94
5
-
-
-
(945
)
-
(945
)
-
-
-
USA
IDSu
ppor
t for
Sup
rem
e El
ecto
ral T
ribun
al, G
uate
mal
a69
3
-
-
-
-
-
-
69
3
-
693
Swed
enSu
ppor
t of P
lan
Elec
tions
200
320
-
-
-
-
-
-
20
-
20
Boliv
iaSu
ppor
t to
Man
date
s Su
mm
it of
the
Amer
icas
20
-
-
-
-
-
-
20
-
20
Sw
eden
Supp
ort t
o R
ural
Jud
icia
l Fac
ilitat
ors
968,
627
1,24
0,18
9
-
48
,963
1,90
5
1,36
7,33
3
(76,
276)
892,
350
662,
572
229,
778
IDEA
Supp
ort/T
rans
ition
Bol
ivia
200
484
-
-
-
-
-
-
84
-
84
Antig
-Bar
b.Tr
aini
ng &
Civ
ic E
duc.
Gua
tem
a55
,712
-
-
-
-
-
-
55,7
12
-
55,7
12
G
uate
mal
aTr
aini
ng &
Civ
ic E
duc.
Gua
tem
a85
8
-
-
-
-
-
-
85
8
-
858
Vario
usU
PD O
verh
ead/
Inte
rest
Acc
ount
-
-
-
-
2,44
0
-
2,
440
2,
440
-
2,44
0
Switz
erla
ndVo
l. As
soc.
Net
w. -
GE
0374
-
-
-
-
-
-
74
-
74
TOTA
L11
,832
,819
17,1
74,9
38
2,
521,
757
12
6,77
2
17
7,69
1
23
,099
,309
(3,0
98,1
52)
8,73
4,66
7
2,33
9,83
7
6,39
4,83
0
Dep
artm
ent f
or th
e Pr
omot
ion
of G
ood
Gov
erna
nce
(61D
)U
SDS
Cou
nter
terr
oris
m L
egis
latio
n in
Cen
tral A
mer
ica
38,2
61
-
-
-
-
2,
600
(2
,600
)
35,6
61
-
35,6
61
U
SDS
Cou
nter
terr
oris
m L
egis
latio
n in
the
Car
ibbe
an50
,976
-
-
-
-
13,1
50
(1
3,15
0)
37
,826
-
37
,826
Can
ada
Dec
entra
lizat
ion
of L
ocal
Gov
ernm
ents
8,67
5
-
-
-
-
3,54
1
(3,5
41)
5,
134
-
5,13
4
IAD
BD
ecen
traliz
atio
n of
Loc
al G
over
nmen
ts18
,125
-
-
-
-
-
-
18,1
25
-
18,1
25
U
KD
ecen
traliz
atio
n of
Loc
al G
over
nmen
ts8,
043
-
-
-
-
-
-
8,
043
-
8,04
3
Uni
ted
Nat
ions
Dem
.For
um"L
ocal
Gov
Sm
all S
t"42
0
-
-
-
-
-
-
42
0
-
420
Vario
usD
emoc
racy
Cou
rses
400
-
-
-
-
-
-
400
-
40
0
IA
DB
Dem
ocra
tic S
tudy
Pro
gram
215,
015
15,0
00
-
-
(2
6,50
8)
20
3,50
7
(2
15,0
15)
-
-
-
USD
SD
ista
nce
Educ
. Hem
isph
eric
Cou
rse
Teac
hers
- IA
DC
166,
665
-
1,
602
-
-
14
7,71
2
(1
46,1
10)
20
,555
11,2
03
9,
352
U
SDS
II Fo
rum
US-
Vene
zuel
a In
terp
.46
,980
-
-
-
-
-
-
46,9
80
-
46,9
80
U
SDS
Inte
r-A
mer
ican
Dem
ocra
tic C
harte
r (IA
DC
)2,
115
-
-
-
-
-
-
2,
115
-
2,11
5
USD
SPo
litic
al D
atab
ase
of th
e Am
eric
as51
-
-
-
-
-
-
51
-
51
Can
ada
Prog
ram
of L
egis
lativ
e D
evel
opm
ent
41,8
40
-
-
-
(1,4
49)
12
,331
(13,
780)
28,0
60
-
28,0
60
SE
DI
Prog
ram
of L
egis
lativ
e D
evel
opm
ent
9,00
0
-
9,
000
-
-
18
,000
(9,0
00)
-
-
-
Emb.
Ser
bia/
Mon
Rig
ht to
Iden
tity:
Cap
acity
Bui
ldin
g-re
gion
al &
nat
iona
l.-
-
41
7
-
-
-
417
417
-
41
7
U
SDS
Rig
ht to
Iden
tity:
Cap
acity
Bui
ldin
g-re
gion
al &
nat
iona
l.-
-
53
,514
-
-
36,4
86
17
,028
17,0
28
1,
564
15
,464
Vario
usSa
le o
f UPD
Pub
licat
ion
599
-
-
-
-
-
-
599
-
59
9
U
SDS
U.S
. Stre
ngth
enin
g of
Leg
isla
tive
Inst
itutio
ns11
9,27
1
-
-
-
-
31
,342
(31,
342)
87,9
28
3,
387
84
,541
TOTA
L72
6,43
5
15
,000
64,5
33
-
(27,
957)
468,
670
(417
,094
)
309,
341
16,1
54
29
3,18
7
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 79 -
OR
GA
NIZ
AT
ION
OF A
ME
RIC
AN
ST
AT
ES
From
Janu
ary
1, 2
006
to D
ecem
ber 3
1, 2
006
Cas
h B
alan
ceIn
tere
stR
etu
rn, R
efu
nd
s &
Cas
h B
alan
ce
Un
liqu
idat
edF
un
d B
alan
ceO
rgan
izat
ion
, Don
or &
Pro
ject
Jan
uar
y 01
, 200
6C
ontr
ibu
tion
sT
ran
sfer
sIn
com
eO
ther
In
com
eE
xpen
dit
ure
sN
et C
han
ge
Dec
emb
er 3
1, 2
006
Ob
ligat
ion
sD
ecem
ber
31,
200
6
Sch
ed
ule
6S
peci
fic
Fu
nd
s
Sta
tem
en
ts o
f C
han
ges
in F
un
d B
ala
nce
s
Dep
artm
ent o
f Cris
is P
reve
ntio
n an
d Sp
ecia
lized
Mis
sion
s (6
1E)
Bah
amas
Bel
ize-
Gua
tem
ala
Sub
-Fun
d of
the
Pea
ce F
und
-
5,
000
-
-
-
-
5,
000
5,
000
-
5,00
0
Mex
ico
Bel
ize-
Gua
tem
ala
Sub
-Fun
d of
the
Pea
ce F
und
-
11
0,00
0
47
,783
-
-
43,8
86
11
3,89
7
11
3,89
7
1,
956
11
1,94
1
U
KB
eliz
e-G
uate
mal
a S
ub-F
und
of th
e P
eace
Fun
d-
-
22
1,75
5
-
-
81
,663
140,
092
140,
092
136,
096
3,99
6
US
DS
Bel
ize-
Gua
tem
ala
Sub
-Fun
d of
the
Pea
ce F
und
-
-
100,
000
-
-
200
99,8
00
99
,800
2,44
4
97,3
56
E
EC
Con
flict
Pre
vent
ion
and
Res
olut
ion
in B
oliv
ia18
5,24
2
-
-
-
-
-
-
18
5,24
2
-
185,
242
US
AID
Con
flict
Pre
vent
ion
and
Res
olut
ion
in B
oliv
ia(3
5,28
9)
71
,330
-
-
1,07
0
37,0
57
35
,342
53
-
53
U
SD
SC
onfli
ct R
esol
utio
n 11
4,27
9
-
263,
300
-
-
209,
359
53,9
41
16
8,22
0
-
168,
220
Den
mar
kC
onfli
ct R
esol
utio
n P
rog.
Gua
tem
ala
50
-
-
-
-
-
-
50
-
50
N
OR
AD
Con
flict
Res
olut
ion
Pro
g. G
uate
mal
a6,
665
-
-
-
-
6,
575
(6
,575
)
90
-
90
N
orw
ayC
onfli
ct R
esol
utio
n P
rog.
Gua
tem
ala
400,
859
267,
320
-
3,
634
-
591,
792
(320
,838
)
80,0
21
42
,366
37,6
56
C
anad
aD
em. S
tabi
lity
in th
e A
mer
icas
: OA
S In
stitu
tiona
l Rol
e-
62,2
45
-
-
-
24,4
91
37
,754
37,7
54
10
,255
27,4
99
Fr
ance
Exp
erts
Sem
inar
/DC
-
10
,000
-
-
-
-
10,0
00
10
,000
-
10
,000
Bra
zil
Fund
for P
eace
- G
ener
al F
und
11,4
58
-
(11,
458)
-
-
-
(1
1,45
8)
-
-
-
Hon
dura
sFu
nd fo
r Pea
ce -
Gen
eral
Fun
d5,
353
-
-
-
-
2,
572
(2
,572
)
2,78
0
-
2,
780
U
KFu
nd fo
r Pea
ce -
Gen
eral
Fun
d13
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Exec
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& T
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80
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804
US
DS
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nect
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tent
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160
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16
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nect
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26
V
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onne
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686,
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US
DS
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116
Mex
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Dem
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echn
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17
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51
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51
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GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 80 -
OR
GA
NIZ
AT
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OF A
ME
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(2
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)
-
(2
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the
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742
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3,
720
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)
22
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22
M
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soft
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over
nmen
t Tec
hnol
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12,4
86
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000
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)
6,48
6
4,95
6
1,53
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40,4
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Var
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Em
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gram
232,
321
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5,16
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160
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men
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20
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Mex
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mer
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logi
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39,2
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310
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31
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50
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72
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30
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53
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847
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055,
758
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anam
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600
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GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
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Pro
ject
5,91
9
-
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-
-
-
-
5,91
9
-
5,
919
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 82 -
OR
GA
NIZ
AT
ION
OF A
ME
RIC
AN
ST
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ES
From
Janu
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1, 2
006
to D
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1, 2
006
Cas
h B
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Cas
h B
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Jan
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111
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C
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32,2
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288
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n17
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17,7
69
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17,7
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npro
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13,6
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13
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14,6
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947,
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812
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8
Dep
artm
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f Tra
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-
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3,37
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29
C
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152
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15
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102
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38,6
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94,5
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200
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2,20
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112,
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122,
656
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75
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337
25
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B/G
over
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men
t69
3
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SE
DI
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rocu
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-
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139,
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99,5
31
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103,
607
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103,
299
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131
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106
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2,19
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6,38
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2,26
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102,
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120,
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t Pub
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460
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54)
40
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406
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198
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the
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10,8
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683)
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227,
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454,
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86
C
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Dep
t of T
rans
porta
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(199
)
-
-
-
-
-
-
(1
99)
-
(1
99)
US
DT
Dep
t of T
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porta
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611
-
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611
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61
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5,07
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-
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0
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359
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327)
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11,9
72
18
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18,0
28
15
18
,013
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 83 -
OR
GA
NIZ
AT
ION
OF A
ME
RIC
AN
ST
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From
Janu
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h B
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971
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117,
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233
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-
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EE
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Va
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-
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785
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-
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79
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292
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GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 84 -
OR
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GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 85 -
This Page Intentionally Left Blank
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 86 -
This Page Intentionally Left Blank
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 87 -
OR
GA
NIZ
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518,3
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OP
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Oper
ating F
und
211,4
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-
24,0
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368
132,8
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(104,3
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107,1
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91,3
73
TA
X F
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Tax
Equal
izat
ion
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11,2
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-
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-
3,1
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Hea
lth U
nit S
ervi
ces
-
-
1,4
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-
5,8
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1,8
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-
1,8
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4,5
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nd T
otal
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$
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$
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$
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55,8
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ed
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erv
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un
ds
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
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REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS ON COMPLIANCE
March 23, 2007 Board of External Auditors Organization of American States 1889 F Street NW Washington, DC 20006 Dear Ladies and Gentlemen: We have performed the procedures enumerated below, which were agreed to by the General Assembly and manage-ment, solely to assist you with respect to compliance with the General Standards of the Organization of American States during 2006. This engagement to apply agreed-upon procedures was performed in accordance with standards established by the American Institute of Certified Public Accountants. The sufficiency of the procedures is solely the responsi-bility of the specified users of the report. Consequently, we make no representation regarding the sufficiency of pro-cedures described below either for the purpose for which this report has been requested or for any other purpose. The procedures performed and results thereof are broken out between director expenditures and general expenditures. The results are as follows:
Director Expenditures For director expenditures, the population consisted of all director expenditures during 2006 for Regular, Specific, FEMCIDI and Service Funds. Using the firm's guidance, we determined our sample size to be 42 expenditures based on a 90% confidence level, 2% error rate and 5% tolerable error rate. The 42 sample units (i.e., the expenditures) were selected using a random number generator. For the samples described above we examined for compliance with the General Standards (hereafter referred to as "GS") in four areas. The four areas are: 1) Honoraria 2) Hospitality and Representational Allowances 3) Personnel (Director Level) 4) Travel
Testing performed and exceptions are documented below. Honoraria For the sample items selected, we tested to ensure no services were rendered to any government entity or gifts, awards or honors were accepted from any government entity without the approval of the Secretary General. No ex-ceptions noted. Hospitality and Representational Allowances For the sample items selected, we tested to ensure hospitality and representational allowances are not spent to enter-tain staff members of the General Secretariat unless the Secretary General indicates it is in the best interest of the entity and is properly documented. No exceptions noted.
200 International Circle • Suite 5500 • Hunt Valley • Maryland 21030 • P 410-584-0060 • F 410-584-0061
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
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REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS ON COMPLIANCE
Personnel (Director level) For the sample items selected, we tested expenditures related to directors to ensure that personnel at the director level: 1) Have current statement of conflict of interest. 2) Have proper check signing approval (as applicable). 3) Are not considered or listed as a Career Service Member. 4) If terminated during 2006 that the director was given proper notices as defined in GS Chapter III, Articles
21. 5) Have current statements of personal net worth upon hire date. 6) Have sworn statements of personal associations. We noted the following exceptions:
There was no current “Conflict of Interest” statement for 2006 for 20 of the selections. There was no current “Statement of Personal Associations” for 2006 for 19 of the selections. The “Personal Statement of Net Worth” was missing for four of the selections.
Travel For the sample items selected, we tested expenditures related to travel to ensure the following: 1) Travel is approved in advance and in writing. 2) Senior members produce a quarterly official travel plan approved by the Secretary General one month in
advance. 3) Supervisors complete a quarterly report of official travel of all travel carried out during the three months
prior to completing the quarterly report. 4) Travel expense claims require approval by the supervisor within 15 days of return from travel. We noted the following exceptions:
One of the travel expenses was not approved in advance. One of the expenditures was missing the PO and we could not verify that the travel expense was
approved in advance.
