Chapter

Appendix IX. Balance Sheet, Statement of Income and Expenditure, Statement of Reserves, and Supporting Schedules

Author(s):
International Monetary Fund
Published Date:
September 1960
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Letter of Transmittal

July 8, 1960

My dear Mr. Chairman:

In accordance with Section 20(b) of the By-Laws of the Fund, I have the honor to submit for the consideration of the Board of Governors the audited financial statements of the International Monetary Fund, and the Staff Retirement Fund, for the year ended April 30, 1960, together with two memoranda from the Audit Committee, which include the audit certificates.

In conformity with the By-Laws, the external audit of the Fund has been performed by an Audit Committee consisting of auditors nominated by three member countries. At the Fund’s request, the Federal Republic of Germany, Japan, and Peru nominated auditors to serve on this Committee. They respectively nominated Mr. Horst Peckolt, Member of the Board of Directors of the Deutsche Revisions- und Treuhand-Aktiengesellschaft; Mr. Takeo Yumoto, Auditor, Bank of Japan; and Mr. Rodolfo León, Executive Officer, Banco Central de Reserva del Peru. The auditors thus nominated were confirmed by the Executive Directors.

It will be noted that, in the period under review, ordinary income amounted to $21,002,335.00 and expenditure amounted to $6,878,376.57, resulting in a net income of $14,123,958.43, which has been transferred provisionally to General Reserve pending Board of Governors’ action. In addition, income of $15,359,726.47 from the Fund’s gold investment program has been transferred to Special Reserve.

The detailed report of the Audit Committee is being submitted separately to the Board of Governors.

Yours sincerely,

/s/

Per Jacobsson

Chairman of the Executive Board

Chairman of the Board of Governors

International Monetary Fund

Memorandum by the Audit Committee

June 22, 1960

To the Managing Director and the Executive Directors

International Monetary Fund

The report of the Audit Committee, dated June 22, 1960, submitted through you to the Board of Governors, on the audit of the financial records and transactions of the Fund for the fiscal year ended April 30, 1960, includes the following paragraphs relating to the scope of the audit conducted and the audit certificate given:

Scope of the Audit

In the carrying out of its assignment, the Committee has taken due note of the requirements of Section 20 (b) of the By-Laws that the audit be conducted according to generally accepted auditing standards; that it be comprehensive with respect to the examination of the financial records; that it extend, so far as practicable, to the ascertainment that financial transactions consummated during the period under review were supported by the necessary authority; and that it determine that there was adequate and faithful accounting for the assets of the Fund. In considering the authority for financial transactions, reference was made to the Articles of Agreement, the By-Laws and Rules and Regulations, and to the minutes of the Executive Board. The system of accounting and internal financial control was reviewed, and the work performed by the Internal Auditor, as reported upon by him to the Committee, was taken into account in the audit.

Audit Certificate

We have made an independent examination of the Balance Sheet of the International Monetary Fund as at April 30, 1960, of the Statements of Income and Expenditure and of Reserves for the fiscal year then ended, and of the schedules related to such financial statements. We have obtained from the officers and staff of the Fund all such information and representations as we have required in the conduct of our audit.

In our opinion, based on our examination, such Balance Sheet and related Statement of Income and Expenditure, together with the notes appearing thereon, present fairly the financial position of the International Monetary Fund as at April 30, 1960, and the results of its operations for the fiscal year then ended, and were prepared in conformity with generally accepted acounting principles applied on a basis consistent with that of previous fiscal years.

Audit Committee:

/s/ Horst Peckolt, Chairman (Federal Republic of Germany)

/s/ Takeo Yumoto (Japan)

/s/ Rodolfo León (Peru)

Exhibit A Balance Sheet as at April 30, 1960

Values expressed in U.S. dollars on the basis of established parities (See Note 1)
Assets
Gold Account (Schedule 1)
Gold with depositories (see Note 2)$ 2,494,644,088.06
(71,275,545.373 fine ounces, at US$35.00 per ounce)
Investments (See Note 3)
$512,870,000 U.S. Treasury
bills at cost$499,978,985.52
Funds awaiting investment12,525.79499,991,511.31$ 2,999,635,599.37
Currencies and Securities (Schedule 2)
With depositories
Currencies$2,131,063,531.16
Securities8,572,473,516.13$10,703,537,047.29
(nonnegotiable, noninterest
bearing demand obligations,
payable at face value by
members in their currencies)
Add: Currency adjustment receivable1,886,583.66
(in accordance with Article IV, Section 8)$10,705,423,630.95
Deduct: Currency held on behalf of member
(Schedule 6)525,000.0010,704,898,630.95
Subscriptions to Capital—Receivable (Schedule 3)
Balance not due632,524,780.41
(members whose par values have not yet been established)
Subscriptions Due from Members in Respect of
Authorized Increases in Quotes (contra) (Schedule 6)50,525,000.00
Withdrawing Member’s Currency990,869.28
(redeemable by Czechoslovakia in gold or U.S. dollars in installments not
later than July 2, 1961)
Other Assets (See Note 4) (Schedule 4)8,137,965.87
(receivables, accruals, prepayments, and sundry cash)
Total Assets$14,391,712,845.88
Notes:

With the exception of the following currencies, which, for bookkeeping purposes, are computed at provisional rates (the Tunisian dinar represents U.S. cents per currency unit; all other rates represent currency units per U.S. dollar):

Argentine peso83.0000
Bolivian boliviano11,500.0
Canadian dollar0.965156
Chilean escudo1.04900
Greek drachma30.0000
Indonesian rupiah45.0000
Korean hwan500.000
Malayan dollar3.06122
Paraguayan guaraní110.000
Peruvian sol27.7000
Thai baht21.0000
Tunisian dinar238.000
Vietnamese piastre35.0000

Excludes 4,549.096 fine ounces earmarked for members.

Made with the proceeds of the sale of 14,285,471.752 fine ounces of gold. Upon termination of the investment, the same quantity of gold can be reacquired.

The assets and liabilities of the Staff Retirement Fund are not included in this Balance Sheet.

A stand-by charge has, under certain circumstances, to be credited against the service charge for a drawing under the stand-by arrangement; the maximum amount on April 30, 1960 is $675,771.82. A portion of the stand-by charge is refundable to a member if the arrangement is canceled; the maximum amount on April 30, 1960 is $463,748.71.

Notes:

With the exception of the following currencies, which, for bookkeeping purposes, are computed at provisional rates (the Tunisian dinar represents U.S. cents per currency unit; all other rates represent currency units per U.S. dollar):

Argentine peso83.0000
Bolivian boliviano11,500.0
Canadian dollar0.965156
Chilean escudo1.04900
Greek drachma30.0000
Indonesian rupiah45.0000
Korean hwan500.000
Malayan dollar3.06122
Paraguayan guaraní110.000
Peruvian sol27.7000
Thai baht21.0000
Tunisian dinar238.000
Vietnamese piastre35.0000

Excludes 4,549.096 fine ounces earmarked for members.

Made with the proceeds of the sale of 14,285,471.752 fine ounces of gold. Upon termination of the investment, the same quantity of gold can be reacquired.

The assets and liabilities of the Staff Retirement Fund are not included in this Balance Sheet.

A stand-by charge has, under certain circumstances, to be credited against the service charge for a drawing under the stand-by arrangement; the maximum amount on April 30, 1960 is $675,771.82. A portion of the stand-by charge is refundable to a member if the arrangement is canceled; the maximum amount on April 30, 1960 is $463,748.71.

Capital, Reserves, and Liabilities
Capital
Authorized subscriptions of members (Schedule 3)$14,276,550,000.0
Reserves (Exhibit C)
Special reserve$22,298,813.34
General reserve39,762,149.2062,060,962.54
Subscriptions in Respect of Increases in Quotas
Consented to but not yet Effective (Schedule 6)
Partial payment made$ 1,575,000.00
Payments due (Contra)50,525,000.0052,100,000.00
Provision for Potential Refunds of Stand-By Charges (See Note 5)675,771.82
Other Liabilities (See Note 4) (Schedule 5)326,111.52
(accruals, potential rebate of interest, etc.)
Total Capital, Reserves, and Liabilities$14,391,712,845.88
/s/ Y. C. Koo/s/ Per Jacobsson
TreasurerManaging Director
/s/C M. Powell
Comptroller and Assistant Treasurer

Exhibit B Statement of Income and Expenditure for the year ended April 30, 1960

Income
Operational charges$ 4,086,312.55
Charges on balances in excess of quotas16,906,736.46
Other income9,285.99
Total Income (See Note 1)$21,002,335.00
Expenditure
Board of Governors$ 225,816.09
Office of Executive Directors
Salaries$715,608.93
Other compensations and
benefits119,649.64
Travel167,834.991,003,093.56
Staff
Salaries$3,070,270.32
Other compensations and
benefits1,001,502.40
Travel619,903.504,691,676.22
Other administrative expenses
Communications$167,629.15
Office occupancy expenses209,818.43
Books and printing
(See Note 2)138,665.95
Supplies and equipment120,175.54
Miscellaneous116,462.04752,751.11
Total Administrative Expenditure$ 6,673,336.98
Other expenditure
Fixed property costs$191,375.52
Gold handling and conversion costs13,625.41
Exchange adjustments38.66205,039.59
Total Expenditure6,878,376.57
Net Income$14,123,958.43
(Transferred provisionally to General Reserve
pending Board of Governors’ action) (Exhibit C)
Notes:

Excludes income from investments amounting to $15,359,726.47, transferred to Special Reserve (Exhibit C).

