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Antigua and Barbuda ArgentinaThe BahamasBarbados
BelizeCanadaBolivia
Brazil
Chile CubaColombia
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Venezuela
Costa RicaEcuador
El SalvadorDominican Republic
Dom
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GrenadaH
onduras
HaitiJamaica
Guatemala
Mexico
Nicaragua
ParaguayPeru Saint Kitts and Nevis
Saint Lucia Suriname
Panama
Trinidad and Tobago
Saint Vincent and the Grenadinesa
United States of AmericaUruguay
GuyanaElS l dlS
Organization of American States1889 F Street, N.W.Washington, D.C. 20006202 458-3000 / www.oas.org
ISBN 978-0-8270-5981-8
GS/O
AS - A
nnual Audit of A
ccounts and Financial Statements for the Years Ended D
ecember 31, 20012 and 2011
Report to the Permanent CouncilAnnual Audit of Accounts and Financial Statements
For the years ended December 31, 2012 and 2011
By the Board of External Auditors - ADM
ORGANIZATION OF AMERICAN STATES (OAS)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 Resolu on 123 adopted on April 14, 1973, and
Permanent Council Resolu on 124 dated June 30, 1975. It began to
func on in March 1976, and adopted detailed rules and procedures
to carry out its du es and responsibili es. These rules refl ect the
standards 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 978-0-8270-5981-8
ORGANIZATION OF AMERICAN STATESGENERAL SECRETARIAT
REPORT TO THE PERMANENT COUNCILANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS
For the years ended December 31, 2012 and 2011
By the Board of External Auditors ADM
OEA/Ser.SJAE/doc.43/1326 April 2013
Original: English
2012
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JUNTA DE AUDITORES EXTERNOSJUNTA DE AUDITORES EXTERNOS
COMMISSION DE VERIFICATEURS EXTERIEURSBOARD OF EXTERNAL AUDITORS
1889 F Street, N.W. Washington, D.C. 20006
April 19, 2013
To the Permanent Council of theORGANIZATION OF AMERICAN STATES
The Board of External Auditors (Board) is pleased to present its annual report on the externalaudits 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 theoperations of the General Secretariat and, generally, OAS’ related organizations. This report issubmitted in accordance with Article 130, which requires that the Board submit its report to thePermanent Council within the first four months of the year.
The report covers the following financial statements for the year ended December 31, 2012:
Regular, FEMCIDI, Specific and Service Funds of the OASLeo S. Rowe Pan American FundRowe Memorial Benefit FundTrust for the AmericasMedical Benefits Trust FundInter American Defense BoardRetirement and Pension Fund
In addition, the report includes comments and recommendations from the Board for improvingoperating procedures and internal accounting controls.
Ernst & Young LLP (E&Y) conducted the audits of the 2012 financial statements for significantfunds and affiliated entities of the OAS and issued unqualified (“clean”) opinions on all of the fundsand entities that it audited. Overall, E&Y reported that OAS’ internal control environment wasgenerally effective. E&Y reported no material weaknesses or significant deficiencies, but does intendto report control deficiencies related to OAS fixed assets; the need for finalization of the OAS passthrough policy regarding cash receipts from multiple sources to be transferred to other organizations;Trust for the Americas liability accruals; matters noted at the National Offices regarding fixed assetstracking, use of OASES, secure storage of blank checks, bank reconciliations, managing advances;training, financial field manual; as well as other matters concerning mandatory ethics training to allemployees and contractors, and consideration of performing an audit of their BlueCross BlueShieldadministrator. These issues have been communicated to appropriate officials within OAS.
GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
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JUNTA DE AUDITORES EXTERNOSJUNTA DE AUDITORES EXTERNOS
COMMISSION DE VERIFICATEURS EXTERIEURSBOARD OF EXTERNAL AUDITORS
1889 F Street, N.W. Washington, D.C. 20006
In preparing this report, the Board considered the financial statement audit work performed bythe external contractor and the results of the work performed by OAS Office of Inspector General. Inaddition, the Board met with the Inspector General and various management officials, including theExecutive Secretary for Administration and Finance and the Directors under this area; representativesfrom entities related to OAS; and representatives from the Secretary General, Assistant SecretaryGeneral, Committee on Administrative and Budgetary Affairs, and Legal Services, to discuss operationsand the internal control environment with them.
The Members of the Board wish to express their appreciation for the cooperation of the GeneralSecretariat in facilitating its work, and to the General Assembly and Permanent Council for theopportunity to assist in evaluating the financial operations and management of the OAS.
_______________________James L. Millette
Chair
_______________________ _______________________Carlos R. Polit
MemberJoseph E. Freamo
Member
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TABLE OF CONTENTS
11 SECTION I BOARD OF EXTERNAL AUDITORS’ REPORT
13 Executive Summary
15 Chapter 1 - Comments Relating to the General Secretariat
21 Chapter 2 - Comments Relating to Other OAS and Related Entities
25 Chapter 3 - Comments Relating to the Office of the Inspector General
27 SECTION II FINANCIAL STATEMENTS OF THE OAS
29 Management Discussion and Analysis (MD&A)
43 Responsibility for Financial Statements
45 Chapter 4 - Regular, FEMCIDI, Specific and Service Funds of the OAS
103 Chapter 5 - Leo S. Rowe Pan American Fund
113 Chapter 6 - Rowe Memorial Benefit Fund
121 Chapter 7 - OAS Medical Benefits Trust Fund
131 SECTION III FINANCIAL STATEMENTS OF AGENCIES AND ENTITIES RELATED TO THE OAS
133 Chapter 8 - Trust for the Americas
143 Chapter 9 - Inter-American Defense Board
153 SECTION IV OAS RETIREMENT AND PENSION FUND
155 Chapter 10 - OAS Retirement and Pension Fund
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SECTION IBOARD OF EXTERNAL AUDITORS’ REPORT
SECTION IGS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
TABLE OF CONTENTS
13 Executive Summary
15 Chapter 1 - Comments Relating to the General Secretariat
21 Chapter 2 - Comments Relating to Other OAS and Related Entities
25 Chapter 3 - Comments Relating to the Office of the Inspector General
Main Building. OAS.
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SECTION IGS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
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EXECUTIVE SUMMARY
The Board is frustrated that the budgetary structural imbalance of the OAS has yet to be addressed resulting in cash flow shortages and a programmatic agenda that isn’t financially supportable. Due principally to the untimely payment of member states quotas, the OAS ended fiscal year 2012 with a Regular Fund deficit of USD 4.8 million. Although a USD 4.2 million quota payment was received the first day of the new fiscal year and the remaining USD 600 thousand is supported by quotas receivables from member states, the trend to incur obligations in excess of revenue received has continued.
While the OAS supports and delivers an impressive range of programs and activities, the Board is concerned that persistent failure to address the gap between revenues and spending will impair the organization’s ability to sustain and deliver some future programs and activities. Unfortunately, without action this will not happen by conscious choice, but rather will be driven by a cash flow crisis. This is entirely preventable if member states make conscious decisions to rectify the structural deficit.
The Board is concerned that the only significant savings have been within the administrative functions. After years of achieving efficiencies, there are very little additional savings to be realized. As the Board has previously cautioned, if the OAS continues to only push for administrative reductions, the lost personnel and capacity will reach a point where the OAS will be unable to support the breadth and depth of programs and activities as it has until now.
The Board notes that the Secretary General has recently provided a second presentation of a strategic vision for the OAS. The Board believes this document encapsulates the main concerns expressed by the Board in recent years. The strategy lays out how historically the transformations needed by the OAS to sustain its future have been achieved, and is optimistic that with concerted efforts once again change can be achieved. To quote the Secretary General, “it is a mistake to think that the OAS as the oldest international organization in the world is reluctant to change”. The strategy clearly lays out the desire to have political dialogue guide the administrative and budgetary issues rather than the reverse which is occurring today. It is our understanding that the discussions on the 2013 Program Budget were again relegated to the cutting of positions and forcing programs to meet resources rather than on the basis of permanent strategic change. The organization needs to stop addressing symptoms without addressing the root causes.
The strategy paper indicates that the OAS has neither a budget deficit nor is there a fiscal emergency. However, the Board feels that this understates the situation. The Permanent Council Committee on Administrative and Budgetary Affairs (CAAP) has proposed several measures to address the immediate management and fiscal challenges. While this is a positive step, we believe that the efforts of the Secretary General and the CAAP need to be more mutually focused on coming together and driving the member states of the OAS to decisions that can guide the OAS in future years.
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CHAPTER 1COMMENTS RELATING TO THE GENERAL SECRETARIATThis Chapter includes a summary of the financial condition of the Regular, Specific, and Voluntary Funds, and also addresses management initiatives undertaken to implement recommendations contained in last years’ Board report as well as new issues identified by the Board.
The Board recognizes that the OAS has been addressing the symptoms of a continued decline in revenue. The Board notes that a significant cash flow issue at the end of 2012 and the beginning of 2013 was addressed by the early collection of some 2013 quotas and receipt of almost 90 percent of quota arrears. In addition, the OAS scaled back expenditures, particularly through the elimination of positions.
Budgetary ResourcesThe most significant issue facing the OAS continues to be the annual shortfall in operating resources. The Board acknowledges measures to streamline and reduce the costs of providing administrative services to support the activities of the OAS, as well as measures to increase some modest sources of non-quota income, but the reality is that budgeted expenditures have persistently exceeded total revenue for several consecutive years. Administrative efficiencies and additional ad hoc revenues alone will not solve the problem.
In 2010, the Organization depleted its reserve funds. In 2011, it had to borrow from the Scholarship and Training Program Fund in order to meet cash obligations for expenditures. In 2012, it closed the year with a deficit of USD 4.8 million offset by the collection of the majority of outstanding quota arrears. The Board understands there is a plan to use a small portion of Specific Funds in future years to re-establish a modest reserve. While this may eventually be useful, assuming such funds can be realized, the OAS is currently vulnerable to cash shortfalls as has been clearly demonstrated in the past three years.
In fact, the OAS is extremely dependent on every expected dollar of quota revenues, and any non-payments or significant late payments places the OAS in jeopardy of default or non-payment of its expenditures. If the member states fully support the OAS, then they should understand the need to ensure its continued viability, and the need to remedy the currently perilous cash flow of the Organization. In clear and simple terms, it is imperative that all quota revenues be paid before the OAS can pay for its operating expenditures. Frankly, there are no other sustain-able or sufficient sources of cash to draw from. The failure of any member states to pay quotas in full on a timely basis can cause failure on the part of the OAS to meet expenditure obligations and potentially damage its reputation among employees, contractors, vendors, donors and other stakeholders. Also, the Board notes that the OAS has reduced its schedule of discounts for payment of quotas. This is a positive step towards meeting the Board’s recom-mendation to eliminate discounts. Further, the Board encourages the OAS to explore penalties for late payments.
The Board understands that the CAAP, in conjunction with the Department of Planning and Evaluations, continues to make strides in establishing a rationalized review process for all mandates. Additionally, the OAS has continued to make progress in streamlining administrative processes and reducing costs. The Board believes these efforts should continue.
1.1 The Board reaffirms its recommendation that the General Assembly avoid a structural deficit in the future by ensuring consistency between the mechanism of setting OAS quotas and the mechanism of setting expenditures.
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GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION I - Chapter 1
1.2 The Board recommends that the OAS introduce penalties for late payment of quotas and dispense with early payment discounts.
1.3 The Board reaffirms its recommendation that the OAS continue implementing the SAF streamlining initiatives.
Accounting Standards The combined financial statements for the Regular, Specific, and Voluntary Funds 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 cautions the OAS that the existing accounting principles do not provide for the level of transparency necessary to support the decision making of the OAS. The OAS should continue the groundwork to prepare for conversion to International Public Sector Accounting Standards (IPSAS). The Board notes that conversion to IPSAS will be complicated and needs the full backing of management. The Board understands that the OAS currently plans to implement IPSAS by 2015.
1.4 The Board reaffirms its recommendation that funds be allocated for the implementation of IPSAS.
Workforce Management ReformsThe existing General Standards related to personnel are 40 years old and do not allow flexibility in current employ-ment practices. As such, changes to the General Standards need to be approved by the OAS.
The Board noted the progress made in human resources management including development of the organiza-tion personnel database (OPDB) that will facilitate workforce analysis and planning. The Board also acknowledge progress in addressing the backlog of position competitions and certification of standard job description.
Real Property StrategyThe Board understands that the OAS has chosen to retain all of its real property, and has a real property strategy which includes addressing deferred maintenance costs that have been well documented and discussed in recent years. The Board is encouraged that the actual costs for some deferred maintenance projects have been signifi-cantly less than estimated by studies in 2008. This has prompted a revised estimated cost of USD 15.7 million for deferred maintenance instead of USD 34.9 million. Based on current projections, a total of USD 2.4 million will be available for deferred maintenance projects in 2013-2017. However, ignoring inflationary costs increases or any other adjustments, this means it will take more than 30 years to address known deferred maintenance at this rate.
Meanwhile it is reasonable to expect that significant maintenance spending will be required in the future for major building components such as elevators, roofing, heating and ventilation systems, etc. Consequently, the Board does not find the integrated real property strategy is realistic to address deferred maintenance over the next three decades in addition to future significant maintenance costs. The sale of the Casa del Soldado remains the most viable option to provide the resources necessary to address the maintenance backlog.
1.5 The Board reaffirms its recommendation that the OAS implement a sustainable real property strategy that addresses the current deferred maintenance problems and preserves the assets for future use. This should include the sale of the Casa del Soldado.
SECTION I - Chapter 1GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
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National Offices The Board understands efforts have been made to address the issues noted by the Office of Inspector General (OIG), the external auditor, and OAS management regarding the internal control environment at the National Offices. These issues included weaknesses in such areas as petty cash, cash receipts, purchases, vehicle use, and expenses. The Board is encouraged that the OAS is considering the issue of achieving sustainable internal controls in the National Offices by exploring changes in their structure. The Board believes the realignment of the head of Finance and Administration for the National Offices being placed under Secretary for Administration and Finance (SAF), is a step in the right direction for strengthening internal controls. The Board supports streamlining the financial and other administrative matters conducted in the National Offices, allowing them to provide greater focus on program and project delivery. The Board understands that the next step is to evaluate the effectiveness of the support given by the National Offices to the mandates and programs of the OAS.
1.6 The Board recommends that the OAS continue to improve internal controls in National Offices and, in coordination with the overall review of mandates, evaluate the effectiveness of their support to the mandates and programs of the OAS.
Information Technology InfrastructureThe Board notes that IT is an essential enabler for the day-to-day operations of the OAS. The Board acknowledges many enhancements including the development of several applications in 2012 resulting in administrative efficien-cies, but is concerned about the continued reliance on an aging OASES platform. The Board believes that the core platform is the key unresolved strategic issue to be addressed.
1.7 The Board recommends that the IT Governance Committee focus on a sustainable corporate enterprise system.
Financial Statement Audit Reports and Supporting RecordsThe independent external auditing firm, Ernst and Young, LLP (E&Y), conducted the audits of the 2012 financial statements of the significant funds and entities managed by OAS and indicated it will issue unqualified (“clean”) opinions, the highest level audit results, on all of the funds and entities it audited. Nonetheless, the statements reflect the use of modified cash basis accounting standards which the Board believes are not optimal.
Independent Auditors’ Assessment of the Internal Control EnvironmentOverall, E&Y indicated that OAS’ internal control environment was generally effective. E&Y reported no material weaknesses or significant deficiencies, but does intend to report control deficiencies related to OAS fixed assets; the need for finalization of the OAS pass-through policy regarding cash receipts from multiple sources to be transferred to other organizations; Trust for the Americas liability accruals; matters noted at the National Offices regarding fixed assets tracking, use of OASES, secure storage of blank checks, bank reconciliations, managing advances; training, financial field manual; as well as other matters concerning mandatory ethics training to all employees and contrac-tors, and consideration of performing an audit of their BlueCross BlueShield administrator. These issues have been communicated to appropriate officials within the OAS.
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GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION I - Chapter 1
Financial Condition of the OAS Regular, Specific, and Voluntary FundsThe major objectives of the Regular Fund, financed principally by quotas from member states, are to provide general services required by the General Secretariat, as well as technical supervision and administrative support to the General Assembly, Permanent Council, and other entities including the Inter-American Commission of 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, and the Pan American Foundation.
The Specific Funds are financed by grants or bequests for activities specified by donors, and any other contribu-tions 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, the General Secretariat, or the donor.
Voluntary funds consist of the Special Multilateral Fund of the Inter-American Council for Integral Development (FEMCIDI), which finances the multilateral and national cooperation programs, projects, and activities of the Inter-American Council for Integral Development (CIDI). FEMCIDI is financed mainly by voluntary contributions of the member states to support the programs adopted by the Council and approved by the General Assembly.
The Board is concerned that for several years in a row expenditures have exceeded revenues and for the second year in a row, this has resulted in a true deficit position in the Regular Fund at the end of 2011 and 2012.
Table 1 shows the Regular Fund financial results from 2008 to 2012.
Table 2 shows Regular Fund quota collections from 2008 to 2012.
T 1R F F R( USD)
T 2R F Q C( USD)
2012 2011 2010 2009 2008Account/Line Item:
Increases(A) 81.7 80.5 83.6 84.6 89.3Decreases (83.5) (83.5) (90.8) (90.5) (91.9)Net Increase (Decrease) (1.8) (3.0) (7.2) (5.9) (2.6)Fund Balance (4.8) (3.0) 7.2 13.1
(A) Increase mainly consists of quota collections, but also includes such items as interest and rental income.
2012 2011 2010 2009 2008Account/Line Item:
Beginning balance of quotas from prior years 2.9 1.3 0.9 3.1 10.9Current year quotas 81.1 80.9 78.5 78.6 77.4Quota collections (79.2) (79.3) (78.1) (80.8) (85.2)Quotas in arrears at year end (A) 4.8 (B) 2.9 1.3 0.9 3.1
(A) Balances exclude quotas in arrears from Cuba, which were USD 2.2 million, from many years ago.(B) Countries in arrears are Antigua and Barbuda, Brazil, El Salvador, Grenada, Haiti, Jamaica, Nicaragua, Saint Vincent and the Grenadines,Uruguay and Venezuela.
SECTION I - Chapter 1GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
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The Specific Funds financial results from 2008 to 2012 are included in Table 3.
The Voluntary Funds financial results from 2008 to 2012 are included in Table 4.
T 3S F F R( USD)
T 4V F F R( USD)
2012 2011 2010 2009 2008Account/Line Item:
Beginning Fund Balance 65.2 81.8 86.4 80.8 70.1Increases 67.3 62.7 73.8 77.6 77.7Decreases (66.3) (79.3) (78.4) (72.0) (67.0)Net Increase (Decrease) 1.0 (16.6) (4.6) 5.6 10.7Ending Fund Balance 66.2 65.2 81.8 86.4 80.8
2012 2011 2010 2009 2008Account/Line Item:
Beginning Fund Balance 6.4 6.2 9.1 11.1 11.6Increases 1.9 2.4 1.8 4.6 7.1Decreases (0.1) (2.2) (4.7) (6.7) (7.5)Net Increase (Decrease) 1.8 0.2 (2.9) (2.1) (0.4)Ending Fund Balance 8.2 6.4 6.2 9.1 11.1
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CHAPTER 2COMMENTS RELATING TO OTHER OAS AND RELATED ENTITIES
SECTION IGS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
The Board notes that the OAS has arranged audits of the various entities within its organizational structure that have material amounts of resources. Independent audits provide information and assurances that controls are in place to protect these resources. In the complex organizational structure that constitutes the OAS, management attention needs to be focused on all entities that manage material amounts of OAS resources.
The Board would like to highlight the fact that there are many investment funds under the OAS umbrella, with varying levels of investment management expertise. The Board believes that all investment funds would benefit from centralizing oversight and investment strategies.
2.1 The Board recommends the creation of a single, centralized investment committee to provide oversight for all investment funds. The identity and funds of each trust should continue to be maintained within these investments.
The OAS manages various funding mechanisms for scholarships and student loans. Evaluation of applications is performed independently for each fund. The Board understands that future enhancements would be beneficial in this area, such as student applications being completed over multiple on-line sessions.
As discussed earlier, the external auditors indicated that they expect to issue unqualified (“clean”) opinions, the highest level audit results, on the following 2012 financial statements of OAS entities.
• Leo S. Rowe Pan American Fund (Rowe Pan American)
• Rowe Memorial Benefit Fund (Rowe Memorial)
• Medical Benefits Trust Fund (Medical Benefits)
• Trust for the Americas (the Trust)
• Inter-American Defense Board Fund (IADB)
• Retirement and Pension Fund (Pension)
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GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION I - Chapter 2
Leo S. Rowe Pan American FundThe 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 is equivalent to the prevailing prime rate in the United States plus 1.25%. Employees repay these loans through payroll deductions.
New loans to students decreased by about 7.8 percent to USD 562,937 in 2012 compared to USD 610,744 in 2011. The amounts of loans collected increased by 7.4 percent from USD 490,101 in 2011 to USD 526,467 in 2012. New loans to employees for education or emergencies decreased by 35 percent from USD 132,417 in 2011 to USD 86,557 in 2012.
Total net assets of the Fund increased 8.6 percent from USD 14.1 million in 2011 to USD 15.3 million in 2012. The assets of the Fund as of December 31, 2012 were comprised of: financial investments (82.7 percent), loans to students (11.1 percent), equity in OAS Treasury Fund (4.6 percent), and loans to OAS employees (1.6 percent).
The following table summarizes the financial results of the Rowe Pan American Fund for 2012 and 2011.
Rowe Memorial Benefit FundThe 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 to be disbursed at the discretion of management. In the past it has been used to fund catastrophic medical costs for employees and family members, and emergency costs for employees affected by natural disaster.
Total net assets of the Fund decreased 1.8 percent from USD 190 thousand in 2011 to USD 187 thousand in 2012. The following table summarizes the financial results of the Rowe Memorial Fund for 2012 and 2011.
T 1R P A F F R( USD)
2012 2011Account/Line Item:
Increases 1,682,601 410,624Decreases (467,028) (738,603)
Change in net assets 1,215,573 (327,979)Net assets, beginning of year 14,113,862 14,441,841Net assets, end of year 15,329,435 14,113,862
T 2R M B F F R( USD)
2012 2011Account/Line Item:
Dividends and Income 2,144 2,208Official recognition and award (635) (1,000)Subsidies (5,000) (5,570)
Change in net assets (3,491) (4,362)Net assets, beginning of year 190,944 195,306Net assets, end of year 187,453 190,944
SECTION I - Chapter 2GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
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Medical Benefits Trust FundThe 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 CareFirst Blue Cross Blue Shield. As of December 31, 2012, total net assets of the Trust were USD 33.7 million compared to USD 29.2 million in 2011 (15.3 percent increase).
Table 3 summarizes the financial results of the Medical Trust Fund for 2012 and 2011.
Trust for the AmericasThe Trust for the Americas is a not-for-profit organization that works to expand hemispheric cooperation and enhance economic development. Resources have been provided by contributions from corporate donors and Federal grants. The OAS supports the Trust with the provision of financial, material, and staff support. As of December 31, 2012, net assets of the Trust were USD 1.3 million compared to USD 975 thousand in 2011 (28.4 percent increase).
The following table summarizes the financial results of the Trust for the Americas for 2012 and 2011.
Inter-American Defense Board The IADB was established in 1942 and is comprised of military officers representing the highest echelons of their nation’s defense establishments. In 2006, by OAS resolution, the IADB became an entity of the OAS. The Board’s expenses were primarily for four functions: the Council of Delegates, the Sub Secretariat for Advisory Services, the Inter-American Defense College, and administrative support. IADB’s unrestricted net assets increased 58.8 percent from USD 1.2 million in 2011 to USD 1.8 million in 2012. The total amount of revenue increased from USD 6.2 million in 2011 to USD 6.9 million in 2012 (an 11.9 percent increase). In addition, the total amount of expenses increased
T 3M B T F F R( USD)
2012 2011Account/Line Item:
Increases 17,051,034 13,810,559Decreases (12,572,118) (12,942,496)
Change in net assets 4,478,917 868,063Net assets, beginning of year 29,231,290 28,363,227Net assets, end of year 33,710,207 29,231,290
T 4T A F R( USD)
2012 2011Account/Line Item:
Increases 5,569,777 5,214,357Decreases (5,634,956) (5,178,588)Change in unrestricted net assets (65,179) 35,769Temporarily restricted contributions 342,447 (1,149,261)
Change in net assets 277,268 (1,113,492)Net assets, beginning of year 975,318 2,088, 810Net assets, end of year 1,252,586 975,318
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GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION I - Chapter 2
12.8 percent from to USD 5.5 million in 2011 to USD 6.2 million in 2012.
The financial results of the Inter-American Defense Board for 2012 and 2011 are shown on Table 5.
Retirement and Pension FundThis 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.
Actuarial ProjectionsThe Board was informed that a recent actuarial assessment forecasts a shortfall in the defined benefit fund to meet future pension obligations. This is the first negative forecast in many years. In part it apparently arises from a changing demographic profile of participation in the defined benefit pension plan. New young workers are mainly opting for the alternative 401M defined contribution plan. This Board believes this predicament is similar to that faced by other organizations and sectors that have transitioned to offering a 401 based plan. In fact, many orga-nizations are choosing to reduce or eliminate defined benefit plans due to their high and uncertain future costs. Although it is an emerging concern, there is no immediate financial impairment or obligation.
2.1 The Board recommends that the OAS continue to monitor the potential funding shortfall in the defined benefit pension plan.
The amount of net assets available for benefits increased 3.6 percent from USD 216.5 million in 2011 to USD 224.2 million in 2012.
