Chapter

Appendix IX. Financial Statements of International Monetary Fund and Staff Retirement Fund

Author(s):
International Monetary Fund
Published Date:
September 1961
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Letter of Transmittal

June 23, 1961

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, 1961, 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, Italy, Japan, and the United States nominated auditors to serve on this Committee. They respectively nominated Mr. Savino Spinosi, Department Director, Italian Ministry of the Treasury; Mr. Takeo Yumoto, Auditor, Bank of Japan; and Mr. Samuel J. Elson, Deputy Commissioner, Central Reports, Bureau of Accounts, U. S. Treasury Department. The auditors thus nominated were confirmed by the Executive Directors.

It will be noted that, in the period under review, ordinary income amounted to $14,551,000.28 and expenditure amounted to $7,356,506.90, resulting in a net income of $7,194,493.38, which has been transferred provisionally to General Reserve pending Board of Governors’ action. In addition, income of $19,866,076.96 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 23, 1961

To the Managing Director and the Executive Directors

International Monetary Fund

The report of the Audit Committee, dated June 23, 1961, 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, 1961, includes the following paragraphs relating to the scope of the audit conducted and the audit certificate given:

Scope of the Audit

In the conducting of the audit, the Committee has taken due note of the requirements of Section 20(b) of the By-Laws that the audit be carried out 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, 1961, of the Statement 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.

As a result of our examination we report that, in our opinion, 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, 1961, 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/ Takeo Yumoto, Chairman (Japan)

/s/ Savino Spinosi (Italy)

/s/ Samuel J. Elson (United States)

Exhibit ABalance 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)$2,476,355,678.62
(70,753,019.389 fine ounces, at US$35.00 per

ounce)
Investments (See Note 3)
$808,608,000 U.S. Government
securities maturing within 12

months, at cost
$799,623,464.18
Accrued interest purchased350,749.33
Funds awaiting investment17,297.18799,991,510.69$ 3,276,347,189.3
Currencies and Securities (Schedule 2)
With depositories
Currencies$2,204,116,607.97
Securities8,746,669,390.33$10,950,785,998.30
(nonnegotiable, noninterest

bearing demand obligations,

payable at face value by

members in their currencies)
Add: Currency adjustments
(in accordance with Article IV,

Section 8)
Receivable$9,368,199.03
Payable83,936.339,284,262.7010,960,070,261.0
Subscriptions to Capital—Receivable (Schedule 3)
Balances not due711,274,822.0
(members whose par values have not yet been established)
Subscriptions Due from Members in Respect of Authorized Increases
in Quotas (Contra) (Schedule 6)50,301,255.0
Withdrawing Member’s Currency330,289.7
(redeemable by Czechoslovakia in gold or U.S. dollars not later than

July 2, 1961)
Other Assets (See Note 4) (Schedule 4)9,272,954.5
(receivables, accruals, prepayments, and sundry cash)
Total Assets$15,007,596,771.6
Capital, Reserves, and Liabilities
Capital
Authorized subscriptions of members (Schedule 3)$14,850,700,000.00
Reserves (Exhibit C)
Special reserve$42,164,890.30
General reserve46,985,045.6789,149,935.97
Subscriptions in Respect of Increases in Quotas
Consented to but Not Yet Effective (Schedule 6)
Partial payments made$16,273,744.95
Payments due (Contra)50,301,255.0566,575,000.00
Provision for Potential Refunds of Stand-By Charges (See Note 5)814,613.21
Other Liabilities (See Note 4) (Schedule 5)357,222.49
(accruals, etc.)
Total Capital, Reserves, and Liabilities$15,007,596,771.67
Notes:
/s/Y. C. Koo/s/Per Jacobsson
TreasurerManaging Director
/s/C. M. Powell
Comptroller and Assistant Treasurer
Exhibit BStatement of Income and Expenditure for the year ended April 30, 1961
Income
Operational charges$ 3,537,206.89
Charges on balances in excess of quotas11,013,165.71
Other income627.00
Total Income (See Note 1)$14,551,000.28
Expenditure
Board of Governors$ 221,886.96
Office of Executive Directors
Salaries$728,944.29
Other compensations and benefits137,872.11
Travel177,671.061,044,487.46
Staff
Salaries$3,379,480.48
Other compensations and benefits1,139,593.87
Travel768,485.515,287,559.86
Other administrative expenses Communications$180,882.23
Office occupancy expenses200,380.21
Books and printing (See Note 2)135,758.51
Supplies and equipment143,464.85
Miscellaneous132,290.80792,776.60
Total Administrative Expenditure$7,346,710.88
Other expenditure
Gold handling and conversion costs$10,081.92
Exchange adjustments, etc(285.90)9,796.02
Total Expenditure7,356,506.90
Net Income$ 7,194,493.38
(Transferred provisionally to General Reserve

