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

GAO conducts biennial audits of the Gorgas Memorial Institute of Tropical and Preventive Medicine, Inc.'s financial records and reports, and an independent public accounting firm conducts audits for the alternate years. Interest earned by public or private grantees on funds granted by the United States belong to the United States rather than to the grantee. The Institute, unaware of this prohibition, earned more than $8,000 on its grant funds during fiscal year 1979 and transferred these earnings to its endowment fund. In the future, the Institute should return earnings on its grant funds to the Federal Government. The Institute's financial statements presented fairly the assets and liabilities of the Institute.