The following table summarizes the financial results of the Retirement and Pension Fund for 2012 and 2011:
T 5I -A D B F R( USD)
2012 2011Account/Line Item:
Increases 6,900,696 6,164,118Decreases (6,222,876) (5,514,494)
Change in net assets 677,820 649,624Net assets, beginning of year 1,152,452 502,828Net assets, end of year 1,830,272 1,152,452
T 6R P F F R( USD)
2012 2011Account/Line Item:
Increases 36,675,867 12,958,195Decreases (28,990,199) (34,024,108)
Change in net assets 7,685,668 (21,065,913)Net assets, beginning of year 216,541,133 237,607,046Net assets, end of year 224,226,801 216,541,133
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SECTION IGS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
CHAPTER 3COMMENTS RELATING TO THE OFFICE OF THE INSPECTOR GENERALThis Chapter discusses issues related to the Office of the Inspector General (OIG). The status and role of OIG within OAS is important to the Board since OIG is an essential safeguard to assess and maintain the internal control environment. Under Executive Order 95-05, The Internal Audit Function of the General Secretariat and the Office of the Inspector General, OIG is charged with the responsibility of assisting the Secretary General and the governing bodies to monitor various levels of management with respect to the General Secretariat’s and OAS’ programs and resources, and adherence to the legal system governing them.
The OAS appointed a new Inspector General on November 1, 2012. The position of the Inspector General had been vacant for over two years after the retirement in mid-2010 of the long-serving incumbent. The Board notes that this is an important position that contributes to necessary and effective oversight of the functioning of the OAS, and welcomes the successful staffing of this position.
Cooperation and CoordinationThe Inspector General consults regularly with management on issues arising from audits, reviews draft policies and procedures, and attends various OAS meetings as needed. The Board acknowledges the independence of the OIG was enhanced by introducing a dual reporting relationship whereby the OIG reports to the Secretary General and now also reports to the Permanent Council.
The Board was pleased to note beneficial cooperation between the OIG and the external auditors. The Board encourages both parties to maintain this open and constructive working relationship.
2013 OIG Work PlanThe OIG presented the Board with its proposed 2013 audit work plan. Annually the OIG performs a risk assessment to identify areas to audit. During the planning process, the OIG considers recommendations made by the Board of External Auditors; resolutions from member states; referrals from other sources; and areas internally identified as high risk. The Board encourages the OIG to continue to focus on areas with a high degree of risk and/or those with the highest potential for increasing efficiency, economy, and effectiveness within the OAS.
The OIG periodically 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. The Board notes that several projects in the OIG 2011 audit work plan were not completed until 2012. This delayed the completion of projects in the OIG 2012 work plan, which was not completed at the time of the Board’s annual meeting in April 2013. The Board hopes that the OIG achieves a better completion rate with its 2013 work plan.
Professional Standards ReviewThe 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 five 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. This might be accomplished by arranging a peer review exchange of services with other governmental agencies, or through arranging for OIGs from NGOs to
26
GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION I - Chapter 3
conduct the review at minimum cost to the OAS. Currently, no peer review has been performed or scheduled.
3.1 The Board requests the new Inspector General to complete a full organizational review of OIG opera-tions, and provide the Board with an action plan for improved operations by December 31, 2013.
3.2 The Board reaffirms its recommendation of the need for a peer review evaluation to be performed on the Office of Inspector General.
27
SECTION IIFINANCIAL STATEMENTS OF THE ORGANIZATION
SECTION IIGS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
SECTION IIFINANCIAL STATEMENTS OF THE
ORGANIZATION OF AMERICAN STATES
TABLE OF CONTENTS
29 Management Discussion and Analysis (MD&A)
43 Responsibility for Financial Statements
45 Chapter 4 - Regular, FEMCIDI, Specific and Service Funds of the OAS
103 Chapter 5 - Leo S. Rowe Pan American Fund
113 Chapter 6 - Rowe Memorial Benefit Fund
121 Chapter 7 - OAS Medical Benefits Trust Fund
Leo Rowe Room. Juan Manuel Herrera/OAS.
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GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II
This page inten onally le blank.
SECTION IIGS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
29
CHAPTER XCHAPTER DESCRIPTIONMANAGEMENT DISCUSSION AND ANALYSIS MD&AThis section presents an overview of the financial results of the General Secretariat and a status report on other management activities. Where possible, information is presented on a comparative basis.
EXECUTION OF THE 2012 REGULAR FUND PROGRAM BUDGET
Approved LevelsFor 2012, the General Secretariat was autho-rized to execute up to USD 85.4 million for Regular Fund activities, through resolution AG/RES. 1 (XLII-E/11), maintaining the same level of 2011. The funding for the year amounted to approximately USD 81.7 million (see Table 1). The primary source of financing corresponds to quota assessments established to member states.
Quota PaymentsOAS General Standards require member states to pay their quota assessment in full on January 1st of the corre-sponding fiscal year; otherwise, they are required to negotiate a payment plan with the General Secretariat of the OAS (GS/OAS). Member states that paid their quota assessment by March 31, 2012 were entitled to the following discounts: 3% of the amount paid by January 31; 2% of the amount paid by the last day of February; and 1% of the amount paid by March 31. In 2012, USD 337 thousand was credited in discounts to member states for prompt payment, applied to their 2013 assessment.
At the beginning of 2012, the GS/OAS had USD 84.0 million in quota receivable, USD 81.1 million from current quota and USD 2.9 million for quotas in arrears. By year-end, the GS/OAS received USD 79.2 million towards this receiv-able. From this amount, USD 0.4 million were applied to quotas in arrears.
Quotas receivable (current and prior-years) increased from USD 82.2 million in 2011 to USD 84.0 million in 2012, while quota payments slightly decreased from USD 79.3 million to USD 79.2 million (Figure 1). However, the USD 4.8 million gap in 2012 between quota receivable and quotas payments is the highest since 2007. By January 31, 2013 the GS/OAS received payments from member states of USD 4.4 million towards this gap.
T 12012 B S( USD)
F 1Q R Q P (C A )A D 31( USD)
Appropriations Modified ExecutedPersonnel 54,008.4 53,296.3Non personnel 31,342.4 30,218.8
85,350.8 83,515.1
Sources of Financing Projected ActualQuota Assessment 81,105.4 78,741.8Administrative and Technical Support 2,841.3 (a) 1,500.0Other Income 1,404.1 (b) 1,463.1
85,350.8 81,704.9
(a) ICR collection from Specific Funds (USD 2,500) and FEMCIDI (USD 341.3).(b) Includes income from rental space, interest and miscellaneous revenue.
89.8 88.4
81.879.4
82.2 84.0
78.9
85.280.8
78.1 79.3 79.2
2007 2008 2009 2010 2011 2012
Quota receivables Quota payments
30
GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II - MD&A
Quota assessment to member states increased by USD 0.2 million to USD 81.1 million in 2012 from the prior year (Figure 2), representing the highest assessment in the past 5 years. Nonetheless, current quota payments of USD 78.8 million decreased in 2012 when compared to USD 79.1 million in 2011.
The gap in quota in arrears and payments has increased from USD 1.1 million in 2011 to USD 2.5 million in 2012, respectively. By January 31, 2013 the GS/OAS received payments from member states of USD 2.4 million towards this gap.
At year-end, there were 24 “current” member states, three member states “considered current” and seven member states “not current” with respect to payments of their assessment to the Regular Fund. These categories are established through resolution AG/RES. 1757 (XXX-O/00).
Budgetary ExecutionAt the end of the fiscal year, USD 83.52 million (97.86%) of the approved budget had been executed. Execution for Personnel cost amounted to USD 53.30 million. Execution for Non-personnel cost amounted to USD 30.22 million. Figure 4 presents the distribution of budgetary execution by personnel and non-personnel object of expen-ditures. Approximately USD 1.83 million (2.14%) remained unobligated at the end of the year.
At December 31, 2012, there was USD 1.1 million in outstanding obligations. These outstand-ing obligations are mainly attributed to the Department of Human Development, Education, and Culture (USD 608.2 thousand) and Chapter 10, Basic Infrastructure and Common Costs (USD 107.0 thousand). Figure 5 provides detailed budgetary execution by Chapter, segregated by expenditures and obligations.
F 2Q A Q P (C )A D 31( USD)
F 3Q A Q P (A )A D 31( USD)
F 4B E P N -P CA D 31, 2012( USD)
77.3 77.5 78.6 78.580.9 81.1
70.4
74.778.0 77.4
79.1 78.8
2007 2008 2009 2010 2011 2012
Quota assessment Quota payments
12.5 10.9
3.20.9 1.3 2.9
8.510.5
2.80.7 0.2 0.4
2007 2008 2009 2010 2011 2012
Quota in arrears Prior years quota payments
Modified Appropriation 85.35 100.00%
Budgetary Execution 83.52 97.86%Unobligated Appropriation 1.83 2.14%
85.35 100.00%
Personnel Non Personnel
54.01 53.30
31.34 30.22
10
10
30
50
70
90
Modified Appropriation Budgetary Execution
85.35 83.5236.72%
63.28%
36.18%
63.82%
SECTION II - MD&AGS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
31
Measures Taken for the 2012 Budget ExecutionA reduction in the Regular Fund execution to USD 83.5 million (USD 1.8 million below the approved level), and a reduction by USD 1.0 million of the budgeted transfer from the ICR Account to the Regular Fund during fiscal year 2012, were the measures taken through year-end to ensure that the fund balance deficit would not exceed the amount of outstanding quotas at year-end, as well as to guarantee that personnel execution remained within the authorized limit and that financial resources in the Regular Fund and ICR Account were sufficient to meet costs.
F 5B E CA D 31, 2012( USD)
Legend: Expenditures Obligations
Chapter 1 Secretary General 3.8 0.0 *
Chapter 2 Assistant Secretary General 16.8 0.1
Chapter 3 Autonomous and/or Decentralized Entities 11.8 0.1
Chapter 4 Secretariat for Legal Affairs 2.7 0.0 *
Chapter 5 Secretariat for Multidimensional Security 3.7 0.0 *
Chapter 6 Secretariat for Political Affairs 4.1 0.0 *
Chapter 7 Executive Secretariat for Integral Development 12.5 0.7
Chapter 8 Secretariat for External Relations 3.9 0.0 *
Chapter 9 Secretariat for Administration and Finance 10.5 0.1
Chapter 10 Basic Infrastructure and Common costs 12.6 0.1
82.4 1.1
* Although obligations show zero due to rounding in millions, this corresponds to obligations of USD 26 thousand in chapter 1, USD 17 thousand inchapter 4, USD 41 thousand in chapter 5, USD 21 thousand in chapter 6 and USD 8 thousand in chapter 8.
99% 99% 99% 99% 99% 99% 95% 100% 99% 99%
1% 1% 1% 1% 1% 1% 5% 0% 1% 1%
0%10%20%30%40%50%60%70%80%90%
100%
Ch 1 Ch 2 Ch 3 Ch 4 Ch 5 Ch 6 Ch 7 Ch 8 Ch 9 Ch 10
Expenditures Obligations
3.9 17.0 12.8 2.7 3.8 4.2 13.7 3.9 10.6 12.8
Modified appropiation: 85.4
32
GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II - MD&A
Regular Fund Financial Position
As of December 31, 2012, the Reserve Sub fund ended with a USD 4.8 million deficit balance (Figure 6) which equals the outstanding quota receivables of USD 4.8 million. During the year, the Regular Fund recorded increases of USD 81.7 million, which represents an increase of 1.5% when compared to 2011. The level of decreases remained in the same level when compared to 2011, USD 83.5 million. For five consecutive years net change during the period has been negative given that financing in previous years included the use of a portion of the Reserve Subfund.
FEMCIDI
New DevelopmentsBy the end 2012, the Management Board of the Inter-American Agency for Cooperation approved the first set of FEMCIDI projects since the approval by member states in October of 2010 of the provisional FEMCIDI structure to strengthen the link between the CIDI policy dialogue and FEMCIDI programming. These three projects in the area of education will begin execution in 2013.
In 2012 member states begun the evaluation of the FEMCIDI provisional structure and consultations on how to strengthen FEMCIDI and adjust it to simplify the transitional modus operandi of FEMCIDI and consider the reduction in voluntary contributions to the Fund.
F 6I , D , N C F BF J 1 D 31( USD)
T 22012 P P S
(A) Includes fellowship execution from prior years’ appropriation.
89.3 92.0
(2.7)
13.1
84.690.5
(5.9)
7.2
83.690.8
(7.1)
0.05
80.5 83.5
(3.0) (2.9)
81.7 83.5
(1.8) (4.8)
Increases Decreases Net Change Fund Balance
2008
2009
2010
2011
2012
(A)
SectorsNumber of
ProjectsEducation 0Social Development 0Sustainable Development 0Science & Technology 0Trade 0Culture 0Democracy 0Tourism 0Integral Development 0
Total 0
SECTION II - MD&AGS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
33
Pledges and PaymentsVoluntary pledges and payments to FEMCIDI have seen a drastic reduction over the last four years –from USD 6.2 million dollars in 2008 to over USD 1.0 million in 2012. Considering the time it has taken to approve FEMCIDI projects and the reductions in contributions, in November 2012 CIDI adopted resolution CIDI/RES. 282 (XXI-O/12) to combine, on an exceptional basis and without creating a precedent, the funds contributed in 2010 or 2011 by the member states to the Special Multilateral Fund of the Inter-American Council for Integral Development (FEMCIDI) within each sectorial account.
At year-end, payment of pledges were received from eighteen member states totaling USD 1,445,943 (Table 3).
FEMCIDI ExecutionDue to the reasons stated above, FEMCIDI execution included only few FEMCIDI projects approved prior to 2010 and extended past December 2011 deadline (Figure 7).
T 3M S P FEMCIDIF J 1 D 31, 2012( USD)
F 7FEMCIDI E SF J 1 D 31( USD)
Member state Payment
Antigua and Barbuda 6,988Argentina 28,785Barbados 16,400Chile 113,000Colombia 30,000Costa Rica 30,000Guyana 5,100Jamaica 10,000Mexico 400,000Nicaragua 17,300Panama 39,600Peru 75,000Saint Lucia 7,570Suriname 10,000Trinidad and Tobago 31,200United States 600,000Uruguay 15,000Venezuela 10,000
1,445,943
1,456.1
1,759.0
1,262.5
1,020.2
529.7
514.5
982.21,059.6
648.5 360.0
5.5
988.01,166.0
960.8 760.0
311.1
639.9789.8 838.4
447.1215.5
2,820.52,876.5
2,563.8
1,833.5
765.4
59.2
2007 2008 2009 2010 2011 2012
Education Sustainable Development Science / Technology Social Development Others
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GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II - MD&A
SPECIFIC FUNDSAs 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.”
Contributions to Specific FundsCash contributions to Specific Funds amounted to USD 64.9 million in 2012 (Figure 8) compared to USD 60.7 million in 2011, increasing by USD 4.2 million, or 6.9%.
The three major contributors during 2012 (Table 4) were the United States with USD 22.3 million, or 34.4% of total contributions, followed by Canada with USD 20.6 million, or 31.7%, and the Netherlands with USD 4.4 million, or 6.7%. From the USD 64.9 contri-butions in 2012, 71.9% were received from member states, 20.4% from permanent observers and 7.7% from other donors.
When compared to 2011, member states increased their contributions by 21.4%, mainly due to higher contributions from Canada. Overall contributions from permanent observers decreased compared to 2011 levels by 15.6%, with countries such as Spain and Sweden lowering their contributions.
F 8R B S F CF J 1 D 31( USD)
T 4T 15 S FF J 1 D 31, 2012( USD)
(b) Excludes USD 3.0M programmed to FEMCIDI.
(a) Excludes USD 5.0M for the Mexican Fund for Cooperation with Latin America &the Caribbean.
87.590.1 90.1
85.385.4
68.1 70.1 68.6
60.764.9
2008 2009 2010 2011 2012
Regular Fund Program Budget Specific Fund Contributions
(A) (B)
Member StatesPermanentObservers
Others TOTAL %
United States 22,348.6 22,348.6 34.4%Canada 20,559.8 20,559.8 31.7%The Netherlands 4,383.3 4,383.3 6.7%Spain 3,194.3 3,194.3 4.9%United Nations 1,589.0 1,589.0 2.4%European Union 1,518.6 1,518.6 2.3%Germany 1,374.6 1,374.6 2.1%Mexico 853.3 853.3 1.3%Norway 605.8 605.8 0.9%Bolivia 502.4 502.4 0.8%Colombia 501.4 501.4 0.8%International Organization for Migration 500.0 500.0 0.8%Inter American Development Bank 492.0 492.0 0.8%National Commission of Space Activities 441.0 441.0 0.7%Finland 383.9 383.9 0.6%Multiple Funding Sources 1,955.7 1,778.7 1,955.7 5,690.1 8.8%
TOTAL 46,721.2 13,239.2 4,977.7 64,938.1 100.0%
GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
Contributions from institutions and other donors (i.e, non-member states and non-permanent observers) decreased by 24.1% primarily as a result of lower contributions from the International Organization for Migration and the National Commission of Spatial Activities
2012 Programmed Specific FundsA total of USD 60.2 1 million in Specific Fund contributions were programmed during the fiscal year (Figure 9). This amount includes the programming during 2012 of unprogrammed account balances available at the end of 2011. When compared to 2011, the overall amount in programmed funds remained very similar.
Donors increased programming of funds mainly in the following areas: the Executive Secretariat of the Inter-American Drug Abuse Control Commission (CICAD) (52C) and the Department of Economic Development, Trade, and Tourism (72C). Overall the Secretariat for Multidimensional Security had an increase of USD 3.3 million compared to 2011.
In contrast, donors decreased programming of funds mainly in the following areas: the Office of the Executive Secretary for Integral Development (72A), the Secretariat for Political Affairs (62A) and the Department of Electoral Cooperation and Observation (62B).
1 Excludes USD 3.8M of unprogrammed balances, USD 0.7M in repayments from the Regular Fund to OAS Capital Fellowships, Scholarships and
Training account pursuant to resolution CEPCIDI/RES.187/11 (XXVIII-E/11), and USD (0.4M) transferred out to the ICR account.
35
SECTION II - MD&A
F 9P S F (C T ) CF J 1 D 31, 2012( USD )
Chapter 5 Secretariatfor Multidimensional
Security22.55
37.47%
Chapter 6 Secretariatfor Political Affairs
14.8024.60%
Chapter 7 Secretariatfor Integral
Development10.40
17.28%
Chapter 3Autonomous and/or
Decentralized Entities5.17
8.59%
Chapter 4 Secretariatfor Legal Affairs
4.126.85%
Chapter 1 Office of theSecretary General
0.861.43%
Chapter 2 Office of theAssistant Secretary
General0.85
1.41%
Chapter 9 Secretariatfor Administration and
Finance0.66
1.10%
Chapter 8 Secretariatfor External Relations
0.661.09% Projects to Strengthen
Democracy andGovernance in Haiti
0.090.15%
Resolution CP 831/20020.02
0.03%
This figure does not include amounts related to: USD 3.8M of unprogrammed balances, USD 0.7M in repayments fromthe Regular Fund to OAS Capital Fellowships, Scholarships and Training account pursuant to resolutionCEPCIDI/RES.187/11 (XXVIII E/11), and USD (0.4M) transferred out to the ICR account.
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GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II - MD&A
Audits of Specific Fund ProjectsThe General Secretariat is required to conduct external financial audits of Specific Fund projects when stipulated in donor agreements. During 2012, twelve financial audits, one status memorandum and two expenditure verifica-tions were coordinated for the following programs. Some may still be underway in 2013.
Chapter 3 - Autonomous and/or Decentralized Entities• Strengthening Access to Justice in the Americas 2009-2011 for the period December 31, 2009 to December
31, 2011 (Denmark). The auditor’s opinion was unqualified (clean opinion).
• Access to Justice for Women Victims of Sexual Violence for the period May 6, 2011 to December 31, 2011 (United Nations Population Fund). The GS/OAS assisted the donor with the coordination of the audit. The auditor’s opinion was unqualified (clean opinion).
• Strengthening Freedom of Expression in the Americas for the period October 1, 2011 to October 31, 2012 (European Union). A report on factual findings for an expenditure verification of a European Commission financed grant contract for external actions was issued and finalized.
• Strengthening Employment Opportunities for People with Disabilities for the period March 18, 2008 to June 30, 2012 (Inter-American Development Bank). The GS/OAS assisted the donor with the coordination of the audit. The auditor’s opinion was unqualified (clean opinion).
Chapter 4 – The Secretariat for Legal Affairs• Support for the Establishment of a National Service of Judicial Facilitators of the Judicial Power of the Urban
and Sub-Urban Areas of Nicaragua for the period August 1, 2009 to August 15, 2012 (The Netherlands). The auditor’s opinion was unqualified (clean opinion).
• Judicial Facilitators in Guatemala for the period October 1, 2010 to August 15, 2012 (The Netherlands). The auditor’s opinion was unqualified (clean opinion).
Chapter 5 - The Secretariat for Multidimensional Security• Simulated Lawsuits about Money Laundering in Latin America for the period March 27, 2006 to September
20, 2011 (Inter-American Development Bank). The auditor’s opinion was unqualified (clean opinion).
Chapter 6 - The Secretariat for Political Affairs• Organization of American States Electoral Observation Mission to Haiti (2010) for the period October 11,
2010 to March 7, 2012 (Finland). The auditor’s opinion was unqualified (clean opinion).
• Support to the Organization of American States Electoral Observation Mission to Haiti – First and Second Round (2010-2011) for the period October 13, 2010 to December 10, 2011 (Norway). The auditor’s opinion was unqualified (clean opinion).
• Support to OAS/CARICOM Joint Electoral Observation Mission for the Second Round of Haiti Presidential and Parliamentary Elections of March 20, 2011 for the period February 9, 2011 to September 9, 2011 (European Union). A report on factual findings for an expenditure verification of a European Commission financed grant contract for external actions was issued and finalized.
• Mission to Support the Peace Process in Colombia (MAPP) for the period May 1, 2011 to May 31, 2012 (Sweden). The auditor’s opinion was unqualified (clean opinion).
• Mission to Support the Peace Process in Colombia (MAPP) for the period February 15, 2011 to February 15, 2012 (Sweden). The auditor’s opinion was unqualified (clean opinion).
SECTION II - MD&AGS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
37
• Support for the Electoral Observation in Guatemala 2011 for the period August 8, 2011 to December 31, 2011 (Sweden). The auditor’s opinion was unqualified (clean opinion).
• Basket Fund – Mission to Support the Peace Process in Colombia for the period January 1, 2012 to December 31, 2012 (Canada and the Netherlands). Audit started in 2012 and is underway in 2013. An auditor’s opinion is expected by April 30, 2013.
Chapter 7 – The Secretariat for Integral Development• Increasing the Sustainability of the Energy Sector in the Caribbean through Improved Governance and
Management for the period November 1, 2011 to February 29, 2012 (European Union). A status memoran-dum was issued and finalized.
SERVICE FUNDSThe OAS manages various activities through Service Accounts, allowing it to handle certain administrative functions not directly related to donor agreements or Trust Funds. The Service Accounts include the Building Management and Maintenance, Tax Equalization, Parking Services and Indirect Cost Recovery accounts, among others.
Building Management and MaintenanceThis account is established for the purpose of administering costs related to the mortgage, management and main-tenance of OAS buildings. The main source of income for this account comes from the 2012 Regular Fund budget (approximately USD 4.6 million) and supplemented with rental income for office space in the “F” Street Building (GSB) charged to outside organizations (approximately USD 2.0 million).
Parking ServicesThe purpose of this account is to administer garage maintenance and partially subsidize transportation costs for eligible employees. Parking fees deducted from employees’ payroll finance this account which at year-end had an ending fund balance of approximately USD 0.4 million.
Tax EqualizationThis account is established to reimburse eligible employees of the General Secretariat who are required to pay income taxes on their OAS income. These reimbursements are sponsored by their corresponding member state imposing said requirement. At year-end, the Tax Equalization account had an ending negative fund balance of USD 3.1 million.
Indirect Cost Recovery (ICR) from Specific FundsOn May 23, 2007, the Permanent Council approved Resolution CP/RES. 919 (1597/07), which amended Articles 78 and 80 of the General Standards to establish a clear policy for the General Secretariat regarding the recovery of direct and indirect costs for projects funded by Specific Funds and Trust Funds. On May 29, 2007, the Secretary General, through Executive Order 07-01 (later revised on December 20, 2007) issued organizational definitions of direct and indirect costs, and required indirect cost recovery percentages for grant agreements with member states (11%) and other contributors (12%). CAAP members felt the need to differentiate ICR from contributions received
38
GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II - MD&A
from member states as compared to other contributors, thus approved different ICR rates for each of these groups.
The ICR policy allows the GS/OAS to recover indirect costs from Specific Fund activities in a centralized manner. Indirect costs are those incurred to support Specific Fund activities that cannot be easily attributed to those activi-ties. For example, indirect costs related to Specific Fund activities include salaries of personnel in the accounting or the external relations function of the GS/OAS.
ICR income increased slightly during 2012 compared to 2011 as a result of higher contributions to Specific Funds. ICR inflows totaled USD 6.8 million while ICR outflows totaled USD 7.9 million. At the end of 2012, the Fund for ICR had a cash balance of USD 0.3 million. Of that amount, USD 0.1 million remained obligated at year-end leaving a fund balance of USD 0.2 million. The Fund for ICR transferred USD 1.5 million to the Regular Fund in 2012.
Beginning 2013, the Fund for ICR will be administered in a similar manner as the Regular Fund, with a program-budget approved by the OAS General Assembly.
SECRETARIAL OF ADMINISTRATION AND FINANCE SAF INITIATIVES
Automated Travel Expense Claim System (TECS)2
The new Automated Travel Expense Claim System (TECS), was implemented in 2012, reducing the cost of processing Travel Expense Claim (TEC) reviews and maximizing the number of TEC revised and processed. Data indicates that from November 15, 2012 (implementation date) to December 31, 2012, 168 TEC were created and 84% of them had been completed and approved, 11% being processed by AMS, and 5% were pending to be filled by the traveler. TECS reduced approximately 80 man/hours per week in review time of approximately 80 TEC.