pending Board of Governors’ action) (Exhibit C)
Notes:
Exhibit CStatement of Reserves for the year ended April 30, 1961
Special Reserve (See Note)

Balance, April 30, 1960
$22,298,813.34
Add
Income from investment in U.S. Government securities for year19,866,076.96
Balance, April 30, 1961$42,164,890.30
General Reserve
Balance, April 30, 1960$39,762,149.20
Add
Net income for year (Exhibit B), transferred provisionally pending Board of Governors’ action7,194,493.38
Adjustment of income for previous fiscal years, pursuant to settlement agreement with withdrawing member28,403.09
Balance, April 30, 196146,985,045.67
Total Reserves (carried to Balance Sheet)$89,149,935.97
Note:
Schedule 1Gold Account as at April 30, 1961
Gold with depositories$2,476,355,678.62
(70,753,109.3891 fine ounces, at US$35.00 per ounce)
Investments in U.S. Government securities:
Maturing WithinFace ValueCost
3 months$383,540,000.00$380,146,669.49
4 to 6 months176,400,000.00174,137,608.06
7 to 9 months123,300,000.00121,515,295.50
10 to 12 months125,368,000.00123,823,891.13
$808,608,000.00$799,623,464.18
Accrued interest purchased350,749.33
Funds awaiting investment17,297.18799,991,510.69
Total Gold Account (carried to Balance Sheet)$3,276,347,189.31
MemberFine Ounces
Afghanistan2.258
Argentina6.863
Australia7.006
Bolivia139.302
Brazil1.600
Chile323.230
Colombia1.122
Cuba122.371
Ecuador90.904
El Salvador14.778
Ethiopia1,471.011
France0.050
Haiti51.115
Honduras19.910
Iceland0.126
India131.777
Indonesia143.939
Iran0.796
Lebanon0.784
Malaya1.682
Morocco3.301
Nicaragua16.515
Pakistan1.336
Paraguay90.942
Peru132.632
Philippines0.823
Saudi Arabia0.759
Spain18.381
Sudan171.693
Thailand0.984
Tunisia0.800
Turkey233.538
Union of South Africa268.586
United Arab Republic

Egyptian Region
0.493
Syrian Region0.968
United Kingdom30.626
Uruguay11.377
Viet-Nam5.757
Yugoslavia205.598
Total3,725.733
Schedule 2Currencies and Securities as at April 30, 1961
Amounts in Members’ Currencies
DepositoriesNational

Currencies
With DepositoriesCurrency

Adjustments1

Receivable (+)

or Payable (—)
Totals After

Currency

Adjustments
Exchange

Rates2
U.S. Dollar EquivalentsPer Cent of Quota
SecuritiesCurrencyTotals
Da Afghanistan BankAfghanis187,499,999.40187,499,999.40187,499,999.4020.0000*9,374,999.973
Banco Central de la República ArgentinaPesos17,197,434,000.0015,172,437,816.4432,369,871,816.4432,369,871,816.4483.0000*389,998,455.62139.3
Reserve Bank of AustraliaPounds137,253,065.15.187,049,767.15.5224,302,833.10.6224,302,833.10.6224.000†502,438,347.10125.6
Austrian National BankSchillings1,442,640,000.0019,507,907.091,462,147,907.091,462,147,907.0926.000056,236,457.9675.0
Banque Nationale de BelgiqueFrancs12,486,793,661.169,141,099.12,655,934,760.12,655,934,760.50.0000253,118,695.2075.0
Banco Central de BoliviaBolivianos192,889,039,310.110,681,668,810.303,570,708,120.303,570,708,120.11,500.0*26,397,452.88117.3
Superintendencia da Moeda e do Credito