2. General Expenditures For general expenditures, the population consisted of all expenditures during 2006 (excluding director expenses) for the Regular, FEMCIDI, Specific and Service Funds. Using the firm's guidance, we determined our sample size to be 42 expenditures total, based on a 90% confidence level, 2% error rate and 5% tolerable error rate. The 42 sample units (i.e., the expenditures) were selected using a random number generator. For the sample described above, we examined for compliance with the General Standards (GS) in eight general ar-eas. The eight areas are as follows:
1) Fixed Assets 2) Grants 3) Honoraria 4) Hospitality and Representational Allowances
200 International Circle • Suite 5500 • Hunt Valley • Maryland 21030 • P 410-584-0060 • F 410-584-0061
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REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS ON COMPLIANCE
5) Obligations 6) Performance Contracts (including Personal Service Contracts) 7) Procurement Contracts 8) Travel
The testing performed and exceptions noted are documented below. Fixed Assets For the sample items selected, we tested expenditures related to fixed assets ensure the following: 1) The acquisitions were properly approved by the appropriate officials with budgetary expenditure authority. 2) All related costs to acquire the property are considered for capitalization. 3) All expenditures greater than $500 are capitalized. 4) Property is depreciated on a straight line basis. 5) Prenumbered labels are affixed to fixed assets upon receipt with proper records being maintained. 6) Inventories taken at regular intervals. 7) An accounting of fixed assets is prepared at regular intervals.
No exceptions noted.
Grants For the sample items selected, we tested grants to ensure the following: 1) Grants are properly approved. 2) Grants related to inventoried equipment have a properly approved Memorandum of Certification. No exceptions noted. Honoraria For the sample items selected, we tested to ensure no services were rendered to any government entity or gifts, awards or honors were accepted from any government entity without the approval of the Secretary General. No exceptions noted. Hospitality and Representational Allowances For the sample items tested, we tested to ensure hospitality and representational allowances are not spent to enter-tain staff members of the General Secretariat unless the Secretary General indicates it is in the best interest of the entity and is properly documented. No exceptions noted. Obligations For the sample items selected, we tested the obligations to ensure: 1) Obligation records are maintained and filed. 2) Appropriate support is obtained by the Department of Budgetary and Financial Services (DBFS) before dis-
bursements are made. 3) That on a quarterly basis, each dependency of the General Secretariat submit to DBFS a report indicating
the status of obligations that have not been fully expended in the 180 days since they were made.
200 International Circle • Suite 5500 • Hunt Valley • Maryland 21030 • P 410-584-0060 • F 410-584-0061
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REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS ON COMPLIANCE
4) Appropriations are available to meet the obligations incurred during the year. 5) All obligations shall be recorded in the accounting system. 6) All obligations must have a beginning and end date. 7) Obligations during the year do not exceed the estimated income from quotas and other revenues, unless
properly approved, by fund level. 8) Obligations must be based on firm commitments when they are approved and legally binding.
No exceptions noted. Performance Contracts For the sample items selected, we tested expenditures related to performance contracts to ensure the following: 1) Performance contracts are approved by the proper level of authority. 2) No performance contracts are committed to, signed or executed unless all funds are available and assigned
to the contract. 3) Contracts for more than $50,000 are approved by the Director of Legal Services. 4) Performance contracts for the specific fund shall not exceed a period of three years. 5) Within 30 days of signing the contract, an executed copy of the contract shall be sent to the Chief of the
Office of Procurement Services (OPS). 6) Contracts greater than $20,000 should be accompanied by required documentation and financial statements. 7) Performance contracts for greater than $70,000 funded by the specific fund require competitive bidding. 8) Payment should be made upon the contractor's invoice and an authorizing official noting the service has
been satisfactorily provided. 9) Upon completion of the contract, certification for final payment must be accompanied by an evaluation of
the service and signed by the authorizing contract official.
We noted the following exceptions:
One of the selections did not have a signed executed copy of the performance contract. One of the selections is missing a certification of final payment and an evaluation of service.
Procurement Contracts For the sample items selected, we tested expenditures related to procurement contracts to ensure the following: 1) Procurement contracts must be approved by a Director level or above. 2) No procurement contracts greater than $30,000 require approval by the Contract Awards Committee. 3) Construction greater than $50,000 and other procurement contracts greater than $75,000 shall be reviewed
by the Department of Legal Services. 4) Construction contracts greater than $250,000 require contractors to be bonded. 5) Procurement contracts greater than $999 require quotes from three suppliers. 6) Procurement contracts may not be entered into with certain entities/individuals of Member states. 7) Procurement contracts greater than $10,000 require written justification. No exceptions noted.
200 International Circle • Suite 5500 • Hunt Valley • Maryland 21030 • P 410-584-0060 • F 410-584-0061
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REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS ON COMPLIANCE
Travel For the sample items selected, we tested expenditures related to travel to ensure the following: 1) Travel is approved in advance and in writing. 2) Supervisors complete a quarterly report of official travel of all travel carried out during the three months prior
to completing the quarterly report. 3) Senior members produce an official travel plan approved by the Secretary General one month in advance. 4) Travel advances require approval and required supporting documents (i.e., itinerary). 5) Travel expense claims require approval by the supervisor within 15 days of return from travel. We noted the following exceptions:
Two of the selections’ “Travel Expense Reimbursement Claim” occurred after 15 days of return from travel.
One of the selections had no documentation showing that travel was approved in advance and in writing.
Payroll Expenditures For payroll expenditures, the population consisted of all payroll expenditures during 2006 from Regular, FEMCIDI, Specific and Service Funds. The sample size was statistically determined using a 90% confidence level, a 2% ex-pected rate of error occurrence, and a 5% tolerable error rate. These criteria resulted in a sample of 21expenditures for testing. The 21 sample units were selected using a random number generator. For the sample items selected, we tested expenditures related to payroll to ensure: 1) An Offer of Employment was properly signed and kept in the employee’s file. 2) An Acceptance of Offer or Declaration of Loyalty was properly signed and kept in the employee’s file. 3) Employee salaries were in agreement with the United Nations' salary scale. 4) Salary changes were properly approved. 5) New employees were properly approved in the Human Resources department and proper documents were
obtained.
We noted the following exceptions:
The employee file was missing for one of the selections and therefore we could not test this selec-tion.
We were not engaged to, and did not perform an audit, the objective of which would be the expression of an opinion on the specified elements, accounts, or items. Accordingly, we do not express such an opinion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you. This report is intended solely for the information and use of the Board of External Auditors of the General Secretariat and management and is not intended to be and should not be used by anyone other than these specified parties. Very Truly Yours,
200 International Circle • Suite 5500 • Hunt Valley • Maryland 21030 • P 410-584-0060 • F 410-584-0061
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CHAPTER 6 LEO S. ROWE PAN AMERICAN
FINANCIAL STATEMENTS
Statement of Financial Position Statement of Activities Statement of Cash Flows
99
99
100
INDEPENDENT PUBLIC ACCOUNTANTS’ REPORT
NOTES TO FINANCIAL STATEMENTS
1. Organization and Financing 2. Basis of Accounting 3. Income Tax Status 4. Equity in OAS Treasury Fund 5. Cash Equivalents 6. Investments 7. Loan Status 8. Due to MacLean 9. Commitments and Contingencies
101 101 101 101 101 101 102 102 102
97
101
99
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INDEPENDENT PUBLIC ACCOUNTANTS’ REPORT
The Board of External Auditors Organization of American States We have audited the accompanying statements of financial position of the Leo S. Rowe Pan Ameri-can Fund (the Fund), as of December 31, 2006 and 2005, and the related statements of activities and cash flows for the years then ended. These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assur-ance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Fund as of December 31, 2006 and 2005, and the results of its activities and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
Washington, DC March 23, 2007
200 International Circle • Suite 5500 • Hunt Valley • Maryland 21030 • P 410-584-0060 • F 410-584-0061
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ORGANIZATION OF AMERICAN STATES
2006 2005Assets Equity in the OAS Treasury Fund and cash equivalents 470,987$ 643,661$
Investments at market value: Money market account 1,162 294,226 Mutual funds invested in equity investments 6,367,289 5,269,611 Mutual funds invested in fixed income securities 5,556,294 4,621,354
11,924,745 10,185,191 Loans receivable Students 1,447,340 1,980,303 Allowance for uncollectible loans (128,575) (150,835) Total student loans receivable 1,318,765 1,829,468
Loans to employees of the OAS 231,978 380,679
Other receivables 25,885 19,278 Total assets 13,972,360$ 13,058,277$
Liabilities and Net assets Accounts payable 14,350$ 16,163$ Guarantor deposits 33,880 48,300 Due to MacLean fellowship 65,523 65,523 Total Liabilities 113,753 129,986
Net assets Committee designated 1,000,000 1,000,000 Available for loans 12,803,160 11,879,753 Supplementary guarantee for loans 9,992 9,992 MacLean Fellowship Fund 21,843 18,443 Student Life-Self Insurance 23,612 20,103 Total Net Assets 13,858,607 12,928,291
Total liabilities and net assets 13,972,360$ 13,058,277$
Statements of ActivitesYears ended December 31
2006 2005Income Dividend and interest investment income 492,968$ 242,970$ Realized gains on investments - 154,875 Unrealized gains on investments 758,867 317,277 Revaluation of allowance 13,369 31,039 Other income 51,533 67,696 Total Income 1,316,737 813,857
Expenses Unrealized loss on investments 53,635 - Administrative expenses 332,786 295,852 Total Expenses 386,421 295,852
Change in net assets 930,316 518,005 Net assets at beginning of year 12,928,291 12,410,286 Net assets at end of year 13,858,607$ 12,928,291$
Leo S. Rowe Pan American Fund
Statements of Financial PositionAs of December 31
Leo S. Rowe Pan American Fund
The accompanying notes form part of the financial statements
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
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ORGANIZATION OF AMERICAN STATES
Statements of Cash FlowsYears ended December 31
2006 2005
Operating Activities Change in net assets 930,316$ 518,005$ Adjustments to reconcile change in net assets to net cash provided by operating activities: Realized gain on investments - (154,875) Unrealized gain on investments (705,232) (317,277) Revaluation of Allowance (13,369) (31,039) Changes in operating assets and liabilities: Decrease in loans to students 524,072 344,982 Decrease in loans to employees 148,701 197,871 Increase in miscellaneous receivables (6,607) (11,634) Decrease in liabilities (16,233) (3,025) Net cash provided by operating activities 861,648 543,008
Investing activitiesProceeds from the sale of investments (559,772) - Reinvestments of dividends received (474,550) (236,367) Net cash used in investing activities (1,034,322) (236,367)
Net increase (decrease) in cash and cash equivalents (172,674) 306,641 Equity in OAS Treasury Fund, beginning of year 643,661 337,020 Equity in OAS Treasury Fund, end of year 470,987$ 643,661$
Leo S. Rowe Pan American Fund
The accompanying notes form part of the financial statements
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
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1. ORGANIZATION AND FINANCING
The Leo S. Rowe Pan American Fund (the Fund), a
charitable trust, was established in 1948 by the
Governing Board of the General Secretariat of the
Pan American Union (PAU) from monies and in
accordance with the will of Dr. Leo S. Rowe, a
former Pan American Union Director General. The
purpose of the Fund is to provide loans to students
from Latin American and Caribbean Member states,
who desire to study at colleges in the United States
of America, and to provide education and
emergency loans to staff of the Organization of
American States (OAS). The Fund is administered
within the General Secretariat by special committees.
The Committee of the Leo S. Rowe Pan American
Fund (Committee) consists of representatives of the
Permanent Council and Secretary General and has
the responsibility to oversee and approve the Fund’s
activities. This Committee designated net assets of
$1,000,000 comprised of investments and is not
considered to be available for the purpose of granting
loans.
2. BASIS OF ACCOUNTING
The accompanying financial statements are
presented on the accrual basis of accounting in
accordance with accounting principles generally
accepted in the United States of America. The
preparation of financial statements in conformity with
accounting principles generally accepted in the
United States of America requires management to
make estimates and assumptions that affect the
reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities as of
the date of the financial statements and the reported
amounts of income and expenses during the reported
period. Actual results could differ from those
estimates.
3. INCOME TAX STATUS
As an international organization, the OAS is exempt
from United States of America Federal income taxes.
This exemption also applies to this Fund.
4. EQUITY IN OAS TREASURY FUND
All U.S. dollars available for use in carrying out the
activities of the various funds of the OAS are
combined in the OAS Treasury Fund. Each fund
administered by the General Secretariat maintains an
equity to the extent of its cash balance retained
therein. The General Secretariat administers the OAS
T r e a s u r y F u n d , a n d a m o u n t s n o t
immediately required for operations are
invested. Income earned by the OAS
Treasury Fund is added to the equity of each fund in
proportion to its balance.
5. CASH EQUIVALENTS
Cash equivalents include amounts invested in
accounts that are readily convertible to cash.
Investments with contractual maturities of ninety
days or less from the date of original purchase are
classified as cash and cash equivalents. Cash
equivalents consist of money market funds. In
accordance with the Fund’s cash management policy
of maximizing the amounts of funds invested in
income-earning assets, the Fund routinely
anticipates the timing and amount of future cash
flows.
6. INVESTMENTS
Investments are presented in the financial
statements at market value as determined by the
latest available published or brokers’ prices.
(Notes to financial statements
continue on next page . . .)
NOTES TO FINANCIAL STATEMENTS
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 102 -
The tables below show a summary of
investments during 2006 and 2005:
7. LOAN STATUS
Loans Receivable and Allowance for Loan Losses
Loans receivable as of December 31, 2006 and 2005
are stated at the amount of unpaid principal, reduced
by an allowance for loan losses. The allowance for
loan losses is established through a provision for loan
losses charged to expenses. Loans are charged
against the allowance for loan losses when
management believes that the collectibility of the
principal is unlikely. The allowance is an amount that
management believes will be adequate to
absorb possible losses on existing loans that may
become uncollectible because of present conditions,
and based on evaluations of the collectibility of loans
and prior loan loss experience. The allowance for loan
losses is based on estimates and ultimate losses may
vary from the current estimates.
Non interest bearing loans are granted to
students, payable on various terms not to exceed 53
months from the termination of the studies for which
the loans are granted. The Committee has
extended the repayment dates for certain loans.
Management believes that the allowance of $128,575
or approximately 9% of the student loan balance as
of December 31, 2006, is sufficient to provide for
losses that may be incurred upon the ultimate
realization of these loans.
During 2006 and 2005, the Fund approved new
student loans aggregating approximately $233,762
and $286,154, respectively. The Fund received loan
repayments of $766,725 and $631,356 in 2006 and
2005, respectively.
New loans approved to employees for educational
purposes or in emergency situations aggregated
$65,178 and $97,523 in 2006 and 2005,
respectively. The Fund received loan repayments of
$213,859 and $295,394 in 2006 and 2005,
respectively. The interest rate applied to employee
loans is equivalent to the prime rate of the United
States of America and is adjusted periodically. The
interest rate on employee loans granted in 2006
varied between 7.25% and 8.25%. Interest rates on
loans granted in 2005 varied between 5.25% and
7%.
8. DUE TO MACLEAN
The balance of Due to MacLean Fund as of
December 31, 2006 and 2005, represents amounts
due to the Julia MacLean Legacy Fund (The MacLean
Fund), a separate fund established to provide
fellowships for Peruvian women studying in
Washington D.C, using the interest earned on the
initial endowment to provide for these fellowships.
The balance due to The MacLean Fund is equal to the
initial endowment of $65,523 received from the
estate of Mrs. Julia MacLean to The MacLean Fund.
9. COMMITMENTS AND CONTINGENCIES
The Fund is not subject to any lawsuits which
management believes will have a material adverse
effect on the Fund’s financial condition.