TECS automatically generates purchase orders for unanticipated travel expenses, and claim settlements actions are automatically integrated into payroll.
Future developments of TECS include expanding its use to all employee types and also to non-staff for travel funded by the Organization.
New Petty Cash PolicyThis new policy reduces the cost of processing, reconciling, and replenishment of low-value purchases made through various departments and National Offices. The results from the implemented policy are reduction of workload in the various departments and National Offices of approximately 1 man/hour per week. This policy is under imple-mentation, and required amendments to Budgetary and Financial Rules, along with guidance to petty cash holders and National Offices are underway.
Electronic Posting of Bank Reconciliation DocumentsThe initiative was started as a pilot program with 10 participating National Offices. Now the program is in effect and the procedure is to upload bank reconciliation documentations into National Offices Collaborative Space (NOCS)2 portal. The portal is shared by National Offices, OGSMS and DFAMS. The initiative minimizes courier expenses and the cost of processing the National Office bank reconciliations. It also organizes documents in an effective manner
2 Automated Travel Expense Claim System (TECS), National Offices Collaborative Space (NOCS) portal, Results Based Contracting System (RBCS), OAS Personnel Database (OPDB) and a full set of subsidiary systems have been internally developed by SAF/DOITS.
SECTION II - MD&AGS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
39
for future reference of any authorized user. Future developments include expanding the program to all 28 OGSMS.
Automation of Small & Routine Procurement TransactionsThis initiative addresses the need to automate routine procurement transactions and to redirect human resources to complete higher value-added activities. For example, during the 4th Quarter of 2012, 8% of procurement trans-actions were automatically processed through the Results Based Contracting System (RBCS) 2 and TECS. Those two initiatives have allowed reallocating staff resources to more significant cost reduction activities. Future initiatives contemplate implementing other automated systems for purchase orders and using purchasing cards for small value transactions.
Result Oriented Quarterly ReportsA new result-oriented format was issued with the 4th Quarterly Report of 2012. The new format includes informa-tion on achieved results in every area of SAF. For 2013 Quarterly Reports, the General Secretariat plans to include results information for all areas.
Results Based Contracting System (RBCS)2
The DHR in conjunction with DOITS implemented on March 2012 the Results Based Contracting System (RBCS), a new automated system for processing natural Performance Contracts (CPR). The objective of this new system is to streamline the processing and approval of natural CPR’s. It also provides a paperless approach, automated purchase order creation, self-service consultant profile and it eliminates manual processing of consultant documentation.
The DHR delivered 12 training sessions to RBCS users in Headquarters and in National Offices and Special Programs. Additionally, an RBCS help-desk account was created for its users.
Since March 2012, all natural contracts are processed through this system.
OAS Personnel Database (OPDB)2
During October 2012, in a joint effort between the Department of Human Resources and the Department of Information and Technology Services (DOITS), the OAS Personnel Database (OPDB), a tool intended to gather and report all OAS personnel information in a single system, was implemented. This tool, integrated with OASES database and with the Result Based Contracting System (RBCS), reduces the time and cost of providing accurate, detailed data on Human Resources to management, accounting and payroll system, staff and Member States.
The OPDB is updated on a monthly basis at the Department and Section Levels.
Reduction of Utility Services CostThe initiative to reduce energy consumption produced a reduction of 548,000 kilowatts in 2012 compared to the year before, which represents a decrease in energy consumption of 7% in 2012. For this, EPA has awarded the GSB building with the 2012 Energy Star label.
In water consumption, there was a decrease of 2% in 2012 compared 2011. Those initiatives not only reduced Utility Services costs but also lead the General Secretariat to become environmentally friendly. Future develop-
40
GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II - MD&A
ments are being planned for the monitoring and for further reducing Utility Services consumption through LEED EB certification.
Strengthening Administrative Management Support (AMS) SectionsSpecialized financial training was provided to various AMS sections in the General Secretariat. The training included among other procedures, the use of the financial statement preparation tool (FINSTAT) for automated production of donor financial statements. Following the training, the tool was shared with AMS sections who currently prepare donor financial statements, reviewed and certified by DFAMS.
Widening use of INTL Global Currencies for Electronic Local Currency FundingThe use of INTL Global Currencies LTD (IGC) platform to execute local currency funding from Headquarters to National Offices and Project Offices was implemented last year. This platform allows the Organization to save resources by accessing competitive rates through a foreign exchange broker. By December 2012, electronic local currency funding was implemented in 28 offices, and 5 were pending implementation.
Automation of the invoicing Process for GS/OAS country Offices Expenses and for Travel AdvancesAutomation of the invoicing process for the GS/OAS Country Offices expenses for local currency and USD was completed. An automated upload program is now used to generate payables invoices using expense information received from the Offices in both local currency and USD. This streamline initiative has resulted in time savings allowing staff to focus their efforts on reviewing and monitoring activities. A similar process was also implemented to automate of the invoicing process for travel advances.
Universal Desktop ProjectDuring 2012 modernization of OAS User desktops including not only, the migration to Windows7/ Office2010/ Exchange2010/ SharePoint, but also upgrading all the necessary information technology infrastructure needed in order to migrate the current telephony system to a state of the art Voice Over Internet Protocol (VOIP) technol-ogy has been completed. To complement this migration Bring Your Own Device (BYOD) policies and procedures are being analyzed for future implementation.
Recruitment and Selection ProcessIn October 2012, TALEO an e-recruitment tool designed to automate the recruitment and selection process for staff positions at the GS/OAS, was implemented.
In addition to provide a more professional image to the OAS Career Website and a more user-friendly application process for candidates, TALEO reduces the time and cost allotted for the recruitment and selection process by auto-mating some of its steps.
Additionally, TALEO reduces the DHR screening time for candidates (15% reduction per vacancy approximately) and it also facilitates a paperless process.
SECTION II - MD&AGS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
41
Modification to the General StandardsThe SAF/DHR presented to the CAAP the revised Comprehensive Human Resources Strategy in accordance with AG/RES- 2755 (XLII-O/12). After SAF/DHR presentation, the CAAP noted as received the HR Strategy in the 2013 Program Budget document. Since then, discussions have been taken place on this matter through the CAAP Working Group and will continue on 2013. The revised Comprehensive Human Resources Strategy entails modifications to Chapter III. Personnel of the General Standards to Govern the Operations of the GS/OAS.
FELLOWSHIPSThe OAS General Secretariat’s Department of Human Development, Education and Culture (DHDEC) successfully completed the process of awarding new academic scholarships corresponding to the 2013/2014 cycle. A total of 88 new scholarships were awarded with an estimated cost of USD 3.1 million over three fiscal years (2013-2015). Additionally, of the 68 selected awardees from the prior 2012/2013 cycle, 54 signed contracts (42 Graduates plus 12 Undergraduates) and 14 declined the scholarship without being replaced. The distribution of costs by type of scholarship granted was 22% for self-placed, and 78% for OAS-placed, well above the 2/3 minimum for OAS-placed scholarships set by the member states in Article 11.2 of the Manual of Procedures for the Scholarship and Training Programs of the Organization of American States3. Financing of the cost of the program is normally spread out over three fiscal years, which matches the standard period to complete two academic years covered by the OAS scholar-ship program. Students selected during the 2013/2014 cycle are scheduled to start their programs between January 2013 and March 2014. The selection took place under the guidelines established by the Manual of Procedures.
DHDEC continues its efforts to expand higher educational opportunities for students through academic scholarships using partnerships with universities throughout the hemisphere. As of December 2012 the DHDEC had 139 univer-sities in the OAS consortium in over 19 countries. Agreements with these universities produce millions of dollars in savings through tuition waivers, reductions and other benefits. Likewise, direct placement of our scholars by DHDEC personnel, which otherwise would have been outsourced and paid to third party organizations, is producing savings in placement fees.
The combined programs of Professional Development Scholarships (PDSP) and the virtual courses and training offered by the Educational Portal of the Americas (PEA), benefited over 30,000 citizens of OAS member states in 2012. Additionally, the PEA partnered with other OAS departments and outside agencies and organizations to jointly develop courses, support virtual learning communities, and present awareness programs on technology and innovation in education to several member states.
In 2010, member states approved a new initiative, “Partnership for Education and Training Programs” or PAEC by its acronym in Spanish. This program represents an additional mechanism to leverage funding from partnering insti-tutions to further higher education in the hemisphere. OAS funding in the amount of USD 250,000 for 2012 was allocated from the regular Academic Scholarship Program to work with member state and observer governments and institutions to provide scholarships for OAS member state citizens to study in recognized and accredited univer-sities and institutions. Most of these were for Masters Degrees or post-graduate certificate programs. This was in addition to the partnerships DHDEC/OAS developed where the OAS made no monetary contribution.
DHDEC/OAS continues to work with its network of regional partners for the advancement of ICT-supported education which has provided the OAS with a greater presence in the region in the area of knowledge-sharing and access to quality higher education in innovation in Education.
3 Approved by member states through General Assembly Resolution AG/RES. 2353 (XXXVII- 0/07) of June 2007.
42
GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II - MD&A
Despite budgetary reductions over the past 5 years, the Scholarship Programs continue to be effective and efficient through the streamlining of work processes, innovative approaches to raising in-kind contributions, the expansion of outreach programs, and the knowledge and experience DHDEC personnel bring to their jobs. Together with strategic partners, DHDEC has been able to maintain and increase the number of scholarships awarded each year and has provided access to quality, affordable education programs to thousands of citizens of the hemisphere to help with their countries’ development.
43
RESPONSIBILITY FOR FINANCIAL STATEMENTS
SECTION IIGS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
43
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 2012 and 2011, 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, Specific Fund projects and Service Funds. The SEDI was respon-sible for the financial administration of the Special Multilateral of the Inter-American Council Fund for Integral Development (FEMCIDI) funds. The Leo S. Rowe Pan American Fund was under the administrative respon-sibility of SEDI and its treasury was under the General Secretariat. The Inter-American Defense Board received contributions from the OAS but operated administra-tively 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 responsi-bility mentioned above, the annual audit book for year 2012 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 state-ments of entities related to the OAS that are administra-tively 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 combining statements for the Regular Fund, FEMCIDI, Specific Funds and Service Funds 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 that Govern the Operations of the General Secretariat and other provisions approved by
the General Assembly. The accounting practices followed by the General Secretariat for these statements 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 these prin-ciples 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 approved the engagement of the services of the inde-pendent accounting firm Ernst & Young, LLP to audit the financial statements. Ernst & Young, LLP auditing procedures include a consideration of internal controls and selected tests of transactions and records. These auditing procedures are intended to provide a reason-able level of assurance that the financial statements are fairly stated in all material respects. The Board peri-odically 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 maintained by the General Secretariat. For the Regular, FEMCIDI, Specific and Service Funds, the Leo S. Rowe Pan American Fund, Trust for the Americas, Rowe Memorial Benefit Fund, and the OAS Medical Benefits Fund, the General Secretariat acts as Treasurer and in that capacity has prepared those financial statements, and is responsible for the integrity of the data contained therein.
44
GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II
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SECTION IIGS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
45
CHAPTER 4REGULAR, FEMCIDI, SPECIFIC AND SERVICE FUNDS OF THE ORGANIZATION OF AMERICAN STATES
TABLE OF CONTENTS
47 Report of Independent Auditors
49 Combining Financial Statements49 Exhibit 1 Combining Statement of Assets, Liabilities and Fund Balance50 Exhibit 2 Combining Statement of Changes in Fund Balance
51 Notes to Combining Financial Statements51 Organization and Combining Financial Statements53 Accounting Principles55 Use of Estimates55 Foreign Currencies55 Equity in OAS Treasury Fund56 Regular Fund Balance56 Fixed Assets56 Accountable Advances57 Contributions to Specific Funds57 Tax Reimbursements57 Demand Notes Payable58 Leases59 Retirement Plans59 Interfund Scholarship Loans60 Employee Benefits60 Post Employment Health Care and Life Insurance Benefits60 Contingencies60 Fellowships61 Grants61 Reclassifications
62 Schedules to Combining Financial Statements62 Schedule 1 Regular Fund - Statement of Quota Assessments, Collections and Balances63 Schedule 2 FEMCIDI - Statement of Pledges, Payments and Balances64 Schedule 3 Regular Fund - summary of Appropriations64 Schedule 4 Regular Fund -Summary of Disposition of Appropriations65 Schedule 5 FEMCIDI - Summary of Appropriations65 Schedule 6 FEMCIDI - Summary of Disposition of Appropriations66 Schedule 7A Specific Funds - Statements of Changes in Fund Balance (Summary)68 Schedule 7B Specific Funds - Statements of Changes in Fund Balance (Detail)100 Schedule 8 Service and Revolving Funds - Statements of Changes in Fund Balances
46
GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II
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46
GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II
SECTION II - Chapter 4GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
47
Ernst & Young LLP 1101 New York Ave, N.W. Washington DC 20005-4213
Tel: 202 327–6000 www.ey.com
REPORT OF INDEPENDENT AUDITORS
The Board of External Auditors Organization of American States
We have audited the accompanying combining financial statements of the Organization of American States (the Organization) Regular Fund, FEMCIDI, Specific Funds and Service Funds, which comprise the combining statements of assets, liabilities and fund balance as of December 31, 2012, and the related combining statements of changes in fund balance for the year ended. The prior year summarized comparative information has been derived from the Organization’s 2011 financial statements and, in our report dated April 25, 2012, we expressed an unqualified opinion on those financial statements.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in conformity with accounting principles prescribed by the Budgetary and Financial Rules of the Organization described in Note 2; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free of material misstatement, whether due to fraud or error.
Auditor’s Responsibility
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 and the external auditing requirements prescribed in Chapter IX of the General Standards of the Organization. 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 involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Organization’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Organization’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the assets, liabilities and fund balance of the Organization as of December 31, 2012, and the changes in its fund balance for the year then ended on the basis of accounting described in Note 2.
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 financially-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.
48
GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II - Chapter 4
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SECTION II - Chapter 4GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
4949
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50
GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II - Chapter 4
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SECTION II - Chapter 4GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
NOTES TO COMBINING FINANCIAL STATEMENTS
1. O C F SThe 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, the OAS was created as an international organization to achieve an order of peace and justice, to promote solidarity, to strengthen collaboration, and to defend the member states’ 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 Regular Operating Fund, the Special Multilateral Fund of the Inter-American Council for Integral Development (FEMCIDI), Specific Funds, and Service Funds.
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 has been eliminated. Combined statement totals for 2011, including the footnotes, are presented for comparative purposes.
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:
A. General and Operating Subfunds
Regular FundThe Regular Fund is 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:
• 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
51
52
GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II - Chapter 4
• 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)FEMCIDI is 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 the Inter-American Council for Integral Development (CIDI). FEMCIDI consists of the Integral Development account and the following Sectorial 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 FundsThe Specific Funds are financed by grants or bequests for activities specified by the donor, and any other contri-butions 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 FundsThe OAS manages several activities identified as Service Funds, which allows the OAS to handle certain administra-tive activities not directly related to donor agreements or Trust Funds. Since 2005, OAS has segregated these funds from the Specific Funds’ financial statements to reflect the impact of those Funds.
Other Entities and Specialized OrganizationsThe assets and liabilities as of December 31, 2012 and 2011, and the related income and expenses for the years then 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 *
SECTION II - Chapter 4GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
53
• Rowe Memorial Benefit Fund *
• OAS Medical Benefits Trust *
• Inter-American Defense Board *
• Pan American Development Foundation *
• Pan American Health Organization
• Retirement and Pension Fund
* Recipients of cash and/or in kind contributions or administrative services from the Regular Fund.
B. Other SubfundsThe Regular Fund is divided into two subfunds: Operating Subfund and the Reserve Subfund.
Operating SubfundIn accordance with the Regular Fund Program-Budget, all income of the Regular Fund is credited to, and all obliga-tions and expenditures are charged to the Operating Subfund, except for those amounts allocated to the Reserve Subfund or Supplementary Appropriations.
Reserve SubfundThe purpose of the Reserve Subfund is to ensure the regular and continuous financial functioning of the General Secretariat. At the end of the fiscal year, the amounts remaining in the Operating Subfund become part of the Reserve Subfund. 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, 2012 and 2011, the total fund balance was insufficient to provide 30 percent to this balance.
2. A PThe 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 prepa-ration 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 financial statement display and disclosures which vary in certain material respects from those prescribed under 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 devi-ations are listed as follows and in various other notes.
A. The General Secretariat deems impractical to evaluate the collectability 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 during the
54
GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II - Chapter 4
completion of a particular program or activity. Unliquidated obligations in the Regular Fund are de-obli-gated 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 are recorded upon payment rather than as such benefits accrue. For more information on cost details see Note 15.
D. The General Assembly of the OAS adopts a consolidated program budget which includes the budgets for the Regular Fund. In the combining budget, the amounts 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 contribu-tion 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 Balance 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 issued in the performance of certain OAS programs as they are recorded as expenses (Note 8).
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 value.
I. OAS has created revolving accounts (Service 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 Funds recognize the related income and the expenditures to third party vendors.
J. FEMCIDI pledges received in a fiscal year are expended in the next approved execution cycle. Revenue is recognized in the year it is received and credited to the FEMCIDI Sectorial accounts as instructed by the contributing countries until project execution the following fiscal year. This policy reflects the provisions of the FEMCIDI statutes.
K. GS/OAS does not account for the interest rate swap agreement under Financial Accounting Standards Board Accounting Standards Codification 815 (FASB ASC 815), “Derivatives and Hedging”.
L. As an international organization, the OAS is immune from United States of America Federal income taxes. This consideration also applies to this Fund.
SECTION II - Chapter 4GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
55
M. The GS/OAS evaluated subsequent events through April 26, 2013, the date on which the financial state-ments became available for issuance.
3. U EThe 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. F CCertain income and expense transactions during 2012 and 2011 were in currencies other than USD. These trans-actions have been translated into USD 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 USD 997,158 and USD 448,402 as of December 31, 2012 and 2011, respectively, have been translated into the USD at the applicable exchange rates at December 31. Certain curren-cies are restricted as to convertibility and, therefore, must be utilized in foreign local currency for OAS activities.
5. E OAS T FAll 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 equity to the extent of its cash balance retained therein. The General Secretariat administers the OAS Treasury Fund, and amounts not immedi-ately 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 shown in Table 1.
T 1OAS T FA D 31( USD)
2012 2011Demand and Time Deposits, net of USD 33,034 and USD 142,640,representing checks not presented for payment as of December 31, 2012 and2011, respectively. 108,437,277 97,999,487
Accrued Interest Receivable 1,478 285
Scheduled Disbursements (14,974) (1,255,671)
Local Currency at National Offices 997,158 448,402109,420,939 97,192,502
Less Equity of Trust Funds 3,282,590 2,126,051
Add Petty Cash 9,650 9,450106,147,999 95,075,902
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GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II - Chapter 4
6. R F BAs of December 31, 2012, the Regular Fund Balance presented a deficit of USD 4.8 million. In accordance to the 2012 Program-Budget resolution AG/RES. 1 (XLII-E/11), USD 49 thousand were destined towards the replenishment of the Reserve Subfund (see Table 2).
7. F AThe General Secretariat follows the practice of charging to the current fiscal period operations / appropriations the amount disbursed in improving the real property owned and acquiring equipment and works of art and subse-quently 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 Statement of Assets, Liabilities and Fund Balance. 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 compo-sition of fixed assets as of December 31 is shown in Table 3. The historical cost of fixed assets equaled USD 93.2 million, net of accumulated depreciation of USD 41.7 million resulting in a total book value of USD 51.5 million. During 2012, fixed assets capitalized amount to USD 1,962,463. Retirements of fixed assets were also recorded during 2012 amounting to USD 1,800,145.
8. A AIn the performance of various activities, the administrators of the various funds may deem it necessary to advance funds for conducting a program or a specific event prior to the actual incurrence of expenses, such as activities in remote locations. In the opinion of the administrators of the funds, such action is necessary to assure the timely
T 2R F R F F B A( USD)
T 3C F AA D 31( USD)
Unappropriated Replenishment TotalBalance as of 12/31/2011 (2,938) (2,938) 31,045
Net increase during period 49 49
Net decrease during period (1,865) (1,865) (905)
Balance as of 12/31/2012 (4,803) 49 (4,754) 30,140
Restricted for FixedAssets
Reserve Subfund
AssetDepreciation
Basis2012 2011
Land N/A 5,491,305 5,491,305Buildings 50 years 64,532,238 64,401,685Vehicles 5 years 4,265,952 3,996,288Furniture 10 years 3,386,985 3,496,786Technical Machinery & Equipment 5 years 12,504,522 12,699,897Works of Art N/A 3,046,174 2,968,624Collections N/A 1,350 1,350
93,228,526 93,055,935
Less: Accumulated Depreciation (41,758,454) (40,181,584)
Net Book Value 51,470,072 52,874,351
SECTION II - Chapter 4GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
57
performance of such activities. Recipients of advances are required to submit an account-ing or suitable supporting documentation for the resulting expenditures in a form deemed adequate by the administrators of the funds and by the Department of Financial and Administrative Management Services. Advances of this nature are recorded as expenditures in the period in which funds are advanced.
9. C S FContributions by donor to Specific Funds during the year ended December 31, 2012, as reflected in Exhibit 2 of the accompanying combining financial statements, are shown in Table 4.
10. T RTax reimbursements represent amounts paid to certain employees of the GS/OAS for income taxes paid to their respective member state. The GS/OAS is responsi-ble for reimbursement of income taxes to qualified individuals. At the same time, the member states which impose said require-ment 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.
11. D N PDemand Notes Payable were incurred solely by the Regular Fund under the terms and conditions presented in Table 5. On October 24th, 2001, GS/OAS issued Twenty-Five million dollars (USD 25,000,000) in the aggregate principal amount of the General Secretariat of the Organization of American States.
T 4C S FF J 1 D 31, 2012( USD)
MEMBERS STATESArgentina 150,000Bahamas, Commonwealth of 31,700Barbados 47,000Belize 20,000Bolivia 502,438Brazil 316,799Canada 20,559,765Chile 253,900Colombia 501,378Costa Rica 3,071Dominica, Commonwealth of 14,389Dominican Republic 239,082Ecuador 160,959El Salvador 103,800Guatemala 89,427Guyana 4,554Jamaica 4,985Mexico 853,301Nicaragua 5,000Panama 135,000Paraguay 75,006Peru 139,970St. Lucia 5,219Suriname 67,370Trinidad and Tobago 88,485United States 22,348,632
Total Member States 46,721,230 72%
PERMANENT OBSERVERSChina 322,690European Union 1,518,566Finland 383,880France 344,216Germany 1,374,621Ireland 129,365Italy 123,097Japan 89,461Korea 230,000Luxembourg 49,989Monaco 6,486Morocco 13,000Netherlands 4,383,261Norway 605,817Republic of Serbia 20,000Spain 3,194,250Sweden 118,491Switzerland 185,231Turkey 100,000United Kingdom 46,684
Total Permanent Observers 13,239,105 20%
INSTITUTIONS AND OTHERSAndean Development Corporation 177,216Inter American Development Bank 491,962International Work Group for Indigenous Affairs 128,720International Organization for Migration 500,000National Commission of Spatial Activities 440,960United Nations 1,588,959Multiple Funding Sources 1,649,740
Total Institutions and Others 4,977,557 8%
GRAND TOTAL 64,937,892 100%
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GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II - Chapter 4
Demand Notes, Series A (Demand notes), used the proceeds to pay off an existing mortgage, pay financing fees and finance the cost of improvements to the General Secretariat Building (GSB) located at 1889 F Street N.W. Washington, DC.
The Demand notes will mature on March 1, 2033. In support of the Demand notes, Bank of America N.A. provided the GS/OAS with a letter of credit which will expire on November 1, 2015. Although the Demand notes were issued in a variable rate mode, the GS/OAS entered into a interest rate swap agreement with Bank of America locking in the interest it will pay on the Demand notes to 6.37%.
Swap AgreementAs 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 Financial Accounting Standards Board Accounting Standards Codification 815 (FASB ASC 815), “Derivatives and Hedging”. Thus, OAS has not determined whether this swap is an effective or ineffective hedge relationship, and has not recorded the fair value of the swap.
During fiscal years 2012 and 2011, OAS paid USD 1,605,536 and USD 1,589,416, respectively, of interest expense and fees related to the swap agreement, of which USD 25,931 and USD 19,229 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 2012 and 2011. 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 has not received a letter of notification from the bank as of the date of the audit opinion, and thus is not considered to be in default on the demand notes.
The swap agreement may be terminated early due to a number of circumstances, including default, as defined in the agreement, by GS/OAS or the swap counterparty or prepayment by GS/OAS of the variable-rate notes. If the swap agreement is terminated early, the variable-rate notes would no longer carry a synthetic fixed interest rate, and settlement would occur between GS/OAS and the swap counterparty related to any loss, as defined in the agreement. The swap had a negative mark-to-market value, as reported by the counterparty of approximately USD 10 million at December 31, 2012.
12. LThe General Secretariat leases certain facilities. Rental costs for such leases totaled USD 1,002,955 and USD 951,575 for the years ended December 31, 2012 and 2011, respectively. The GS/OAS leases space in its GSB building to other tenants, and occasionally rents the Hall of the Americas and the Art Museum of the Americas. These leases have varying terms of 5 to 15 years extending through June 2018. The GS/OAS earned rental income totaling
Principal balance as ofDecember 31, 2012 21,330,000
Repayment terms
Due on demand, scheduledpayments due in monthlyinstallments beginning on September1, 2003, through March 1, 2033.Scheduled payments are madesemiannually.