After deduction of $24,742.60 for sales of Fund’s publications.

Notes:

Excludes income from investments amounting to $15,359,726.47, transferred to Special Reserve (Exhibit C).

After deduction of $24,742.60 for sales of Fund’s publications.

Exhibit C Statement of Reserves for the year ended April 30, 1960

Special Reserve (See Note)
Balance, April 30, 1959$ 6,939,086.87
Add
Income from investment in U.S. Treasury bills for year15,359,726.47
Balance, April 30, 1960$22,298,813.34
General Reserve
Balance, April 30, 1959$25,584,387.17
Add
Net income for year (Exhibit B), transferred provisionally pending Board of Governor’s action14,123,958.43
Adjustment of income for previous fiscal years, pursuant to settlement agreement with withdrawing member25,866.60
Adjustments of past service cost resulting from April 17, 1959 amendments to the Staff Retirement Plan27,937.00
Balance, April 30, 196039,762,149.20
Total Reserves (carried to Balance Sheet).$62,060,962.54
Note:Represents income from investment in U.S. Treasury bills from November 1, 1957.
Note:Represents income from investment in U.S. Treasury bills from November 1, 1957.

Schedule 1 Gold Account as at April 30, 1960

Gold with depositories$2,494,644,088.06
(71,275,545.3731 fine ounces at US$35.00 per fine ounce)
Investments in U.S. Treasury bills:
MaturingFace ValueCost
Within 3 months$311,710,000.00$306,851,038.35
Within 4 to 6 months102,000,000.0098,811,096.54
Within 7 to 9 months52,060,000.0049,411,599.80
Within 10 to 12 months47,100,000.0044,905,250.83
$512,870,000.00$499,978,985.52
Funds awaiting investment12,525.79499,991,511.31
Total Gold Account (carried to Balance Sheet)$2,994,635,599.37

Excludes 4,549.096 fine ounces held under earmark by the Fund for the following members:

MemberFine Ounces
Argentina53.124
Bolivia0.016
Brazil3.077
Burma129.391
Chile1,342.725
Colombia0.324
Cuba331.825
Dominican Republic28.256
El Salvador3.773
Ethiopia1,072.358
France0.001
Haiti545.742
Honduras18.877
India131.777
Indonesia29.543
Iran4.467
Lebanon0.784
Malaya0.659
Morocco3.301
Pakistan0.945
Paraguay33.368
Peru131.894
Philippines0.622
Saudi Arabia0.759
Spain1.114
Sudan274.810
Thailand0.984
Turkey254.702
United Arab Republic
Egyptian Region1.167
Syrian Region0.166
United Kingdom91.530
Viet-Nam0.054
Yugoslavia56.961
Total4,549.096

Excludes 4,549.096 fine ounces held under earmark by the Fund for the following members:

MemberFine Ounces
Argentina53.124
Bolivia0.016
Brazil3.077
Burma129.391
Chile1,342.725
Colombia0.324
Cuba331.825
Dominican Republic28.256
El Salvador3.773
Ethiopia1,072.358
France0.001
Haiti545.742
Honduras18.877
India131.777
Indonesia29.543
Iran4.467
Lebanon0.784
Malaya0.659
Morocco3.301
Pakistan0.945
Paraguay33.368
Peru131.894
Philippines0.622
Saudi Arabia0.759
Spain1.114
Sudan274.810
Thailand0.984
Turkey254.702
United Arab Republic
Egyptian Region1.167
Syrian Region0.166
United Kingdom91.530
Viet-Nam0.054
Yugoslavia56.961
Total4,549.096

