IUCr 1999 Triennial Financial Report - General Financial Development

Table 1 shows a comparison of the fund accounts at the beginning and the end of the triennium. The total assets have increased by CHF 1,691,377 from CHF 5,224,690 to CHF 6,916,067, or 32%, 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 1,266,115 from CHF 5,968,695 to CHF 7,234,810, or 21%, over the triennium.

Table 2 shows the distribution of the assets. The debtors includes, in part, the IUCr's funding of the Glasgow 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 1998 are CHF 6,163,824 at market value, as shown in Table 2, of which 23% is held by Merrill Lynch, 60% by Foreign & Colonial and 17% is held in UK Treasury Gilts. 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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