Annual interest rate 6.37%Interest expense and fees:2011 1,589,4162012 1,605,536
Scheduled Principal PaymentsPrior Years 3,170,0002012 500,0002013 530,0002014 560,0002015 600,0002016 640,0002017 675,0002018 and there after 18,325,000
Total 25,000,000
T 5D N T C( USD)
SECTION II - Chapter 4GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
59
USD 2,288,090 and USD 2,223,148 for the years ended December 31, 2012 and 2011, respectively.
13. R PStaff 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 defined benefit 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 estab-lished 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 in 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 Individual Retirement Account (IRA). Pension expense for the Retirement and Pension, Provident and 401(M) Plans borne by the Regular Fund amounted to USD 7,645,259 in 2012 and USD 7,962,860 in 2011.
In addition to the retirement plans 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, USD 336,904 and USD 337,879 in 2012 and 2011, respectively, is budgeted and recognized in the year paid. The approximate present value of estimated future payments of USD 5.7 million and USD 5.8 million as of December 31, 2012 and 2011, respectively, is reflected in the amounts to be charged to future year’s appropriations in the Statement of Assets, Liabilities and Fund Balance of the Regular Fund.
As GS/OAS does not follow accounting principles generally accepted in the United States of America, GS/OAS does not account for costs and any associated liabilities or assets related to any of its retirement plans under applicable pronouncements of the Financial Accounting Standards Board. Retirement plan costs are recorded as funded on a cash basis.
14. I S LAs part of a plan to fund unbudgeted increases by the UN cost of living adjustment index and increased termina-tion costs, the Permanent Council approved on October 5, 2011 (CEPCIDI/RES.187/11) a temporary loan of USD 3.7 million from the OAS Scholarship and Training Programs Fund to Subprogram 72G of the Regular Fund (Scholarships Account). This temporary loan was effected through a transfer of USD 3.7 million of incurred scholarship expenses from Subprogram 72G to the OAS Scholarship and Training Programs Fund, providing availability within the Regular Fund to cover the projected increase in COLA and termination costs.
During 2012, the first installment of USD 740 thousand was paid. Four equal successive annual installments, out of future annual appropriations, remained to be paid so that the loan will be repaid in full no later than December 31, 2016.
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GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II - Chapter 4
15. E BOAS provides certain benefits to its employees such as (i) home travel for a staff member whose duty station is outside of his home country once after every two years of qualifying service; (ii) Repatriation given to an internationally recruited staff member to cover the moving, travel, and other transportation expenses incurred by a staff member and his/her family and their personal property upon repatriation. (iii) Members of the career service and all other staff members with more than three years of continuous service under contracts for a limited time are entitled to a separa-tion indemnity upon separation from service.
Table 6 shows these expenditures and obligations for the years ended December 31, 2012 and 2011.
16. P E H C L I BIn addition to providing pension benefits as described in Note 13 above, the General Secretariat provides health care and life insurance benefits for retirees and their dependents. As GS/OAS does not follow accounting principles generally accepted in the United States of America, GS/OAS does not account for costs and any associated liabilities or assets related to its post retirement health care and life insurance benefits under applicable pronouncements of the Financial Accounting Standards Board. 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, 2012 and 2011, those costs were USD 3,115,531 and USD 3,027,123, respectively.
17. CThere are several claims asserted by various individuals arising from the normal course of the Organization’s activi-ties. In the opinion of management, these cases and assertions will not result in a material adverse financial effect on the financial condition of OAS.
18. FOn an annual basis the GS/OAS approves scholarships for students to study in higher education institutions in a country different than their home country. OAS obligates funds related to the current fiscal period in that period. Future commitments are contingent on satisfactory performance of the scholarship recipients.
As of December 31, 2012, the GS/OAS had a fellowship commitments of USD 1,034,166 for 2013-2014.
T 6C E BF J 1 D 31( USD)
2011Home travel 242,727 246,722
Repatriation of family andhousehold goods uponseparation
60,703 43,612
Separation indemnity andtermination pay 1,994,104 (A) 3,354,957
Medical Benefits subsequent toseparation 3,410,598 3,315,557
Total (B) 5,708,132 6,960,848
(A) Includes USD 0.2 million of ex gratia payments in conformance to Article 103 ofthe GS/OAS General Stadards.
(B) Does not include unrecorded earned annual and special leave approximately USD7,323,638 and USD 7,150,183, as of December 31, 2012 and 2011, respectively.
2012
SECTION II - Chapter 4GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
61
19. GGrants received by the GS/OAS may be subject to donor audit, when stipulated in the donor agreement. 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 significant donor requirements. A list of donor audits is presented in the MD&A section of this book.
20. RCertain reclassifications have been made to the 2011 financial statement and disclosures to conform to the 2012 presentation.
62
GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II - Chapter 4
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17,900
17,900
Dom
inican
Repu
blic
165
0.26
209,600
3,36
220
9,600
3,40
5Ecuado
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210,500
3,37
821
0,500
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0.11
93,000
93,000
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57,682
0.02
17,900
75,582
Guatemala
1,95
10.17
137,000
3,114
137,000
916
Guyana
0.02
17,900
358
17,900
Haiti
0.03
27,700
27,700
Hon
duras
43,709
0.05
41,600
85,309
Jamaica
50,150
0.09
75,900
107,07
518
,975
Mexico
8.28
6,75
5,200
132,82
26,75
5,200
6,75
5,200
Nicaragua
137,30
10.03
27,700
734
85,105
79,896
Panama
3,000
0.16
128,900
128,900
3,000
Paraguay
2,25
30.09
75,900
2,024
75,900
94Pe
ru0.69
561,200
561,200
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ittsandNevis
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17,900
358
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323
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17,865
0.02
17,900
17,900
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90.02
17,900
6,28
917
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27,700
27,700
Trinidad
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0.18
146,800
146,800
UnitedStates
2559
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48,512
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48,512
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25Uruguay
0.21
174,600
174,600
Vene
zuela
2,59
5,552
2.19
1,78
3,200
182,05
14,19
6,701
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422,27
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0,50
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SECTION II - Chapter 4GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
63
ORG
ANIZ
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N O
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AN S
TATE
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64
GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II - Chapter 4
ORGANIZATION OF AMERICAN STATESR FS AA D 31, 2012( USD)
SCHEDULE 3
2012AdjustedBudget
Charges forExpenditures
UnliquidatedObligations
Total Expendituresand Obligations
UnusedAppropriations
Office of the Secretary General 3,896,766 3,842,091 26,336 3,868,427 28,339Office of the Assistant Secretary General 16,980,015 16,761,767 128,824 16,890,591 89,424Autonomous and/or Decentralized Entities 9,226,751 8,298,145 68,630 8,366,775 859,976Secretariat for Legal Affairs 2,686,184 2,668,384 17,107 2,685,491 693Secretariat for Multidimensional Security 3,767,915 3,707,508 41,403 3,748,911 19,004Secretariat for Political Affairs 4,221,679 4,121,306 20,906 4,142,212 79,467Executive Secretariat for Integral Development 13,679,467 12,447,624 654,493 13,102,117 577,350Secretariat for External Relations 3,909,010 3,898,248 8,260 3,906,508 2,502Secretariat for Administration and Finance 10,580,433 10,513,922 56,639 10,570,561 9,872Basic Infrastructure and Common Costs 12,853,780 12,638,145 106,955 12,745,100 108,680Subsidies:
Inter American Court of Human Rights 2,161,000 2,124,263 2,124,263 36,737Inter American Defense Board 1,256,000 1,234,648 1,234,648 21,352Panamerican Development Foundation 131,800 129,559 129,559 2,241
TOTAL 85,350,800 82,385,610 1,129,553 83,515,163 1,835,637
BUDGETED FUNDINGQuotas 81,105,400Administrative and Technical Support 2,841,300Interest, Rental and Other Income 1,404,100
TOTAL 85,350,800
Actuals
ORGANIZATION OF AMERICAN STATESR FS D AA D 31, 2012( USD)
SCHEDULE 4
The accompanying notes form part of the financial statements.
Approved by the GeneralAssembly (A) Transfers (B) 2012 Adjusted
Budget
Office of the Secretary General 3,632,300 264,466 3,896,766Office of the Assistant Secretary General 17,142,900 (162,885) 16,980,015Autonomous and/or Decentralized Entities 9,445,700 (218,949) 9,226,751Secretariat for Legal Affairs 2,757,700 (71,516) 2,686,184Secretariat for Multidimensional Security 4,119,400 (351,485) 3,767,915Secretariat for Political Affairs 4,436,800 (215,121) 4,221,679Executive Secretariat for Integral Development 13,988,800 (309,333) 13,679,467Secretariat for External Relations 3,776,400 132,610 3,909,010Secretariat for Administration and Finance 10,254,200 326,233 10,580,433Basic Infrastructure and Common Costs 12,247,800 605,980 12,853,780Subsidies:
Inter American Court of Human Rights 2,161,000 2,161,000Inter American Defense Board 1,256,000 1,256,000Panamerican Development Foundation 131,800 131,800
TOTAL 85,350,800 85,350,800
(A) AG/RES. 1 (XLII E/11)(B) Includes transfers established in Executive Order 08 01 Rev. 5
SECTION II - Chapter 4GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
65
ORGANIZATION OF AMERICAN STATESFEMCIDIS AA D 31, 2012( USD)
SCHEDULE 5
ORGANIZATION OF AMERICAN STATESFEMCIDIS D AA D 31, 2012( USD)
SCHEDULE 6
The accompanying notes form part of the financial statements.
AvailableResources (A),(B)
Transfers Approvedby IACD
ManagementBoard (A),(C)
UnavailableResources (A)
2012 AdjustedBudget
Integral Development Account 16,411 922,446 938,857Economic Diversification and Integration, TradeLiberalization and Market Access
288,105 288,105
Social Development and Creation of Productive Employment 557,987 557,987
Education 1,295,094 102,511 1,397,605Culture 127,049 5,451 132,500Scientific Development, Exchange and Transfer ofTechnology
848,000 848,000
Strengthening of Democratic Institutions 174,194 133,235 307,429Sustainable Development of Tourism 415,365 (38,857) 376,508Sustainable Development and Environment 1,088,775 31,011 1,119,786Distribution Account 31,011 (31,011)Projects Preparation 1,748,131 (1,124,786) 623,345Projects Evaluation 170,649 170,649
Contribution for Administrative and Technical Support 648,560 648,560
Total 7,409,331 7,409,331
(A) AICD/JD/doc.122 /10 rev. 1, dated April 22, 2010.(B) Includes the remaining of prior years unexecuted balances.(C) AICD/JD/DE 72/10 dated January 26, 2010, AICD/JD/DE 73/10, dated January 29, 2010 and AICD/JD/doc.120/10, dated February 26, 2010.
2012 Budget
2012AdjustedBudget (A)
Previous yearsExpenditures
2012Total Expendituresand Obligations (B)
UnusedAppropriations
Integral Development Account 938,857 16,795 52,346 869,716Economic Diversification and Integration, TradeLiberalization and Market Access
288,105 286,749 1,356
Social Development and Creation of Productive Employment 557,987 528,260 29,727
Education 1,397,605 1,171,043 226,562Culture 132,500 116,562 15,938Scientific Development, Exchange and Transfer ofTechnology
848,000 810,219 37,781
Strengthening of Democratic Institutions 307,429 212,262 95,167Sustainable Development of Tourism 376,508 486,359 (109,851)Sustainable Development and Environment 1,119,786 737,507 5,544 376,735Projects Preparation 623,345 147,392 6,900 469,053Projects Evaluation 170,649 137,069 33,580
Contribution for Administrative and Technical Support 648,560 648,560
Total 7,409,331 5,298,777 64,790 2,045,764
(A) FEMCIDI programming cycle started on May 1, 2010 through December 31, 2011.(B) Total expenditures and obligations only reflects the reporting period from January 1, 2012 to December 31, 2012
66
GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II - Chapter 4
ORG
ANIZ
ATIO
N O
F AM
ERIC
AN S
TATE
SS
FS
C
F
B (S
S
)F
J 1
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31,
201
2(
USD
)
SCH
EDU
LE 7
A
AB
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G=B+
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EF
H=A+
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J=HI
Cas
h B
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Jan.
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. 31,
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2
Chap
ter1
Office
oftheSecretaryGen
eral
The
Offi
ce o
f the
Sec
reta
ry G
ener
al (1
2A)
(31,
444)
-
21
1,30
1
-
708
205,
534
6,47
5
(24,
968)
5,11
6
(30,
085)
The
Sum
mits
Sec
reta
riat (
12B)
617,
771
407,
603
242,
249
-
(1
90,8
10)
88
8,81
1
(4
29,7
69)
18
8,00
2
66
,161
121,
841
The
Depa
rtmen
t of L
egal
Ser
vices
(12E
)31
8
-
-
-
17
-
17
33
5
31
4
21
TO
TAL
586,
645
407,
603
453,
550
-
(1
90,0
85)
1,
094,
344
(4
23,2
77)
16
3,36
9
71
,591
91,7
78
Chap
ter 2
- O
ffice
of t
he A
ssis
tant
Sec
reta
ry G
ener
alTh
e O
ffice
of t
he A
ssist
ant S
ecre
tary
Gen
eral
(22A
)(3
18,8
62)
-
-
-
-
2,
642
(2
,642
)
(321
,504
)
-
(3
21,5
04)
5,97
9
-
-
-
-
-
-
5,97
9
-
5,
979
The
Depa
rtmen
t of C
onfe
renc
es a
nd M
eetin
gs M
anag
emen
t (22
C)19
1,34
6
57
,408
(15,
022)
-
(1
1,73
5)
25
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4,78
8
196,
134
1,11
5
195,
019
391,
857
327,
726
-
-
16,6
30
36
0,62
2
(1
6,26
6)
37
5,59
1
68
,334
307,
257
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mbu
s M
emor
ial L
ibra
ry (2
2F)
17,7
92
10
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-
-
-
14
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(4,8
13)
12
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20
12,9
60
G
ener
al A
ssem
bly
(22H
)92
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462,
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-
-
220
422,
844
39,8
14
13
2,19
7
21
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111,
046
OAS
Unp
rogr
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ed M
eetin
gs (2
2I)
189,
892
44,3
72
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5,64
6)
-
-
24
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(15,
913)
173,
979
39
173,
939
TOTA
L57
0,38
7
90
2,07
6
(5
0,66
8)
-
5,11
4
851,
555
4,96
8
575,
355
90,6
59
48
4,69
6
Chap
ter 3
- Au
tono
mou
s an
d/or
Dec
entra
lized
Ent
ities
2,53
6,35
0
2,35
2,70
4
1,58
5,99
8
6,63
0
(67,
065)
4,45
8,02
0
(579
,754
)
1,95
6,59
6
708,
592
1,24
8,00
4
The
Secr
etar
iat o
f the
OAS
Adm
inist
rativ
e Tr
ibun
al (T
RIBA
D) (3
2C)
25,3
85
24
,050
-
-
-
43
,788
(19,
738)
5,64
7
2,48
0
3,16
7
The
Offi
ce o
f the
Insp
ecto
r Gen
eral
(32D
)1,
736
-
-
-
-
-
-
1,
736
-
1,73
6
746,
203
148,
469
660,
028
-
2,
558
1,
123,
831
(3
12,7
76)
43
3,42
7
18
6,49
8
24
6,92
9
66,7
89
33
7,33
9
-
-
(3
,440
)
369,
777
(35,
878)
30,9
11
1,
680
29
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244,
672
62,3
40
(5
)
623
8
32
3,95
4
(2
60,9
88)
(1
6,31
6)
1,
805
(1
8,12
1)
TOTA
L3,
621,
135
2,
924,
903
2,
246,
021
7,
253
(6
7,94
0)
6,
319,
371
(1
,209
,135
)
2,
412,
000
90
1,05
5
1,
510,
945
Chap
ter 4
- Se
cret
aria
t for
Leg
al A
ffairs
The
Secr
etar
iat f
or L
egal
Affa
irs (4
2A)
790,
358
2,13
2,94
0
359,
983
5,20
4
2,45
3
1,89
8,39
6
602,
184
1,39
2,54
2
232,
359
1,16
0,18
4
The
Depa
rtmen
t of I
nter
natio
nal L
aw (4
2B)
171,
469
367,
441
449,
814
302
426
553,
905
264,
078
435,
546
148,
153
287,
394
The
Depa
rtmen
t of L
egal
Coo
pera
tion
(42C
)65
7,28
0
54
9,41
9
26
1,92
7
-
682
680,
338
131,
690
788,
969
126,
433
662,
537
TOTA
L1,
619,
106
3,
049,
801
1,
071,
723
5,
506
3,
561
3,
132,
639
99
7,95
2
2,
617,
058
50
6,94
4
2,
110,
114
Chap
ter 5
- Se
cret
aria
t for
Mul
tidim
ensi
onal
Sec
urity
The
Secr
etar
iat f
or M
ultid
imen
siona
l Sec
urity
(52A
)15
1,43
5
1,
512,
295
23
5,47
3
10
2
-
1,53
4,32
1
213,
549
364,
984
307,
708
57,2
76
13,4
69,9
51
10
,548
,412
107,
411
2,79
4
7,47
7
8,06
1,02
9
2,60
5,06
5
16,0
75,0
15
2,
862,
220
13
,212
,796
The
Secr
etar
iat o
f the
Inte
r-Am
erica
n Co
mm
ittee
Aga
inst
Ter
roris
m (5
2D)
4,73
9,26
5
5,22
1,77
3
(3,2
00)
49
3
6,
619
6,
572,
788
(1
,347
,103
)
3,
392,
162
2,
119,
059
1,
273,
103
Th
e De
partm
ent o
f Pub
lic S
ecur
ity (5
2E)
1,73
0,61
8
4,47
2,77
8
456,
143
9,56
0
(62,
094)
5,31
6,14
5
(439
,759
)
1,29
0,85
9
820,
600
470,
259
The
Depa
rtmen
t of D
efen
se a
nd H
emisp
heric
Sec
urity
(52F
)88
2
-
-
-
-
-
-
88
2
-
882
TOTA
L20
,092
,151
21,7
55,2
59
79
5,82
6
12
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(47,
998)
21,4
84,2
83
1,
031,
753
21
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,902
6,10
9,58
6
15,0
14,3
16
Chap
ter 6
- Se
cret
aria
t for
Pol
itica
l Affa
irsTh
e Se
cret
aria
t for
Pol
itical
Affa
irs (6
2A)
23,2
67
11
,612
(2,1
38)
-
(1,1
28)
10
,317
(1,9
70)
21
,296
2,20
9
19,0
88
Th
e De
partm
ent o
f Ele
ctor
al C
oope
ratio
n an
d O
bser
vatio
n (6
2B)
737,
573
452,
797
2,84
3,88
7
-
(6
5,13
0)
2,
859,
258
37
2,29
6
1,
109,
870
19
2,59
5
91
7,27
4
The
Offi
ce o
f the
Dire
ctor
Gen
eral
of t
he In
ter-A
mer
ican
Child
ren'
s In
stitu
te (I
IN) (
32M
)
The
Perm
anen
t Sec
reta
riat o
f the
Inte
r-Am
erica
n Co
mm
issio
n of
Wom
en
(CIM
) (32
I)Th
e Se
cret
aria
t of t
he In
ter-A
mer
ican
Tele
com
mun
icatio
n Co
mm
issio
n (C
ITEL
) (32
K)
The
Exec
utive
Sec
reta
riat o
f the
Inte
r-Am
erica
n Dr
ug A
buse
Con
trol
Com
miss
ion
(CIC
AD) (
52C)
Cha
pter
and
Sub
prog
ram
The
Offi
ce o
f the
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the
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ncil,
and
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idia
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2B)
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and
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of t
he G
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taria
t in
the
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Exec
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Sec
reta
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f the
Inte
r-Am
erica
n Co
mm
issio
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Hum
an
Righ
ts (I
ACHR
) (32
B)
SECTION II - Chapter 4GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
67
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68
GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II - Chapter 4
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69
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70
GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II - Chapter 4
ORG
ANIZ
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8
SECTION II - Chapter 4GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
71
ORG
ANIZ
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N O
F AM
ERIC
AN S
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72
GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II - Chapter 4
ORG
ANIZ
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N O
F AM
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AN S
TATE
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B (D
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)F
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03,16
7
SECTION II - Chapter 4GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
73
ORG
ANIZ
ATIO
N O
F AM
ERIC
AN S
TATE
SS
FS
C
F
B (D
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)F
J 1
D
31,
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nferen
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175,42
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,459
128,96
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utions
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2IDEA
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6,95
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133,22
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)2,13
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6Spain
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162,00
316
3,80
02,54
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6,38
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21,960
UnitedNations
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razgo
114,13
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,212
15,924
15,924
15,484
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Argentina
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nven
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VI1,65
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,000
12,791
2,20
93,85
91,78
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6Trin.&Tob
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nven
tionBe
lem
doPara
17,128
16,504
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471
553
Finland
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erWom
en'sParticipationinLocalBud
gets
94,913
74,927
(74,92
7)19
,985
18,808
1,17
7Spain
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omen
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ceCe
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152,25
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130,64
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)21
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8,65
312
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)1,46
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)20
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8Ch
ina
Meet.Exp.Follow
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doPara
16,036
15,004
(15,00
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2Mexico
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129,46
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120,95
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1,68
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ofExpe
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2,73
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58,052
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249
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49,340
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1,83
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14,000
7,81
66,18
46,18
46,18
4France
Violen
ceandHIV/AIDS
Project
532
532
532
Spain
Wom
en'sPo
liticalParticipation
8,74
32,55
0(2,550
)6,19
36,19
3CIDA
Wom
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193,23
112
2,61
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,615
70,615
43,550
27,065
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6,20
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8,46
966
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3,42
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6,49
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6,92
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TheSecretariato
fthe
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erican
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(CITEL)(32
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ctivities
11,000
(3,440
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0Va
rious
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ctivities
3,65
71,68
0(1,680
)1,97
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7Va
rious
Perm
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tCon
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I(TICT
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200,61
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337,33
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TheOffice
oftheDirector
Gen
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theInterAm
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Uruguay
Basic
Patrim
onialSub
fund
76,901
76,901
76,901
Spain
ChildrenHu
man
RightsTheAm
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152
152
152
China
ChinaIACIVide
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eProject
231
231
231
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5,00
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9,95
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Eradicationsexualexp.inminors
5,62
15,62
1(5,621
)
74
GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II - Chapter 4
ORG
ANIZ
ATIO
N O
F AM
ERIC
AN S
TATE
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B (D
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)F
J 1
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31,
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47,390
45,535
1,85
51,85
51,80
550
OAS
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Friend
shipFund
4,53
24,53
24,53
2Spain
Participationof
teen
sand
children
222
202
(202
)20
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138,47
762
323
9,10
0(238
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)(100
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)(100
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)Spain
Protectio
nof
migrant
children'srights
17,866
(5)
817
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(17,86
6)Spain
Supp
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DSMAN
671
674
(674
)(3)
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L24
4,67
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TheSecretariatfor
LegalA
ffairs
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5,86
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4Nethe
rland
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301,45
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02,78
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lyJudicialFacilitator
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55,959
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8Nethe
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313,69
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14,907
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Paraguay
11,341
(802
)7,34
6(8,148
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1,90
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02,42
378
2,48
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9,10
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2Spain
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nsolidation
245,00
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4,82
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90,172
10,687
79,486
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100,98
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(46)
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r1,11
71,11
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790,35
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65,856
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2,26
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116,43
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6,64
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111,11
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70,186
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28,256
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1,46
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226,28
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3,56
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25,000
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662,06
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17,206
SECTION II - Chapter 4GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
75
ORG
ANIZ
ATIO
N O
F AM
ERIC
AN S
TATE
SS
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B (D
S
)F
J 1
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t76
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197
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657,28
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20,712
19,503
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Multid
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15,335
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4,60
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Multid
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23,453
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99,425
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350,00
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Repo
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100,00
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57,360
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100,00
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37,264
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24,364
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3131
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292,38
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AAlternativeDe
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7,46
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48,336
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5,81
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25,701
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254
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5,83
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34,340
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25,753
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57,621
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28,283
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99,345
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458
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25,183
25,183
25,183
76
GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II - Chapter 4
ORG
ANIZ
ATIO
N O
F AM
ERIC
AN S
TATE
SS
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C
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B (D
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)F
J 1
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31,
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77,319
30,692
8,33
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99,681
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53,134
14,908
(14,90
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Supp
lyCo
ntrol
(279
)(279
)(279
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19,404
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674
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50,832
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141,59
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5353
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84,977
106,74
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1,57
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Costof
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3,42
13,42
13,42
1USINL
Costof
SubstanceAb
use
23,998
23,998
23,998
Canada
Custom
s/MaritimeCo
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708
708
708
France
Custom
s/MaritimeCo
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16,852
9,79
9(9,799
)7,05
27,05
2Greece
Custom
s/MaritimeCo
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1685
385
387
087
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SCu
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(22)
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193,85
738
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1,63
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9,56
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9Spain
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DemandforT
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021
SECTION II - Chapter 4GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
77
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78
GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II - Chapter 4
ORG
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SECTION II - Chapter 4GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
79
ORG
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11,812
1,86
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Values
&Po
pulatio
nHigh
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79,720
79,720
79,720
Canada
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enandDrug
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(119
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pon
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derin
g16
,450
16,450
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10,548
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107,41
12,79
47,47
78,06
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5,06
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TheSecretariato
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ecurity
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8,30
68,30
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ileAv
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3535
35Spain
Aviatio
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1,06
2(483
)(580
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Aviatio
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50,000
48,128
(48,12
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236
51,50
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SAv
iatio
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292,48
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88,545
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338,91
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1,77
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3,97
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71,459
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s15
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s79
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s30
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s62
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sand
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5,63
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4,28
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4,73
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74,695
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Cybe
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121,26
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7,44
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0,46
3(91,20
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14,601
15,455
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Cybe
rSecurity
9877
176
(98)
80
GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II - Chapter 4
ORG
ANIZ
ATIO
N O
F AM
ERIC
AN S
TATE
SS
FS
C
F
B (D
S
)F
J 1
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31,
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USD
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SCH
EDU
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Cas
h B
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. 31,
201
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blig
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ns
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d B
alan
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Dec
. 31,
201
2 O
rgan
izat
ion,
Don
or &
Pro
ject
Spain
Cybe
rSecurity
(302
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380
302
USD
SCybe
rSecurity
(LoC
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0,77
235
5,84
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entatio
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DFA
ITLegislativeAssistance
&Terrorism
Financing
150
150
(150
)Spain
LegislativeAssistance
&Terrorism
Financing
(867)
867
867
Turkey
LegislativeAssistance
&Terrorism
Financing
24,721
24,577
(24,57
7)14
587
57USD
SLegislativeAssistan
ce&Terrorism
Fina
ncing(LoC
)(2,351
)23
9,02
323
6,67
22,35
13,21
4(3,214
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63,864
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22,858
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1,69
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rships
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peratio
n10
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16,898
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hamas
Partne
rships
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peratio
n3,00
02,19
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Chile
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rships
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peratio
n42
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15,000
15,038
(38)
42,728
713
42,015
Colombia
Partne
rships
andInternationalCoo
peratio
n10
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10,000
10,000
10,000
Mexico
Partne
rships
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peratio
n50
449
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504
48,497
49,000
49,000
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Partne
rships
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peratio
n50
,000
50,000
50,000
50,000
Spain
Partne
rships
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peratio
n2,60
5(337
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8(2,605
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bPartne
rships
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peratio
n1,29
640
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6,13
333
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35,164
35,164
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SPa
rtne
rships
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peratio
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78,154
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rships
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peratio
n4,52
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39,328
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39,328
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1,78
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230
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rtSecurity(LoC
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7,60
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2,72
223
323
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713,14
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6,59
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242,28
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5,42
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266,42
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SSecurityof
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ents(LoC
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1,21
8(215
)38
175,72
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ents
57,314
60,947
2,50
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(6,074
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51,240
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254,56
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341,86
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5,55
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0,05
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1,91
678
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1,13
2Mexico
Tourism
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34,865
34,865
34,865
Mexico
Tourism
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30,000
29,607
393
393
393
Spain
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Security
276
(176
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)Trin.&Tob
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23,215
23,215
23,215
USD
STo
urism
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763
82,07
5(1,437
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44,500
44,500
44,500
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L4,73
9,26
55,22
1,77
3(3,200
)49
36,61
96,57
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8(1,347
,103
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2,16
22,11
9,05
91,27
3,10
4
TheDep
artm
ento
fPub
licSecurity(52E)
Italy
AICM
AMineVictim
Assistance
Program
90,867
10,904
79,963
79,963
28,130
51,833
Norway
AICM
AMineVictim
Assistance
Program
905
905
905
Spain
AICM
AMineVictim
Assistance
Program
40,932
40,873
(40,87
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59CA
DFA
ITAICM
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nProgram
Colombia
279,57
61,06
7,18
83,01
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8,52
673
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353,34
715
5,86
119
7,48
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lombia
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nProgram
Colombia
50,000
50,000
50,000
50,000
Italy
AICM
A/MineActio
nProgram
Colombia
2,69
62,00
0(2,000
)69
669
6Japan
AICM
A/MineActio
nProgram
Colombia
89,461
87,767
1,69
41,69
473
396
1
SECTION II - Chapter 4GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
81
ORG
ANIZ
ATIO
N O
F AM
ERIC
AN S
TATE
SS
FS
C
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B (D
S
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J 1
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AB
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122,45
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tionProgram
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)1,24
3,35
92,27
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7,72
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7,90
9(227
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ndor
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ce12
1,79
310
7,52
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2,36
8(114
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)6,94
56,94
5CIDA
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blicsecurityandde
mocracy
30,601
(325
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,592
(30,60
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DFAIT
DeminingAssistanceProg.CANicaragua
FO4
1,07
41,07
41,07
4Norway
DeminingAssistanceProg.CANicaragua
FO4
232,24
047
720
7,61
2(207
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,105
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24,334
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9,48
79,48
79,48
7Norway
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404,23
660
5,81
72,54
264
7,08
7(38,72
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5,50
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,051
298,45
7Spain
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39,422
(16,79
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(38,43
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398
3USD
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(LoC
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3,21
752
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82,128
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2,03
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,458
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12,498
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s42
2,36
73,53
246
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379,43
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9,43
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9,43
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510,34
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6,19
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5,77
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1,36
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133,64
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70,828
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43,123
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159,25
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79,265
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95,656
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35,930
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26,425
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82
GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II - Chapter 4
ORG
ANIZ
ATIO
N O
F AM
ERIC
AN S
TATE
SS
FS
C
F
B (D
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)F
J 1
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31,
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111
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407
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1,89
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240
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1,09
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EOM
2010
CostaRica
Mun
iipal
118
118
118
Brazil
EOM
2010
Dominican
Repu
blic
3,89
461
0(610
)3,28
33,28
3USO
ASEO
M20
10Do
minican
Repu
blic
954
954
(954
)Ch
ina
EOM
2010
Haiti
1,83
516
51,55
0(1,385
)45
045
0CIDA
EOM
2010
Haiti
4,77
84,77
8(4,778
)EEC
EOM
2010
Haiti
26,717
41,334
(16,31
8)1,36
653
,100
(26,71
7)
SECTION II - Chapter 4GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
83
ORG
ANIZ
ATIO
N O
F AM
ERIC
AN S
TATE
SS
FS
C
F
B (D
S
)F
J 1
D
31,
201
2(
USD
)
SCH
EDU
LE 7
B
AB
CD
EF
G=B+
C+D+
EF
H=A+
GI
J=HI
Cas
h B
alan
ce
Jan.