Uncollectible Loans2006 2005
Balance at beginning of year $ 150,835 $ 182,094
Write off of loans receivable (8,891) (220)
Revaluation of Allowance (13,369) (31,039)Balance at end of year $ 128,575 $ 150,835
2006 Fixed Income Securities Equity Investments Total
Market Value as of 01/01/2006
$ 4,915,580 $ 5,269,611 $ 10,185,191
Purchases/Sales 405,963 153,809 559,772 Dividends 265,547 209,003 474,550 Unrealized Gain and Loss
(29,634) 734,866 705,232
Market Value as of 12/31/2006
$ 5,557,456 $ 6,367,289 $ 11,924,745
2005 Fixed Income Securities Equity Investments Total
Market Value as of 01/01/2005
$ 2,616,418 $ 6,860,254 $ 9,476,672
Purchases/Sales 2,221,883 (2,221,883) - Dividends 116,130 120,237 236,367 Realized Gain and Loss
- 154,875 154,875
Unrealized Gain and Loss
(38,851) 356,128 317,277
Market Value as of 12/31/2005
$ 4,915,580 $ 5,269,611 $ 10,185,191
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 103 -
CHAPTER 7 ROWE MEMORIAL BENEFIT FUND
FINANCIAL STATEMENTS
Statements of Financial Position Statements of Activities Statements of Cash Flows
107
107
107
INDEPENDENT PUBLIC ACCOUNTANTS’ REPORT
NOTES TO FINANCIAL STATEMENTS
1. Organization and Financing 2. Basis of Accounting 3. Equity in OAS Treasury Fund 4. Commitments and Contingencies
109 109 109 109
105
109
107
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INDEPENDENT PUBLIC ACCOUNTANTS’ REPORT
The Board of External Auditors Organization of American States We have audited the accompanying statements of financial position of the Rowe Memorial Benefit Fund (the Fund), as of December 31, 2006 and 2005, and the related statements of activities and cash flows for the years then ended. These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assur-ance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Fund as of December 31, 2006 and 2005, and the results of its activities and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
Washington, DC March 23, 2007
200 International Circle • Suite 5500 • Hunt Valley • Maryland 21030 • P 410-584-0060 • F 410-584-0061
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The accompanying notes form part of the financial statements
ORGANIZATION OF AMERICAN STATES
2006 2005
AssetsEquity in the OAS Treasury Fund 238,138$ 248,252$
Total unrestricted net assets 238,138$ 248,252$
Liabilities and net assets Unrestricted net assets 238,138$ 248,252$
Total liabilities and net assets 238,138$ 248,252$
Statements of ActivitesYears ended December 31
2006 2005
IncomeDividends and interest income from OAS Treasury Fund 8,811$ 7,233$ Contribution from OAS Staff Association 2,100 -
Total additions 10,911 7,233
Expenses Official Recognition 15,300 740 Subsidies - 2,000 Technical Services 5,725 3,500 Total deductions 21,025 6,240
Change in net assets (10,114) 993
Unrestricted net assets, beginning of year 248,252 247,259 Unrestricted net assets, end of year 238,138$ 248,252$
Statements of Cash FlowsYears ended December 31
2006 2005
Operating activities Change in net assets (10,114)$ 993$ Net cash provided by operating activities (10,114) 993
Investing activities Proceeds from securities - 245,563 Dividends and capital gains reinvested - (6,426) Net cash provided by investing activities - 239,137
Net (decrease) increase in equity in OAS Treasury Fund (10,114) 240,130 Equity in OAS Treasury Fund, beginning of year 248,252 8,122 Equity in OAS Treasury Fund, end of year 238,138$ 248,252$
Rowe Memorial Benefit Fund
Statements of Financial PositionAs of December 31
Rowe Memorial Benefit Fund
Rowe Memorial Benefit Fund
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GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 109 -
1. ORGANIZATION AND FINANCING
The assets of the Rowe Memorial Benefit Fund
(the Fund) have been accumulated principally from
contributions received from Dr. Leo S. Rowe, a
former Director General of the Pan American Union.
These assets are held in trust to provide certain
welfare benefits for employees of the Organization of
American States (OAS). Administrative functions of
the Fund are provided without charge by the General
Secretariat of the (GS/OAS).
2. BASIS OF ACCOUNTING
Use of Estimates
The accompanying financial statements are
presented on the accrual basis of accounting in
accordance with accounting principles generally
accepted in the United States of America.
The preparation of financial statements in
conformity with accounting principles generally
accepted in the United States of America requires
management to make estimates and assumptions
that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and
liabilities as of the date of the financial statements
and the reported amounts of income and expenses
during the reporting period. Actual results could
differ from those estimates.
In-Kind Contributions
N o a m o u n t s a r e r e c o r d e d i n t h e
accompanying financial statements relating to the
use of services and facilities provided to the Fund by
the GS/OAS since no objective basis is available to
value such contributions.
Income Tax Status
As an international organization, the OAS is exempt
from United States of America Federal income taxes.
This exemption also applies to the Fund.
3. EQUITY IN OAS TREASURY FUND
All U.S. dollars available for use in carrying out the
activities of the various funds of the OAS are
combining in the Treasury Fund. Each fund
administered by the GS/OAS maintains equity to the
extent of its cash balance retained therein. The
Treasury Fund is administered by the GS/OAS and
amounts not immediately required for operations are
invested. Income earned by the Treasury Fund is
added to the equity of each fund in proportion to its
balance.
4. COMMITMENTS AND CONTINGENCIES
The Fund is not subject to any lawsuits which
management believes will have a material adverse
effect on the Fund’s financial condition.
NOTES TO FINANCIAL STATEMENTS
General Secretariat
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- 111 -
CHAPTER 8 OAS MEDICAL BENEFITS TRUST FUND
FINANCIAL STATEMENTS
Statements of Financial Position Statements of Activities Statements of Cash Flows
115
115
116
INDEPENDENT PUBLIC ACCOUNTANTS’ REPORT
NOTES TO FINANCIAL STATEMENTS
1. Description of the Trust 2. Summary of Accounting Policies 3. Equity in OAS Treasury Fund 4. Net Assets Designated for Medical Claims Payable 5. Tax Status 6. Benefit Obligations 7. Risk and Uncertainties 8. Commitments and Contingencies 9. Actuarial Present Value of Accumulated Post Retirement Plan Benefits
117 117 118 118 118 118 119 119 119
113
117
115
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- 113 -
INDEPENDENT PUBLIC ACCOUNTANTS’ REPORT
The Board of External Auditors Organization of American States
We have audited the accompanying statements of financial position of the General Secretariat of the Organization of American States Medical Benefits Trust Fund (the Trust), as of December 31, 2006 and 2005, and the related statements of activities and cash flows for the years then ended. These financial state-ments are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assur-ance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Trust as of December 31, 2006 and 2005, and the results of its activities and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
Washington, DC March 23, 2007
200 International Circle • Suite 5500 • Hunt Valley • Maryland 21030 • P 410-584-0060 • F 410-584-0061
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- 115 -
The accompanying notes form part of the financial statements
ORGANIZATION OF AMERICAN STATES
2006 2005
Assets Equity in OAS Treasury Fund and cash equivalents 740,311$ 230,554$ Mutual fund investments 18,751,283 15,079,919
Total cash equivalents and investments 19,491,594 15,310,473
Retiree accounts receivable 7,362 5,773 Other accounts receivable 26,496 18,708
Total assets 19,525,452$ 15,334,954$
Liabilities and net assets Accounts payable to BCBS 97,377$ 193,238$ Deferred income 474,401 408,836
Total liabilities 571,778 602,074
Net Assets Designated for unpaid claims 932,460 1,011,647 Fund balance 18,021,214 13,721,233
Total net assets 18,953,674 14,732,880
Total liabilities and net assets 19,525,452$ 15,334,954$
Statements of ActivitesYears ended December 31
2006 2005Income Contributions 9,787,296$ 8,715,461$ Dividend and other income 838,878 580,202 Other income 302,777 71,417 Net realized gain on investments 26,455 - Net unrealized gain on investments 1,463,900 326,830 Total income 12,419,306 9,693,910
Expenses Claims paid - BCBS 6,907,830 6,791,030 CareFirst BCBS services 602,709 508,878 Stop Loss Insurance premiums 345,634 275,541 Total expenses related to CareFirst BCBS 7,856,173 7,575,449
Other expenses not related to CareFirst BCBS 74,398 86,690 Kaiser health insurance 267,941 248,519 Net realized loss on investments - 4,469 Total expenses not related to CareFirst BCBS 342,339 339,678 Total expenses 8,198,512 7,915,127
Change in net assets 4,220,794 1,778,783 Net assets, beginning of year 14,732,880 12,954,097 Net assets, end of year 18,953,674$ 14,732,880$
OAS Medical Benefits Trust Fund
Statements of Financial PositionAs of December 31
OAS Medical Benefits Trust Fund
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 116 -
ORGANIZATION OF AMERICAN STATES
The accompanying notes form part of the financial statements
Statements of Cash FlowsYears ended December 31
2006 2005
Operating activities Change in net assets 4,220,794$ 1,778,783$ Unrealized gain on investments, net (1,463,900) (326,830) Realized (gain) loss on investments (26,455) 4,469 (Increase) in receivables (9,377) (9,253) Decrease in accounts paid in advance to CareFirst BCBS - 404 (Decrease) Increase in payables (30,296) 236,192 Net cash provided by operating activities 2,690,766 1,683,765
Investing activities Sale of investments 346,460 248,014 Purchase of investments (1,726,054) (1,578,014) Dividends and capital gains reinvested (801,415) (555,561)
Net cash used in investing activities (2,181,009) (1,885,561)
Net (decrease) increase in cash and cash equivalents 509,757 (201,796) Equity in OAS Treasury Fund, beginning of year 230,554 432,350 Equity in OAS Treasury Fund, end of year 740,311$ 230,554$
OAS Medical Benefits Trust Fund
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 117 -
1. DESCRIPTION OF THE TRUST
General
The OAS Medical Benefits Trust (Trust) is a
not-for-profit fund established in April 1982 by the
General Secretariat of the Organization of American
States (GS/OAS) to carry out the provisions of GS/
OAS Medical Benefits Plan (Plan). Pursuant to the
provisions of the trust agreement dated June 27,
2000, the sole Trustee of the Trust is the
Organization of American States General
Sec re ta r i a t (Sec re ta ry Genera l ) . The
Secretary General delegates his duties to five (5)
Delegate Trustees appointed by him, two of them in
consultation with the staff association and the
Retiree Association of the GS/OAS. The Trust’s
assets are held in custody by the Bank of America.
Eligibility and Benefits
The Plan provides health benefits, including
medical, dental and prescription drugs to GS/OAS
employees and their covered eligible dependents.
Retired employees are entitled to maintain the
insurance coverage as determined by certain
criteria involving age and years of service.
Current health claims of active and retired Plan
participants and their covered eligible dependents are
provided under a group self–insurance
contract administered by Carefirst Blue Cross Blue
Shield (Carefirst).
Contributions
Employees and retirees participating in the Plan
contribute specified amounts to the Trust,
determined periodically by GS/OAS, for coverage for
themselves and eligible dependents.
Contribution revenues are recognized and earned
on a monthly basis for the period the health care
coverage is in effect. Deferred income represents
prepayments of premiums for future health care
coverage.
Claims Payments
Claims payment expense is recognized in the
period in which the claims are received by the
third-party administrator of the Plan and billed to the
Trust. Claims billed to the Trust by the
third-party administrator, but not paid as of
December 31, 2006 and 2005, are included in
accounts payable on the accompanying statements of
financial position.
Trust Rights and Obligations
The Secretary General, as the Trustee, has the right
under the Trust to modify the benefits
provided to active and retired employees. All funds
available will be used exclusively to pay benefits
under the plan until the funds are depleted.
2. SUMMARY OF ACCOUNTING PRINCIPLES
Cash Equivalents
Cash equivalents include amounts invested in
accounts that are readily convertible to cash.
Investments with contractual maturities of ninety
days or less from the date of original purchase are
classified as cash and cash equivalents. Cash
equivalents consist of money market funds. In
accordance with the Trust’s cash management
policy of maximizing the amounts of funds
invested in income-earning assets, the Trust
routinely anticipates the timing and amount of
future cash flows.
Fair Value of Financial Instruments
The carrying amounts of financial instruments,
including cash and cash equivalents, contributions
receivable and accounts payable approximate fair
value given the short term nature of these
financial instruments.
NOTES TO FINANCIAL STATEMENTS
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 118 -
Administrative Expenses
The Trust pays all administrative expenses of the
Plan. Total expenses paid by the Trust on behalf of
the Plan for the year ended December 31, 2006 and
2005 was $602 ,709 and $508 ,878 ,
respectively.
Valuation of Investments
The Trust investments are stated at fair value. The
shares of mutual funds are valued at quoted
market prices. The short-term investments are
carried at cost, which approximates fair value.
Revenue Recognition
Contributions are recognized when earned.
Contributions received in advance of the benefit
period are deferred until earned.
Use of Estimates
The accompanying financial statements are
presented on the accrual basis of accounting in
accordance with account ing pr inc ip les
generally accepted in the United States of
America. The preparation of financial statements in
accordance with accounting principles generally
accepted in the United States of America requires
management to make estimates and assumptions
that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and
liabilities as of the date of the financial statements
and the reported amounts of income and expenses
during the reporting period. Actual results could
differ from those estimates.
Market Risk
The Trust’s investments, in general, are
exposed to various risks, such as interest rate, credit
and overall market volatility risks. Further, due to the
level of risk associated with certain investment
securities, it is reasonably possible that changes in
the values of investment securities will occur in the
near term and such changes could materially affect
the amounts reported in the statements of financial
position as net assets available for benefits.
The cash and fair value of individual investments of
the Trust’s total net assets are as follows:
3. EQUITY OAS TREASURY FUND
All U.S. dollars available for use in carrying out the
activities of the various funds of the OAS are
combining in the OAS Treasury Fund. The Trust
maintains equity to the extent of its cash balances
retained therein. The GS/OAS administers the OAS
Treasury Fund and invests amounts not
immediately required for operations. Subject to
certain conditions, income earned by the OAS
Treasury Fund is added to the equity of the
various funds in proportion to its balances.
4. NET ASSETS DESIGNATED FOR MEDICAL CLAIMS PAYABLE
As of December 31, 2006 and 2005, $932,460 and
$1,011,647, respectively of net assets have been
designated for medical claims payable. This amount
is computed based upon past claims payment
experience, and in management’s opinion, is a
reasonable estimate of claims incurred but not
reported as of December 31, 2006 and 2005.
5. TAX STATUS
As an international organization, the OAS is
exempt from U.S. Federal income taxes. As a
result, this exemption applies to the Trust.
6. BENEFIT OBLIGATIONS
Health costs incurred by participants and their
eligible dependents are covered by insurance
contracts maintained by the Trust. It is the
present intention of the GS/OAS and the Trust to
As of 12/31/2006 As of 12/31/2005Vanguard Index SP 500 $ 7,805,070 $ 6,062,860
Nations Fund Inc. International Value Fund
3,039,810 2,627,569
Vanguard Mid-Cap 1,756,046 1,584,395Vanguard Small-Cap 1,175,413 962,835Pimco Total Return 4,410,310 3,371,039Pimco High Yield 564,634 471,221 Total $ 18,751,283 $ 15,079,919
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 119 -
continue obtaining insurance coverage for
benefits. Insurance premiums for the Trust’s
future benefits obligation will be funded by
contributions to the Trust in those later years.
7. RISK AND UNCERTAINTIES
Management continually evaluates contingencies
based on the best available evidence and provides
loss allowances where necessary. The principal
contingency includes medical claims liability risks.
Management believes that allowances for losses have
been provided to the extent necessary and that its
assessment of contingencies is reasonable.
Management believes that the resolution of
contingencies will not materially affect the Trust’s
financial position or results of operations.
8. COMMITMENTS AND CONTINGENCIES
The Trust is not subject to litigation which
management believes will have a material adverse
effect on the Trust’s financial condition.
