IUCr 1996 Triennial Financial Report - General Financial Development

Table 1 shows a comparison of the fund accounts at the beginning and the end of the triennium. Two new funds, the Journal of Synchrotron Radiation Fund and the Newsletter Fund, were established in this period. The total assets have decreased by CHF 101219 from CHF 5325909 to CHF 5224690, or 1.9%, over the triennium. It should be noted that these figures include the fluctuations in exchange rates. If the exchange-rate fluctuations are disregarded, the total assets increased by CHF 281476 from CHF 5687219 to CHF 5968695, or 4.9%, over the triennium.

Table 2 shows the distribution of the assets. The amount of CHF 194071 for debtors at 31 December 1995 is normal. It includes, in part, the IUCr's funding of the Seattle General Assembly and Congress paid in advance. The great majority of the other amounts under debtors and creditors have since been settled.

The total investments at 31 December 1995 are CHF 4882698 at market value, as shown in Table 2, of which 32.4% is held by Merrill Lynch, 53.6% by Foreign & Colonial and 14.0% is held in UK Treasury Gilts. It should be noted that in 1994 it was decided to list the investments of the IUCr at market value, rather than at revalued cost as had been done previously. It was felt that this would better reflect the financial position. The IUCr bank accounts and short-term deposits are held with the Union Bank of Switzerland, the National Westminster Bank and Merrill Lynch, involving the currencies CHF, GBP and USD.

As an association incorporated in Switzerland, the IUCr is exempt from Swiss Federal and Geneva Cantonal Tax. Under the terms of the United Kingdom/Switzerland Double Taxation Agreement dated 8 December 1977, investment income arising within the UK under present circumstances is not subject to United Kingdom tax. Investment income received from other countries with which Switzerland has a Double Taxation Agreement is also exempt from tax. In October 1985, a recognition of tax-exempt status in the USA was received from the Internal Revenue Service, Department of the US Treasury.

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