01,
201
2 C
ontr
ibut
ions
T
rans
fers
I
nter
est
Ret
urns
& O
ther
In
com
e E
xpen
ditu
res
Net
Cha
nge
Cas
h B
alan
ce
Dec
. 31,
201
2 O
blig
atio
ns
Fun
d B
alan
ce
Dec
. 31,
201
2 O
rgan
izat
ion,
Don
or &
Pro
ject
Finland
EOM
2010
Haiti
74,29
04,29
7(7)
Norway
EOM
2010
Haiti
8,88
3(4,290
)4,59
3(8,883
)Spain
EOM
2010
Haiti
2,30
0(880
)33
11,75
1(2,300
)Sw
itzerland
EOM
2010
Haiti
1,32
41,32
4Va
rious
EOM
2010
Haiti
2,05
72,05
7Bo
livia
EOM
2010
Paraguay
926
825
101
101
101
Korea
EOM
2010
Paraguay
245
245
(245
)CIDA
EOM
2010
Peru
1414
Korea
EOM
2010
Peru
5555
55CIDA
EOM
2010
St.V
incent
Gren
adines
1,26
6(295
)97
1(1,266
)CIDA
EOM
2010
Surin
ame
679
679
Korea
EOM
2010
Surin
ame
2626
26Argentina
EOM
2011
Bolivia
1,19
129
(29)
1,16
21,16
2Brazil
EOM
2011
Bolivia
255
255
(255
)CA
NAD
EMEO
M20
11Bo
livia
765
376
8(765
)CIDA
EOM
2011
Bolivia
(37)
3737
FIIAPP
EOM
2011
Bolivia
2,78
91,12
1(1,121
)1,66
71,66
7Ko
rea
EOM
2011
Bolivia
1919
(19)
Norway
EOM
2011
Bolivia
341
(341
)(341
)Bo
livia
EOM
2011
Colombia
4,61
7(4,617
)(4,617
)Ita
lyEO
M20
11Co
lombia
3,99
4(2,873
)(2,873
)1,12
11,12
1Nethe
rland
sEO
M20
11Co
lombia
(7,840
)1,61
5(31)
6,37
712
17,84
0Norway
EOM
2011
Colombia
(887)
(587
)1,47
488
7Sw
eden
EOM
2011
Colombia
56,511
(33,27
8)23
,232
(56,51
1)Sw
itzerland
EOM
2011
Colombia
(355)
(2,819
)3,17
535
5USO
ASEO
M20
11Co
lombia
14,370
(34,79
6)20
,884
458
(14,37
0)Ch
ileEO
M20
11Ecuado
r2,85
91,48
9(1,489
)1,37
075
1,29
5CIDA
EOM
2011
Ecuado
r(85)
8585
Bolivia
EOM
2011
Guatem
ala
1,23
1(978
)(978
)25
325
3Ch
ileEO
M20
11Gu
atem
ala
536
336
(336
)20
020
0CIDA
EOM
2011
Guatem
ala
4,02
6(4,026
)(4,026
)Spain
EOM
2011
Guatem
ala
116
116
115
Swed
enEO
M20
11Gu
atem
ala
9,81
49,74
7(9,747
)67
67Sw
itzerland
EOM
2011
Guatem
ala
8,67
8(8,678
)(8,678
)USO
ASEO
M20
11Gu
atem
ala
20,382
(18,15
1)2,23
1(20,38
2)Ita
lyEO
M20
11Gu
atem
ala2n
dRo
und
(33)
(33)
(33)
Spain
EOM
2011
Guatem
ala2n
dRo
und
10,473
9,74
3(9,743
)72
972
9USO
ASEO
M20
11Gu
atem
ala2n
dRo
und
20,224
8,58
2(8,582
)11
,642
2,96
68,67
6Bo
livia
EOM
2011
Guyana
5,31
3(3,245
)79
5(4,040
)1,27
379
1,19
4Ch
ileEO
M20
11Gu
yana
3,40
63,40
6(3,406
)Re
p.Serbia
EOM
2011
Guyana
(158
)15
815
8UK
EOM
2011
Guyana
3,84
1(1,312
)2,52
9USO
ASEO
M20
11Gu
yana
6,75
1(150
)6,60
1(6,751
)Bo
livia
EOM
2011
Jamaica
4,75
8(6,426
)8,90
07,22
7(4,753
)5
5
84
GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II - Chapter 4
ORG
ANIZ
ATIO
N O
F AM
ERIC
AN S
TATE
SS
FS
C
F
B (D
S
)F
J 1
D
31,
201
2(
USD
)
SCH
EDU
LE 7
B
AB
CD
EF
G=B+
C+D+
EF
H=A+
GI
J=HI
Cas
h B
alan
ce
Jan.
01,
201
2 C
ontr
ibut
ions
T
rans
fers
I
nter
est
Ret
urns
& O
ther
In
com
e E
xpen
ditu
res
Net
Cha
nge
Cas
h B
alan
ce
Dec
. 31,
201
2 O
blig
atio
ns
Fun
d B
alan
ce
Dec
. 31,
201
2 O
rgan
izat
ion,
Don
or &
Pro
ject
Chile
EOM
2011
Jamaica
10,000
(8,900
)1,10
0USO
ASEO
M20
11Jamaica
2,76
02,30
54,78
1(2,476
)28
428
4CA
NAD
EMEO
M20
11NevisIsland
3,96
8(2,899
)(47)
1,02
2(3,968
)Norway
EOM
2011
NevisIsland
(47)
4747
Bolivia
EOM
2011
Nicaragua
364
(16,27
8)15
,913
(364
)Ita
lyEO
M20
11Nicaragua
2,29
6(101
)2,19
5(2,296
)Mexico
EOM
2011
Nicaragua
9,05
8(2,113
)6,94
6(9,058
)Re
p.Serbia
EOM
2011
Nicaragua
1,84
51,84
5(1,845
)Spain
EOM
2011
Nicaragua
15,492
(12,04
8)41
9(12,46
7)3,02
43,02
4Sw
itzerland
EOM
2011
Nicaragua
1,92
2(6,921
)5,31
331
4(1,922
)USO
ASEO
M20
11Nicaragua
22,846
(6,750
)(6,800
)9,29
7(22,84
6)Bo
livia
EOM
2011
Paraguay
538
538
538
Spain
EOM
2011
Paraguay
4,85
410
010
04,95
496
03,99
4Sw
itzerland
EOM
2011
Paraguay
(864
)86
486
4CIDA
EOM
2011
Peru
2ndRo
und
(20)
2023
425
423
423
4Spain
EOM
2011
Peru
2ndRo
und
12,514
(11,71
0)80
4(12,51
4)USO
ASEO
M20
11Pe
ru2n
dRo
und
11,248
(11,14
2)10
6(11,24
8)Bo
livia
EOM
2011
Peru
FirstR
ound
34(34)
(34)
Spain
EOM
2011
Peru
FirstR
ound
7,83
075
757,90
57,90
5USO
ASEO
M20
11Pe
ruFirstR
ound
(194
)19
4Bo
livia
EOM
2011
St. Lucia
1,35
0(624
)72
6(1,350
)Ch
ileEO
M20
11St.Lucia
823
822
(823
)UK
EOM
2011
St.Lucia
(3,403
)6,40
043
33,42
93,40
3USO
ASEO
M20
11St.Lucia
104
(104
)(104
)Argentina
EOM
2012
Bahamas
10,000
10,000
Bolivia
EOM
2012
Bahamas
9,46
48,98
348
148
148
1Ko
rea
EOM
2012
Bahamas
10,000
10,000
Rep.Serbia
EOM
2012
Bahamas
5,00
05,00
0Bo
livia
EOM
2012
Belize
724
724
724
724
Chile
EOM
2012
Belize
5,00
03,55
81,44
21,44
21,44
2Mexico
EOM
2012
Belize
25,200
25,200
Switzerland
EOM
2012
Belize
8,67
88,67
8UK
EOM
2012
Belize
6,00
062
06,62
0USO
ASEO
M20
12Be
lize
50,000
49,204
796
796
796
Argentina
EOM
2012
Dominican
Repu
blic
10,000
7,15
02,85
02,85
02,85
0Canada
EOM
2012
Dominican
Repu
blic
13,560
13,560
Chile
EOM
2012
Dominican
Repu
blic
10,000
9,57
242
842
842
8Ko
rea
EOM
2012
Dominican
Repu
blic
30,000
26,069
3,93
13,93
13,93
1Spain
EOM
2012
Dominican
Repu
blic
95,973
94,810
1,16
31,16
31,16
3USO
ASEO
M20
12Do
minican
Repu
blic
273,76
022
6,68
247
,078
47,078
732
46,346
Bolivia
EOM
2012
ElSalvador
10,277
5,40
04,87
84,87
81,75
63,12
1Canada
EOM
2012
ElSalvador
16,522
16,522
Chile
EOM
2012
ElSalvador
10,000
9,89
610
410
410
4Sw
itzerland
EOM
2012
ElSalvador
5,14
95,14
81
11
SECTION II - Chapter 4GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
85
ORG
ANIZ
ATIO
N O
F AM
ERIC
AN S
TATE
SS
FS
C
F
B (D
S
)F
J 1
D
31,
201
2(
USD
)
SCH
EDU
LE 7
B
AB
CD
EF
G=B+
C+D+
EF
H=A+
GI
J=HI
Cas
h B
alan
ce
Jan.
01,
201
2 C
ontr
ibut
ions
T
rans
fers
I
nter
est
Ret
urns
& O
ther
In
com
e E
xpen
ditu
res
Net
Cha
nge
Cas
h B
alan
ce
Dec
. 31,
201
2 O
blig
atio
ns
Fun
d B
alan
ce
Dec
. 31,
201
2 O
rgan
izat
ion,
Don
or &
Pro
ject
USO
ASEO
M20
12ElSalvador
75,000
74,758
242
242
242
Bolivia
EOM
2012
Hond
uras
6,00
04,43
91,56
11,56
11,56
1Ch
ileEO
M20
12Ho
nduras
5,00
04,97
327
2723
4CIDA
EOM
2012
Hond
uras
50,000
36,569
13,431
13,431
8,62
54,80
6France
EOM
2012
Hond
uras
13,573
11,834
1,73
91,73
91,73
9Norway
EOM
2012
Hond
uras
1,60
51,60
51,60
51,60
5Sw
itzerland
EOM
2012
Hond
uras
3,26
73,21
553
5317
36USO
ASEO
M20
12Ho
nduras
165,00
014
2,10
722
,893
22,893
3,84
619
,047
Bolivia
EOM
2012
Mexico
5,50
04,84
565
565
523
631
CIDA
EOM
2012
Mexico
195,29
098
,321
96,970
96,970
129
96,841
Peru
EOM
2012
Mexico
5,00
04,45
055
055
055
0Spain
EOM
2012
Mexico
198,86
919
8,86
9Sw
itzerland
EOM
2012
Mexico
19,975
19,975
USO
ASEO
M20
12Mexico
350,00
034
3,93
66,06
46,06
45,38
867
6Ch
ileEO
M20
12Nicaragua
5,00
03,78
41,21
61,21
660
1,15
6CIDA
EOM
2012
Nicaragua
196,23
214
2,88
153
,351
53,351
15,623
37,728
France
EOM
2012
Nicaragua
13,573
13,051
522
522
485
37France
EOM
2012
Que
bec,Canada
8,50
07,06
21,43
81,43
81,43
8Bo
livia
EOM
2013
Ecuado
r5,00
02,88
52,11
52,11
52,11
5France
EOM
2013
Ecuado
r6,78
681
45,97
25,97
25,97
2Pe
ruEO
M20
13Ecuado
r5,00
05,00
05,00
05,00
0Spain
EOM
2013
Ecuado
r67
,000
8,04
058
,960
58,960
58,960
Bolivia
EOM
2013
Paraguay
10,000
9,32
767
367
367
3Ch
ileEO
M20
13Paraguay
10,000
1,10
08,90
08,90
08,90
0France
EOM
2013
Paraguay
13,573
8,12
65,44
75,44
75,44
7Ita
lyEO
M20
13Paraguay
32,230
3,86
828
,362
28,362
28,362
Peru
EOM
2013
Paraguay
5,00
01,15
83,84
23,84
21,07
82,76
4Va
rious
EOM
ReserveforE
xchangeRa
te14
,261
14,261
14,261
14,261
Switzerland
EVM
2010
ColombiaLegisla
tiveandPresiden
tial
685
685
685
Switzerland
EVM
2010
ColombiaPresiden
tialRun
offE
lection
202
202
202
CIDA
Exchange
Lesson
sLearned
154,62
513
4,51
620
,110
20,110
5,31
414
,795
CIDA
Fourth
IAElectoralTrain.
8,25
71,79
110
,048
(8,257
)IDEA
Fourth
IAElectoralTrain.
9595
(95)
CIDA
Imp.andDo
c.of
Sist.ISO
Peru
&Mexico
8,37
08,37
0(8,370
)Spain
Imp.andDo
c.of
Sist.ISO
Peru
&Mexico
127,17
084
011
3,86
6(113
,026
)14
,143
13,471
672
CIDA
Incorp.G
ende
rPerspectiv
eElectoralO
bservatio
n22
,958
205
281
23,374
(22,88
8)70
70Spain
Incorp.G
ende
rPerspectiv
eElectoralO
bservatio
n3,90
920
,000
10,353
9,64
713
,556
13,556
Italy
Integ.Au
ditE
lect.R
egis.
Col
11,327
(12,87
2)1,54
5(11,32
7)CIDA
Mejo.Cap.Insti.Au
t.Elctls.
45,689
(1,874
)30
43,814
(45,65
9)30
30UnitedNations
Metho
Mon
.Med
iaElectP
roc
38,205
(38,20
5)(38,20
5)IEPC
Mon
itorin
gJalisco
Mexico20
1238
,745
(1,279
)37
,466
CIDA
New
Techno
logies
Gend
er45
,256
9,40
835
,848
35,848
2,59
833
,250
CIDA
PoliticalElectoralFun
ding
84,855
51,172
33,684
33,684
10,600
23,084
CIDA
QualityManagem
entC
ontrol
90,512
42,716
47,796
47,796
47,695
101
86
GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II - Chapter 4
ORG
ANIZ
ATIO
N O
F AM
ERIC
AN S
TATE
SS
FS
C
F
B (D
S
)F
J 1
D
31,
201
2(
USD
)
SCH
EDU
LE 7
B
AB
CD
EF
G=B+
C+D+
EF
H=A+
GI
J=HI
Cas
h B
alan
ce
Jan.
01,
201
2 C
ontr
ibut
ions
T
rans
fers
I
nter
est
Ret
urns
& O
ther
In
com
e E
xpen
ditu
res
Net
Cha
nge
Cas
h B
alan
ce
Dec
. 31,
201
2 O
blig
atio
ns
Fun
d B
alan
ce
Dec
. 31,
201
2 O
rgan
izat
ion,
Don
or &
Pro
ject
Spain
Requ
isitesS
GCElectoralISO
140,00
040
,728
99,272
99,272
18,026
81,246
USO
ASStrengthen
ingDe
mocracy
inCu
ba50
,000
50,000
50,000
USA
IDStrengthen
ingPe
aceintheCe
ntralA
tlanticRe
gion
s(116
)(116
)(116
)CIDA
Stud
ies
InclusiveElectio
ns79
,198
8,71
270
,487
70,487
70,487
Brazil
TechnicalCoo
peratio
nCN
EBo
livia(A1)
443
443
443
USO
ASTechnicalCoo
peratio
nCN
EBo
livia(A1)
3838
3838
CIDA
TechnicalCoo
peratio
nElectoralM
atters
197,99
541
,715
156,28
015
6,28
01,01
515
5,26
5CIDA
Tipn
isBo
livia
16,293
9,88
86,40
56,40
56,40
5CIDA
Transparen
cyforE
lect.Cam
paignFinancing
68,451
208
55,139
(54,93
1)13
,520
8,26
65,25
4CIDA
Und
errepresen
tedMetho
dology
135,45
538
,177
97,278
97,278
37,153
60,125
TOTA
L73
7,57
345
2,79
72,84
3,88
7(65,13
0)2,85
9,25
837
2,29
61,10
9,86
919
2,59
591
7,27
4
TheDe
partmen
tofS
ustainab
leDe
mocracy
andSpecialM
ission
s(62
C)UK
BelizeGu
atem
alaSubFund
ofthePe
aceFund
1,70
51,70
0(1,700
)6
6USD
SBe
lizeGua
temalaSubFund
ofthePe
aceFund
(LoC
)92
(92)
Spain
BuildingMeasuresB
elize
&Gu
ate.
70,000
16,783
53,217
53,217
53,217
CADF
AIT
ConflictP
revention&Re
solutio
nAd
j.G&B
1,00
7,76
019
3,98
081
3,78
081
3,78
048
,164
765,61
6CA
DFAIT
CP/RES.930
(163
2/08
)1,43
71,43
71,43
7Spain
CP/RES.930
(163
2/08
)24
024
024
0Va
rious
Fund
forP
eace
Gene
ralFun
d4,80
04,80
04,80
0Azerbaijan
Gene
ralFun
dSubFund
ofthePe
aceFund
207
207
207
China
Gene
ralFun
dSubFund
ofthePe
aceFund
17,891
14,512
(14,51
2)3,37
92,03
11,34
8Qatar
Gene
ralFun
dSubFund
ofthePe
aceFund
1,43
81,43
8(1,438
)Spain
Gene
ralFun
dSubFund
ofthePe
aceFund
927
(313
)61
4(927
)Turkey
Gene
ralFun
dSubFund
ofthePe
aceFund
11,924
11,799
(11,79
9)12
612
6EEC
Guatem
alaBe
lize:Supp
ortp
eacefulresolution
394,20
039
4,20
039
4,20
039
4,20
0Spain
Imp.MeasuresC
onf.Be
lize&Gu
atem
ala
78,792
39,000
117,26
4(78,26
4)52
852
8Spain
Imp.Med
.entre
BeliceyGu
at6,06
9(4,063
)45
12,45
7(6,069
)UK
LegalFeesB
elize
Guatem
ala
222,11
5(38,29
3)(38,29
3)18
3,82
218
3,82
2IOM
MAP
P/OAS
Missionto
Supp
ort
5959
59Spain
Metho
d.Im
pl.A
nalysis
ofMultip
leScen
arios
2,25
02,25
0(2,250
)CA
DFAIT
OAS
Med
iatio
nCapacity
BuildingProject
75,900
130
18,422
(18,29
2)57
,608
57,608
CADF
AIT
OAS
Med
iatio
nCapacity
Phase2
507,97
037
5,38
613
2,58
413
2,58
412
0,93
911
,645
Belize
OAS
Office
AdjacencyBe
lize
Guatem
ala
20,000
20,000
20,000
20,000
CADF
AIT
OAS
Office
AdjacencyBe
lize
Guatem
ala
11,186
229,28
293
214,52
814
,846
26,032
18,429
7,60
4Ge
rmany
OAS
Office
AdjacencyBe
lize
Guatem
ala
50,000
46,865
3,13
63,13
63,13
6Mexico
OAS
Office
AdjacencyBe
lize
Guatem
ala
55,000
158
8,53
246
,627
46,627
1,77
844
,849
UK
OAS
Office
AdjacencyBe
lize
Guatem
ala
470
(63)
351
(414
)56
56USO
ASOAS
Office
AdjacencyBe
lize
Guatem
ala
88,236
87,675
(87,67
5)56
136
419
8CA
DFAIT
POA20
12MAP
POEA
Basket
Fund
1,45
4,06
31,15
6,55
198
22,45
4,13
515
7,46
115
7,46
115
4,62
82,83
3Nethe
rland
sPO
A20
12MAP
POEA
Basket
Fund
1,42
7,80
62,16
5,92
47,12
22,94
1,90
465
8,94
865
8,94
838
6,32
127
2,62
7Gu
atem
ala
Polit.A
gree.Com
mun
ities
Affected
byHy
droe
lectric
99,776
99,776
95,820
3,95
6CIDA
PoliticalAn
alysisSystem
395,99
026
2,95
213
3,03
813
3,03
849
,223
83,815
IDEA
PoliticalAn
alysisSystem
6,00
05,32
667
467
428
938
5
SECTION II - Chapter 4GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
87
ORG
ANIZ
ATIO
N O
F AM
ERIC
AN S
TATE
SS
FS
C
F
B (D
S
)F
J 1
D
31,
201
2(
USD
)
SCH
EDU
LE 7
B
AB
CD
EF
G=B+
C+D+
EF
H=A+
GI
J=HI
Cas
h B
alan
ce
Jan.
