Examination of Financial Statements of the Inter-American Foundation for the 15-Month Period Ended September 30, 1976

ID-77-43: Published: Aug 12, 1977. Publicly Released: Aug 12, 1977.

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The Inter-American Foundation is a wholly-owned government corporation created to: (1) strengthen bonds of friendship and understanding among the people of this hemisphere; (2) support, stimulate, and assist self-help efforts toward individual development; and (3) encourage appropriate democratic institutions in the individual countries. The Foundation attempts to meet the objectives by making grants to aid self-initiated efforts, generally by nongovernmental, nonprofit Latin American and Caribbean groups. The financial statements provided present fairly the financial position of the Foundation at September 30, 1976 and at June 30, 1975 and the results of its operations and the changes in fund balances for the periods then ended, in conformity with the principles and standards of accounting prescribed by the Comptroller General.

From its inception through September 30, 1976, the Foundation had obligated a total of $48 million for 422 grants, of which $13 million for 112 grants was obligated in the 15-month period then ended. The average grant for the 15-month period was $113,000, with grants for individual projects ranging from $1,184 to $1,620,442. Grants were approved for groups in 21 Latin American and Caribbean countries and the United States. Since the statements included in this report for the fiscal year ended June 30, 1975 reflect a 12-month period, and those for the period ended September 30, 1976 reflect a 15-month period, the financial statements lack comparability.

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