Examination of Financial Statements of Gorgas Memorial Institute of Tropical and Preventive Medicine, Inc.

ID-78-38: Published: May 11, 1978. Publicly Released: May 11, 1978.

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The financial statements of the Gorgas Memorial Institute of Tropical and Preventive Medicine, Inc., for the fiscal year ended September 30, l977, and the transitional quarter ended September 30, l976, were examined. The Institute is a private nonprofit organization which was incorporated in Delaware, registered in the Republic of Panama, and has its headquarters in Washington, D.C. It is governed by a 47-member Board of Directors which includes officials of the United States and Panama Governments, representatives of national and international agencies, and leading United States and Latin American scientists and professionals. The Gorgas Memorial Laboratory, the biomedical research facility, is operated by the Institute and is funded by Congress and the Panamanian National Assembly.

The examination of the Institute's statement of assets, liabilities, and fund balances as of September 30, l977, and September 30, l976, and the related statements of contributions, income, expenditures, transfers of operating funds, and changes in fund balances were made in accordance with generally accepted accounting procedures and included such tests of accounting records and other auditing procedures as were considered necessary. The statements present fairly the assets and liabilities of the Gorgas Memorial Institute at September 30, l977, and September 30, l976, and the contributions, income, expenditures, transfers of operating funds, and changes in fund balances in comformity with generally accepted accounting principles for nonprofit organizations applied on a consistent basis. The Panama Canal Treaty surrendering American control over the Panama Canal and the Canal Zone to Panama by the year 2000 will apparently have no impact on the laboratory's facilities.

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