01,
201
2 C
ontr
ibut
ions
T
rans
fers
I
nter
est
Ret
urns
& O
ther
In
com
e E
xpen
ditu
res
Net
Cha
nge
Cas
h B
alan
ce
Dec
. 31,
201
2 O
blig
atio
ns
Fun
d B
alan
ce
Dec
. 31,
201
2 O
rgan
izat
ion,
Don
or &
Pro
ject
Germ
any
Prom
otingaCu
lture
ofPe
ace
4343
(43)
Korea
Supp
ortD
ialogueParaguay
20,000
20,000
Mexico
Supp
ortD
ialogueParaguay
30,000
3,33
826
,662
26,662
4,00
022
,662
Spain
Supp
ortD
ialogueParaguay
40,000
4,80
035
,200
35,200
4,00
031
,200
USO
ASSupp
ortD
ialogueParaguay
75,000
20,432
54,568
54,568
25,517
29,050
Bahamas
Supp
ortP
eace
ProcessC
olom
bia
500
500
(500
)CA
DFAIT
Supp
ortP
eace
ProcessC
olom
bia
205,89
699
6,81
0(1,156
,551
)(5,986
)33
,042
(198
,769
)7,12
75,27
61,85
1Co
lombia
Supp
ortP
eace
ProcessC
olom
bia
(23,39
8)52
,992
(2,101
)2,32
130
,768
22,443
(955
)27
(982
)France
Supp
ortP
eace
ProcessC
olom
bia
250,00
015
1,83
598
,165
98,165
97,873
292
GIZ
Supp
ortP
eace
ProcessC
olom
bia
11,424
492,20
52,03
7(11,42
4)50
7,55
4(24,73
6)(13,31
2)49
,178
(62,49
0)IOM
Supp
ortP
eace
ProcessC
olom
bia
184,90
450
0,00
0(4)
(9,518
)32
9,91
416
0,56
434
5,46
715
3,89
519
1,57
2Ire
land
Supp
ortP
eace
ProcessC
olom
bia
442
442
442
Nethe
rland
sSupp
ortP
eace
ProcessC
olom
bia
1,61
8,65
957
2,15
4(2,165
,924
)4,75
6(8,647
)8,77
7(1,606
,437
)12
,222
8,77
23,44
9Spain
Supp
ortP
eace
ProcessC
olom
bia
265,35
8(23,44
6)24
0,47
3(263
,920
)1,43
920
11,23
7Sw
eden
Supp
ortP
eace
ProcessC
olom
bia
60,730
118,49
118
530
313
8,55
7(19,57
8)41
,152
8,58
532
,567
Switzerland
Supp
ortP
eace
ProcessC
olom
bia
74,272
119,02
195
,131
23,890
98,162
98,162
UK
Supp
ortP
eace
ProcessC
olom
bia
(3,057
)30
,443
47,338
(16,89
5)(19,95
2)(19,95
2)Va
rious
Supp
ortP
eace
ProcessC
olom
bia
86,303
2,10
518
4,45
262
,965
123,59
220
9,89
573
020
9,16
5Spain
Supp
orttoGo
vernmen
tsPo
liticalManagem
ent
73,069
(70)
1,19
875
,738
(74,61
0)(1,542
)(1,542
)CIDA
TruthCo
mmissionSurin
ame
16,000
15,142
858
858
858
TOTA
L3,18
0,56
98,29
8,19
662
9,28
014
,100
130,97
68,56
5,22
050
7,33
13,68
7,90
01,23
6,24
72,45
1,65
3
TheDe
partmen
tofE
ffectivePu
blicMan
agem
ent(62
D)Ita
lyAG
/RES.228
6(XXX
VIIO
/07)
RENIEC
7,42
17,42
3(7,423
)(1)
(1)
CIDA
BuildingCapacity
inPu
blicAd
m.toFoster
Rights
952
(1,340
)38
9(952
)Pe
ruBu
ildingCapacity
inPu
blicAd
m.toFoster
Rights
11,685
11,644
(11,64
4)41
41USO
ASBu
ildingCapacity
inPu
blicAd
m.toFoster
Rights
430
430
430
Vario
usBu
ildingCapacity
inPu
blicAd
m.toFoster
Rights
(3,196
)3,19
63,19
6Va
rious
CAPA
CINET
11,921
(47)
750
9,50
0(8,796
)3,12
43,12
22
Colombia
Capacity
Bldg.A
ct.intheAm
ericas
9595
95Va
rious
Capacity
Bldg.A
ct.intheAm
ericas
2,91
347
1,40
0(1,353
)1,56
01,56
0UK
Carib
bean
Region
alSecure
Iden
titiesP
roject
13,284
13,284
13,284
Vario
usCA
TASTRO
2,04
61,74
4(1,744
)30
230
2Spain
CivilRegistrie
sGU,PE,PN
205,50
9(12,34
8)19
0,26
5(202
,614
)2,89
615
2,88
1Ch
ileCivilRegistry
Project:Be
lize
29,951
(26)
29,925
(29,95
1)Spain
CongressandFiscality
557
(557
)(557
)Spain
Cons
DerechoIden
tidad
47,617
(414
)13
,586
56,453
(43,28
1)4,33
64,33
6Ita
lyDe
mocratic
Governability
Ande
anRe
gion
3,65
43,65
43,65
4IADB
Dept.ofState
Mod
ernGo
vernance
12,240
11,240
1,00
01,00
01,00
0CINTEL
EGO
BIER
NO
2,34
52,34
52,34
5Va
rious
EGO
BIER
NO
22,928
22,182
(22,18
2)74
674
6Microsoft
EGo
vernmen
tTechn
ology
856
856
856
Spain
FortalSistem
RegisC
ivilDe
s24
,313
(24,31
3)(24,31
3)Spain
Fortal.R
egCiv.Gu
aPana
Peru
500
(227
)11
035
3(470
)30
30
88
GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II - Chapter 4
ORG
ANIZ
ATIO
N O
F AM
ERIC
AN S
TATE
SS
FS
C
F
B (D
S
)F
J 1
D
31,
201
2(
USD
)
SCH
EDU
LE 7
B
AB
CD
EF
G=B
+C+D
+EF
H=A+
GI
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Cas
h B
alan
ce
Jan.
01,
201
2 C
ontr
ibut
ions
T
rans
fers
I
nter
est
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urns
& O
ther
In
com
e E
xpen
ditu
res
Net
Cha
nge
Cas
h B
alan
ce
Dec
. 31,
201
2 O
blig
atio
ns
Fun
d B
alan
ce
Dec
. 31,
201
2 O
rgan
izat
ion,
Don
or &
Pro
ject
Swed
enFortalecim
ientoInstnl.G
ob.
2,40
12,40
12,40
1Ch
ina
Forum
PubPrivAllianDe
vel
164
164
164
Korea
Forum
PubPrivAllianDe
vel
7,18
24,80
6(4,806
)2,37
72,37
7UnitedNations
Forum
PubPrivAllianDe
vel
537
500
(500
)37
37UNESCO
FOST.UNIV.ACC
.TOINFO
.IMPL.
2,71
02,54
6(2,546
)16
316
3Ch
ileIm
proveCivilRegistry
intheOEC
Scoun
tries
189
3617
3(137
)52
1636
IDRC
Inno
vatio
ninEGovernm
entintheAm
ericas
345,21
72,47
239
727
9,04
3(276
,174
)69
,043
48,309
20,733
USO
ASInstitu
tionalStren
gthe
ning
ofRN
P80
,000
80,000
Luxembo
urg
InterAm
erican
Forum
onPo
liticalParties
6,80
86,80
86,80
8CIDA
MEC
IGEP
215,34
982
,543
132,80
713
2,80
716
,993
115,81
3Sw
eden
Mod
er.&
Legisla
tiveAg
enda
Congress20
0520
0710
,887
10,887
10,887
Vario
usMod
er.&
Legisla
tiveAg
enda
Congress20
0520
0713
713
713
7CIDA
Mod
ern.Integ.CivilReg
2,36
3,63
860
4,53
42,92
52,95
3,91
5(2,346
,456
)17
,182
3,92
913
,253
Korea
Mod
ernizatio
nCivilRegistrie
s14
0,00
011
5,11
924
,881
24,881
24,766
115
Luxembo
urg
Mod
ernizatio
nCivilRegistrie
s49
,989
44,470
5,51
95,51
94,72
179
8UnitedNations
Mod
ernize
Haiti
Registry
III65
,486
(65,48
6)(65,48
6)5
(65,49
1)CIDA
MuN
etCreate
Region
alNetwork
40(170
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0(40)
ADC
Mun
icipalInstitu
tionalD
evelop
men
t99
799
799
7CIDA
Prom
oteGrowth
PublicSector
565,70
134
6,60
421
9,09
721
9,09
787
,463
131,63
4CIDA
Prom
otingDe
centralization&LocalG
overnance
2,00
0(2,000
)(2,000
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Prom
otingRightIde
ntity
478,62
072
741
8,59
860
,749
60,749
45,483
15,266
Morocco
Prom
otingRightIde
ntity
6,00
01,72
04,28
04,28
02,50
01,78
0USD
SProp
osalforU
pdatingNew
LegislatorsS
eminars(LoC)
2,59
7(2,597
)(2,597
)CIDA
PUICAStrengthen
ingOAS
Tech.A
ssist.Strategies
798
(798
)(798
)USD
SRe
gCivilR
eg&IdeProOEC
S(LoC
)(2,131
)2,23
099
2,13
1IDEA
Strength.Pol.Party&Camp.Finan.
2,25
93,11
04,55
1(1,441
)81
830
788
Spain
Strengthen
ingHo
spita
lRecordSystem
245,00
020
7,64
137
,359
37,359
30,095
7,26
4IDRC
Strengthen
ingProcurem
entICT
81,567
77,477
4,09
04,09
04,09
0UNSA
MStrengthen
ingProcurem
entICT
14,123
1,69
512
,428
12,428
12,428
IADB
Supp
ortM
odernizatio
n98
,310
81,632
16,678
16,678
10,000
6,67
8CIDA
TechnicalA
ssistance
CivilRegistry
Database
43(43)
(43)
TOTA
L3,13
2,25
21,48
7,61
41,08
2,46
83,19
93,37
75,11
0,74
5(2,534
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)59
8,16
528
8,30
830
9,85
7
TheOfficeof
theExecutiveSecretaryforIntegralD
evelop
men
t(72
A)Va
rious
CIPPo
rtProgram
244,87
517
5,54
819
3,36
9(17,82
1)22
7,05
445
,322
181,73
2Israel
Coop
erationFund
(Techn
icalSupp
ort)
1,62
8(1,628
)(1,628
)UnitedNations
Dialogue
Tables
inGuatemala
1,24
61,24
61,24
6PA
DFEducation20
0919
,560
19,560
19,560
Vario
usEducationinHo
nduras
17,283
17,283
17,283
Hond
uras
EducationUnp
rogram
med
Fund
s29
,154
29,154
29,154
Mexico
Fund
22Unp
rogram
med
315,41
6(223
,087
)2,90
9(80,00
0)(300
,178
)15
,238
15,238
Mexico
Fund
33Unp
rogram
med
Activ
ities
3,01
0,62
115
0,00
0(200
,000
)32
,532
(123
,471
)12
,975
(153
,913
)2,85
6,70
825
2,85
6,68
2Ho
nduras
Hond
uras
Unp
rogram
med
Fund
s29
,332
29,332
29,332
Argentina
Horizon
talCoo
peratio
n75
,298
37,087
(37,08
7)38
,211
38,211
SECTION II - Chapter 4GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
89
ORG
ANIZ
ATIO
N O
F AM
ERIC
AN S
TATE
SS
FS
C
F
B (D
S
)F
J 1
D
31,
201
2(
USD
)
SCH
EDU
LE 7
B
AB
CD
EF
G=B+
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EF
H=A+
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Cas
h B
alan
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Jan.
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In
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h B
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. 31,
201
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blig
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ns
Fun
d B
alan
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Dec
. 31,
201
2 O
rgan
izat
ion,
Don
or &
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ject
Brazil
Horizon
talCoo
peratio
n33
7,58
93,88
23,88
234
1,47
134
1,47
1Pe
ruHo
rizon
talCoo
peratio
n21
,060
21,060
21,060
Spain
Horizon
talCoo
peratio
n19
,500
19,500
19,500
Brazil
Horizon
talCoo
peratio
n(Techn
icalSupp
ort)
3,48
7(3,487
)(3,487
)Ho
nduras
HousingExecutioninHo
nduras
35,869
35,869
35,869
Mexico
IIMeetin
gCO
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T11
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11,416
11,416
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3(1,440
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7(773
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rious
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olde
rPart
5,41
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BTNetworkDe
velopm
ent
2,06
92,06
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9Canada
New
Program
Approaches
154,68
365
866
015
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0,68
814
0,68
8Canada
New
Program
Approaches
(Overhead)
127,85
5(138
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)(8,540
)Panama
Privatiza
tionProcess
55,648
55,648
55,648
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66
6Canada
Program
forIntegralD
evelop
men
t4,09
54,09
54,09
5CIDA
Program
forIntegralD
evelop
men
t4,21
44,21
44,21
4Mexico
Program
ofStrategicActio
nsinMexico
118,25
64
90,402
(90,39
8)27
,858
18,370
9,48
7USO
ASScho
larshipFund
2001
600,00
060
0,00
060
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0PA
DFSocialDe
velopm
ent2
009
18,628
8,53
04,56
13,96
922
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3,96
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Vario
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rogram
260
260
260
Chile
SpecialProjectsA
dministrativ
e&Overhead
12,000
1,32
010
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10,680
10,680
Vario
usSpecialProjectsA
dministrativ
e&Overhead
148,78
56,59
814
2,18
714
2,18
76,26
113
5,92
6Canada
StrategicPlan
Prep
aration20
0620
092,95
02,95
02,95
0PA
DFSustainableDe
velofT
ourism
3,38
229
293,41
13,41
1PA
DFSustainableDe
velopm
ent2
009
11,244
11,244
11,244
Mexico
Tech.Inn
ovation&Diffu
sionCo
op.Int'lMexican
82,062
45,982
(45,98
2)36
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36,080
Vario
usTechnicalA
dviso
ryGrou
ps73
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12,027
12,552
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4,90
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ANP
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peratio
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ru57
957
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portIta
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8,57
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22USO
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peratio
nFund
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1,11
8,15
4(1,045
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)2,03
9(1,043
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74,280
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peratio
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GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II - Chapter 4
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SECTION II - Chapter 4GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
91
ORG
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GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II - Chapter 4
ORG
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tary
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tary
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lize
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5
SECTION II - Chapter 4GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
93
ORG
ANIZ
ATIO
N O
F AM
ERIC
AN S
TATE
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94
GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II - Chapter 4
ORG
ANIZ
ATIO
N O
F AM
ERIC
AN S
TATE
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VMeetin
gof
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fEdu
catio
n10
,157
10,157
10,157
SECTION II - Chapter 4GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
95
ORG
ANIZ
ATIO
N O
F AM
ERIC
AN S
TATE
SS
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B (D
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74,162
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52,936
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9Ch
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11,662
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96
GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II - Chapter 4
ORG
ANIZ
ATIO
N O
F AM
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TATE
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SECTION II - Chapter 4GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
97
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GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II - Chapter 4
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SECTION II - Chapter 4GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
99
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102
GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II
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SECTION IIGS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
103
CHAPTER 5LEO S. ROWE PAN AMERICAN FUND
TABLE OF CONTENTS
105 Report of Independent Auditors
107 Financial Statements107 Statement of Financial Position
107 Statements of Activities
108 Statement of Cash Flows
109 Notes to Financial Statements109 Organization and Financing
109 Summary of Significant Accounting Policies
110 Investments
111 Loan Status
111 Due MacLean Fund
112 Commitments and Contingencies
112 Reclassifications
104
GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II
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SECTION II - Chapter 5GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
105
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106
GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II
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SECTION II - Chapter 5GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
107
ORGANIZATION OF AMERICAN STATESL S. R P A FS F PA D 31( USD)
ORGANIZATION OF AMERICAN STATESL S. R P A FS AF D 31( USD)
Notes 2012 2011INCREASESContributions 45,656Donations 6,482 80Dividend and interest investment income 3 522,479 375,285Realized gains on investments 3 486,437Unrealized gains on investments 3 565,839Other income 55,708 35,259
Total increases 1,682,601 410,624
DECREASESAdministrative expenses 421,372 392,570Julia MacLean Scholarship Fund 5 45,656Unrealized loss on investments 346,033
Total decreases 467,028 738,603
Change in net assets 1,215,573 (327,979)Net assets at beginning of year 14,113,862 14,441,841Net assets at end of year 15,329,435 14,113,862
The accompanying notes form part of the financial statements.
Notes 2011ASSETSEquity in OAS Treasury Fund and cash equivalents 706,451 841,730
Investments at fair value: 3Mutual funds invested in equity investments 6,182,426 5,128,561Mutual funds invested in fixed income securities 6,589,441 6,309,025
12,771,867 11,437,586Loans receivable 4Students 1,824,705 1,797,117Allowance for uncollectible loans (118,145) (142,859)
Total student loans receivable 1,706,560 1,654,258
Loans to employees of the OAS 247,339 300,863
Total assets 15,432,217 14,234,437
LIABILITIES AND NET ASSETSGuarantor deposits 66,551 51,593Due to MacLean Fund 5 19,867 65,523Other accounts payable 16,364 3,459
Total liabilities 102,782 120,575
NET ASSETSCommittee designated 1,000,000 1,000,000Available for loans 14,242,180 13,028,920Supplementary guarantee for loans 24,389 18,085MacLean Fellowship Fund 33,138 32,438Student life self insurance 29,728 34,419
Total net assets 15,329,435 14,113,862
Total liabilities and net assets 15,432,217 14,234,437
2012
108
GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II - Chapter 5
ORGANIZATION OF AMERICAN STATESL S. R P A FS C FF D 31( USD)
The accompanying notes form part of the financial statements.
Notes 2012 2011
Operating activitiesChange in net assets 1,215,573 (327,979)
Adjustments to reconcile change in net assetsto net cash provided by operating activities:
Unrealized (gain) loss on investments (565,839) 346,033Realized (gain) loss on investments (486,437)Revaluation of allowance (5,746) 4,714Write off of student loans (18,968) (12,932)
Changes in operating assets and liabilities:(Increase) decrease in loans to students (27,588) (117,381)(Increase) decrease in loans to employees 53,524 (7,218)(Increase) decrease in other receivables 21,440Increase (decrease) in liabilities (17,793) 7,811
Net cash provided by (used in) operating activities 146,726 (85,512)
Investing activitiesPurchase of investments (4,521,633) (77,937)Sale of investments 4,271,729 1,337Reinvestments of dividends received (32,101) (26,331)
Net cash provided by (used in) investing activities (282,005) (102,931)
Net increase (decrease) in Equity in OAS Treasury Fund (135,279) (188,443)Equity in OAS Treasury Fund and cash equivalents, beginning of year 841,730 1,030,173Equity in OAS Treasury Fund and cash equivalents, end of year 706,451 841,730
SECTION II - Chapter 5GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
109
NOTES TO FINANCIAL STATEMENTS
1. O FThe 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 a special committee. 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.
2. S S A P
Basis of AccountingThe 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 Committee designated net assets represent unrestricted assets in the amount of USD 1,000,000, comprised of investments that are not considered to be available for the purpose of granting loans.
Equity in OAS Treasury Fund and Cash EquivalentsAll 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. The Fund maintains equity to the extent of its cash balance retained therein. The GS/OAS adminis-ters the OAS Treasury Fund and invests amounts not immediately required for operations. Income earned by the OAS Treasury Fund is added to the equity of each fund in proportion to its balance, according to interest procedures.
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 equiv-alents. 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.
InvestmentsInvestments are presented in the financial statements at fair value, which is primarily based upon quoted market prices. Unrealized gains and losses in the value of investments are recognized in the statement of activities as the change in fair value between periods.
Allowance for Uncollectible LoansThe Fund maintains an allowance for uncollectible loans for estimated losses that may result from the inability of students to make payments. Such allowances are based upon several factors, as explained in Note 4.
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GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II - Chapter 5
Income Tax StatusAs an international organization, the OAS is immune from United States of America Federal income taxes. This consideration also applies to this Fund.
Evaluation of Subsequent EventsThe Fund evaluated subsequent events through April 26, 2013, the date on which the financial statements became available for issuance.
Use of EstimatesThe 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. IThe Fund’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 and activities.
The Fund adopted Financial Accounting Standards Board Accounting Standards Codification 820, “Fair Value Measurements and Disclosures” (FASB ASC 820) which defines and establishes a framework for measuring fair value.
T 1IA D 31( USD)
2012 Fixed Income Securities Equity Investments Total
Market Value as of 01/01/2012 6,309,025 5,128,561 11,437,586Dividends 421,473 99,709 521,182Transfer out from Investments (421,473) (67,608) (489,081)Purchases/Sales 249,905 249,905Realized Gain and Loss 486,437 486,437Unrealized Gain and Loss 280,416 285,422 565,838Market Value as of 12/31/2012 6,589,441 6,182,426 12,771,867
2011 Fixed Income Securities Equity Investments Total
Market Value as of 01/01/2011 6,350,685 5,330,003 11,680,688Dividends 349,618 25,216 374,834Transfer out from Investments (349,803) (349,803)Purchases/Sales 77,900 77,900Realized Gain and LossUnrealized Gain and Loss (41,475) (304,558) (346,033)Market Value as of 12/31/2011 6,309,025 5,128,561 11,437,586
Changes have been made to this table to remove Money Market balances previously presented
SECTION II - Chapter 5GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
111
As of December 31, 2012 and 2011, the Fund’s investment portfolio was categorized as level 1 for which fair value is based on quoted prices in active markets for identical assets or liabilities.
4. L S
Loans Receivable and Allowance for Loan LossesLoans receivable as of December 31, 2012 and 2011 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 collect-ability 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 eval-uations of the collectability 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 USD 118,145 or approx-imately 6.5% of the student loan balance as of December 31, 2012, is sufficient to provide for losses that may be incurred upon the ultimate realization of these loans.
During 2012 and 2011, the Fund disbursed new student loans of approximately USD 562,937 and USD 610,744, respectively. The Fund received loan repayments of USD 526,467 and USD 490,101 in 2012 and 2011, respectively.
New loans disbursed to employees for educational purposes or in emergency situations aggregated USD 86,557 and USD 132,417 in 2012 and 2011, respectively. The Fund received loan repayments of USD 160,977 and USD 136,578 in 2012 and 2011, respectively. The interest rate applied to employee loans is equivalent to the prime rate of the United States of America and is adjusted periodically. In August 2011, the Committee agreed to increase the interest rate 1.25 percentage points above the prime interest rate in the United States. During 2012, the interest rate on employees loans was 4.5%.
5. D M L FThe balance of “Due to MacLean Fund” as of December 31, 2012 and 2011 represents amounts due to the Julia MacLean Legacy Fund (The MacLean Fund), a fund established to provide fellowships for Peruvian women studying in Washington DC. Seven scholarships in the amount of USD 6,522 each were granted for said purpose from the initial endowment. The balance due to The MacLean Fund is USD 19,867 (USD 65,523 – USD 45,656) from the original endowment of USD 65,523 received from the estate of Mrs. Julia MacLean to The MacLean Fund.
T 2U LA D 31( USD)
2012 2011Balance at beginning of year 142,859 151,077
Write off of loans receivable (18,968) (12,932)
Revaluation of Allowance (5,746) 4,714Balance at end of year 118,145 142,859
112
GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II - Chapter 5
6. C CThe Fund is not subject to any litigations which management believes will have a material adverse effect on the Fund’s financial condition.
7. RCertain reclassifications have been made to the 2011 financial statement and disclosures to conform to the 2012 presentation.
SECTION IIGS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
113
CHAPTER 6ROWE MEMORIAL BENEFIT FUND
TABLE OF CONTENTS
115 Report of Independent Auditors
117 Financial Statements117 Statement of Financial Position
117 Statements of Activities
117 Statement of Cash Flows
119 Notes to Financial Statements119 Organization and Financing
119 Summary of Significant Accounting Policies
120 Commitments and Contingencies
114
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115
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116
GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II
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SECTION II - Chapter 6GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
117
ORGANIZATION OF AMERICAN STATESR M B FS F PA D 31( USD)
ORGANIZATION OF AMERICAN STATESR M B FS AF D 31( USD)
ORGANIZATION OF AMERICAN STATESR M B FS C FF D 31( USD)
The accompanying notes form part of the financial statements.
Notes 2011
ASSETSEquity in the OAS Treasury Fund 187,453 190,944
Total assets 187,453 190,944
NET ASSETS 187,453 190,944Total net assets 187,453 190,944
2012
Notes 2011
INCREASESInvestment income from OAS Treasury Fund 2,144 2,208
Total increases 2,144 2,208
DECREASESOfficial recognition and awards 635 1,000Subsidies 5,000 5,570
Total decreases 5,635 6,570
Change in net assets (3,491) (4,362)
Net assets, beginning of year 190,944 195,306Net assets, end of year 187,453 190,944
2012
Notes 2011
Operating activitiesChange in net assets (3,491) (4,362)
Net cash provided by (used in) operating activities (3,491) (4,362)
Net increase(decrease) in Equity in OAS Treasury Fund (3,491) (4,362)Equity in OAS Treasury Fund, beginning of year 190,944 195,306Equity in OAS Treasury Fund, end of year 187,453 190,944
2012
118
GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II
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SECTION II - Chapter 6GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
119
NOTES TO FINANCIAL STATEMENTS
1. O FThe 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 Organization of American States (GS/OAS).
2. S S A P
Basis of AccountingThe accompanying financial statements are presented on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America.