Schedule 2 Currencies and Securites as at April 30, 1960

Amounts in members’ Currencies
DepositoriesNational CurrenciesWith DepositoriesCurrency AdjustmentTotals After CurrencyExchange Rates2U.S. Dollar EquivalentsPer Cent of Quota
SecuritiesNo. 1 AccountNo. 2 AccountTotalsReceivable1Adjustment
Banco Central de la República ArgentinaPesos17,197,434,000.0013,387,962,497.3440,825.9030,585,437,323.2430,585,437,323.2483.0000*368,499,244.85131.6
Reserve Bank of AustraliaPounds103,770,939.9.68,930,252.8.4945.7.11112,702,137.5.9112,702,137.5.9224.000†252,452,787.5384.2
Austrian National BankSchillings1,442,700,000.0019,505,000.003,872.451,462,208,872.451,462,208,872.4526.000056,238,802.7975.0
Banque Nationale de BelgiqueFrancs12,486,793,661.169,150,000.36,032.12,655,979,693.12,655,979,693.50.0000253,119,593.8675.0
Banco Central de BoliviaBolivianos192,889,039,310.00118,015,512,060.0010,816,420.0010,915,367,790.00310,915,367,790.0011,500.0*27,036,118.94120.2
Superintendencia da Moeda e do Credito (Brazil)Cruzeiros5,591,607,826.7040,875.405,591,648,702.105,591,648,702.1018.5000302,251,281.20107.9
Union Bank of BurmaKyats90,908,512.77823,718.971,186.4491,733,418.1891,733,418.1821.0000†19,264,017.81128.4
Bank of CanadaDollars376,000,000.005,814,247.331,172.57381,815,419.90+ 1,820,847.54383,636,267.440.965156*397,486,279.3672.3
Central Bank of CeylonRupees158,508,344.052,142,907.191,270.63160,652,521.87160,652,521.8721.0000†33,737,029.5975.0
Banco Central de ChileEscudos102,778,103.34588.84102,778,692.18102,778,692.181.04900*97,977,780.92130.6
Banco de la República (Colombia)Pesos114,361,125.826,114.48114,367,240.30114,367,240.301.9499858,650,468.3678.2
Banco Central de Costa RicaColones21,035,457.465,606.0621,041,063.5221,041,063.525.615003,747,295.3774.9
Banco Nacional de CubaPesos62,499,461.77440.0362,499,901.8062,499,901.801.0000062,499,901.80125.0
Danmarks NationalbankKroner663,555,642.259,850,428.845,796.98673,411,868.07673,411,868.076.9071497,495,036.7475.0
Banco Central de la República DominicanaPesos10,747,968.117,500,987.33793.4618,249,748.9018,249,748.901.0000018,249,748.90121.7
Banco Central del EcuadorSucres168,739,475.5210,495.43168,749,970.95168,749,970.9515.000011,249,998.0675.0
Banco Central de Reserva de El SalvadorColones26,091,135.631,314.6026,092,450.2326,092,450.232.5000010,436,980.1092.8
State Bank of EthiopiaDollars14,288,691.24224,519.66765.1614,513,976.0614,513,976.0640.2500†5,841,875.3774.9
Bank of FinlandMarkkas13,489,212,753.185,320,000.280,732.15,674,813,485.13,674,813,485.320.00042,733,792.1475.0
Banque de FranceNew Francs2,877,000,000.00932,938,335.0739,951.553,809,978,286.623,809,978,286.624.93706771,709,942.0798.0
Deutsche BundesbankMarks2,103,000,000.0033,135,455.383,112.982,136,138,568.362,136,138,568.364.20000508,604,421.0364.6
Bank of GhanaPounds10,398,869.0.0125,001.17.2168.11.610,524,039.8.810,524,039.8.8280.000†29,467,310.4184.2
Bank of GreeceDrachmas1,349,999,911.501,349,999,911.501,349,999,911.5030.0000*44,999,997.0575.0
Banco de GuatemalaQuetzales11,238,390.19140.4211,238,530.6111,238,530.611.0000011,238,530.6174.9
Banque Nationale de la République d’HaitiGourdes41,618,304.5027,746,500.00663.6069,365,468.1069,365,468.105.0000013,873,093.62123.3
Banco Central de HondurasLempiras16,640,759.742,733,994.50245.7619,375,000.0019,375,000.002.000009,687,500.0086.1
National Bank of IcelandKrónur428,439,967.743,986.08428,443,953.82428,443,953.8238.000011,274,840.89100.2
Reserve Bank of IndiaRupees2,468,880,000.00783,102,235.643,701.713,251,985,937.353,251,985,937.3521.0000†682,917,046.84113.8
Bank IndonesiaRupiah5,494,200,000.002,144,382,167.67224,222.747,638,806,390.417,638,806,390.4145.0000*169,751,253.12102.9
Bank Melli IranRials4,298,812,500.0055,374,792.6525,255.554,354,212,548.204,354,212,548.2075.750057,481,353.7782.1
Central Bank of IraqDinars2,100,000.00039,656.70135.1862,139,691.8872,139,691.887280.000†5,991,137.2974.9
Central Bank of IrelandPounds12,962,382.11.10160,714.5.9180.7.313,123,277.4.1013,123,277.4.10280.000†36,745,176.2781.7
Bank of IsraelPounds33,299,321.93450,000.00599.7133,749,921.6433,749,921.641.8000018,749,956.4775.0