9. ACTUARIAL PRESENT VALUE OF ACCUMULATED POST RETIREMENT PLAN BENEFITS
The accrued or past service liabilities as of
December 31, 2006 (date of last actuarial study) for
postretirement health and life insurance
benefits are approximately $57.2 million ($54.6
million for retiree health benefits and $2.6 million for
retiree life insurance). As of December 31, 2006, the
Trust’s assets totaled $19,525,452. These funds are
not for coverage of life insurance benefits.
Art Museum of the Americas
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- 120 -
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- 121 -
CHAPTER 9 SECRETARIAT FOR POLITICAL AFFAIRS
FINANCIAL STATEMENTS
Statements of Financial Position Combined Statement of Activity and Changes in Fund Balance
125
126
INDEPENDENT PUBLIC ACCOUNTANTS’ REPORT
NOTES TO FINANCIAL STATEMENTS
1. Organization 2. Basis of Accounting 3. Use of Estimates 4. Equity in OAS Treasury Fund 5. Status of Missions
127 127 128 128 128
123
127
125
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- 123 -
INDEPENDENT PUBLIC ACCOUNTANTS’ REPORT
The Board of External Auditors Organization of American States
We have audited the accompanying statements of assets, liabilities and fund balance of the Secretariat for Political Affairs of the Organization of American States (the Secretariat), as of December 31, 2006 and 2005, and the related combined statement of activity and changes in fund balance for the years then ended. These financial statements are the responsibility of the Secretariat’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the external auditing requirements prescribed in Chapter IX of the General Standards of the Organization of American States. Those standards and requirements require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. As described in Note 2, the financial statements of the Secretariat have been prepared on the basis of accounting principles prescribed or permitted by the Budgetary and Financial Rules (which include the applicable financially-oriented General Standards adopted by the General Assembly of the Organization of American States), which is a comprehensive basis of accounting other than generally accepted accounting principles. In our opinion, the financial statements referred to above present fairly, in all material respects, the assets, liabilities and fund balance of the Secretariat as of December 31, 2006 and 2005, and the activity and changes in fund balances for the years then ended on the basis of accounting described in Note 2.
Washington, DC March 23, 2007
200 International Circle • Suite 5500 • Hunt Valley • Maryland 21030 • P 410-584-0060 • F 410-584-0061
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- 125 -
ORGANIZATION OF AMERICAN STATES
The accompanying notes form part of the financial statements
2006 2005Assets Equity in OAS Treasury Fund 12,012,105$ 14,224,249$ Total assets 12,012,105$ 14,224,249$
Liabilities and fund balance:Liabilities Unliquidated obligations 2,562,865$ 5,265,319$ Other accounts payable 1,911,270 57,051
Total liabilities 4,474,135 5,322,370
Fund balance 7,537,970 8,901,879 Total liabilities and fund balance 12,012,105$ 14,224,249$
Secretariat for Political Affairs
Statements of Financial PositionAs of December 31
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 126 -
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86
3,0
13,8
36
Kor
ea-
-
-
-
-
50,0
00
-
88,4
87
-
-
-
-
138,4
87
124,4
00
262,8
87
Luxe
mbourg
-
-
-
-
-
-
-
-
-
-
-
-
-
63,8
80
63,8
80
Met
ro S
eguri
dad
-
-
-
84,8
65
-
-
-
-
-
-
-
-
84,8
65
-
84,8
65
Mex
ico
-
157,7
83
-
-
-
-
-
5,0
00
-
-
-
100,0
00
262,7
83
51,4
00
314,1
83
Nic
aragua
-
-
3,0
00
-
-
-
-
-
-
-
-
3,0
00
6,0
00
7,7
60,0
32
7,7
66,0
32
Net
her
lands
-
-
17,3
58
-
-
-
-
80,7
08
-
-
-
-
98,0
66
7,2
93,7
71
7,3
91,8
37
Norw
ay
267,3
20
$
-
5,3
92
301,6
43
-
504,7
71
-
50,4
67
-
-
-
-
1,1
29,5
93
13,6
08,4
75
14,7
38,0
68
Panam
a-
-
-
-
-
-
-
-
-
-
-
-
-
45,4
00
45,4
00
Para
guay
-
-
-
-
-
-
-
-
-
-
-
-
-
202,4
94
202,4
94
Russ
ia-
-
-
-
-
-
-
-
-
-
-
-
-
1,5
00
1,5
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Ser
bia
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onte
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ro-
-
-
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-
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-
-
-
-
-
-
-
3,0
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3,0
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Spai
n-
-
-
2,3
99,6
08
-
-
-
127,1
80
-
-
361,8
30
100,0
00
2,9
88,6
18
2,9
86,0
11
5,9
74,6
28
Sain
t Kitts
and N
evis
-
-
-
-
-
-
-
-
-
-
-
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-
3,0
00
3,0
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Suri
nam
e-
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-
-
-
-
-
1,0
07,8
03
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07,8
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eden
1,2
40,1
89
-
72,7
07
1,2
43,5
56
-
1,0
62,6
99
536,3
17
$
338,0
66
-
769,7
83
$
-
-
5,2
63,3
17
30,8
43,2
96
36,1
06,6
13
Sw
itze
rland
-
-
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-
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381,5
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381,5
11
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land
-
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10,0
00
-
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10,0
00
-
10,0
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Tri
nid
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obago
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1,5
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Kin
gdom
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235,4
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-
104,1
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-
-
-
137,8
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477,3
56
2,5
28,1
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3,0
05,5
10
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Nation
s-
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-
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-
-
1,6
21,5
52
-
1,6
21,5
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32,1
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8,0
53,6
73
United
Sta
tes
334,6
30
100,0
00
524,4
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-
53,5
14
-
78,3
00
3,8
80,0
92
-
35,0
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-
32,6
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5,0
38,5
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84,3
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guay
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5,0
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ezuel
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88,4
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61,3
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61,3
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le F
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987,5
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52,5
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10,9
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10,0
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9,4
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32,3
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1,7
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2,9
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18,2
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361,9
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390,2
17
781,4
83
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ses
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97,7
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521,1
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68,6
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1,6
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627,9
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816,5
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2,6
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1,8
94,6
91
23,0
25,7
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199,9
83,9
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223,0
09,6
64
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nsf
ers
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-
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62,9
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35,0
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262,9
78
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unds/
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urn
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26,5
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343
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212,4
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ation
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xpen
diture
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vel
451,5
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479,9
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30,9
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649,1
80
296,2
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28,6
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32,6
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um
ents
64,4
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10,0
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46,2
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5,9
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-
351
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30
179,6
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52,7
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Equip
men
t &
Supplie
s484,4
48
40,8
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28,6
31
558,3
94
1,6
15
24,6
01
117,7
76
539,9
85
-
24,0
57
362,7
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133,8
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19,7
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ing &
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70,4
29
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111,6
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-
16,4
13
263,3
69
95,5
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63
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23
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trac
ts697,2
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171,8
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349,3
66
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29,5
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04
390,7
02
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-
193,7
57
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ther
614,1
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208,9
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l D
ecre
ases
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271,7
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655,1
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371,6
49
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193,5
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217,9
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249,3
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-
-
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nsf
er in
-
-
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nsf
er o
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$
OAS T
reas
ury
Fund I
nco
me
Fund b
alan
ce (
def
icit)
at e
nd o
f per
iod
Oth
er R
efunds/
Ret
urn
s
Dec
reas
es
N
et c
hange
duri
ng p
erio
d
Fu
nd b
ala
nce
at
beg
innin
g o
f per
iod
Dep
artm
ent
for
the
Pro
mot
ion
of
Dem
ocra
cy
Incr
ease
s
Dep
artm
ent
for
Cri
sis
Pre
ven
tion
an
d S
pec
ial M
issi
ons
Secr
eta
riat
for
Po
liti
cal A
ffair
s
Yea
rs e
nded
Dec
embe
r 31
Sin
ce I
nce
pti
on t
o D
ecem
ber
31
2005
200
6
Co
mb
ined
Sta
tem
en
t o
f A
ctiv
ity a
nd
Ch
an
ges
in F
un
d B
ala
nce
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 127 -
1. ORGANIZATION
The Permanent Council, by resolution CP/RES. 895
(1524/05) of December 16, 2005, approved the
establishment of the Secretariat for Political Affairs
(SAP) according the resolutions AG/RES. 2156
(XXXV-O/05) y AG/RES. 2157 (XXXV-O/05) of the
General Assembly of the Organization of American
States, that resolved as follows: “to authorize the
Permanent Council, up until December 31, 2005, to
approve any modifications proposed by the
incoming Secretary General in the General
Secretariat’s structure”. In addition, by the
EXECUTIVE ORDER No. 05-13 Rev. 2, the Secretary
General resolves to restructure the General
Secretariat and establish the following objectives of
the Secretariat for Political Affairs (SAP):
A. To help strengthen political processes in the
Member states, in particular to strengthen
democracy as the best option for ensuring peace,
security, and development.
B. Acts to increase the legitimacy of institutions
in political processes and to strengthen the
means of maintaining those processes.
C. The SPA, its dependencies, and its staff are
under the overall direction, supervision, and
control of the assistant secretary, who answers
to the Secretary General, in accordance with the
Organization’s legal system and with the
provisions of this Executive Order.
The SPA is composed of the Executive Office of
the Assistant Secretary and the following
dependencies:
1. The Department for the Promotion of
Democracy
2. The Department for the Promotion of Good
Governance
3. The Department of Crisis Prevention and Spe-
cial Missions
Among the largest contributors to the SAP during
2006 were Sweden ($5,263,317), the United States
($5,038,588), Spain ($2,988,618), Canada
($1,862,385) and the United Nations
($1,621,552). Some contributions are restricted as
to their use by time or purpose.
The Secretary General established various ac-
counts within the Organization of American States
(OAS) to record the proceeds and disbursements
pursuant to the activities coordinated by the SAP.
2. BASIS OF ACCOUNTING
The accompanying financial statements have been
prepared in accordance with the Budgetary and
Financial Rules of the OAS (Rules). The Rules
provide the basis for the accounting principles
applied in the preparation of the financial
statements. The basis for presentation of the
accompanying statements is based upon a
disclosure of detailed financial information for those
projects with significant financial activity for the
current period, and a grouping called Other
Democratic Initiatives with the remainder of OPD
project activities. This basis of presentation results in
different projects displayed at the detailed level from
year to year.
The Rules were adopted to meet budgetary and
other requirements of the OAS and, as such, result in
accounting principles and a financial statement
accounting principles generally accepted in the
United States of America. The significant
deviations from accounting principles generally
accepted in the United States of America are as
follows:
A. Unliquidated obligations include amounts
related to commitments resulting from offers
made by the OPD to vendors to disburse
monies for the procurement of goods or
services in future periods. This amount does not
represent liabilities to unrelated third party
NOTES TO FINANCIAL STATEMENTS
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 128 -
commitments on December 31, 2006, which the
OPD has contracted. It represents amounts
anticipated to be expended in the subsequent
year in the completion of these projects.
B. Contributions from Member states and from other
interested parties for specific purposes are
recorded at the time of collection.
C. A cash flow statement is not provided and
certain other provisions pertaining to
accounting principles generally accepted in the
United States of America related to financial
statement display are not applied.
3. USE OF ESTIMATES
The preparation of financial statements in
conformity with the Rules requires management to
make estimates and assumptions that affect the
reported amounts of assets, liabilities and
disclosure of contingent assets and liabilities as of
the date of the financial statements and the
reported amounts of income and expenses during the
reported period. Actual results could differ from
those estimates.
4. EQUITY IN OAS TREASURY FUND
All U.S. dollars available for use in carrying out the
activities of the various funds of OAS are
consolidated in the OAS Treasury Fund. Each fund
administered by the GS/OAS maintains an equity to
the extent of its cash balance retained therein. The
OAS Treasury Fund is administered by the GS/OAS,
and amounts not immediately required for operations
are invested. Subject to certain conditions, income
earned by the OAS Treasury Fund is added to the
equity of each fund in proportion to its balance. In
addition, unrealized gains/(losses) on investments
are not included in income, and investments are
recorded at historical cost, not at fair market value.
5. STATUS OF MISSIONS
DEPARTMENT FOR CRISIS PREVENTION AND SPECIAL MISSIONS
The Department for Crisis Prevention and Special
Missions (DCPSM) within the Secretariat for
Political Affairs reinforces the capacity of the
Organization in the identification and analysis of
potential threats to democracy, governability and
peace in the countries of the Hemisphere through
political analysis, the implementation of a multiple
scenario analysis methodology and the
strengthening of rapid response capacity.
It provides information and technical support,
and also advises and creates recommendations, by
way of the Secretariat, to the OAS Secretary
General on issues of democratic sustainability,
special missions and the prevention, management
and resolution of conflicts. Additionally, it
provides and coordinates the information,
technical support and assessment to the
Exploratory Missions, Political Accompaniment
Missions and Special Missions. It coordinates with
other multilateral organizations programmatic
initiatives in the field of conflict prevention,
management and resolution and peace building.
It manages and administers the Fund for Peace:
Peaceful Solution to Territorial Conflicts; and
administers the programs for the solution of
territorial controversies executed under the
auspices of the Fund in coordination with the
Secretariat of Multidimensional Security and the
Executive Secretariat for Integral Development.
Lastly, it coordinates programs, projects and
activities whose end purposes are to peacefully
solve territorial controversy, inter-state conflicts,
internal conflicts and political crisis in the Member
states. It coordinates technical assistance
projects to improve Member states’ institutional
capacity in the areas of conflict prevention and
resolution and democratic dialogue.
Support to Institutional Strengthening and the Development and Implementation of a Multiple Scenario Methodology
One of the primary functions of the Department for
Crisis Prevention and Special Missions is to
contribute to the democratic sustainability of the
countries in the region. Through the development
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 129 -
and implementation of a multiple scenario analysis
methodology, this Department seeks to strengthen
the institutional capacity in the area of political
analysis and the prevention, management and
resolution of conflicts in order to prevent and
manage, in a timely manner, situations that
represent a threat to the stability of the
democratic systems in the region and that could
result in political crisis.
The objective of the Program for the
development of a multiple scenario analysis
methodology is to give the Organization an
instrument that allows it to strengthen its political
analysis capacity for the prevention of crises
political-institutional in nature. At the same time, it
hopes to improve and systematize the Organization’s
response capacity so it can be carried out in a timely
manner and result in actions that contribute to
democratic sustainability and that highlight the
important role of the Organization.
Within the area of strengthening of institutional
capacity, the DCPSM organized two seminars, the
first in the Dominican Republic and the second in
Santiago, Chile. The objectives of these events are
to present and analyze the lessons learned from the
experiences and joint efforts of the OAS and its
Member states to preserve and strengthen
democratic institutions; and promote dialogue on
lessons learned, the challenges and perspectives of
the future for the Organization in the
prevention, management and resolution of crises.
The Forum “Democratic Stability in the Americas:
The Institutional Role of the OAS” was carried out
within the framework of the Thirty-Sixth Period of
Ordinary Sessions of the OAS General Assembly held
in Santo Domingo, Dominican Republic with the
support from the Government of Canada and the
Fundación Global Democracia y Desarrollo
(FUNGLODE)/Global Foundation for Democracy and
Development.
During the Forum the Special Missions
undertaken by the OAS dealt with situations that
affected or could have affected the democratic
institutionalism and governability of the countries in
the Hemisphere during 2005. The experiences
presented references to the OAS special missions in
Bolivia, Ecuador, Haiti and Nicaragua. These
missions were carried out in conformance to the
mandates and provisions of the OAS Charter, the
Inter-American Democratic Charter, and
resolutions from General Assembly, Permanent
Council and Summit of the Americas.