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 GS/OAS maintains equity to the extent of its cash balance retained therein. The GS/OAS administers the OAS Treasury Fund, and invests amounts not immediately required for opera-tions. Income earned by the OAS Treasury Fund is added to the equity of each fund in proportion to its balance.
In-Kind ContributionsNo amounts are recorded in the accompanying financial statements relating to the receipt of contributed services or facilities provided to the Fund by the GS/OAS as the services do not involve specialized skills and the use of facili-ties is minimal.
Income Tax StatusAs an international organization, the OAS is immune from United States of America Federal income taxes. This consideration also applies to the Fund.
Evaluation of Subsequent EventsThe Fund evaluated subsequent events through April 26, 2013, the date on which the financial statements became available for issuance.
Use of EstimatesThe 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
119
120
GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II - Chapter 6
the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
3. C CThe Fund is not subject to any litigation which management believes will have a material adverse effect on the Fund’s financial condition.
SECTION IIGS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
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CHAPTER 7ORGANIZATION OF AMERICAN STATESMEDICAL BENEFITS TRUST FUND
TABLE OF CONTENTS
123 Report of Independent Auditors
125 Financial Statements125 Statement of Financial Position
125 Statements of Activities
126 Statement of Cash Flows
127 Notes to Financial Statements127 Description of the Trust
128 Summary of Significant Accounting Policies
129 Investments
129 Net Assets Designated for Unpaid Claims
130 Actuarial Present Value of Accumulated Post Retirement Plan Benefits
130 Contributions
130 Income Tax Status
130 Benefits Obligations
130 Commitments and Contingencies
130 Reclassifications
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Ernst & Young LLP 1101 New York Ave, N.W. Washington DC 20005-4213
Tel: 202 327–6000 www.ey.com
REPORT OF INDEPENDENT AUDITORS
The Board of External Auditors Organization of American States
We have audited the accompanying financial statements of the General Secretariat of the Organization of American States Medical Benefits Trust Fund (the Trust), which comprise the statements of financial position as of December 31, 2012 and 2011, and the related statements of activities, and cash flows for the years then ended, and the related notes to the financial statements.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in conformity with U.S. generally accepted accounting principles; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free of material misstatement, whether due to fraud or error.
Auditor’s Responsibility
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.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Trust’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Trust at December 31, 2012 and 2011, and the changes in its net assets and its cash flows for the years then ended in conformity with U.S. generally accepted accounting principles.
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GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II - Chapter 7
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SECTION II - Chapter 7GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
125
ORGANIZATION OF AMERICAN STATESOAS M B T FS F PA D 31( USD)
ORGANIZATION OF AMERICAN STATESOAS M B T FS AF D 31( USD)
The accompanying notes form part of the financial statements.
Notes 2012 2011
ASSETSEquity in OAS Treasury Fund and cash equivalents 939,012 394,525Mutual fund investments 3 33,616,985 29,126,778Accounts paid in advance to Carefirst 303,187Retiree accounts receivable 7,462 6,256Other accounts receivable 49,556 33,672
Total assets 34,613,015 29,864,418
LIABILITIES AND NET ASSETSAccounts Payable to Carefirst BCBS 274,528Deferred income 612,071 632,670Other accounts payable 16,209 458
Total liabilities 902,808 633,128
NET ASSETSDesignated for unpaid claims 4 2,060,716 1,293,664Undesignated 31,649,491 27,937,626
Total net assets 33,710,207 29,231,290
Total liabilities and net assets 5 34,613,015 29,864,418
Notes 2012 2011INCREASES
Contributions 6 12,627,570 12,478,575Investment income 1,403,993 941,712Other income 491,281 390,272Net unrealized gain on investments 2,516,225Net realized gain on investments 11,965
Total increases 17,051,034 13,810,559
DECREASESClaims paid Carefirst 11,185,963 10,506,743Carefirst services 646,130 873,407Stop loss insurance premiums 415,992 380,538
Total expenses related to Carefirst 12,248,085 11,760,688
Kaiser health insurance 202,966 219,416Net unrealized loss on investments 836,876Net realized loss on investments 14,645Other expenses not related to Carefirst 121,067 110,871
Total expenses not related to Carefirst 324,033 1,181,808Total decreases 12,572,118 12,942,496
Change in net assets 4,478,917 868,063Net assets, beginning of year 29,231,290 28,363,227Net assets, end of year 33,710,207 29,231,290
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ORGANIZATION OF AMERICAN STATESOAS M B T FS C FF D 31( USD)
The accompanying notes form part of the financial statements.
Notes 2012 2011
Operating activitiesChange in net assets 4,478,917 868,063Net unrealized (gain) loss on investments (2,516,225) 836,876Net realized (gain) loss on investments (11,965) 14,645(Increase) decrease in receivables (17,089) 4,384(Increase) decrease in accounts paid in advance to Carefirst 303,187 59,076Increase (decrease) in accounts payable to Carefirst 274,528Increase (decrease) in deferred income (20,599) 1,512Increase (decrease) in other accounts payable 15,747 (2,042)
Net cash provided by (used in) operating activities 2,506,501 1,782,514
Investing activitiesSale of investments 337,206 16,436,120Purchase of investments (921,062) (18,365,106)Dividends and capital gains reinvested (1,378,158) (934,093)
Net cash provided by (used in) investing activities (1,962,014) (2,863,079)
Net increase (decrease) in Equity in OAS Treasury Fund and cash equivalents 544,487 (1,080,565)Equity in OAS Treasury Fund and cash equivalents, beginning of year 394,525 1,475,090Equity in OAS Treasury Fund and cash equivalents, end of year 939,012 394,525
SECTION II - Chapter 7GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
NOTES TO FINANCIAL STATEMENTS
1. D
GeneralThe OAS Medical Benefits Trust (Trust) is a fund established in April 1982 by the General Secretariat of the Organization of American States (GS/OAS) to carry out certain provisions of the GS/OAS Medical Benefits Plan (Plan), including investment of assets and payment of claims and administrative expenses. Pursuant to the provisions of the trust agreement dated June 27, 2000, the sole Trustee of the Trust is the General Secretary. 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 Northern Trust Company.
Eligibility and BenefitsThe 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 their insurance coverage as determined by certain criteria involving age and years of service. Upon separation from service with the GS/OAS, if a former staff member does not qualify to remain indefinitely in the GS/OAS health plan, and if the eligible former staff member wishes to remain in the health plan beyond the first month, he/she must pay in advance the full insurance premium.
Staff members have the option of choosing health coverage from two available carriers:
• Self-Insured Health Plan administered by CareFirst Blue Cross Blue Shield (BCBS), which it is not underwrit-ten by a commercial insurance company. It is a self-insured scheme meaning that claims are paid by BCBS directly from the OAS Medical benefits Trust Fund. The income of the Fund is derived from contributions paid by the GS/OAS and subscribers. BCBS is a preferred provider organization insuring approximately 98% of staff members and retirees.
• Insured Plan by Kaiser Permanente, which is a Health Maintenance Organization insuring approximately 2% of staff members and retirees.
ContributionsEmployees and retirees participating in the Plan contribute a specified amount to the Trust, determined periodically by GS/OAS, for self coverage and their eligible dependents.
Source of contributions:• Staff Share is 1/3 of the premium, recognized and earned on a monthly basis, for the period in which health
care coverage is in effect.
• OAS Share is 2/3 of the premium, recognized and earned on a monthly basis, for the period health care coverage is in effect.
• Retirees Share is 1/3 of the premium. Annual premium is divided in 12 monthly installments which are billed to retirees twice a year, in January and July. Retirees have the option of paying in advance or on a monthly basis.
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• OAS Share for Retirees is 2/3 of the premium, recognized on a quarterly basis, for the period in which health care coverage is in effect.
• Other Shares are the full amount of the premium, which are recognized and earned on a monthly basis. These include Inter-American Defense Board (IADB); Inter-American Court of Human Rights - Costa Rica (IACHR); Participation of eligible former GS/OAS staff member.
Claims PaymentsClaims payment expense is recognized in the period in which the claims are received by the third-party adminis-trator 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, 2012 and 2011, are included in accounts payable on the accompanying statements of financial position.
Trust Rights and ObligationsThe Secretary General, as the Trustee, has the right under the Plan 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. S S A P
Basis of AccountingThe accompanying financial statements are presented on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America.
Equity in OAS Treasury Fund and Cash EquivalentsAll 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. The Trust maintains equity to the extent of its cash balances retained therein. The GS/OAS adminis-ters the OAS Treasury Fund and invests amounts not immediately required for operations. Subject to certain condi-tions, income earned by the OAS Treasury Fund is added to the equity of each fund in proportion to its balance.
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 equiv-alents. 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.
InvestmentsInvestments are presented in the financial statements at fair value, which is primarily based upon quoted market prices. Unrealized gains and losses in the value of investments are recognized in the statement of activities as the change in fair value between periods.
SECTION II - Chapter 7GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
129
Administrative ExpensesThe Trust pays all administrative expenses of the Plan. Total expenses paid by the Trust on behalf of the Plan for the years ended December 31, 2012 and 2011 were USD 646,130 and USD 873,407, respectively.
Revenue RecognitionContributions are recognized when earned. Contributions received in advance of the benefit period are deferred until earned.
Evaluation of Subsequent EventsThe Trust evaluated subsequent events through April 26, 2013, the date on which the financial statements became available for issuance.
Use of EstimatesThe 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.
3. IThe 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.
The Trust adopted Financial Accounting Standards Board Accounting Standards Codification 820, “Fair Value Measurements and Disclosures” (FASB ASC 820) in 2008 which defines and establishes a framework for measuring fair value. As of December 31, 2012 and 2011, the Trust’s investment portfolio was categorized as level 1 for which fair value is based on quoted prices in active markets for identical assets or liabilities. The values of individual invest-ments of the Trust are shown in Table 1.
4. N A D U CAs of December 31, 2012 and 2011, USD 2,060,716 and USD 1,293,664, respectively, of net assets have been desig-nated 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, 2012 and
T 1F V I IA D 31( USD)
2012 2011Columbia Int'l Fund 5,044,751 4,288,277Pimco All Asset 3,423,814 2,965,757Pimco Total Return 11,384,281 10,368,463Vanguard Institutional 13,764,138 11,504,281Total 33,616,985 29,126,778
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GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION II - Chapter 7
2011. The liability for claims incurred but not reported under the Plan is a liability of the Plan and OAS, the employer organization.
5. A P V A P R P BThe accrued or past service liabilities as of December 31, 2012 (date of last actuarial study) for postretirement health and life insurance benefits are approximately USD 128.2 million (USD 124.5 million for retiree health benefits and USD 3.7 million for retiree life insurance). As of December 31, 2012, the Trust’s assets totaled USD 34,613,015. These funds are not for coverage of life insurance benefits. These liabilities under the Plan are liabilities of OAS, the employer organization, to the extent Trust funds are not available.
6. CThe breakdown of the contributions towards the two available carriers of the plan by contributors is shown in Table 2.
7. I T SAs an international organization, the OAS is immune from U.S. Federal income taxes. As a result, this consid-eration applies to the Trust.
8. B OHealth costs incurred by participants and their eligible dependents are covered by a group self-insurance contract maintained by the Trust. It is the present intention of the GS/OAS and the Trust to continue obtaining insurance coverage for benefits. Insurance premiums for the future benefit obligations will be funded by contributions to the Trust in those later years.
9. C CThe Trust is not subject to litigation which management believes will have a material adverse effect on the Trust’s financial condition.
10. RCertain reclassifications have been made to the 2011 financial statement and disclosures to conform to the 2012 presentation.
T 2CA D 31( USD)
2012 2011For Carefirst BCBS
OAS 4,994,008 5,174,297Staff 2,528,592 2,589,574OAS for retirees 3,012,234 2,729,690Retirees 1,686,193 1,557,720IADB 129,728 124,364CIDH 75,691 85,387
Subtotal 12,426,446 12,261,032
For Kaiser Permanente:OAS 96,332 105,308Staff 48,166 52,654OAS for retirees 38,467 39,593Retirees 18,159 19,988
Subtotal 201,124 217,542
Total 12,627,570 12,478,574
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SECTION XSECTION DESCRIPTION
SECTION IIIGS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
SECTION IIIFINANCIAL STATEMENTS OF AGENCIES AND ENTITIES RELATED TO
THE ORGANIZATION OF AMERICAN STATES
TABLE OF CONTENTS
133 Chapter 8 - Trust for the Americas
143 Chapter 9 - Inter-American Defense Board
La Casa del Soldado. OAS.
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133
CHAPTER 8TRUST FOR THE AMERICAS
TABLE OF CONTENTS
135 Report of Independent Auditors
137 Financial Statements137 Statement of Financial Position
137 Statements of Activities
138 Statement of Cash Flows
139 Notes to Financial Statements139 Organization and Financial Statements
139 Summary of Significant Accounting Policies
141 Significant Contributions
141 Project Expenditures
141 Commitments and Contingencies
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SECTION III - Chapter 8GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
135
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137
ORGANIZATION OF AMERICAN STATEST AS F PA D 31( USD)
ORGANIZATION OF AMERICAN STATEST AS AF Y E D 31( USD)
The accompanying notes form part of the financial statements.
Notes 2011ASSETS
Equity in OAS Treasury Fund 2,200,667 1,499,718Government grants receivable 2 186,632 202,286Prepaid expenses 16,997 5,005
Total assets 2,404,296 1,707,009
LIABILITIES AND NET ASSETSAccounts payable 331,558 182,691Deferred revenue 820,152 549,000
Total liabilities 1,151,710 731,691
Temporarily restricted net assets 2 1,051,594 708,515Unrestricted net assets 2 200,992 266,803
Total net assets 1,252,586 975,318
Total liabilities and net assets 2,404,296 1,707,009
2012
Notes 2012 2011
INCREASESContributions 764,192 1,380,652Interest distribution to fund 15,127 16,659Refunds 800In kind contributions 2 2,099,586 1,377,719OAS in kind contributions 2 421,454 452,922Released from restrictions 2 2,268,618 1,986,405
Total increases 5,569,777 5,214,357
DECREASESReturn to donors 49,175Realized gains and losses 18Administrative and project expenses 3,113,916 3,298,754In kind expenses 2 2,099,586 1,377,719OAS in kind expenses 2 421,454 452,922
Total decreases 5,634,956 5,178,588
Change in unrestricted net assets (65,179) 35,769
Temporarily restricted net assetsContributions 2,611,065 837,144Released from restriction 2 (2,268,618) (1,986,405)
342,447 (1,149,261)
Change in net assets 277,268 (1,113,492)
Net assets, beginning of year 975,318 2,088,810Net assets, end of year 1,252,586 975,318
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GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION III - Chapter 8
ORGANIZATION OF AMERICAN STATEST AS C FF Y E D 31( USD)
The accompanying notes form part of the financial statements.
2011Operating activitiesChange in net assets 277,268 (1,113,492)
Adjustments to reconcile change in net assetsto net cash from operating activities:
(Increase) decrease in government grants receivable 15,654 117,017(Increase) decrease in prepaid expenses (11,992) 4,915Increase (decrease) in accounts payable 148,867 145,369Increase (decrease) in deferred revenue 271,152 549,000
Net increase (decrease) in equity in OAS Treasury Fund 700,949 (297,191)
Equity in OAS Treasury Fund, beginning of the year 1,499,718 1,796,909Equity in OAS Treasury Fund, end of the year 2,200,667 1,499,718
2012
SECTION III - Chapter 8GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
NOTES TO FINANCIAL STATEMENTS
1. O F S
The Trust for the Americas (the Trust) was created in 1997 as a non 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.
2. S S A P
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 partner-ships with private enterprises and foundations. The resources have been provided by contributions from corporate donors, government grants (from the U.S. Federal government as well as from other countries such as Canada and Colombia), multilateral organizations, in kind contributions from the Executive Secretariat for Integral Development (SEDI) represented in staff and office support, and in-kind donations from corporate and other donors.
Basis of AccountingThe accompanying financial statements are prepared on the accrual basis of accounting in accordance with account-ing principles generally accepted in the United States of America.
Equity in OAS Treasury FundAll U.S. dollars available for use in carrying out the activities of the various funds of OAS are combined in the OAS Treasury Fund. The Trust 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 each fund in proportion to its balance.
Fund Accounting and Net Asset ClassificationsThe Trust has adopted FASB Accounting Standards Codification (ASC) No. 958-205 “Presentation of Financial Statements of Not-for-Profit Organizations. The Trust’s accounts are classified for accounting and reporting purposes into projects established according to their nature and purposes. In the financial statements, projects that have similar characteristics have been combined into the following two net asset categories:
Temporarily Restricted – Net assets that are subject to donor imposed stipulations that will be met either by passage of time or by the actions of the Trust. As the restrictions are satisfied, temporarily restricted net assets are reclassified to unrestricted net assets and are reported in the accompanying statements of activities as net assets released from restrictions. The temporary restrictions of the Trust relate to contributions to be used for projects specified by the donor.
139
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GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011SECTION III - Chapter 8
Unrestricted – Net assets that are not subject to donor-imposed stipulations and that may be expended for any purpose in achieving the primary objective of the Trust.
Government GrantsThe Trust has an ongoing significant grant agreement with the United States government in which the Trust draws down funds through the Letter of Credit system. This grant agreement is described in further detail in Note 3. The United States grant awards are recognized as revenue to the extent of expenses incurred for purposes specified by the grantor. Expenses incurred in excess of cash received from the letter of credit draw down of the United States funds are shown as government grants receivable.
ContributionsContributions are recorded when earned. The Trust records contributions as temporarily restricted if funds are received with donor stipulations that limit their use either through purpose or time restrictions. When donor restrictions expire, temporarily restricted net assets are reclassified to unrestricted net assets and reported in the accompanying statements of activities as net assets released from restrictions.
In-kind ContributionsThe Trust received in-kind contributions that are donated to the Trust as part of an agreement (the Agreement) with the OAS. Under the Agreement, the OAS supports the Trust with space and executive staff support to enable the Trust to accomplish its objectives. The OAS in-kind contributions to the Trust amount to USD 421,454 and USD 452,922 as of December 31, 2012 and 2011, respectively.
In addition, the Trust received in-kind contributions in the amount of USD 2,099,586 and USD 1,377,719 as of December 31, 2012 and 2011, respectively. These contributions were received in the form of software donated by the Microsoft Corporation for the Trust’s Program of Opportunities in Employment through Technology in America (POETA) program in Latin America, and in the form of physical space and services from several partner organizations throughout the region, which have supported the implementation of the Trust’s programs.
These amounts are included as revenue and expenses in the accompanying statements of activities for the years ended December 31, 2012 and 2011.
Federal Income TaxThe 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).
Evaluation of Subsequent EventsThe Trust evaluated subsequent events through April 26, 2013, the date on which the financial statements became available for issuance.
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141
Use of EstimatesThe 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. S C
The Trust received a USD 590,570 contribution from Microsoft (received in December 2012 for use in 2013) to continue the implementation of its Program of Opportunities in Employment through Technology in the Americas (POETA). The program is implemented in 20 countries of the Western Hemisphere, summing up more than 100 centers and focuses on people with disabilities, at-risk youth and demobilized combatants (in Colombia), for 2013, the program will focus on Youth. In addition to Microsoft, AES Corporation, contributed USD 195,384 to expand the implementation of this program to Chile, Argentina and Colombia.
Under the Democracy and Human Rights area, the Trust was financed primarily under three grants by US Federal Agencies. During 2012, the Trust was granted by two new awards: one from USAID and another from US Department of State. The awards granted in 2012 totaled USD 1,042,411.
4. P E
The majorities of Trust’s 2012 project expenditures corresponds to its two main initiatives and were incurred as follows:
Democracy, Governance and Human Rights (DGHR) Projects USD 1,014,664Information and Communication Technologies for Development (ICT4D) Projects USD 1,686,063
These expenditures are included in Administrative and Project Expenses in the Statements of Activities.
5. C C
The trust is not subject to any litigation which management believes will have a material adverse effect on the Trust’s financial condition.
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143
CHAPTER 9INTER AMERICAN DEFENSE BOARD
TABLE OF CONTENTS
145 Report of Independent Auditors
147 Financial Statements147 Statement of Financial Position
147 Statements of Activities
148 Statement of Cash Flows
149 Notes to Financial Statements149 Organization
149 Summary of Significant Accounting Policies
150 Income Taxes
150 Pension Plan and Employee Benefits
150 Funding
151 In-Kind Contributions
151 Program Expenses
151 Commitments and Contingencies
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145
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147
ORGANIZATION OF AMERICAN STATESI -A D BS F PA D 31( USD)
ORGANIZATION OF AMERICAN STATESI -A D BS AF D 31( USD)
The accompanying notes form part of the financial statements.
Notes 2011ASSETSCash and cash equivalents 1,159,281 861,123Accounts receivable 520,645 267,725Prepaid expenses 16,981 4,197
Property & Equipment 539,075 1,083,409Less: Accumulated depreciation (307,311) (931,901)
Total assets 1,928,671 1,284,553
LIABILITIES AND NET ASSETSAccounts payable and accrued expenses 37,216 100,114Accrued leave 61,183 31,987
Total liabilities 98,399 132,101
Unrestricted net assets 1,830,272 1,152,452Total liabilities and net assets 1,928,671 1,284,553
2012
Notes 2011
INCREASESFunding received from OAS 5 1,234,648 1,256,000In kind contribution 6 3,665,250 3,306,200Reimbursement income 6 1,946,165 1,588,886Interest and other income 54,633 13,032
Total revenue 6,900,696 6,164,118
DECREASESPersonnel 534,614 535,305Other general and administrative 975,577 628,140Depreciation 38,442 28,897In kind expense 6 3,665,250 3,306,200Contracts 1,008,993 1,015,952
Total expenses 6,222,876 5,514,494
Change in net assets 677,820 649,624
Net assets, beginning of year 1,152,452 502,828Net assets, end of year 1,830,272 1,152,452
2012
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ORGANIZATION OF AMERICAN STATESI -A D BS C FF D 31( USD)
The accompanying notes form part of the financial statements.
Notes 2011
Operating activities:Change in net assets 677,820 649,624
Adjustments to reconcile change in net assetsto net cash from operating activities:Depreciation 38,442 28,897
Change in operating assets and liabilities(Increase) decrease in prepaid expenses (12,784) 14,666(Increase) decrease in account receivable (252,920) (267,120)Increase (decrease) in account payable (62,898) 48,044Increase (decrease) in accrued leave 29,196 (25,471)Increase (decrease) in deferred income operations (742,120)
Net cash provided by (used in) operating activities 416,856 (293,480)
Investing activities:Purchase of property & equipment (118,698) (75,867)
Increase (decrease) in cash and cash equivalents 298,158 (369,347)Cash and cash equivalents, beginning of the year 861,123 1,230,470Cash and cash equivalents, end of year 1,159,281 861,123
2012
SECTION III - Chapter 9GS/OAS ANNUAL AUDIT OF ACCOUNTS AND FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011
NOTES TO FINANCIAL STATEMENTS
1. O
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 (OAS). On March 15, 2006 by OAS resolution (AG/RES.1 XXXII-E/06) the Board became an entity of the OAS.
The Board is comprised of military officers representing the highest echelons of their nation’s defense establish-ments. The mission of the Board is to provide the OAS and its member states with technical and educational advice and consultancy services on matters related to military and defense in the Western Hemisphere in order to contrib-ute to the fulfillment of the OAS Charter.
The Inter-American Defense College (the College) was established in 1962 as a sub-organization of the Board. Its primary goal is to prepare military officers and civilian officials for senior leadership roles in their respective countries throughout the Western Hemisphere.
The Board is an entity of the 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 significant reduction of funding provided by the OAS. In response to budgetary constraints, the Board has dramatically reduced its civilian work force from 87 civilian personnel in 1987 to 5 civilian personnel at the end of fiscal year 2012.
The administration has reduced expenses and personnel cost to minimal levels and management believes are compromising the organization’s ability to adequately perform its mission. Management believes that the lack of civilian personnel affects the institutional memory of the organization, program continuity and adds significant management challenges to the effectiveness of the IADB operation.
2. S S A P
Basis of PresentationThe accompanying financial statements are prepared on an accrual basis of accounting, conforming to Generally Accepted Accounting Principles (GAAP) in the United States of America.
Cash and Cash EquivalentsThe Board considers all investments with maturity of three months, or less, from the date of purchase to be cash equivalents. As of December 31, 2012 and 2011, the Board cash and cash equivalents consist of two checking accounts.
Accounts ReceivableAccounts receivable, as of December 31, 2012 and 2011, consist primarily of amounts related to costs incurred by the Board which are reimbursable by U.S. Department of Defense (DoD).
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Use of EstimatesUsing GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amount of revenue and expense at the date of the financial statements during the reported period. Actual results could differ from those estimates.
Property and EquipmentEquipment 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 and furniture is three and ten years, respectively.
Significant Non-Cash Transactions During 2012, IADB disposed of some fully depreciated assets in the amount of $663,032
Evaluation of Subsequent EventsThe Board evaluated subsequent events through April 26, 2013, the date on which the financial statements became available for issuance.
3. I T
The Board is a public international organization and as such, is immune from paying U.S. Government income tax.
4. P P A E B
All 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 were approximately USD 69,828 and USD 72,644 in fiscal years 2012 and 2011, 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.