Banca d’ItaliaLire126,561,875,000.625,000.6,562,500,000.126,562,500,000.625.000202,500,000.0075.0
Bank of JapanYen133,196,366,218.1,802,302,794.1,280,278.4,999,949,290.134,999,949,290.360.000374,999,859.1375.0
Ottoman Bank (Jordan)Dinars1,419,329.46716,071.42957.7081,435,458.6041,435,458.604280.000†4,019,284.0989.3
Bank of KoreaHwan2,312,500,000.0031,250,000.002,343,750,000.002,343,750,000.00500.000*4,687,500.003
Banque de Syrie et du Liban (Lebanon)Pounds7,000,000.00361,572.002,106.417,363,678.417,363,678.412.191483,360,139.4574.7
National Bank of LibyaPounds2,230,653.40925,000.00027.7842,255,681.1932,255,681.193280.000†6,315,907.3490.2
Caisse d’Epargne de l’Etat (Luxembourg)Francs470,676,334.5,000,000.12,452.475,688,786.475,688,786.50.00009,513,775.7295.1
Central Bank of MalayaDollars5,357,135.00381,152.501,480.355,739,767.855,739,767.853.06122*1,874,993.583
Banco de MéxicoPesos1,687,496,912.772,512.151,687,499,424.921,687,499,424.9212.5000134,999,953.9975.0
Banque du MarocDirhams234,671,163.262,656,757.251,477.01237,329,397.52237,329,397.525.0604946,898,501.4389.3
De Nederlandsche Bank N.V.Guilders1,133,000,000.0015,999,405.273,962.471,149,003,367.741,149,003,367.743.80000302,369,307.3073.3
Banco Nacional de NicaraguaCórdobas59,060,172.561,565.3559,061,737.9159,061,737.917.000008,437,391.1375.0
Norges BankKroner528,357,542.237,227,857.143,567.21535,588,966.58535,588,966.5814.0000†74,982,455.3275.0
State Bank of PakistanRupees630,851,698.0.07,144,808.14.103,880.5.9638,000,387.4.7638,000,387.4.721.0000†133,980,081.3389.3
Banco Nacional de PanamaBalboas369,000.004,999.75786.23374,785.98374,785.981.00000374,785.9875.0
Banco Central del ParaguayGuaraníes1,216,615,197.6050,424.001,216,665,621.601,216,665,621.60110.000*11,060,596.56126.4
Banco Central de Reserva del PeruSoles563,685,912.007,617,500.007,542.47571,310,954.47571,310,954.4727.7000*20,624,944.2175.0
Central Bank of the PhilippinesPesos22,000,000.0064,657,702.42263.2286,657,965.6486,657,965.642.0000043,328,982.8286.7
Saudi Arabian Monetary AgencyRiyals183,139,882.202,475,000.004,500.00185,619,382.20185,619,382.204.5000041,248,751.6075.0
Banco de EspañaPesetas8,399,899,919.6022,495.008,399,922,414.608,399,922,414.6060.0000139,998,706.91140.0
Bank of SudanPounds6,824,628.91352,237.319171.4366,877,037.6686,877,037.668287.156†19,747,826.29131.7
Sveriges RiksbankKronor581,834,594.6110,236.24581,844,830.85581,844,830.855.17321112,472,687.3475.0
Bank of ThailandBaht505,029,000.006,825,000.0014,650.60511,868,650.60511,868,650.6021.0000*24,374,697.643
Banque Centrale de TunisieDinars652,000.0009,764.704661,764.704661,764.704238.000†*1,575,000.003
Banque Central de la République de TurquieLiras168,550,000.00111,147,264.333,558.30279,700,822.63279,700,822.632.8000099,893,150.94116.2
South African Reserve BankPounds39,627,065.5.11549,461.0.21,085.18.440,177,612.4.540,177,612.4.5280.000†112,497,314.2175.0
National Bank of Egypt (United Arab Republic—Egyptian Region)Pounds23,294,134.6609,931,534.796305.67.3033,225,975.13333,225,975.133287.156†95,410,381.16106.0
Banque Centrale de Syrie (United Arab Republic—Syrian Region)Pounds24,317,697.01328,722.006,539.1224,652,958.1324,652,958.132.1914811,249,456.1475.0
Bank of EnglandPounds646,175,000.0.06,981,853.13.61,786.4.6653,158,639.18.0653,158,639.18.0280.000†1,828,844,191.7293.8
Federal Reserve Bank of New YorkDollars2,191,000,000.0058,059,403.25778,983.742,249,838,386.992,249,838,386.991.000002,249,838,386.99
54.5
Riggs National Bank of Washington, D.C.4Dollars133,058.79133,058.79133,058.791.00000133,058.79
Banco Central de VenezuelaBolívares32,659,359.424,987,000.007,768.4837,654,127.9037,654,127.903.3500011,240,038.1874.9
National Bank of Viet-NamPiastres52,500,000.0052,500,000.0052,500,000.0035.0000*1,500,000.003
Banque Nationale de la République Fédérative Populaire de YougoslavieDinars23,883,498,396.80,763.23,883,579,159.23,883,579,159.300.00079,611,930.53120.6
Totals (in U.S. dollar equivalents)$8,572,473,516.13$2,130,085,595.33$977,935.83$10,703,537,047.29+$1,886,583.66$10,705,423,630.95$10,705,423,630.95