The Forum “The Political Dimension of
Democratic Governance” was held in Santiago, Chile.
This event was organized by the Organization of
American States by way of the Department and by
Project America Corporation, a pluralist
organization that aims, starting with the Chilean
democratic transition experience, to undertake a
process of cultural and political reflection that
contributes to the development of democracy and
governance in Latin America.
The objectives of this Forum were to analyze
experiences to address the political dimension of
democratic governance in the countries of the
Hemisphere, and to promote discussion on OAS
mechanisms on the subject and, in particular, the
opportunities, challenges and perspectives for the
future to strengthen the response capacity of the
Organization in support of its Member states.
Component of the Democracy Practitioners Project
This project basically consists of the creation of a
network of experts in democratic issues that could
contribute to the SG’s different projects and
programs. A work plan for the creation of the
network is being prepared and will be presented for
approval by the SPA at the end of February. The
experts, between seventy and eighty, will serve as
advisors to the SG in issues related to the
strengthening of democracy such as electoral
reform, judicial independence, legal and legislative
reform, citizen participation, anticorruption and
transparency. Similarly, the experts will be
promoters of the Inter-American Democratic Charter
and of the values and principles of the OAS. It is
hoped the network will be operative by March 2007.
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 130 -
Seed Fund for Special Missions
The OAS Secretary General, through the
Department for Crisis Prevention and Special
Missions established a seed fund to deploy Special
Missions as necessary. The Special Missions are sent
at the request of the Secretary General or of the
Permanent Council when a crisis or pre-crisis
situation develops in a Member state.
Special Mission to Support the Constituent Assembly in Bolivia
During this period, the Department has followed the
Constituent Assembly process in Bolivia as a result of
the agreement signed on April 20, 2006, by the OAS
Secretary General and the Minister of Foreign
Relations of Bolivia. This agreement established the
Special Mission to Support the Constituent Assembly
and Referendum Process with the goal of providing
technical and political assistance to the Bolivian
Government. The work of the OAS consisted in
providing legislative technical assistance,
parliamentary dialogue techniques and negotiation
for the assembly participants.
Fund for Peace
The Department for Crisis Prevention and Special
Missions also continued its efforts in political
international facilitation through the Fund for Peace,
particularly with regards to the border dispute
between Belize and Guatemala. In this sense, the
SG/OAS, through the Secretary General Special
Representative for Belize and Guatemala, has been
facilitating the negotiations developed within the
framework of the “Agreement on a Framework for
Negotiations and Confidence Building Measures
between Belize and Guatemala” between the
governments of Belize and Guatemala signed on
September 7, 2005.
On the other hand, the Office of the OAS
Secretary General in the Adjacency Zone carried out
a series of verifications and support activities to
various Belizean and Guatemalan institutions,
including the armed forces. Similarly, projects that
foment the integration of the communities in the
Adjacency Zone and community resettlement
projects are being carried out.
Mission to Support the Peace Process in Colombia
During 2006, the OAS Mission to Support the Peace
Process in Colombia (MAPP/OEA) participated in 14
demobilizations of the Autodefensas Unidas de
Colombia (AUC). In this period the MAPP/OEA: (i)
verified the real dismantling of the AUC military
structure; (ii) followed the public order situation in
distinct regions of the country where the AUC had
been present before their demobilization; and (iii)
verified the reinsertion process of more than 30,000
AUC ex-combatants. In the same fashion, the
Mission began following the implementation of Law
975 (Justice and Peace Law), a legal framework
applicable to the AUC demobilized under the Peace
Process lead by the Colombian Government with this
illegal armed group. Finally, in 2006, the MAPP/OEA
finished implementing its pilot project in
Tierralta, Córdoba, with the training of more than 50
community leaders as “conciliadores en equidad”,
with the objective of contributing to the peaceful
resolution of controversies in their communities.
Central American Project for the Strengthening of Democratic Dialogue (PCA)
In this period the Department continued to
implement the Central American Project for the
Strengthening of Democratic Dialogue (PCA) whose
primary objective is to generate institutional
capacity and strengthen local, national and
subregional strategies to facilitate political dialogue
processes and to establish mechanisms for conflict
management in Central American countries. The PCA
primarily focused on promoting the
development of these institutional spaces for
treating threats to governance, originating in the
field of security; favoring national and regional
spaces of cooperation between the authorities and
civil society. In this context, the forum “Democratic
Governance, Citizen Security and State-Civil Society
Collaboration” took place April 19-21, 2006, in
Panama. This forum brought together Ministers of
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Public Security, legislators in the region in charge of
the security issue, PARLACEN, and the SICA
consultative committee, as well as known experts
from prestigious civil organizations.
Support to the Rural Judicial Facilitators
Implementation of the Rural Judicial Facilitators in
Nicaragua, whose initial stage concluded in 2006,
continued and the process of spreading to other
Central American countries is underway. The
objective of the program was to reinforce citizen
access to justice in the rural and most isolated areas
of Nicaragua. The program’s covered 68
municipalities in Nicaragua’s Center and Atlantic,
areas inhabited by more than 345 thousand people.
In conjunction with the Supreme Court of Justice, the
Rural Judicial Facilitators in Nicaragua have been able
to establish a structure of close to 50 fully trained
judicial facilitators.
Political Accompaniment in Nicaragua
Throughout 2006, the OAS Secretary General, in
response to a request by the Nicaraguan authorities,
deployed a long term Mission to accompany, in an
integral manner, the development of the electoral
process in conformance with the provisions of the
Inter-American Democratic Charter and the OAS
Charter. Mr. Gustavo Fernández, Secretary General
Special Representative and Chief of Mission,
directed the Mission comprised by a high-level
political and technical team, as well as one hundred
and eighty-five international observers from more
than twenty Member states. For ten months the OAS
carried out an in situ following of the political, legal
and technical aspects of the process for the election
of regional, legislative and presidential authorities.
Similarly, it facilitated the interactions of a broad
spectrum of actors, through it’s accompaniment of
national authorities and the Nicaraguan people, in
the search for avenues of understanding facing the
inherent political and technical challenges of the
process. In this way, it contributed with its presence
to the pacific fulfillment of the elections with the
credibility and legitimacy necessary for its subse-
quent acceptance by all the other actors involved.
The political accompaniment work led by the Depart-
ment for Crisis Prevention and Special Missions was
carried out in close coordination with the electoral
observation and the following of the technical
aspects by the Department for the Promotion of
Democracy.
DEPARTMENT FOR THE PROMOTION OF GOOD GOVERNANCE
The Department for the Promotion of Good
Governance (DPG) promotes initiatives and
strategies leading to the adoption of public policies
that will deepen social, political and civic citizenship
in the region. The Department starts from the
premise that sustainable democracy is possible when
citizenship is full and inclusive, when it reflects the
multicultural dimensions of the region, and its
gender and ethnic diversity.
Training Program for Democratic Leaders (CALIDEM)
The Training Program for Democratic Leaders (known
by the Spanish acronym “CALIDEM” for “Programa de
Capacitación para Líderes Democráticos”), a joint
initiative of the General Secretariat of the
Organization of American States (GS/OAS) and the
Inter-American Development Bank (IDB), is a
hemispheric program of national and sub-regional
training courses for young democratic leaders.
On October 27, 2000, an agreement was signed
between the GS/OAS and the IDB, for which the IDB
agreed to provide a total of $1,000,000. The
execution period of the agreement was extended
through April 27, 2006. The program’s goal is to
support the strengthening of effective democratic
leadership in the hemisphere through the training of
young civic and political leaders on democratic
institutions, values and practices. The CALIDEM
program provided counterpart funding
(approximately $40,000 per course) for the
implementation of 22 courses held in various
countries throughout the hemisphere, in which 853
young political, social, media, and academic leaders
from 28 countries.
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Public and private training institutes were
selected in each country through a competitive
bidding process to organize and hold the courses.
The GS/OAS designed the course framework, content
and methodology, which the selected institutes
adapted to reflect the realities of each country or
sub-region.
Each course trained a group of at least 36 young
leaders under the age of 30 from political parties,
academia, non-governmental organizations, the
media, business, and other social sectors. The
training group represents a broad spectrum of
political, economic, and social affiliation, and is
balanced among men and women. As a result of
discussions during the 2nd Annual meeting of the
Inter-American Forum on Political Parties, held in
Vancouver, Canada in 2002, the CALIDEM offered
courses exclusively for young leaders of political
parties.
Caribbean Regional Secure Identities
The DPG continued its work to build the institutional
capacity of civil registries in the English-speaking
Caribbean, including the launch of the first
computerized civil registry in St. Vincent and the
Grenadines (March 6), completing most of the work
to computerize the registry in Dominica for the first
time, and signing two pre-project legal agreements
with Antigua and Barbuda (March 9). In
addition, the comparative study of registries for the
Caribbean is ready for publication. In June, the
Director and a staff member visited Haiti to plan a
long-term project to increase births registration and
build a computerized civilian registration system for
that country.
Access to Justice
The Department for Promotion of Governance
undertook preparatory activities leading to the
development of a report on the status of access to
justice within the region. The report will be based on
the assumption that access to justice is a
fundamental component of democratic governance.
Among the preparatory activities was the
identification of experts from the region with
knowledge of access to justice issues. These
experts will form part of an informal network that can
make public policy recommendations on overcoming
barriers to access to justice. In addition, the
Department oversaw the preparation of a preliminary
study on access to justice within the Inter-American
Human Rights System. This report highlights the
importance of access to justice for the regions
democracies, and will serve as the basis for
discussion for a meeting of experts to be held in
March 2007. Also in 2006, the Department began
gathering information about experiences, studies,
and jurisprudence that will result in the mapping of
best practices in the region that have lead to
overcoming obstacles to access to justice, as well as,
a bibliography and collection of studies conducted by
individual Member states on efforts to overcome
problems with access to justice.
DEPARTMENT FOR THE PROMOTION OF DEMOCRACY
The Department for the Promotion of Democracy
(DPD) is the unit within the General Secretariat of
the OAS in charge of implementing programs and
activities that aim to strengthen electoral and
democratic processes in the Member states. The DPD
mission is to contribute to the consolidation of
democratic electoral systems and processes in the
Hemisphere, and to the holding of transparent,
legitimate, and free elections in the countries of the
Americas.
Inter-American Forum on Political Parties (FIAPP)
The Inter-American Forum on Political Parties (FIAPP,
by its Spanish acronym) was established to help
implement the hemispheric mandates on
strengthening and modernizing political parties.
These mandates were approved by the Member
states in the framework of the Third Meeting of the
Summit of the Americas, the Inter-American
Democratic Charter and the Extraordinary Summit in
Monterrey, Mexico. Primary objectives have included
contributing, through dialogue, the exchange of
experiences and specific actions, to the design and
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implementation of an Inter-American agenda for the
reform and modernization of political parties and
party systems.
Since its inauguration in 2001, the
Inter-American Forum on Political Parties has worked
strictly within these mandates, hosting four annual
meetings that included a pluralistic array of political
leaders from more than 20 countries, as well as
senior staff of international cooperation organizations
and civil society representatives. These annual
meetings have served to identify challenges facing
political parties and, at the same time, to promote
strategies for reforming the party systems in the
region. Additionally, the Forum carried out a series
of complementary activities, such as seminars on
reform initiatives and subregional studies in Central
America and the Andean Region. In 2004, the
Forum completed a comparative study on the
campaign and political party financing regimes of the
34 Member states of the OAS. The findings of this
study permitted the FIAPP to provide technical
assistance and accompany political debate on
institutional reform efforts in the region. In this
regard, the FIAPP worked with the Federal Electoral
Institute of Mexico, the Congress of the Republic of
Colombia, the Central American Parliament and the
Chamber of Deputies in Brazil. In 2005, the
Forum concentrated its efforts subregionally,
hosting the Caribbean Forum on Political Parties in
Montego Bay, Jamaica and the Central American
Forum in Santo Domingo, Dominican Republic. For
the last six years, the OAS, within the framework of
the Forum, has provided support to political parties in
Guatemala with its Democratic Values and
Political Management Program. Lastly, the FIAPP
identified the promotion of gender equality in
political parties as a cross-cutting issue, co-hosting
with the Inter-American Commission on Women, two
special sessions of the Permanent Council and a
regional workshop in Central America.
Technical Electoral Assistance to the Supreme Electoral Tribunal in Guatemala
In 2006, the Department for the Promotion of
Democracy continued to support the implementation
of the Program of Technical Assistance to the
Guatemalan Electoral Regime, in cooperation with
the IIDH/CAPEL, with the intention of improving
transparency, efficiency, and confidence in the
Guatemalan electoral system. Through this
initiative, the DPD hopes to strengthen the Supreme
Electoral Tribunal in Guatemala as well as other
institutional and social actors that participate in
electoral processes, while at the same time helping
to generate conditions for the celebration of free,
just, and participative elections in September 2007.
The OAS’s work has been implemented through
specialized technical assistance activities,
institutional assistance, support for the
implementation of the approved electoral reforms,
the institutional strengthening of the SET, and
coordination with the rest of the international
cooperation agencies.
Technical Electoral Assistance to the Supreme Electoral Tribunal in El Salvador
The Electoral Tribunal in El Salvador, as the major
electoral authority in the country, is in charge of
organizing, planning, designing, executing, and
implementing all the necessary activities for the
electoral processes. The Tribunal requested the
OAS’s help to technically certify their information
systems.
The objective of this project is to assist in the
monitoring of the Tribunals’ information technology
system, in order to strengthen the current system for
the transmission of electoral results, i.e.
Transmission of Preliminary Results. This system
aims to present to the Salvadoran population
accurate and opportune electoral results as soon as
the vote-counting process ends.
Technical Assistance to the Supreme Electoral Tribunal in Ecuador
In order to strengthen the information technology
areas of the Electoral Tribunal in Ecuador in the
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development of the different stages of the electoral
process, the OAS’s DPD provided technical
assistance to the Tribunal in 2006 by updating the
electoral registry. This was done by establishing a
photographic and biometric registry, renovating the
official vote-counting system, and providing support
in the development of a internet infrastructure to
register votes emitted in foreign countries and
through the Internet.
Technical Assistance to the Civil Registry in Colombia
In 2006, the Department for the Promotion of
Democracy worked with the Colombian National Civil
Registry to consolidate and strengthen their
institutional capacity and generate the necessary
mechanisms to optimize the organization of
electoral processes, specifically for the congressional
elections of March 12, 2006 and the presidential
elections of May 28, 2006.
With the objective of aiding in the design,
elaboration, and execution of civic education
processes, the DPD also cooperated with the
Information Technology Management unit, which is
responsible for executing integral processes during
the electoral process. The OAS’s technical assistance
consisted of verifying the electronic processing of
electoral data, generating reports regarding risk
situations, analyzing the software, and evaluating the
technical and security infrastructure.
Technical Assistance to the Civil Registry in Paraguay
The OAS’s Department for the Promotion of
Democracy worked with the Paraguayan Ministry of
Justice and Labor, in particular with the Civil
Registry, in order to assist in the modernization of
the civil registry so that the institution could have a
modern and integral registration administration. This
would permit them to carry out a timely
registration process which would accurately reflect
the actions and civil facts regarding the citizens as
well as would be certifiably secure and reliable in
itself.
This technical assistance project was aimed at
supporting the civil registry in the design,
development, and implementation of the System of
Registration Administration. It also recuperated
9,000,000 registrations, helped in the creation of an
Information Technology Center and the Center for
the Training and Disclosure of the civil registry. With
this assistance, the OAS also helped train the
employees and technicians of the civil registry.