(Brazil)
Cruzeiros6,474,112,772.106,474,112,772.106,474,112,772.1018.5000349,952,041.74125.0
Union Bank of BurmaKyats105,614,512.771,565,280.24107,179,793.01107,179,793.0121.0000†22,507,756.5375.0
Bank of CanadaDollars370,000,000.004,116,734.57374,116,734.57+9,259,883.92383,376,618.490.988438*387,861,068.1770.5
Central Bank of CeylonRupees158,498,344.0555,986,251.69214,484,595.74214,484,595.7421.0000†45,041,765.10100.1
Banco Central de ChileEscudos145,905,984.86145,905,984.86145,905,984.861.04900*139,090,548.01139.1
Banco de la Republica (Colombia)Pesos194,998,164.00194,998,164.00194,998,164.001.94998100,000,084.11100.0
Banco Central de Costa RicaColones23,146,520.9223,146,520.9223,146,520.925.615004,122,265.5275.0
Banco Nacional de CubaPesos62,499,863.1062,499,863.1062,499,863.101.0000062,499,863.10125.0
Danmarks NationalbankKroner658,886,074.808,981,007.12667,867,081.92667,867,081.926.9071496,692,275.2374.4
Banco Central de la República DominicanaPesos10,747,968.119,501,780.7920,249,748.9020,249,748.901.0000020,249,748.90135.0
Banco Central del EcuadorSucres243,745,605.11243,745,605.11243,745,605.1115.000016,249,707.00108.3
Banco Central de Reserva de El SalvadorColones49,218,460.5949,218,460.5949,218,460.592.5000019,687,384.24175.0
State Bank of EthiopiaDollars17,598,003.38263,498.1317,861,501.5117,861,501.5140.2500†7,189,254.3674.9
Bank of FinlandMarkkas13,489,212,753.184,864,185.13,674,076,938.13,674,076,938.320.00042,731,490.4375.0
Banque de FranceNew Francs2,728,600,000.0038,964,580.582,767,564,580.582,767,564,580.584.93706560,569,363.2771.2
Deutsche BundesbankDeutsche Mark1,467,300,000.0031,577,078.241,498,877,078.241,498,877,078.244.00000374,719,269.5647.6
Bank of GhanaPounds10,398,369.0.0125,420.5.610,523,789.5.610,523,789.5.6280.000f29,466,609.9784.2
Bank of GreeceDrachmas1,349,999,911.501,349,999,911.501,349,999,911.5030.000044,999,997.0575.0
Banco de GuatemalaQuetzales11,237,465.2111,237,465.2111,237,465.211.0000011,237,465.2174.9
Banque Nationale de la République d’HaitiGourdes41,618,304.5021,182,163.6062,800,468.1062,800,468.105.0000012,560,093.62111.6
Banco Central de HondurasLempiras16,640,759.747,732,966.2624,373,726.0024,373,726.002.0000012,186,863.00108.3
Central Bank of IcelandKrónur317,000,000.00263,803,909.47580,803,909.47580,803,909.4738.000015,284,313.41135.9
Reserve Bank of IndiaRupees2,468,880,000.00689,990,019.343,158,870,019.343,158,870,019.3421.0000†663,362,704.06110.6
Bank IndonesiaRupiah5,494,200,000.00704,620,873.166,198,820,873.166,198,820,873.1645.0000*137,751,574.9683.5
Bank Melli IranRials7,707,562,500.0055,154,729.507,762,717,229.507,762,717,229.5075.7500102,478,115.24146.4
Central Bank of IraqDinars3,959.572.34753,669.5974,013,241.9444,013,241.944280.000†11,237,077.4574.9
Central Bank of IrelandPounds12,961,482.11.10160,972.3.913,122,454.15.713,122,454.15.7280.000†36,742,873.3881.7