In accordance with Article IV, Section 8.

Parity rates, except for those marked *, which are provisional rates for bookkeeping purposes. Rates marked † represent U.S. cents per currency unit; all other rates represent currency units per U.S. dollar.

Represents currency paid in respect of an increase in quota.

Checking accounts are maintained with Riggs National Bank of Washington, D.C., for the purpose of making local payments for administrative expenditure.

In accordance with Article IV, Section 8.

Parity rates, except for those marked *, which are provisional rates for bookkeeping purposes. Rates marked † represent U.S. cents per currency unit; all other rates represent currency units per U.S. dollar.

Represents currency paid in respect of an increase in quota.

Checking accounts are maintained with Riggs National Bank of Washington, D.C., for the purpose of making local payments for administrative expenditure.

Schedule 3 Status of Subscriptions to Capital as at April 30, 1960

(Expressed in U.S. dollars)

MembersQuotasPayments on SubscriptionsSubscriptions to Capital

Receivable
1/100 of 1%

Paid in

U.S. Dollars
Paid in GoldPaid in Member’s

Currency
Balances Due (Par Values Established)Balances Not Due (Par Values Not Established)
Afghanistan$ 10,000,000.00$ 2,500,027.46$ 7,499,972.54
Argentina280,000,000.0070,000,247.02$ 209,999,752.98
Australia300,000,000.0033,404,938.80266,595,061.20
Austria75,000,000.0011,250,003.7263,749,996.28
Belgium337,500,000.00$ 22,500.0084,352,500.00253,125,000.00
Bolivia22,500,000.001,000.005,625,040.0616,873,959.94
Brazil280,000,000.0015,000.0069,985,030.14209,999,969.86
Burma15,000,000.00500,369.1414,499,630.86
Canada550,000,000.0030,000.00137,470,000.00412,500,000.00
Ceylon45,000,000.008,251,013.0636,748,986.94
Chile75,000,000.005,000.0015,063,013.9359,931,986.07
China550,000,000.0055,000.00549,945,000.00
Colombia75,000,000.005,000.0018,745,150.6156,249,849.39
Costa Rica5,000,000.00500.00373,700.094,625,799.91
Cuba50,000,000.005,000.0012,495,386.3637,499,613.64
Denmark130,000,000.006,800.0021,434,983.32108,558,216.68
Dominican Republic15,000,000.00500.003,749,544.5611,249,955.44
Ecuador15,000,000.00500.003,749,983.7911,249,516.21
El Salvador11,250,000.00250.002,812,287.808,437,462.20
Ethiopia7,800,000.00600.00511,752.227,287,647.78
Finland57,000,000.005,510,222.4451,489,777.56
France787,500,000.0052,500.00173,681,306.15613,766,193.85
Germany, Federal Republic of787,500,000.00147,384,651.50640,115,348.50
Ghana35,000,000.005,529,920.6529,470,079.35
Greece60,000,000.004,000.0014,996,002.9544,999,997.052
Guatemala15,000,000.00500.003,749,559.8111,249,940.19
Haiti11,250,000.002,812,839.108,437,160.90
Honduras11,250,000.00250.002,812,309.448,437,440.56
Iceland11,250,000.00100.002,812,400.288,437,499.72
India600,000,000.0040,000.0077,486,453.61522,473,546.39
Indonesia165,000,000.0029,250,030.70135,749,969.302
Ireland45,000,000.008,253,488.7436,746,511.26
Israel25,000,000.006,250,047.5618,749,952.44
Italy270,000,000.0018,000.0067,482,000.18202,499,999.82
Japan500,000,000.00125,000,093.99374,999,906.01
Jordan4,500,000.00472,617.494,027,382.51
Korea18,750,000.004,687,525.024,687,500.0029,374,974.98
Lebanon4,500,000.00450.00267,415.124,232,134.88
Libya7,000,000.00681,310.456,318,689.55
Luxembourg10,000,000.001,000.00479,995.969,519,004.04
Malaya27,500,000.001,500,010.501,875,000.00224,124,989.50
Mexico180,000,000.009,000.0044,991,205.14134,999,794.86
Morocco52,500,000.005,600,000.0046,900,000.00
Netherlands412,500,000.0027,500.00103,097,500.00309,375,000.00
Nicaragua11,250,000.00200.002,812,475.628,437,324.38
Norway100,000,000.005,000.0024,995,054.9074,999,945.10
Pakistan150,000,000.0016,000,607.22133,999,392.78
Panama500,000.0050.00124,950.25374,999.75
Paraguay8,750,000.00200.002,187,996.476,561,803.53
Peru27,500,000.002,500.003,774,921.0023,722,579.00
Philippines50,000,000.001,500.0012,498,548.7937,499,951.21
Saudi Arabia55,000,000.0013,751,248.4041,248,751.60
Spain100,000,000.0010,000,001.3489,999,998.66
Sudan15,000,000.001,600,374.0113,399,625.99
Sweden150,000,000.0029,500,086.78120,499,913.22
Thailand45,000,000.0011,250,008.1424,375,000.0029,374,991.86
Tunisia12,000,000.00420,001.0211,579,998.98
Turkey86,000,000.004,300.0021,495,912.2364,499,787.77
Union of South Africa150,000,000.0010,000.0037,494,519.20112,495,480.80
United Arab Republic
Egyptian Region90,000,000.004,500.0016,984,075.6973,011,424.31
Syrian Region15,000,000.00650.002,294,187.1712,705,162.83
United Kingdom1,950,000,000.00130,000.00398,635,323.701,551,234,676.30
United States4,125,000,000.00275,000.001,031,250,000.513,093,474,999.49
Uruguay15,000,000.001,500.003,748,643.1511,249,856.85
Venezuela15,000,000.001,500.003,748,541.9611,249,958.04
Viet-Nam14,500,000.003,625,004.301,500,000.0029,374,995.70
Yugoslavia66,000,000.006,000.009,396,966.1156,597,033.89
Totals$14,276,550,000.00$747,150.00$3,012,168,033.96$10,631,110,035.63–0–$632,524,780.41