Likewise, the DPD assisted in designing a plan aimed
at broadcasting and disclosing information
regarding the importance of registering the actions
and civil facts of the citizens, institutions, and its
institutional users as well as designing an
alternative system of registration (hospitals,
doctors, midwives). The DPD also facilitated the
creation of a web-site for the civil registry.
The Inter-American Program for Electoral Technology (PITE, in Spanish)
Between 2004 and 2006, PITE has sent missions to
over 12 elections and has offered technical
assistance in more than 10 countries, with the
objective of reinforcing and modernizing electoral
processes throughout the hemisphere. PITE’s efforts
have been aimed at identifying the best practices and
technologies within the electoral arena,
developing informational programs, and
implementing projects that would facilitate the
technical observation of electoral processes.
PITE has assisted in the modernization of three
civil registries, has implemented electronic voting
projects in eight elections, and has assisted in the
transmission of electoral data in at least two
elections. This project has also brought about
agreements among the electoral institutions of
Brazil, Canada, Panama, and Paraguay, facilitating
the sharing of information among these
Member states.
Electoral Observation Missions
The electoral observation missions are an essential
tool for the strengthening of democracy and the
protection of human rights in the Americas,
objectives that are fundamental to the Organization.
Article 24 of Chapter V of the Inter-American
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Democratic Charter establishes that “The electoral
observation missions shall be carried out at the
request of the member state concerned. To that end,
the government of that state and the Secretary
General shall enter into an agreement establishing
the scope and coverage of the electoral observation
mission in question. The member state shall
guarantee conditions of security, free access to
information, and full cooperation with the electoral
observation mission.”
The main objectives of the electoral observation
missions are the following:
A. Supervise the electoral process and all the main
participants to guarantee that the current elec-
toral standards are followed. To that end, the
mission meets with representatives of the various
government agencies, such as the members of
the Electoral Tribunal and the provincial electoral
tribunals, members of the armed forces and the
police, the candidates of the political parties that
participate in the elections and the NGO leaders
that participate in the elections.
B. To be available to the main participants, to aid in
guaranteeing the observation and the use of the
procedures established in the internal legislation
to resolve conflicts.
C. To contribute, through the presence and the
work of the mission, to create an atmosphere of
public confidence and support and encourage-
ment to citizen participation. With that in mind,
the mission disseminates press releases and
grants interviews to the media.
D. To improve the electoral process, devising
suggestions and recommendations.
In accordance with resolutions AG/RES. 991
(XIX-O/89) and CP/RES. 572 (882/91), the
financing of the electoral observation missions should
come from external funding. In this manner, each
time that the OAS receives a request for the
organization of an electoral observation mission, the
UPD has to obtain the necessary funding. In 1999,
the resolution AG/RES. 1637 (XXIX-O/99)
established a permanent specific fund to finance the
activities related with the electoral observation
missions of the OAS, that, in essence, is used to
carry out pre-electoral exploratory missions.
Electoral Observation Missions carried out during 2006
Electoral Observation Mission in Nicaragua
The OAS observed the municipal elections on
March 5, 2006. The mission was financed by
the United States, Brazil, and Canada.
Electoral Observation Mission in Colombia
The OAS observed the legislative elections on
March 12, 2006. The mission was financed by
the Government of Brazil.
Electoral Observation Mission in El Salvador
The OAS observed the municipal elections on
March 12, 2006. The mission was financed by
the governments of the United States, Brazil
and Canada.
Electoral Observation Mission in
the Dominican Republic
The OAS observed the legislative and
municipal elections on May 16, 2006. The
mission was financed by the United States,
Brazil, Canada, and European Union.
Electoral Observation Mission in Colombia
The OAS observed presidential elections on
May 28, 2006. The mission was financed by
the United States, Brazil, and Canadian
governments.
Electoral Observation Mission in Peru
The OAS observed the first round of the
presidential elections on April 9, 2006, and
the second round on June 4, 2006. The
mission was financed by the governments of
the United States, Korea, Japan, Norway, and
Canada.
Electoral Observation Mission in Bolivia
The OAS observed the elections for the
Constituent Assembly and voting for a
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referendum regarding regional autonomy on
July 2, 2006. The mission was financed by
the United States and Canada.
Electoral Observation Mission in Guyana
The OAS observed the legislative elections on
August 28, 2006. The mission was financed
by the United States, Brazil, Canada, Chile,
Mexico, and the United Kingdom.
Electoral Observation Mission in Panama
The OAS observed the referendum regarding
the expansion of the Panama Canal on
October 22, 2006. The mission was financed
by the United States, China and Korea.
Electoral Observation Mission in Nicaragua
The OAS observed general elections on
November 5, 2006 in which the President of
the Republic and 90 members of the National
Assembly were elected. The mission was
financed by the United State, Brazil,
Denmark, Japan, Canada, Norway,
the Netherlands, and Sweden.
Electoral Observation Mission in Ecuador
The OAS observed the presidential and
legislative elections on October 15, 2006, as
well as the second round on November 26,
2006. The mission was financed by the
United States, Brazil, Norway, Canada, and
Korea.
Electoral Observation Mission in Peru
The OAS observed the municipal elections on
November 19, 2006. The mission was
financed by the governments of Korea,
Norway and the United States.
Electoral Observation Mission in Venezuela
The OAS observed the presidential elections
on December 3, 2006. The mission was
financed by the United States, Brazil, Finland,
the Netherlands, Canada, and Spain.
Electoral Observation Mission in Saint Lucia
The OAS observed the general elections on
December 11, 2006. The mission was fi-
nanced by the United States, the United
Kingdom, and Canada.
Technical Assistance to the Supreme Electoral Tribunal in Honduras
In 2006, the DPD provided assistance to the
Supreme Electoral Tribunal in Honduras through the
technical assistance program “Heading Towards the
2009 Electoral Process.” This project aimed at
analyzing the current electoral laws in the country
while at the same time restructuring the Tribunal’s
administration by strengthening and modernizing its
institutions.
The DPD helped identify problems related to the
2005 elections and analyzed the electoral legislation
to systematize and revise some of its articles. Also,
the DPD carried out activities with the intention of
contributing to the elaboration of a new institutional
organizational chart, helping to reclassify its
personnel and elaborating a strategic assistance plan
for the future.
Special Mission to Strengthen Democracy in Haiti
In 2002, the OAS established its Special Mission to
Strengthen Democracy in Haiti, with the purpose of
reinforcing the country’s institutional capacity in key
areas like governance, security, justice, and human
rights. This effort was continued in 2006 with the
Technical Electoral Assistance Program, which
supported Haiti’s Provision Electoral Council (PEC) in
carrying out a massive voter registration throughout
the entire country for the 2006 elections.
More than 3.5 million Haitians (about 80% of
voters) were registered through this process. The
electronic database that was created through this
process serves as a starting point for a more
permanent civil registry, an important step in the
country’s institutional development. In the weeks
before the elections, the OAS worked with the PEC to
assure that the voters could pick up their national
identification cards as well as gave additional help to
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the electoral authority.
OAS technical experts also designed the software
that was used in tabulating the votes and trained PEC
personnel on how to use it.
Main Building Main Entrance
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SECTION III FINANCIAL STATEMENTS OF AGENCIES AND ENTITIES RELATED TO THE ORGANIZATION OF AMERICAN STATES
Chapter 10 Trust for the Americas 141 Chapter 12 Inter-American Defense Board 149 (Chapter 11 intentionally skipped)
Art Museum of the Americas
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CHAPTER 10 TRUST FOR THE AMERICAS
FINANCIAL STATEMENTS
Statements of Financial Position Statements of Activities Statements of Cash Flows
145
145
146
INDEPENDENT PUBLIC ACCOUNTANTS’ REPORT
NOTES TO FINANCIAL STATEMENTS
1. Organization and Financial Statements 2. Summary of Significant Accounting Policies 3. Equity in OAS Treasury Fund
147 147 148
143
147
145
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INDEPENDENT PUBLIC ACCOUNTANTS’ REPORT
The Board of External Auditors Organization of American States
We have audited the accompanying statements of financial position of the Trust for the Americas (the Trust), as of December 31, 2006 and 2005, and the related statements of activities and cash flows for the years then ended. These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provides a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Trust as of December 31, 2006 and 2005, and the results of its activities and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America. In accordance with Government Auditing Standards, we have also issued a report dated March 23, 2007 on our consideration of the Trust’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audits.
Washington, DC March 23, 2007
200 International Circle • Suite 5500 • Hunt Valley • Maryland 21030 • P 410-584-0060 • F 410-584-0061
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The accompanying notes form part of the financial statements
ORGANIZATION OF AMERICAN STATES
As of December 31
2006 2005Assets
Equity in OAS Treasury Fund 793,464$ 908,150$ Accounts Receivable 47,001 -
Total Assets 840,465$ 908,150$
Liabilities and Net AssetsAccounts Payable 15,541$ 12,694$ Deferred Revenue - 272,151
Total Liabilities 15,541 284,845
Temporarily Restricted Net Assets 630,397 506,162 Unrestricted Net assets 194,527 117,143
824,924 623,305
Total Liabilities and Net Assets 840,465$ 908,150$
Statements of ActivitiesYears ended December 31
2006 2005Unrestricted Net AssetsRevenue:
Contributions 974,230$ 1,812,494$ Transfers In 209,188 53,000 Interest Distribution to Fund 41,022 17,639 Prior Year Refunds 3,149 3,404 In-Kind Contributions 588,554 356,011 SEDI In-Kind Contributions 201,639 228,767 Released from restrictions 608,514 402,984
Total Revenue 2,626,296 2,874,300
Expenses:Transfers Out 77,014 257,788 Returns to Donors 13,603 1,805 Administrative and Project Expenses 1,668,102 1,952,308 In-kind Expenses 588,554 356,011 SEDI In-kind Expenses 201,639 228,767
Total Expenses 2,548,912 2,796,679
Change in Unrestricted net assests 77,384 77,621
Temporary Restricted Net AssetsContributions 732,748 678,810 Released from Restriction (608,514) (402,984)
124,234 275,826
Change in Net Assets 201,618 353,447
Net assets, beginning of period 623,306 269,859 Net Assets, end of period 824,924$ 623,306$
Trust for the Americas
Statements of Financial Position
Trust for the Americas
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ORGANIZATION OF AMERICAN STATES
The accompanying notes form part of the financial statements
Statements of Cash FlowsYears ended December 31
2006 2005Operating Activities
Change in net assets 201,618$ 353,446$
Effect of changes in non cash operating assets and liabilities:Account Receivable (47,001) 291,321 Account Payable 2,848 (140,918) Deferred Revenue (272,151) 254,039
Net Increase (Decrease) in Cash (114,686) 757,888
Equity in OAS Treasury Fund, beginning of the year 908,150 150,262 Equity in OAS Treasury Fund, end of the year 793,464$ 908,150$
Trust for the Americas
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1. ORGANIZATION AND FINANCIAL STATEMENTS
The Trust for the Americas (the Trust) was created in
1997 as a not for profit entity incorporated in the
District of Columbia. The Trust serves the
Organization of American States (OAS) as an
entry point to expand hemispheric cooperation and
enhance economic development by providing a
channel for information, services, goods and funds.
In addressing central goals of OAS, and in
response to the Summits of the Americas, the Trust
mobilizes resources to confront the problems posed
by extreme poverty and to promote democracy
through actions that are environmentally,
economically and socially sustainable, and that
foster public participation, particularly of groups
previously excluded from the international
dialogue.
The operation of the Trust began in fiscal year
1998 with the principal focus on establishing the
framework within which to begin program
activities. Funding to establish the Trust was
provided by Inter-American Council for Integral
Development (CIDI) through a specific fund
created to finance CIDI programs that strengthen
partnerships with private enterprises and
foundations.
The resources have been provided by
contributions from corporate donors, Federal grants,
contributions from the Executive Secretariat For
Integral Development (SEDI) for staff and office
support, and in-kind donations from corporate and
other donors.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying financial statements are
prepared on the accrual basis of accounting in
accordance with accounting principles generally
accepted in the United States of America.
Fund Accounting and Net Asset Classifications
To ensure compliance with restrictions placed on the
resources available to the Trust, Trust’s accounts are
classified for accounting and reporting into
projects established according to their nature and
purposes. In the financial statements, projects that
have similar characteristics have been combined into
two net asset categories: Unrestricted and
Temporarily Restricted.
Unrestricted net assets are either not restricted
by donors, or the donor-imposed restrictions have
expired. Temporarily restricted net assets are
contributions restricted by the donor for a specific
purpose or time and which the restricted purpose has
not been met or the time has not passed.
Government Grants and Deferred Revenue
Contributions are recorded when earned. The Trust
has a significant ongoing grant as of December 31,
2006 and 2005 with a United States governmental
agency that is described in “Significant
Contributions”. Deferred revenue is recorded when
amounts received are in excess of amounts expended
for cost reimbursable by United States government
grants. Accounts receivable are recorded when
amounts expended are in excess of amounts
received. Deferred revenue represents contributions
received that must be refunded to the donors if not
spent for the donated purpose.
In-kind Contributions
The Trust received in-kind contributions that are
donated to the Trust as part of an agreement (the
Agreement) with the OAS through the SEDI.
Under the Agreement, the OAS through the SEDI
supports the Trust with financial, material and staff
support to enable the Trust to accomplish its
objectives. In-kind contributions include personnel
and other costs funded from the SEDI budget, with
an approximate value of $201,639 and $228,767, as
of December 31, 2006 and 2005, respectively. These
NOTES TO FINANCIAL STATEMENTS
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amounts are include as revenue and expenses in the
accompanying statements of activities for the years
ended December 31, 2006 and 2005.
The Trust also received in-kind contributions from
corporations and other entities for carrying out its
program in the amount of $588,554 and $356,011
during the years ended December 31, 2006 and
2005, respectively, that were based on the Trust’s
estimate of the fair market value of the services
provided on the date of the contribution.
Federal Income Tax
The Trust is exempt from Federal income tax under
section 501(a) of the Internal Revenue Code as an
organization described in section 501(c) (3). The
Trust is not a private foundation within the meaning
of section 509(a) of the Code, because it is an
organization described in section 509(a)(1)(A)(vi).
The preparation of financial statements in
conformity with accounting principles generally
accepted in the United States of America requires
management to make estimates and assumptions
that affect the reported amounts of assets and
liabilities as of the date of the financial statements
and the reported amounts of revenues and
expenses during the reporting period. Actual results
could differ from those estimates.
The Trust entered into a significant grant
agreement in 2004 with the United States of America
Agency for International Development (USAID) for
activities in Colombia. The agreement is for a total of
$1,136,226 of which $37,706 was expended for the
year ended December 31, 2006, and $1,129,706
expended from the inception of the agreement.
The Trust’s revenue is recognized as the expense
is incurred, and is the basis for drawdown of the
funds from the letter of credit with the USAID, and
for recognition of receivables.
The Trust’s project expenditures correspond to its
two main initiatives and were incurred as follows:
Transparency and Governance Projects: $587,743 Technology for Development Projects: $653,587
These expenditures are included in Administrative
and Project Expenses on the Statements of
Activities.
Unrestricted net assets are assets and
contributions that are not restricted by donors or for
which restrictions have expired. The majority of the
Trust’s unrestricted net assets represent the
administrative portion retained from various project
contributions and grants.
Temporarily restricted net assets are those
assets whose use by the Trust has been limited by
donors primarily for a specific purpose. When a donor
restriction is met, temporarily restricted net assets
are reclassified to unrestricted net assets. Donor
restricted contributions which have the restrictions
relieved in the same year as the contribution is
received are included in unrestricted net assets.