Bank of IsraelPounds33,296,321.93451,072.0433,747,393.9733,747,393.971.8000018,748,552.2175.0
Banca d’ltaliaLire107,811,451,460.107,811,451,460.107,811,451,460.625.000172,498,322.3463.9
Bank of JapanYen133,196,366,218.1,802,365,756.134,998,731,974.134,998,731,974.360.000374,996,477.7075.0
Ottoman Bank (Jordan)Dinars1,418,504.46716,162.9611,434,667.4281,434,667.428280.000†4,017,068.8089.3
Bank of KoreaHwan2,312,500,000.0031,250,000.002,343,750,000.002,343,750,000.00500.000*4,687,500.00 3
Banque de Syrie et du Liban (Lebanon)Pounds7,000,000.00363,988.417,363,988.417,363,988.412.191483,360,280.9274.7
National Bank of LibyaPounds2,758,649.41632,200.9982,790,850.4142,790,850.414280.000†7,814,381.1686.8
Caisse d’Epargne de l’Etat (Luxembourg)Francs507,626,334.5,507,790.513,134,124.513,134,124.50.000010,262,682.4893.3
Central Bank of MalayaDollars11,096,922.50372,993.0111,469,915.5111,469,915.513.06122*3,746,844.56 3
Banco de MexicoPesos1,687,500,087.591,687,500,087.591,687,500,087.5912.5000135,000,007.0075.0
Banque du MarocDirhams234,661,163.262,659,371.60237,320,534.86237,320,534.865.0604946,896,750.0889.3
De Nederlandsche Bank N.V.Guilders987,000,000.0015,256,023.001,002,256,023.001,002,256,023.003.62000276,866,304.6967.1
Banco Central de NicaraguaC6rdobas69,562,108.1469,562,108.1469,562,108.147.000009,937,444.0288.3
Norges BankKroner528,357,542.237,194,270.88535,551,813.11535,551,813.1114.0000f74,977,253.8475.0
State Bank of PakistanRupees630,841,698.0066,640,287.84697,481,985.84697,481,985.8421.0000t146,471,217.0297.6
Banco Nacional de PanamaBalboas369,000.005,785.98374,785.98374,785.981.00000374,785.9875.0
Banco Central del ParaguayGuaranles1,463,639,680.321,463,639,680.321,463,639,680.32122.000*11,997,046.56120.0
Banco Central de Reserva del PeruSoles597,262,564.038,075,785.61605,338,349.64—2,249,913.19603,088,436.4526.8050*22,499,102.2775.0
Central Bank of the PhilippinesPesos59,500,000.0071,322,107.64130,822,107.64130,822,107.642.0000065,411,053.8287.2
Saudi Arabian Monetary AgencyRiyals183,139,882.202,479,464.00185,619,346.20185,619,346.204.5000041,248,743.6075.0
Banco de EspanaPesetas7,000,000,000.00649,824,083.807,649,824,083.807,649,824,083.8060.0000127,497,068.0685.0
Bank of SudanPounds6,717,526.61752,483.0816,770,009.6986,770,009.698287.156†19,440,489.04129.6
Sveriges RiksbankKronor581,806,358.90581,806,358.90581,806,358.905.17321112,465,250.5675.0
Bank of ThailandBaht505,029,000.006,841,901.60511,870,901.60511,870,901.6021.0000*24,374,804.833
Banque Centrale de TunisieDinars1,304,000.00019,529.4081,323,529.4081,323,529.408238.000†*3,150,000.003
Banque Centrale de la Republique de TurquieLiras787,887,759.4784,150,111.44872,037,870.91872,037,870.919.0000096,893,096.77112.7
South African Reserve BankRand79,254,130.5927,885,569.22107,139,699.81107,139,699.81140.000†149,995,579.7499.9
Central Bank of Egypt (United Arab