As per Article XX, Section 2(d), of the Articles of Agreement.

Accepted at a provisional rate, subject to such adjustment as may be necessary when a par value for the member’s currency is agreed upon.

As per Article XX, Section 2(d), of the Articles of Agreement.

Accepted at a provisional rate, subject to such adjustment as may be necessary when a par value for the member’s currency is agreed upon.

Schedule 4 Other Assets as at April 30, 1960

Accounts Receivable—Members$2,616,938.67
Accrued Income from Investments5,314,745.85
Sundry Debtors120,038.03
Prepayments and Deferred Charges57,525.75
Sundry Cash28,717.57
Fixed Property
At cost$5,729,509.35
Less: Reserve5,729,509.35
Furniture, Equipment, and Automobiles
At cost$812,239.89
Less: Reserve812,239.89
Libraries
At cost$80,203.05
Less: Reserve80,203.05
Total Other Assets (carried to Balance Sheet)$8,137,965.87

Schedule 5 Other Liabilities as at April 30, 1960

Accruals$286,551.23
Potential Rebate of Interest Received
from Withdrawing Member28,403.09
Accounts Payable3,198.38
Deferred Credits7,958.82
Total Other Liabilities (carried to Balance Sheet)$326,111.52

Schedule 6 Status of Subscriptions in Respect of Increases in Quotas Consented to but not yet Effective as at April 30, 1960

(Expressed in U.S. dollars)

MembersQuota

Increases

Consented to
Payments on SubscriptionsSubscriptions

Due1
Paid in

Gold
Paid in

Member’s

Currency and

Securities
Total
Cuba$50,000,000.00$50,000,000.00
Tunisia2,100,000.002$1,575,000.00$1,575,000.00525,000.003
Totals$52,100,000.00$1,575,000.00$1,575,000.00$50,525,000.00

Thirty-day period expired.

Represents one fifth of quota increase consented to.

At April 30, 1960, the Fund held $525,000 in suspense pending completion of arrangement for the purchase of gold on behalf of Tunisia (see Balance Sheet).

Thirty-day period expired.

Represents one fifth of quota increase consented to.

At April 30, 1960, the Fund held $525,000 in suspense pending completion of arrangement for the purchase of gold on behalf of Tunisia (see Balance Sheet).

Staff Retirement Fund Memorandum by the Audit Committee

June 22, 1960

To the Managing Director

and the Executive Directors

International Monetary Fund

The report of the Audit Committee, dated June 22, 1960, submitted through you to the Board of Governors, on the audit of the financial records and transactions of the International Monetary Fund for the fiscal year ended April 30, 1960, includes the following paragraphs relating to the scope of the audit conducted, the investments held, and the audit certificate given with respect to the Staff Retirement Fund:

Scope of the Audit

The Audit Committee made an examination of the separate accounts and financial statements relating to the Staff Retirement Fund for the fiscal year ended April 30, 1960. In the course of the examination, the Committee referred to the Articles of the Staff Retirement Plan and to the decisions of the Pension, Administration and Investment Committees created under the Plan. The Committee made a test check of the various classes of transactions, and took into account the work done by the Internal Auditor, as reported upon by him to the Committee. This report showed that a detailed examination had been made of the participants’ accounts.

Investments

The Audit Committee received confirmation directly from the depository regarding the investments held as at April 30, 1960, and ascertained that the holdings of the various classes of investments were within the limiting percentages prescribed by the Pension Committee, as follows:

Authorized

Percentage
Actual

Percentage
Book

Value
Bonds:
U.S. GovernmentMinimum 3037.86$3,108,238
International Bank for
Reconstruction and
DevelopmentMaximum 2015.391,263,637
Corporate (other than
convertible)Maximum 2515.001,231,261
Corporate convertibleMaximum 5
Corporate stocksMaximum 3531.752,606,820
Totals100.00$8,209,956

It was determined that due consideration to the advice of the Investment Consultant had been given by the Investment Committee in reaching decisions in regard to purchases and sales of investments.