3. EQUITY IN OAS TREASURY FUND
All U.S. dollars available for use in carrying out the
activities of the various funds of OAS are
consolidated in the OAS Treasury Fund. The Trust for
the Americas Fund maintains equity to the
extent of its cash balances retained therein. The
General Secretariat administers the OAS Treasury
Fund and invests amounts not immediately required
for operations. Subject to certain conditions,
income earned by the OAS Treasury Fund is added to
the equity of the various funds in proportion to its
balances.
General Secretariat
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CHAPTER 12 INTER-AMERICAN DEFENSE BOARD
FINANCIAL STATEMENTS
Statements of Financial Position Statements of Activities Statements of Cash Flows
153
153
154
INDEPENDENT PUBLIC ACCOUNTANTS’ REPORT
NOTES TO FINANCIAL STATEMENTS
1. Organization 2. Summary of Significant Accounting Policies 3. Income Taxes 4. Pension Plan and Employee Benefits 5. Funding 6. In-kind Contributions 7. Program Expenses 8. Commitments and Contingencies
155 155 156 156 156 156 157 157
151
155
153
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INDEPENDENT PUBLIC ACCOUNTANTS’ REPORT
The Board of External Auditors Organization of American States
We have audited the accompanying statements of financial position of the Inter-American Defense Board (the Board), as of December 31, 2006 and 2005 and the related statements of activities and cash flows for the years then ended. These financial statements are the responsibility of the Board’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assur-ance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principals used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Board as of December 31, 2006 and 2005, and the results of its activities and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
Washington, DC March 23, 2007
200 International Circle • Suite 5500 • Hunt Valley • Maryland 21030 • P 410-584-0060 • F 410-584-0061
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ORGANIZATION OF AMERICAN STATES
Statements of Financial PositionAs of December 31
2006 2005Assets Cash and cash equivalents 137,036$ 432,862$ Prepaid expenses and other assets 200,063 47,915 Total current assets 337,099 480,777
Equipment 842,007 684,278 Leasehold Improvements 42,000 - Less: accumulated depreciation 689,709 684,278 Total property and equipment 194,298 - Total assets 531,397$ 480,777$
Liabilities and net assets Accounts payable 124,582$ 50,262$ Accrued leave 51,913 45,220 Total liabilities 176,495 95,482
Unrestricted Net Assets 354,902 385,295 Total liabilities and net assets 531,397$ 480,777$
Statements of ActivitiesYears ended December 31
2006 2005
Revenue Funding received from OAS 1,416,200$ 1,486,900$ In-kind contribution 3,754,080 3,876,552 Reimbursement income 266,541 335,550 Interest and other income 75,972 201,883 Total revenue 5,512,793 5,900,885
Expenses Personnel 582,693 566,313 Other general and administrative 479,561 387,051 Depreciation 5,431 19,450 In-kind expense 3,754,080 3,876,552 Reimbursement expense 266,541 335,550 Bad debt expense 8,548 - Contracts 604,061 507,984 Total expenses 5,700,915 5,692,900
Change in unrestricted net assets (188,122) 207,985
Non-Operating Income 157,729 - Change from operations (30,393) 207,985
Unrestricted net assets, beginning of year 385,295 177,310 Unrestricted net assets, end of year 354,902$ 385,295$
Inter-American Defense Board
Inter-American Defense Board
The accompanying notes form part of the financial statements
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ORGANIZATION OF AMERICAN STATES
Statements of Cash FlowsYears ended December 31
2006 2005
Operating activities Change in net assets (188,122)$ 207,985$
Depreciation 5,431 19,450 Bad debt expense 8,548 - Prepaid expenses and other assets (160,696) 32,542 Account payable 3,432 28,520 Accrued leave 6,693 (8,363) Net cash provided by operating activities (324,714) 280,134
Investing ActivitiesPurchase of property and equipment (128,841) -
Financing activities Cash received for auditorioum renovation 157,729 -
Decrease in cash and cash equivalents (295,826) 280,134 Cash and cash equivalents, beginning of the year 432,862 152,728 Cash and cash equivalents, end of year 137,036$ 432,862$
Inter-American Defense Board
The accompanying notes form part of the financial statements
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
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1. ORGANIZATION
The Inter-American Defense Board (the Board) was
established on March 30, 1942 and designated, by
executive order, as a public international
organization on March 26, 1951 by the General
Assembly of the Organization of American States.
The Board is comprised of military officers
representing the highest echelons of their nation’s
defense establishments. The mission of the Board is
to maintain the collective self-defense of the
Western Hemisphere with peace and security as
primary objectives.
The Inter-American Defense College (the College)
was established in 1962 as a sub-organization of the
Board. Its primary goal is the preparation of future
military and civilian leaders for leadership roles in the
hemisphere.
The Board is an affiliated agency of the
Organization of American States (OAS) and receives
a substantial portion of its operating budget from the
OAS; however, the two organizations maintain
separate management structures. The Board has
experienced a continuous decrease in its budget due
to decreases in funding provided by the OAS. In
response to the lower budgets, the Board has had to
dramatically reduce its civilian work force from 87
civilian personnel in 1987 to 7 civilian personnel at
the end of fiscal year 2006.
The administration has reduced expenses and
personnel costs to absolute minimal levels and
further reductions may compromise the
organization’s ability to adequately perform its
mission. The lack of civilian personnel is affecting the
institutional memory of the organization as well as
program continuity which is a serious
management challenge.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying financial statements are
prepared on the accrual basis of accounting, in
conformity with accounting principles generally
accepted in the United States of America.
Use of Estimates
The preparation of financial statements in
conformity with accounting principles generally
accepted in the United States of America requires
management to make estimates and assumptions
that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and
liabilities at the date of the financial statements and
the reported amounts of revenue and expenses
during the reported period. Actual results could
differ from those estimates.
Fair Value of Financial Instruments
The Board’s financial instruments consist of cash and
cash equivalents, accounts receivable, accounts
payable and accrued expenses. In management’s
opinion, the carrying amounts of these financial
instruments approximate their fair value as of
December 31, 2006 and 2005.
Cash and cash equivalents
The Board considers all highly liquid investments with
maturity of three months or less at the date of
purchase to be cash equivalents. Cash equivalents
consist of money market funds as of December 31,
2006 and 2005.
Accounts receivable
Accounts receivable as of December 31, 2006 and
2005, consist primarily of amounts related to costs
incurred by the Board which are reimbursable by U.S.
Department of Defense (DoD).
NOTES TO FINANCIAL STATEMENTS
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Property and equipment
Equipment and furniture are stated at cost, net of
accumulated depreciation. Depreciation expense is
recognized using the straight-line method over the
estimated useful life of the assets. The useful life of
equipment is three years. The useful life of leasehold
improvements is 10 years, the remaining life of the
lease.
3. INCOME TAXES
The Board is a public international organization and
as such, is exempt from paying U.S. Government
income tax.
4. PENSION PLAN AND EMPLOYEE BENEFITS
All of the employees of the Board participate in a
contributory multi-employer pension plan
administered by the Retirement and Pension Plan
Committee of the OAS. Contributions to the Plan by
the Board and employees are based on fixed
percentages of annual pensionable salaries in
accordance with United Nations tables and
approximated $76,372 and $79,462 in fiscal years
2006 and 2005, respectively.
The Board provides certain benefits to its
employees, which accrue to them during periods of
employment and are payable upon separation. All
employees are entitled to accrued leave and certain
employees receive terminal pay, merit awards, and
special leave. The payments made during 2005 for
these benefits amounted to approximately $12,214.
There were no related payments during 2006.
5. FUNDING
Funding received from the OAS as of December 31,
2006 and 2005 was $1,416,200 and $1,486,900,
respectively. The Board relies upon the OAS for
funding for all its operating activities and is
dependent on the continued financial support of the
OAS.
The headquarters of the Board is a building
owned by the General Secretariat of the OAS.
6. IN-KIND CONTRIBUTIONS
The Board received in-kind contributions from the
OAS, DoD, and Member states totaling
approximately $3,754,080 and $3,876,552 for the
years ending December 31, 2006 and 2005,
respectively. These in-kind contributions were valued
at the fair market value and represented the use of
office space and transportation provided to the Board
and College by the DoD and OAS. The OAS provided
in-kind for the year ended December 31, 2006 and
2005 in the amounts of $1,287,000 or 34.3%, and
$1,287,000 or 33.2%, respectively, for the use of the
building at 2600 NW 16th St., Washington DC. The
DoD provided in-kind support for the year ended
December 31, 2006 and 2005 in the amount of
$2,112,000 or 56.3%, and $2,112,000 or 54.5% for
the use of the building at Fort McNair, Washington
DC. Other in-kind support provided by the DoD and
other Member states of the OAS for the year ended
December 31, 2006 and 2005 was $355,080 and
$477,552, respectively, included the use of U.S.
aircraft on in-country transportation for student trips.
These figures do not include the services provided for
approximately 90 military personnel and delegates as
the Board deems it impractical to measure the value
of those contributions.
The Board sought and received support from DoD
for several funded seminars and support for ongoing
IADB activities. This support was approximately
$266,541 and $335,550 for the year ended
December 31, 2006 and 2005, respectively and is
included in the IADB reimbursement income. These
initiatives were in addition to the normal operations
and curriculum of the College providing greater
participation opportunities to all OAS Member states.
While the Board intends to continue seeking external
funding for such events, all future contributions will
be subject to individual event approval by the DoD
agency providing the funding. A significant portion of
the DoD funding may not be received in 2007. The
Board received $57,351 and $43,000 for its
scholarship program (IMET) as of December 31, 2006
and 2005 respectively. The support was directed to
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
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the efforts to bring students from OAS Member
states that can not participate at the College for lack
of funding.
7. PROGRAM EXPENSES
The Board’s expenses were primarily for four
functions; the Council of Delegates, the
Sub-Secretariat for Advisory Services
(former International Staff), the Inter-American
Defense College, and Administrative Support.
The OAS funding expenses incurred during 2006
and 2005 were calculated approximately as follows:
8. COMMITMENTS AND CONTINGENCIES
The Board is not subject to any lawsuits which
management believes will have a material adverse
effect on the Board’s financial condition.
2006 2005
Council of Delegates $ 175,000 $ 282,000
Sub-Secretariat for Advisory Services
$ 121,000 $ 172,000
Inter-American Defense College
$ 965,000 $ 894,000
Sub-Secretariat for Administration
$ 153,000 $ 139,000
General Secretariat
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SECTION IV FINANCIAL STATEMENTS OF THE OAS RETIREMENT AND PENSION FUND
Chapter 13 OAS Retirement and Pension Fund 161
Main Building Hall of Heroes
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CHAPTER 13 OAS RETIREMENT AND PENSION FUND
FINANCIAL STATEMENTS
Statements of Net Assets Available for Benefits to Participants Statements of Changes in Net Assets Available for Benefits to Participants
165
165
REPORT OF INDEPENDENT AUDITORS
NOTES TO FINANCIAL STATEMENTS
1. Description of the Fund 2. Significant Accounting Principles 3. Investments 4. Actuarial Present Value of Accumulated Plan Benefits 5. Money Market Account 6. Securities Lending 7. Income Tax Status of the Plan
167 168 169 170 171 172 172
163
167
165
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REPORT OF INDEPENDENT AUDITORS
Retirement and Pension Fund Committee Organization of American States
We have audited the accompanying statements of net assets available for benefits to participants of the Organization of American States Retirement and Pension Fund (the Fund) as of December 31, 2006 and 2005, and the related statements of changes in net assets available for benefits to participants for the years then ended. These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an au-dit of the Fund’s internal control over financial reporting. Our audits included consideration of internal con-trol over financial reporting as a basis for designing audit procedures that are appropriate in the circum-stances, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the ac-counting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial status of the Fund at December 31, 2006 and 2005, and the changes in its financial status for the years then ended, in conformity with accounting principles generally accepted in the United States.
March 23, 2007
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The accompanying notes form part of the financial statements
ORGANIZATION OF AMERICAN STATES
Statements of Net Assets Available for Benefits to ParticipantsDecember 31
2006 2005AssetsInvestments at fair value:
Short-term investments $ 8,730,199 $ 9,105,284 U.S. Government and Agency Issues 16,380,715 7,072,135 Corporate Bonds 11,533,173 - Commingled equity trusts 163,831,840 182,350,813 Fixed income index 80,759,142 87,522,134 Common stock 22,040,826 20,668,497
Sub-total 303,275,895 306,718,863
Accrued interest and dividends 95,228 32,774 Due from broker for securities sold 63,846 -
Total Assets $ 303,434,969 $ 306,751,637
LiabilitiesDue to broker for securities purchased $ - $ 23,402 Provident Plan participants accounts 691,440 499,629 Administrative expenses payable 107,752 128,424
Total Liabilities 799,192 651,455
Net Assets Available for Benefits $ 302,635,777 $ 306,100,182
Statements of Changes in Net Assets Available for Benefits to ParticipantsYears ended December 31
2006 2005AdditionsNet appreciation in fair value of investments $ 36,823,594 $ 19,316,253 Interest and dividends 1,838,988 894,431 Less: investment expenses (507,779) (441,436)
38,154,803 19,769,248 Contributions:
Institutions 8,437,735 8,155,797 Participants 4,217,880 4,145,634 Participant payments for purchase of years of participation 70,658 21,697
12,726,273 12,323,128
Total Additions 50,881,076 32,092,376
DeductionsPayments to pensioners 6,676,553 5,980,237 Liquidations paid to participants (or their beneficiaries) 46,842,101 26,618,071 Interest credited to Provident Plan accounts 43,674 18,865 Administrative expenses 783,153 814,925
Total Deductions 54,345,481 33,432,098
Net Decrease (3,464,405) (1,339,722)
Net Assets Available for BenefitsBeginning of year 306,100,182 307,439,904 End of year $ 302,635,777 $ 306,100,182
Retirement and Pension Fund
Retirement and Pension Fund
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1. DESCRIPTION OF THE FUND
The activity of the Organization of American States
Retirement and Pension Fund (Fund) includes both the
Retirement and Pension Plan (Plan) and the Provident
Plan. The following brief description of the Plan and
the Provident Plan is provided for general information
purposes only. The Plan and Provident Plan
documents should be consulted for detailed
information.
General
The Plan is a contributory retirement plan maintained
for the benefit of most staff members of the Organiza-
tion of American States (OAS) and other affiliated in-
stitutions. Compulsory contributions are shared two-
thirds by the institution and one-third by the staff
member.
The Provident Plan is a contributory savings plan
established for the benefit of employees under
short-term contracts. Compulsory contributions by the
employer and the participant are made in equal
amounts, and the balances in the accounts are fully
vested in the name of the participants. The total of the
accumulated funds in the Provident Plan
participants’ accounts may only be withdrawn at the
time of death, transfer to another qualified Plan, or
separation.
Funding Policy
The Plan and the Provident Plan are funded by the
General Secretariat, other affiliated institutions and
compulsory participants’ contributions at fixed
percentages of their annual pensionable
remunerations. A portion of the income earned on the
Fund’s investments is allocated semiannually to the
Plan and the Provident Plan participants’ accounts at
rates determined by the Retirement and Pension Fund
Committee (Committee). The remaining portion, if
any, is retained in the Fund’s General Reserve for
operational costs and to ensure the Fund’s
sustainability. Interest credited to participants’
accounts as determined by the Committee was
11.75% and 6% in 2006 and 2005, respectively. Plan
participants’ accumulated contributions were
$78,758,525 and $84,543,710 at December 31, 2006
and 2005, respectively, including interest credited at
rates determined by the Committee, compounded
semiannually.