Republic—Egyptian Region)
Pounds23,294,134.66015,012,497.47438,306,632.13438,306,632.134287.156†109,999,792.57122.2
Banque Centrale de Syrie (United Arab

Republic—Syrian Region)
Pounds24,317,697.0133,207,461.1257,525,158.1357,525,158.132.1914826,249,456.14175.0
Bank of EnglandPounds499,800,000.0.06,974,813.3.11506,774,813.3.11506,774,813.3.11280.000†1,418,969,476.9572.8
Federal Reserve Bank of New YorkDollars2,549,000,000.0020,700,187.972,569,700,187.972,569,700,187.971.000002,569,700,187.97
62.3
Riggs National Bank of Washington, D.C.4Dollars186,748.55186,748.55186,748.551.00000186,748.55
Banco de la Republica Oriental del UruguayPesos164,269,653.32164,269,653.32164,269,653.327.4000022,198,601.80
Banco Central de VenezuelaBolivares371,808,449.885,032,430.68376,840,880.56376,840,880.563.35000112,489,815.0975.0
National Bank of Viet-NamPiastres105,000,000.00105,000,000.00105,000,000.0035.0000*3,000,000.003
Banque Nationale de la Republique Federative Populaire de YougoslavieDinars50,283,627,759.50,283,627,759.50,283,627,759.300.000167,612,092.53139.7
Totals (in U.S. dollar equivalents)$8,746,669,390.33$2,204,116,607.97$10,950,785,998.30+$9,284,262.70$10,960,070,261.00$10,960,070,261.00
Schedule 3Status of Subscriptions to Capital as at April 30, 1961 (Expressed in U.S. dollars)
Payments on SubscriptionsSubscriptions to Capital Receivable
MembersQuotas1/100 of 1%

Paid in U.S.

Dollars1
Paid in GoldPaid in Member’s

Currency
Balances Due

(Par Values

Established)
Balances Not Due

(Par Values Not

Established)
Afghanistan$ 22,500,000.00$ 5,625,027.46$ 9,375,000.00 2$ 7,499,972.54
Argentina280,000,000.0070,000,247.02209,999,752.98
Australia400,000,000.0058,404,975.93341,595,024.07
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
Burma30,000,000.004,250,369.1425,749,630.86
Canada550,000,000.0030,000.00137,470,000.00412,500,000.00
Ceylon45,000,000.008,251,013.0636,748,986.94
Chile100,000,000.005,000.0021,313,013.9378,681,986.07
China550,000,000.0055,000.00549,945,000.00
Colombia100,000,000.005,000.0024,995,150.6174,999,849.39
Costa Rica5,500,000.00500.00498,700.095,000,799.91
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
Ethiopia9,600,000.00600.00961,752.228,637,647.78
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
Greece60,000,000.004,000.0014,996,002.9544,999,997.05
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
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
Libya9,000,000.001,181,661.637,818,338.37
Luxembourg11,000,000.001,000.00729,995.9610,269,004.04
Malaya30,000,000.002,125,010.503,750,000.00224,124,989.50
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
Nigeria50,000,000.005,000,076.8744,999,923.13
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
Paraguay10,000,000.00200.002,500,496.477,499,303.53
Peru30,000,000.002,500.004,399,921.0025,597,579.00
Philippines75,000,000.001,500.0018,748,548.7956,249,951.21
Portugal60,000,000.0015,000,024.6944,999,975.31
Saudi Arabia55,000,000.0013,751,248.4041,248,751.60
Spain150,000,000.0022,500,001.34127,499,998,66
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
Tunisia14,100,000.00945,001.021,575,000.00211,579,998.98
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
Venezuela150,000,000.001,500.0037,498,664.21112,499,835.79
Viet-Nam16,500,000.004,125,004.303,000,000.0029,374,995.70
Yugoslavia120,000,000.006,000.0022,896,966.1197,097,033.89
Totals$14,850,700,000.00$747,150.00$3,148,206,182.27$10,990,471,845.73$711,274,822.00
Schedule 4Other Assets as at April 30, 1961
Accounts Receivable—Members$2,940,931.74
Accrued Income from Investments6,126,520.44
Sundry Debtors140,660.27
Prepayments and Deferred Charges49,042.96
Sundry Cash15,799.16
Fixed Property
At cost$5,728,686.15
Less’ Reserve5,728,686.15
Furniture, Equipment, and Automobiles
At cost$869,422.63
Less: Reserve869,422.63
Libraries
At cost$84,226.04
Less: Reserve84,226.04
Total Other Assets (carried to Balance Sheet)$9,272,954.57
Schedule 5Other Liabilities as at April 30, 1961
Accruals$327,036.98
Accounts Payable13,500.58
Deferred Credits16,684.93
Total Other Liabilities (carried to Balance Sheet)$357,222.49
Status of Subscriptions in Respect of Increases in Quotas Consented to But Not Yet Effective as at April 30, 1961(Expressed in U.S. dollars)
Payments on Subscriptions
MembersQuota