Audit Certificate

As a result of our examination of the separate accounts and financial statements relating to the Staff Retirement Fund for the fiscal year ended April 30, 1960, we report that, in our opinion, the Balance Sheet and the related Statements of Participants’ Account, Accumulation Account, Retirement Reserve Account and Reserve Against Investments, present fairly the financial position of the Staff Retirement Fund as at April 30, 1960, and the results of its operations for the fiscal year then ended, and were prepared in conformity with generally accepted accounting principles applied on a basis consistent with that of previous fiscal years.

Audit Committee:

/s/ Horst Peckolt, Chairman (Federal Republic of Germany)

/s/ Takeo Yumoto (Japan)

/s/ Rodolfo León (Peru)

Exhibit I Staff Retirement Fund Balance Sheet as at April 30, 1960

Assets
Cash at Banks$ 14,855.62
Investments
Bonds, at amortized value
United States Government
(market value, $2,938,159)$3,108,237.65
International Bank for Reconstruction and Development
(market value, $1,238,095)1,263,637.04
Commercial (market value, $1,023,557)
1,231,260.82$5,603,135.51
Corporate stocks (common), at cost (market
value, $3,346,551)2,606,820.268,209,955.77
Accrued Interest on Bonds58,501.03
Accrued Contributions from Participants and Employer19,679.67
Total Assets$8,302,992.09
Liabilities and Reserves
Participants’ Account (Exhibit II)$1,766,228.19
Accumulation Account (Exhibit III)5,699,323.45
Retirement Reserve Account (Exhibit IV)567,020.79
Reserve Against Investments (Exhibit V)270,419.66
Total Liabilities and Reserves$8,302,992.09
/s/Y. C. Koo/s/Per Jacobsson
TreasurerManaging Director
/s/C. M. Powell
Comptroller and Assistant Treasurer

Exhibit II Staff Retirement Fund Statement of Participants’ Account for the year ended April 30, 1960

Prior

Service
Participating

Service
Additional

Contributions
Balance, April 30, 1959$1,516,803.47$7,610.06
Add
Participants’ contributions$602.37$ 251,960.96$3,560.00
Interest credited to participants47,977.77228.99
Transfers from prior service contributions602.37
$602.37$ 300,541.10$3,788.99
Deduct
Refunds on withdrawals of participants$ 33,397.25$2,755.89
Transfers to Retirement Reserve Account19,630.56
Transfers to IBRD Retirement Plan (net)6,731.73
Transfers to participating service contributions$602.37
$602.37$ 59,759.54$2,755.89
Balance, April 30, 1960–0–$1,757,585.03$8,643.16
Total (carried to Balance Sheet)$1,766,228.19

Exhibit III Staff Retirement Fund Statement of Accumulation Account for the year ended April 30, 1960

Balance, April 30, 1959$5,013,496.48
Add
Employer’ contributions—participating service501,763.67
Benefits and interest refunded by participant restored to service172.42
Income from investments
Interest earned on bonds$209,254.61
Dividends received on corporate stocks112,549.92
Other334.67322,139.20
Net profit on sale of investments$ 28,654.60
Less: Transfer to Reserve Against Investments28,654.60
$5,837,571.77
Deduct
Tranfers to Retirement Reserve Account$ 40,219.05
Withdrawal benefits8,439.47
Interest transferred to Participants’ Account48,206.76
Interest transferred to Retirement Reserve Account15,692.40
Transfers to IBRD Retirement Plan (net)11,430.64
Adjustment of employer’s prior service contributions under the April 17, 1959 amendments14,260.00138,248.32
Balance, April 30, 1960 (carried to Balance Sheet)$5,699,323.45

Exhibit IV Staff Retirement Fund Statement of Retirement Reserve Account for the year ended April 30, 1960

Balance, April 30, 1959$520,157.24
Add
Transfers from
Accumlation Account$40,219.05
Participant’ Account19,630.5659,849.61
Interest Credited15,692.40
$595,699.25
Deduct
Pension payments to retired participants28,678.46
Balance, April 30, 1960 (carried to Balance Sheet)$567,020.79

Exhibit V Staff Retirement Fund Statement of Reserve Against Investments for the year ended April 30, 1960

Balance, April 30, 1959$241,765.06
Add
Transfer from Accumulation Account, representing
Profits on sale of
Bonds$ 515.63
Corporate stocks50,840.08$51,355.71
Less: Losses on sale of bonds22,701.1128,654.60
Balance, April 30, 1960 (carried to Balance Sheet)$270,419.66

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