Benefits
Amounts included in participants’ Plan accounts may
only be withdrawn at the time of death or separation.
Participants leaving the Plan before mandatory
retirement age are entitled to receive the amount of
their personal credits (contributions plus interest) and
a percentage of the institutional credit (employer’s
contributions plus interest) based upon the vesting
provisions of the Plan.
The vesting provisions of the Plan provide that
participants with less than four years of participation
receive, in addition to 100% of their personal credits,
35% of the institutional credit. Participants with four,
but less than five, years of participation receive 40%
of the institutional credit. Participants receive an
additional 20% of the institutional credit for each
additional year in excess of four. They are fully vested
in their institutional credits after seven years of
participation.
Minimum conditions for retirement are fifty-five
years of age and fifteen years of participation in the
Plan. Upon retiring, participants in the Plan are
entitled to a pension payable for life with the option of
taking up to 1/3 of the actuarial value of their pension
in a one time lump-sum payment. Participants who
joined the Plan before January 1, 1982 may elect,
instead of the preceding benefit, a life annuity based
on the total sum standing to their credit in their
accounts. Alternatively, at their request, the
Committee has the discretion to substitute some other
form of benefit of equivalent value.
The Plan provides for minimum pension benefits.
The minimum life pension for a participant at age
NOTES TO FINANCIAL STATEMENTS
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 168 -
sixty-five, with not less than fifteen years of
participation in the Plan, is an annual amount equal to
2% of the average annual pensionable remuneration
for the thirty-six consecutive months of highest
pensionable remuneration (within the last five years of
remunerated participation). This amount is then
multiplied by the number of years of participation up
to a maximum of thirty, and 1 2/3% additional for
every year of participation in excess of thirty but no
more than forty.
The same method is used to determine the
amount of the voluntary retirement pension due to
participants who elect this form of retirement which is
applicable to participants fifty-five years of age or
older, but less than sixty-five, whose years of
participation and age, when added, total not less than
eighty-five (rule of 85). Certain actuarial reductions
are made for retirement of participants who do not
satisfy either the conditions for compulsory retirement
or the rule of 85. Cost-of-living adjustments to
pensions are contemplated in the Plan.
Death Benefits
Upon death of a pensioner (or a participant with not
less than five years of participation who dies while in
active service), the pensioner’s surviving spouse and
minor or disabled children are entitled to a pension, as
defined in the Plan. When an active participant dies
with less than five years of participation, the surviving
spouse and the minor or disabled children, if any,
receive the total of the accumulated funds in the
participant’s account. Also, for a participant who dies
while in active service with no surviving spouse or
children, the Plan authorizes payment of the
respective personal credit (personal contributions and
its accrued interest) to the designated beneficiaries.
Disability Benefits
Participants with five or more years of participation in
the Plan, whose services are terminated because of
physical or mental disability, receive annual disability
benefits, in the form of a life pension, as defined in the
Plan. Participants who have less than five years of
participation receive the total of the accumulated
funds in their accounts. A participant who joined the
Plan before January 1, 1982 may elect to be covered
instead by alternative provisions on disability
retirement as defined in the Plan.
Fund Termination
If the Fund is terminated, every participant, regardless
of length of participation, is entitled to all the
contributions credited to his or her account and the
increment thereon.
Except to correct any actuarial errors, no part of
the contribution to the Plan made by the General
Secretariat of the OAS or any other affiliated
institution, or of the increment thereon, shall revert to
the general funds of the institution or be used for any
other purpose than the exclusive benefit to the
participants or their beneficiaries.
2. SIGNIFICANT ACCOUNTING PRINCIPLES
Basis of Accounting
The accompanying financial statements have been
prepared on the accrual basis of accounting. Benefits
are recorded when paid.
Investment Valuation and Income Recognition
Common stocks, fixed income indices and debt
securities are valued at fair market value measured by
the quoted price of the active market on which the
security is traded as of the latest trade date prior to
year-end. Short-term investments are reported at
cost, which approximates fair value. Commingled
equity trusts are valued by obtaining a price from their
issuer.
Purchases and sales of securities are recorded on
a trade-date basis. Interest income is recorded on the
accrual basis. Dividends are recorded on the
ex-dividend date.
Actuarial Present Value of Accumulated Plan Benefits
Accumulated plan benefits are those estimated future
periodic payments, including lump sum distributions
that are attributable under the Plan’s provisions to the
participants or their beneficiaries. Accumulated plan
benefits include benefits expected to be paid to (a)
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
- 169 -
retired or terminated employees or their beneficiaries,
and (b) present employees or their beneficiaries. The
actuarial present value of accumulated plan benefits is
determined by the consulting actuaries, Buck
Consultants.
Use of Estimates
The preparation of financial statements in conformity
with accounting principles generally accepted in the
United States requires management to make
estimates and assumptions that affect the amounts
reported in the financial statements and
accompanying notes. Actual results could differ from
those estimates.
3. INVESTMENTS
The Fund’s investment portfolio is managed by State
Street Global Advisors; The Northern Trust Company;
Barclays Global Investors; Aberdeen Asset
Management; Lord, Abbett & Co., and Graham, Mayo,
Van Oterloo & Co, LLC (GMO) and Merrill Lynch, within
the investment policy guidelines established by the
Committee. The Committee also retains the firm Buck
Consultants as investment advisors.
State Street Global Advisors manages the
domestic passive equity (large and medium
capitalization) and the long-term passive bond
portfolios. They also act as custodian for both
portfolios. Lord, Abbett & Co. manages the active
small cap portion of the domestic equity portfolio and
the Northern Trust Company acts as custodian for this
portfolio. The Northern Trust Company manages and
acts as the custodian for a short-term fixed-income
investment portfolio. Aberdeen Asset Management
manages the active portion of the long-term bond
portfolio. Barclays Global Investors manages and acts
as custodian of the passive international equity
portfolio. GMO manages and acts as custodian for the
active portion of the international equity portfolio.
Merrill Lynch manages and acts as the custodian of
the short term fixed-income investment portfolio.
Buck Consultants performs the monitoring of the
investment managers and investment returns to
assure compliance with the Committee’s established
policies. Buck Consultants also presents Quarterly
reports to the Committee.
The fair value of individual investments that
represent 5% or more of the Fund’s net assets are as
follows:
Individual Investments that Represent 5% or more of the Fund’s net Assets
(Notes to financial statements
continue on next page . . .)
As of December 31, 2006
Russel 1000 Index $ 97,150,001
Aberdeen Core Plus Fixed Income Fund $ 24,989,308
SSGA Passive Bond Fixed Income Fund $ 49,718,693
EAFE EQ Index FD ex-Japan $ 41,559,961
Main Building
GS/OAS - AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005
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The classification of investments by portfolio and financial instruments is presented as follows:
Classification of Investments by Portfolio —2006
Classification of Investments by Portfolio —2005
These above tables facilitate the understanding of the composition and nature of the investment structure of the Fund.
Also, the listing of investment assets in the Statement of Net Assets Available for Benefits to Participants follows the
classification by financial instruments in full compliance with accounting principles generally accepted in the United
States.
Net realized and unrealized appreciation/(depreciation) for the years ended December 31, 2006 and 2005 is as follows:
4. ACTUARIAL PRESENT VALUE OF ACCUMULATED PLAN BENEFITS
The following table shows the values of the assumptions used for the actuarial valuation of the Fund as of December
31, 2006 and 2005. These assumptions are based on the presumption that the Plan will continue. Were the Plan to
terminate, different actuarial assumptions and other factors might be applicable in determining the actuarial present
value of accumulated plan benefits.
2006 2005
Type of Asset
Fixed Income Index $ 3,538,163 $ 4,607,337
U.S Government and Agency Issues
340,694 (1,355)
Corporate Bonds (15,100) (2,490,667)
Miscellaneous Bonds - 73,902 Commingled Equity Trusts/Common Stocks
32,959,837 17,127,036
Total $36,823,594 $19,316,253
Financial Categories Short-Term Fixed-Term Domestic EquityInternational
Equity TOTALShort-Term Investments $ 7,845,346 $ - $ 884,853 $ - $ 8,730,199 U.S. Government and Agency Issues 6,386,669 9,994,046 - - 16,380,715 Corporate Bonds 11,533,173 - - - 11,533,173 Fixed Income Index - 80,759,142 - - 80,759,142 Commingled Equity Trust/Common Stocks - - 119,190,827 66,681,839 185,872,666
TOTAL $ 25,765,188 $ 90,753,188 $120,075,680 $ 66,681,839 $303,275,895
Financial Categories Short-Term Fixed-Term Domestic EquityInternational
Equity TOTALShort-Term Investments $ 8,268,839 $ 72 $ 836,373 $ - $ 9,105,284 U.S. Government and Agency Issues 54,654 7,017,481 - - 7,072,135 Corporate Bonds - - - - - Fixed Income Index - 87,522,135 - - 87,522,135 Commingled Equity Trust/Common Stocks - - 143,799,533 59,219,778 203,019,311
TOTAL $ 8,323,493 $ 94,539,688 $144,635,906 $ 59,219,778 $306,718,865
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Actuarial Valuations Assumptions
The actuarial present value of accumulated Plan benefits and benefit information for December 31, 2006 and 2005
are shown in the following table:
Actuarial Present Value of Accumulated Plan Benefits
The following reconciliation sets forth the reasons for the change in the total actuarial present value of accumulated
plan benefits for the years ended December 31, 2006 and 2005:
Reconciliation of Total Actuarial Present Value of the Accumulated Plan Benefits
5. MONEY MARKET ACCOUNT
The Fund has an operational money market account with Merrill Lynch from which liquidation and annuitant payments
are made. This account is considered to be part of the investment portfolio maintained by the Fund and is included as
(in thousands)2006 2005
Vested Benefits:Participants $ 155,976 $ 162,137 Pensioners 75,826 56,915
Total vested benefits 231,802 219,052
Non-vested benefits 52,518 41,684
Total Actuarial Present Value of Accumulated Plan Benefits $ 284,320 $ 260,736
Years ended on December 31,2006 2005
Mortality United Nations Mortality tables – Male and Female 2000.
United Nations Mortality tables – Male and Female 2000.
Retirement 2.5 times the rates used in 1996 and 2002. 90% for ages 65–69 with 15 or more years of service.
2.5 times the rates used in 1996 and 2002. 90% for ages 65–69 with 15 or more years of service.
Interest 8.0% of which 5.6% is assumed to be credited to participants’ accounts.
8.0% of which 4.0% is assumed to be credited to participants’ accounts.
Retirement benefit election 75% participants assumed to elect full commutation with the remaining 25% assumed to take their benefit in the form of annuity.
75% participants assumed to elect full commutation with the remaining 25% assumed to take their benefit in the form of annuity.
Operational costs 0.4% 0.4%
(in thousands)2006 2005
Total Actuarial Present Value of Accumulated Plan Benefits at Beginning of the Year
$ 260,736 $ 270,412
Increase (decrease) attributable to:Interest earned on accumulated Plan benefits 18,759 20,333 Benefits paid (53,518) (33,125)Benefits accumulated and Actuarial Experience 33,491 3,116 Assumption changes 24,842 - Change in 415 limit 10 -
Total Actuarial Present Value of AccumulatedPlan Benefits at End of the Year
$ 284,320 $ 260,736
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part of cash and cash equivalents when calculating the
investment allocation in accordance with the
investment policy guidelines established by the
Committee. Money market account balances were
$6,896,335 and $2,751,885 at December 31, 2006
and 2005, respectively.
6. SECURITIES LENDING
The Fund participates in a securities lending program
administered by The Northern Trust Company
(Northern). Certain securities of the Fund are loaned
to participating brokers who provide collateral, in the
form of cash, government securities, or irrevocable
bank letters of agreement, valued at 102% of the
market value of the securities on loan. The collateral is
invested on behalf of the Fund and the associated
investment income, net of the amount rebated to the
borrower as a return on the collateral, is shared 60/40
and 50/50 between the Fund and Northern for
government securities and corporate securities,
respectively. The Fund and Northern have economic
risk if the return earned on the invested collateral is
less than the agreed rebate to the borrower. This risk
is managed by investing the collateral in a pool of low
risk, short term investment securities. The Fund re-
tains ownership of the loaned securities and the right
to recall them at any time. Accordingly, the loaned
securities included in the net assets of the Fund as of
December 31, 2006 and as of December 31, 2005
were $7,345,063 and $212,249, respectively.
7. INCOME TAX STATUS OF THE PLAN
As an international organization, the OAS is exempt
from U.S. federal income taxes and such exemption
applies to the Retirement and Pension Fund of the
OAS.
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THE ORGANIZATION OF AMERICAN STATES
The Organization of American States (OAS) is the world's oldest regional organization, dating back to
the First International Conference of American States, held in Washington, D.C., from October 1889 to April 1890. At that meeting the establishment of the International Union of American Republics was approved. The Charter of the OAS was signed in Bogota in 1948 and entered into force in December 1951. The Charter was subsequently amended by the Protocol of Buenos Aires, signed in 1967, which entered into force in February 1970; by the Protocol of Cartagena de Indias, signed in 1985, which entered into force in November 1988; by the Protocol of Managua, signed in 1993, which entered into force in January 1996; and, by the Protocol of Washington, signed in 1992, which entered into force in September 1997. The OAS currently has 35 Member states. In addition, the Organization has granted permanent observer status to over 45 states, as well as the European Union.
The essential purposes of the OAS are: to strengthen peace and security in the Hemisphere; to
promote and consolidate representative democracy, with due respect for the principle of nonintervention; to prevent possible causes of difficulties and to ensure peaceful settlement of disputes that may arise among the Member states; to provide for common action on the part of those states in the event of aggression; to seek the solution of political, juridical, and economic problems that may arise among them; to promote, by cooperative action, their economic, social, and cultural development; and, to achieve an effective limitation of conventional weapons allowing to devote the largest amount of resources to the economic and social development of the Member states.
The OAS accomplishes its purposes by means of: the General Assembly; the Meeting of Consultation
of Ministers of Foreign Affairs; the Councils (the Permanent Council and the Inter-American Council for Integral Development); the Inter-American Juridical Committee; the Inter-American Commission on Human Rights; the General Secretariat; the specialized conferences; the specialized Organizations; and, other entities established by the General Assembly.
The General Assembly holds regular sessions once a year. Under special circumstances it meets in
special session. The Meeting of Consultation is convened to consider urgent matters of common interest and to serve as Organ of Consultation under the Inter-American Treaty of Reciprocal Assistance (Rio Treaty), the main instrument for joint action in the event of aggression. The Permanent Council takes cognizance of such matters as are entrusted by the General Assembly or the Meeting of Consultation, and implements the decisions of both organs when their implementation has not been assigned to any other body. It monitors the maintenance of friendly relations among Member states and the observance of the standards governing General Secretariat operations and also acts provisionally as Organ of Consultation under the Rio Treaty. The General Secretariat is the central and permanent organ of the OAS. The headquarters of both the Permanent Council and the General Secretariat is in Washington, D.C.
MEMBER STATES Antigua and Barbuda, Argentina, The Bahamas (Commonwealth of), Barbados, Belize, Bolivia, Brazil, Canada, Chile, Colombia, Costa
Rica, Cuba, Dominica (Commonwealth of), Dominican Republic, Ecuador, El Salvador, Grenada, Guatemala, Guyana, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Peru, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Suriname,
Trinidad and Tobago, United States, Uruguay and Venezuela.