Increases

Consented to
Paid in

Gold
Paid in

Member’s

Currency and/or

Securities
TotalsSubscriptions

Due1
Subscriptions

Not Due2
Cuba$50,000,000.00$50,000,000.00
Tunisia2,100,000.002$ 1,575,000.00$ 1,575,000.00$525,000.00
Uruguay15,000,000.00$3,750,000.0010,948,744.9514,698,744.95301,255.05
Totals$67,100,000.00$3,750,000.00$12,523,744.95$16,273,744.95$50,301,255.05$525,000.00

Staff Retirement Fund Memorandum by the Audit Committee

June 23, 1961

To the Managing Director

and the Executive Directors

International Monetary Fund

The report of the Audit Committee, dated June 23, 1961, 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, 1961, 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

An examination was made by the Audit Committee of the separate accounts and financial statements relating to the Staff Retirement Fund for the fiscal year ended April 30, 1961. 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 Audit Committee made what it considered an adequate test check of the various classes of transactions, taking into account the audit coverage made by the Internal Auditor, as reported by him to the Committee. The report of the Internal Auditor, among other audit activities conducted by his staff, showed that a detailed examination had been made of the Participants’ Accounts.

Investments

A confirmation was received by the Audit Committee directly from the depository concerning the investments held by it as at April 30, 1961, as custodian for the International Monetary Fund Staff Retirement Plan. The Audit Committee ascertained that the holdings of the various classes of investments were within the limiting percentages prescribed by the Pension Committee, as follows:

AuthorizedActualBook
PercentagePercentageValue
Bonds:
U.S. GovernmentMinimum 3036.00$3,328,185
International Bank for
Reconstruction and
DevelopmentMaximum 2013.981,292,410
Corporate (other than
convertible)Maximum 2517.831,648,210
Corporate convertibleMaximum 5
Corporate stocksMaximum 3532.192,975,557
Totals100.00$9,244,362

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, 1961, we report that, in our opinion, the Balance Sheet, Statement of Source and Application of Funds, 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 30,1961, 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/ Takeo Yumoto, Chairman (Japan)

/s/ Savino Spinosi (Italy)

/s/ Samuel J. Elson (United States)