5. F
Funding received from the OAS as of December 31, 2012 and 2011 was USD 1,234,648 and USD 1,256,000, respec-tively. The Board relies upon the OAS funding for many of its activities and requires continued financial support from the OAS.
The headquarters of the Inter-American Defense Board is a building owned by the General Secretariat of the OAS, located at 2600 16TH Street NW Washington, DC 20441.
The Inter-American Defense College building is owned by the Department of Defense of the United States, located at Ft Lesley J. McNair in Washington, DC.
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151
6. I -K C
The Board received in-kind contributions from the OAS, DoD, and member states totaling approximately USD 3,665,250 and USD 3,306,200 for the years ending December 31, 2012 and 2011, respectively. These in-kind contri-butions 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. From the amounts mentioned above, the OAS provided in-kind contributions for the years ended December 31, 2012 and 2011 in the amounts of USD 879,750 or 24%, and of USD 1,173,000 or 35%, respectively, for the use of the building at 2600 NW 16th St., Washington DC. The DoD provided in-kind support for the years ended December 31, 2012 and 2011 in the amount of USD 2,380,500 or 65%, and USD 1,828,500 or 55% for the use of the two buildings at Fort McNair, Washington DC. Other in-kind contributions support provided by the DoD and other member states of the OAS for the years ended December 31, 2012 and 2011 was USD 405,000 and USD 304,700, respectively, which included the use of U.S. aircraft on in-country transporta-tion for student trips. These figures do not include the services provided by approximately 150 military personnel, delegates, students and advisors as the Board deems it impractical to measure the value of those contributions.
The College received support from DoD for several seminars and other academic activities. This support was USD 1,946,165 and USD 1,588,886 for the years ended December 31, 2012 and 2011, respectively, and is included in the Board reimbursement income. These initiatives were in addition to the normal operations of the College providing greater participation opportunities to all OAS member states and enhanced curriculum. 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 that funding. The College received USD 88,133 and USD 211,322 for its DoD funded scholarship program (IMET) as of December 31, 2012 and 2011, respectively. This scholarship program is designed to increase student participation from OAS member states.
7. P E
The Board’s expenses were primarily divided in its main organs: the Council of Delegates, the Sub-Secretariat for Advisory Services (SAS and former International Staff)/The Sub-Secretariat for Administration (SACS)”; and the Inter-American Defense College.
The OAS funding expenses incurred during 2012 and 2011 were calculated approximately as indicated on Table 1.
8. COMMITMENTS AND CONTINGENCIES
The Board is not subject to any litigation which management believes will have a material adverse effect on the Board’s financial condition.
T 1OAS F EA D 31( USD)
2011
Council of Delegates 218,494 246,571Sub Secretariat for Advisory Services & Sub Secretariat for Administration 402,710 367,256Inter American Defense College 613,444 642,173
TOTAL 1,234,648 1,256,000
2012
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SECTION IVORGANIZATION OF AMERICAN STATES RETIREMENT AND PENSION
FUND
TABLE OF CONTENTS
155 Chapter 10 - OAS Retirement and Pension Fund
Hall of Heroes. OAS.
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CHAPTER 10ORGANIZATION OF AMERICAN STATES RETIREMENT AND PENSION FUND
TABLE OF CONTENTS
157 Report of Independent Auditors
159 Financial Statements159 Statement of Net Assets Available for Benefits to Participants
159 Statements of Changes in Net Assets Available for Benefits to Participants
161 Notes To Financial Statements161 Description of the Fund
163 Significant Accounting Policies
164 Investments
167 Actuarial Present Value of Accumulated Plan Benefits
169 Money Market Account
169 Securities Lending
169 Income Tax Status of the Fund
169 Risk and Uncertainties
170 Subsequent Events
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159
ORGANIZATION OF AMERICAN STATESR P FS N A A B PA D 31( USD)
ORGANIZATION OF AMERICAN STATESR P FS C N A A B PF D 31( USD)
The accompanying notes form part of the financial statements.
2011AdditionsNet appreciation/(depreciation) in fair value of investments 23,207,814 (1,013,003)Interest and dividends 663,039 848,442Less investment expenses (416,622) (470,233)
23,454,231 (634,794)Contributions
Institutions 8,593,057 8,972,735Participants 4,296,338 4,488,793Participant payments for purchase of years of participation 332,241 131,461
13,221,636 13,592,989
Total additions 36,675,867 12,958,195
DeductionsPayments to pensioners 10,681,156 9,889,953Liquidations paid to participants (or their beneficiaries) 17,501,209 23,357,894Interest credited to Provident Plan accounts 42,471 13,850Administrative expenses 765,363 762,411
Total deductions 28,990,199 34,024,108
Net Increase/(Decrease) 7,685,668 (21,065,913)
Net assets available for benefitsBeginning of the Year 216,541,133 237,607,046End of the year 224,226,801 216,541,133
2012
2011AssetsInvestments at fair value:
Money Market Funds 1,491,564 4,022,994Short term investments Funds 4,931,523 2,200,909Corporate bonds 4,072,631Commingled equity trusts/Mutual Funds 113,287,155 110,383,245Fixed income funds 79,527,977 75,777,941Common stock 22,380,299 25,476,469
Sub total 225,691,149 217,861,558
Accrued interest and dividends 43,566 31,839Total assets 225,734,715 217,893,397
LiabilitiesDue to Broker for securities purchased 35,927 8,150Provident Plan participants accounts 1,335,203 1,224,907Administrative expenses payable 136,784 119,207
Total liabilities 1,507,914 1,352,264
Net assets available for benefits 224,226,801 216,541,133
2012
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161
NOTES TO FINANCIAL STATEMENTS
1. D F
The activity of the Organization of American States Retirement and Pension Fund (the Fund) includes both the Retirement and Pension Plan (the 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.
GeneralThe Plan is a contributory defined benefit retirement plan maintained for the benefit of most staff members of the Organization of American States (the OAS) and other affiliated institutions. Compulsory contributions are shared two-thirds by the institution and one-third by the staff member. Staff member contributions are calculated at 7% of pensionable remuneration.
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 PolicyThe Plan and the Provident Plan are funded by the General Secretariat, other affiliated institutions, and compul-sory 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 (the 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 4.04% and 1.5% in 2012 and 2011, respectively. Plan participants’ accumulated contributions were USD 48,502,411 and USD 50,528,095 at December 31, 2012 and 2011, respectively, and Plan institutional accumulated contributions —including non-vested contribu-tions— were USD 96,304,130 and USD 99,763,490 at December 31, 2012 and 2011, respectively. All these contribu-tions include interest credited at rates determined by the Committee, compounded semiannually.
BenefitsAmounts 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 institu-tional credit for each additional year in excess of four. They are fully vested in their institutional credits after seven years of participation.
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Minimum conditions for retirement are 55 years of age and 15 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 65, with not less than 15 years of participation in the Plan, is an annual amount equal to 2% of the average annual pensionable remu-neration (for the 36 consecutive months of highest pensionable remuneration within the last five years of remuner-ated participation) multiplied by the number of years of participation up to a maximum of 30, and 1 ⁄ % additional for every year of participation in excess of 30 but no more than 40.
The same method is used to determine the amount of the voluntary retirement pension due to participants who elect this form of retirement that is applicable to participants 55 years of age or older, but less than 65, whose years of participation and age, when added, total not less than 85 (the 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 BenefitsUpon death of a pensioner (or a participant with not less than five years of participation who dies while in active service), the 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 BenefitsParticipants 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 partici-pant 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.
Plan TerminationsIf the plans are terminated, every participant, regardless of length of participation, is entitled to all the contribu-tions credited to his or her account and the increment thereon.
Except to correct any actuarial errors, no part of the contribution to the Plans 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 insti-tution or be used for any other purpose than the exclusive benefit to the participants or their beneficiaries.
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2. S A P
Basis of AccountingThe accompanying financial statements have been prepared on the accrual basis of accounting. Benefits are recorded when paid.
Investment Valuation and Income RecognitionMoney Markets funds, short-term investments, common stocks, fixed income funds and mutual funds are stated at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Commingled equity trusts are valued by obtaining a price from their issuer, which is based on quoted prices of the active markets on which the underlying security is traded.
In accordance with ASC 820, Fair Value Measurements and Disclosures, assets and liabilities measured at fair value are categorized into the following fair value hierarchy:
• Level 1 – Fair value is based on unadjusted quoted prices for identical assets or liabilities in an active market that the Plan has the ability to access at the measurement date.
• Level 2 – Fair value is based on quoted prices in markets that are not active, quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.
• Level 3 – Fair value is based on prices or valuation techniques that require inputs that are both significant to the fair value measurements and unobservable. These inputs reflect management’s judgment about the assumptions that a market participant would use in pricing the investment and are based on the best available information, some of which may be internally developed.
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded as earned. Dividends are recorded on the ex-dividend date. Net appreciation includes the Fund’s gains and losses on invest-ments bought and sold as well as held during the year.
Actuarial Present Value of Accumulated Plan BenefitsAccumulated plan benefits (See Note 4) represent the actuarial present value of estimated future periodic payments, including lump-sum distributions that are attributable under the Plan’s provisions to services rendered by the employees to the valuation date. Accumulated plan benefits include benefits expected to be paid to (a) 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 EstimatesThe 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.
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New Accounting PronouncementsIn May 2011, the FASB issued Accounting Standards Update 2011-04, Amendments to Achieve Common Fair Value Measurements and Disclosure Requirements in U.S. GAAP and IFRSs, (ASU 2011-04). ASU 2011-04 amended ASC 820, Fair Value Measurements and Disclosures, to converge the fair value measurement guidance in US generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRSs). Some of the amend-ments clarify the application of existing fair value measurement requirements, while other amendments change a particular principle in ASC 820. In addition, ASU 2011-04 requires additional fair value disclosures [although certain of these new disclosures will not be required for nonpublic entities]. The amendments are to be applied prospec-tively and are effective for annual periods beginning after December 15, 2011. Plan management adopted this standard; however, it did not have a significant impact on the Plan’s financial statements.
3. I
The Fund’s investment portfolio is managed by State Street Global Advisors; The Northern Trust Company; BlackRock Institutional Trust Company; Aberdeen Asset Management; Lord, Abbett & Co. ; and Merrill Lynch, within the invest-ment 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 the 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 the custodian for this portfolio. The Northern Trust Company also manages and acts as the custodian for a portion of the short-term, fixed-income investment portfolio. Aberdeen Asset Management1 manages the active portion of the long-term bond portfolio. BlackRock Institutional Trust Company manages and acts as the custodian of the passive interna-tional equity portfolio.
Buck Consultants performs the monitoring of the investment managers and investment returns to assure compli-ance 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, is presented in Table 1.
1 Aberdeen Asset Management has its own custody agreement with State Street Bank and Trust Company. The Plan, as well, monitors its activities through the Northern Trust Company.
T 1I I R 5% F ’ N AA D 31( USD)
2012SSGA Russell 1000 Index Securities Lending Fund 70,293,009Aberdeen Core Plus Fixed Income Portfolio 18,029,299SSGA US Aggregate Bond Index Securities Lending Fund 40,728,751EAFE EQ Index FD EX Japan 34,406,267MFB NT Collective Intermediate Government Credit BondIndex Fund Lending 12,743,681
2011SSGA Russell 1000 Index Securities Lending Fund 66,917,670Aberdeen Core Plus Fixed Income Portfolio 16,472,002SSGA US Aggregate Bond Index Securities Lending Fund 39,056,282EAFE EQ Index FD EX Japan 28,653,505MFB NT Collective Intermediate Government Credit BondIndex Fund Lending 12,266,867
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The classification of investments by portfolio and financial instruments is presented in Table 2, this tables set facili-tate the understanding of the composition and nature of the investment structure of the Fund. Also, the listing of investment assets in the Statements of Net Assets Available for Benefits to Participants follows the classification by financial instruments in full compliance with generally accepted accounting principles.
The Fund’s investments (including bought, sold, as well as held during the year) appreciated (depreciated) in fair value is shown in Table 3.
Fair Value MeasurementsFair value is defined under ASC 820 as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., an exit price). To measure fair value, a hierarchy has been established that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs. As such, the hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3).
T 2C I P( USD)
T 3N R U A (D )F D 31( USD)
2012
Financial CategoriesShort Term
PortfolioFixed Term
PortfolioDomestic Equity
PortfolioInternational
Equity PortfolioTotal
Money Market Funds 1,491,564 1,491,564Short Term Investments 4,931,523 4,931,523Corporate Bonds 4,072,631 4,072,631Fixed Income Funds 79,527,977 79,527,977Commingled Equity Trusts/Mutual Funds 70,293,008 42,994,147 113,287,155Common Stock 22,380,299 22,380,299
Total 10,495,718 79,527,977 92,673,307 42,994,147 225,691,149
2011
Financial CategoriesShort Term
PortfolioFixed Term
PortfolioDomestic Equity
PortfolioInternational
Equity PortfolioTotal
Money Market Funds 4,022,994 4,022,994Short Term Investments 1,092,304 1,108,605 2,200,909Fixed Income Funds 75,777,941 75,777,941Commingled Equity Trusts/Mutual Funds 66,917,670 43,465,575 110,383,245Common Stock 25,476,469 25,476,469
Total 5,115,298 75,777,941 93,502,744 43,465,575 217,861,558
2011
Fixed Income Funds 3,755,386 5,044,329Corporate Bonds (155,995) (154,599)Commingled Equity Trusts/Mutual Funds 17,349,131 (4,738,724)Common Stock 2,259,292 (1,164,009)
Total 23,207,814 (1,013,003)
2012
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The three levels of the fair value hierarchy under FASB ASC 820 are described below:
Level 1 - Unadjusted quoted prices in active markets that are accessible to the reporting entity at the measure-ment date for identical assets and liabilities.
Level 2 - Inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability.
Level 2 inputs include the following:
• Quoted prices for similar assets and liabilities in active markets
• Quoted prices for identical or similar assets or liabilities in markets that are not active
• Observable inputs other than quoted prices that are used in the valuation of the asset or liabilities (e.g., interest rate and yield curve quotes at commonly quoted intervals)
• Inputs that are derived principally from or corroborated by observable market data by correlation or other means
Level 3 - Unobservable inputs for the asset or liability (i.e., supported by little or no market activity). Level 3 inputs include management’s own assumption about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk).
The level in the fair value hierarchy within which the fair value measurement is classified is determined based on the lowest level input that is significant to the fair value measure in its entirety.
Common stocks, corporate bonds and mutual funds: Measured at fair value based on quoted market prices in active markets, a valuation technique consistent with the market approach. Such securities are classified within Level 1 of the fair value hierarchy. As required by the fair value measurement framework, no adjustments are made to quoted price for such securities.
T 4A F VF D 31( USD)
2012 Level 1 Level 2 Level 3 TotalMoney market funds 1,491,564 1,491,564Short term investment funds 4,931,523 4,931,523Corporate bonds 4,072,631 4,072,631Common stock 22,380,299 22,380,299Commingled equity trusts 113,287,155 113,287,155Fixed income funds 79,527,977 79,527,977
26,452,930 199,238,219 225,691,149
2011 Level 1 Level 2 Level 3 TotalMoney market funds 4,022,994 4,022,994Short term investment funds 2,200,909 2,200,909Common stocks 25,476,469 25,476,469Commingled equity trusts 103,439,410 103,439,410Fixed income funds 75,777,941 75,777,941Mutual funds 6,943,835 6,943,835
32,420,304 185,441,254 217,861,558
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Commingled Equity Trusts, Fixed Income Funds, Short-term Investment Funds and Money Market Funds, which are not publicly-traded are measured at fair value on the net asset value of the investment funds and are classified as Level 2, as they are redeemable with the investee in the near term at their net asset value per share at the measure-ment date This valuation technique is consistent with the market approach.
During 2012, there were no significant transfers in and out of Levels 1 and 2.
Table 4 (on previous page) sets forth the Fund’s investments as of December 31, 2012 and 2011, by level within the fair value hierarchy.
The Fund has estimated the fair value of the investment funds shown on Table 5 using their net asset value per share as of December 31, 2012. None of these funds has unfunded commitments.
4. A P V A P B
The Plan’s actuary estimated the actuarial present value of accumulated plan benefits, which is the amount that results from applying actuarial assumptions to adjust the accumulated plan benefits earned by the participants to reflect the time value of money (through discounts for interest) and the probability of payment (by means of decre-ments such as for death, disability, withdrawal or retirement) between the valuation date and the expected date of payment.
T 5I F ’ F VA D 31( USD)
Class of Investment 2012 2011RedemptionFrequency
RedemptionNotice Period
Equity Funds:
BlackRock MSCI Equity Index Fund Japan(A) 8,587,879 7,868,235 daily 3 daysBlackRock EAFE Equity Index Fund Ex Japan(A) 34,406,267 28,653,505 daily 3 daysSSGA Russell 1000 Index Securities Lending Fund(B) 70,293,009 66,917,670 daily 2 daysSSGA US Aggregate Bond Index Securities Lending Fund(C) 40,728,751 39,056,282 daily 2 days
Fixed income funds:Aberdeen Core Plus Fixed Income Portfolio(C) 18,029,299 16,472,002 monthly 7 daysNorthern Trust Collective Intermediate Government Credit Bond Index FundLending(E) 12,743,681 12,266,867 daily 1 dayNorthern Trust Collective Short term Government Fund Lending(E) 8,026,246 7,982,790 daily 1 day
Short term investments funds:Northern Trust Global Investments Collective STIF(F) 4,931,523 2,200,909 daily 1 dayBBIF Treasury Fund Class 4(F) 1,491,564 4,022,994 daily 1 day
Total 199,238,219 185,441,254
(A) Commingled fund that invests, long only, in non U.S. common stocks. Manangement of the fund replicates (or optimizes) the large cap equity index(B) Commingled fund that invests, long only, in other collective investment funds. Management of the fund replicates (or optimizes) the Russell 1000 index(C) Commingled funds that invest, long only, in other collective investment funds. Management of the fund replicates the Barclays Capital U.S. Aggregate
Bond Index.
based upon fundamental characteristics.(E) Commingled fund that invests, long only, in U.S. government securities. These funds invest in long term government securities.
short term government securities only.
(F) Commingled fund that invests, long only, in U.S. government securities. Management of the fund sets the net asset value of the fund at USD 1.00, and
Fair Value
(D) Active fixed income fund. This fund invests in sovereign and sub sovereign United States dollar and local debt. Management of the fund selects bonds
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Significant assumptions underlying the actuarial valuation are as shown on Table 6. 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.
The actuarial present value of accumulated plan benefits and benefit information for December 31, 2012 and 2011, are shown in Table 7.
The changes in accumulated plan benefits for the years ended December 31, 2012 and 2011 are shown in Table 8.
T 7A P V A P BF D 31( USD)
T 8R T A P V A P BF D 31( USD)
2012 2011Vested Benefits:
Participants 93,563 97,191Pensioners 130,134 131,148
Total vested benefits 223,697 228,339
Non vested benefits 25,858 26,709
Total Actuarial Present Value of Accumulated Plan Benefits 249,555 255,048
2012 2011
Total actuarial present value of accumulated plan benefits at beginning of the year 255,048 243,143
Increase (decrease) attributable to:Interest earned on accumulated plan benefits 19,298 18,137Benefits paid (28,182) (33,498)Benefits accumulated and actuarial experience 7,367 14,002Change in actuarial assumption (3,976) 13,264
Total actuarial present value of accumulated plan benefits at end of the year 249,555 255,048
T 6A V AF D 31
2012 2011Mortality United Nations mortality tables – male and female
2007 with mortality improvements projected to 2028.United Nations mortality tables – male and female2007 with mortality improvements projected to 2026.
Retirement 100% for ages 65 and over with 15 or more years ofservice.
90% for ages 65–69 with 15 or more years of service.
Interest 8.0% of which 3.2% is assumed to be credited toparticipants’ accounts.
8.0% of which 3.2% is assumed to be credited toparticipants’ accounts.
Retirement Benefit Election 67% participants assumed to elect full commutationwith the remaining 33% assumed to take their benefitin the form of annuity.
70% participants assumed to elect full commutationwith the remaining 30% assumed to take their benefitin the form of annuity.
Cost of Living Adjustment 3.50% 0.4%
Inflation 3.25% 3.5%
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169
5. M M A
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 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 USD 1,491,564 and USD 4,022,994 at December 31, 2012 and 2011, respectively.
6. S L
The Fund is authorized to engage in the lending of certain investments. Securities lending is an investment manage-ment enhancement that utilizes certain existing securities of the Fund to earn additional income. Securities lending involves the loaning of securities to approved banks and broker/dealers. In return for the loaned securities, the trustee, prior to or simultaneous with delivery of the loaned securities to the borrower, receives collateral in the form of cash or U.S. government securities as a safeguard against possible default of any borrower on the return of the loan under terms that permit the Fund to repledge or sell the securities. Each loan is initially collateralized, in the case of: (a) loaned securities denominated in U.S. dollars or whose primary trading market is located in the U.S., or (b) loaned securities not denominated in U.S. dollars or whose primary trading market is not located in the U.S. to the extent of 105% of the market value of the loaned securities. The collateral is marked to market on a daily basis. In the event the counterparty is unable to meet its contractual obligation under the securities lending arrangement, the Fund may incur losses equal to the amount by which the market value of the securities differ from the amount of collateral held. The Fund mitigates credit risk associated with securities lending arrangements by monitoring the fair value of the securities loaned on a daily basis, with additional collateral obtained or refunded as necessary.
The Fund maintains full ownership rights to the securities loaned and accordingly, classifies loaned securities as investments. The fair value of securities on loan was approximately USD 591,852 and USD 9,381,298 and the fair value of collateral was approximately USD 602,609 and USD 9,325,932, respectively, at December 31, 2012 and 2011. Securities lending income earned by the Fund is recorded on the accrual basis and was approximately USD 1,397 and USD 31,086 for the years ended December 31, 2012 and 2011, respectively.
7. I T S F
As an international organization, the OAS is exempt from U.S. federal income taxes and such exemption applies to the Plan and the Provident Plan of the OAS.
8. R U
The Fund invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market volatility and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that those changes could materially affect the amounts reported in the Statements of Net Assets Available For Benefits to Participants.
Plan contributions are made and the actuarial present value of accumulated plan benefits are reported based on certain assumptions pertaining to interest rates, inflation rates and employee demographics, all of which are subject to change. Due to uncertainties inherent in the estimation and assumption processes, it is at least reason-
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ably possible that changes in these estimates and assumptions in the near term could materially affect the amounts reported and disclosed in the financial statements.
9. S E
The Fund evaluated subsequent events through April 26, 2013, the date on which the financial statements became available to be issued, and has determined that there were no subsequent events requiring adjustments to the financial statements.
In January 2013, payments totaling USD 1.4 million were made to participants who had elected to withdraw from the plan in the plan year ending December 31, 2012 but who had not been paid as of December 31, 2012.
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T O A S
The Organiza on of American States (OAS) is the world's oldest regional organiza on, da ng back to the First Interna onal Conference of American States, held in Washington, D.C., from October 1889 to April 1890. At that mee ng the establishment of the Interna onal 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 addi on, the Organiza on has granted permanent observer status to 65 states, as well as the European Union.
The essen al purposes of the OAS are: to strengthen peace and security in the Hemisphere; to promote and consolidate representa ve democracy, with due respect for the principle of noninterven on; to prevent possible causes of diffi cul es and to ensure peaceful se lement of disputes that may arise among the member states; to provide for common ac on on the part of those states in the event of aggression; to seek the solu on of poli cal, juridical, and economic problems that may arise among them; to promote, by coopera ve ac on, their economic, social, and cultural development; and, to achieve an eff ec ve limita on of conven onal 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 Mee ng of Consulta on of Ministers of Foreign Aff airs; the Councils (the Permanent Council and the Inter-American Council for Integral Development); the Inter-American Juridical Commi ee; the Inter-American Commission on Human Rights; the General Secretariat; the specialized conferences; the specialized Organiza ons; and, other en es established by the General Assembly.
The General Assembly holds regular sessions once a year. Under special circumstances it meets in special session. The Mee ng of Consulta on is convened to consider urgent ma ers of common interest and to serve as Organ of Consulta on under the Inter-American Treaty of Reciprocal Assistance (Rio Treaty), the main instrument for joint ac on in the event of aggression. The Permanent Council takes cognizance of such ma ers as are entrusted by the General Assembly or the Mee ng of Consulta on, and implements the decisions of both organs when their implementa on has not been assigned to any other body. It monitors the maintenance of friendly rela ons among member states and the observance of the standards governing General Secretariat opera ons and also acts provisionally as Organ of Consulta on 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.
An gua and Barbuda, Argen na, 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,
Hai , Honduras, Jamaica, Mexico, Nicaragua, Panama, Paraguay, Peru, Saint Ki s and Nevis, Saint Lucia,Saint Vincent and the Grenadines, Suriname, Trinidad and Tobago, United States of America, Uruguay and Venezuela.
Antigua and Barbuda ArgentinaThe BahamasBarbados
BelizeCanadaBolivia
Brazil
Chile CubaColombia
eVenezuela
Costa RicaEcuador
El SalvadorDominican Republic
Dom
inica
GrenadaH
onduras
HaitiJamaica
Guatemala
Mexico
Nicaragua
ParaguayPeru Saint Kitts and Nevis
Saint Lucia Suriname
Panama
Trinidad and Tobago
Saint Vincent and the Grenadinesa
United States of AmericaUruguay
GuyanaElS l dlS
Organization of American States1889 F Street, N.W.Washington, D.C. 20006202 458-3000 / www.oas.org
ISBN 978-0-8270-5981-8
GS/O
AS - A
nnual Audit of A
ccounts and Financial Statements for the Years Ended D
ecember 31, 20012 and 2011
Report to the Permanent CouncilAnnual Audit of Accounts and Financial Statements
For the years ended December 31, 2012 and 2011
By the Board of External Auditors - ADM