Exhibit IStaff Retirement Fund Balance Sheet as at April 30, 1961
Assets
Cash at Banks$ 9,695.99
Investments
United States Government (marketvalue, $3,419,861)$3,328,185.20
International Bank for Reconstruction and Development (market value, $1,307,695)1,292,410.17
Commercial (market value, $1,461,450)1,648,209.42$6,268,804.79
Corporate stocks (common), at cost (market value, $4,328,319)2,975,557.339,244,362.12
Accrued Interest on Bonds.112,522.23
Accrued Contributions from Participants and Employer23,401.89
Total Assets$9,389,982.23
Liabilities and Reserves
Accounts Payable$ 3,236.66
Participants’ Account (Exhibit III).1,977,940.93
Accumulation Account (Exhibit IV)6,375,120.95
Retirement Reserve Account (Exhibit V)749,281.28
Reserve Against Investments (Exhibit VI)284,402.41
Total Liabilities and Reserves$9,389,982.23
/s/ Y. C. Koo/s/Per Jacobsson
TreasurerManaging Director
/s/ C. M. Powell
Comptroller and Assistant Treasurer
Exhibit IIStaff Retirement Fund Statement of Source and Application of Funds for the year ended April 30,1961
Funds Provided
By Income
Participants’ contributions
Prior service$ 166.01
Participating service272,487.10
Additional voluntary contributions4,630.00$ 277,283.11
Employer’s contributions544,976.57
Income from Investments$370,988.52
Less’Amortization of bond discounts and
premiums (net)5,485.47365,503.05
Transfers from IBRD Retirement Plan14,215.63
Refund by participant restored to service2,255.58
Total Income$1,204,233.94
By Investments
Sales and redemptions of investments (book value)
U.S. Treasury bonds$3,320,714.95
IBRD bonds33,211.05
Corporate stocks348.653,354,274.65
By Profits from Sales and Redemptions of Investments
(net), Transferred to Reserve Against Investments13,982.75
Total Funds Provided$4,572,491.34
Funds Applied
To Withdrawals, Pension Payments, and Transfers
Payments to participants on withdrawal$ 72,657.77
Refund of additional voluntary contributions to participant579.14
Pension payments to
Retired participants$36,333.30
Beneficiary of deceased participant1,623.3237,956.62
Transfers to IBRD Retirement Plan..14,668.39
Transfer to United Nations Joint Staff Pension Plan14,551.01
Total Withdrawals, Pension Payments, and Transfers$ 140,412.93
To Purchases of Investments4,382,731.28
To Increase in Working Capital Between 1960 and 1961 (Schedule I)49,347.13
Total Funds Applied$4,572,491.34
Schedule I to Exhibit IIStaff Retirement Fund Statement of Changes in WorkingCapital
April 30,April 30,Increase (+)
19611960Decrease (—)
Current Assets
Cash$ 9,695.99$14,855.62-$ 5,159.63
Accrued interest on bonds112,522.2358,501.03+ 54,021.20
Accrued contributions receivable from
participants and employer23,401.8919,679.67+ 3,722.22
$145,620.11$93,036.32+$52,583.79
Less: Current liabilities
Accounts payable3,236.66+ 3,236.66
Working Capital (carried to Exhibit II).$142,383.45$93,036.32+ $49,347.13
Exhibit IIIStaff Retirement Fund Statement of Participants’ Account for the year ended April 30, 1961
PriorParticipatingAdditional
ServiceServiceContributions
Balance, April 30, 1960$1,757,585.03$ 8,643.16
Add
Participants’ contributions$166.01$ 272,487.10$ 4,630.00
Refund by participant restored to service1,783.07
Interest credited to participants54,437.54310.55
Transfers from prior service contributions166.01
Transfers from IBRD Retirement Plan (net)891.47
$166.01$ 329,765.19$ 4,940.55
Deduct
Refunds on withdrawals of participants$ 58,048.09$ 579.14
Transfers to Retirement Reserve Account
(net)58,939.121,268.62
Transfers to participating service contributions$166.01
Transfer to United Nations Joint Staff
Pension Fund4,158.03
$166.01$ 121,145.24$ 1,847.76
Balance, April 30, 1961$1,966,204.98$11,735.95
Total (carried to Balance Sheet)$1,977,940.93
Exhibit IVStaff Retirement Fund Statement of Accumulation Account for the year ended April 30, 1961
Balance, April 30, 1960$5,699,323.45
Add
Employer’s contributions—participating service544,976.57
Benefits and interest refunded by participant restored to service472.51
Income from investments
Interest earned on bonds$237,518.77
Dividends received on corporate stocks133,469.75
Other464.25371,452.77
Net profit on sale of investments$13,982.75
Less: Transfer to Reserve Against Investments13,982.75__________
$6,616,225.30
Deduct
Transfers to Retirement Reserve Account (net)$140,694.60
Withdrawal benefits14,609.68
Interest transferred to Participants’ Account54,748.09
Interest transferred to Retirement Reserve Account19,314.77
Transfers to IBRD Retirement Plan (net)1,344.23
Transfer to United Nations Joint Staff Pension Fund10,392.98241,104.35
Balance, April 30, 1961 (carried to Balance Sheet)$6,375,120.95
Exhibit VStaff Retirement Fund Statement of Retirement Reserve Account for the year ended April 30, 1961
Balance, April 30, 1960$567,020.79
Add
Transfers from
Participants’ Account (net)$ 60,207.74
Accumulation Account (net)140,694.60200,902.34
:Interest credited19,314.77
$787,237.90
Deduct
Pension navments to
Retired participants$36,333.30
Beneficiary of deceased participant1,623.3237,956.62
Balance, April 30, 1961 (carried to Balance Sheet)$749,281.28
Exhibit VIStaff Retirement Fund Statement of Reserve Against Investments for the year ended April 30, 1961
Balance, April 30, 1960$270,419.66
Add
Transfer from Accumulation Account, representing
Profits on sales of bonds$14,840.35
Less: Loss on sale of bonds857.6013,982.75
Balance, April 30, 1961 (carried to Balance Sheet)$284,402.41

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