Chemistry International
Vol. 21, No.4, July 1999

1999, Vol. 21
No. 4 (July)
.. 40th Council Meeting
.. IUPAC Activities
.. Reports from Symposia
.. Highlights from the Web
.. Report of 1998 Accounts
.. New Books and Publications
.. Provisional Recommendations
.. Awards
.. Conference Announcements
.. Conferences

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Chemistry International
Vol. 21, No. 4

July 1999

Report of IUPAC's 1998 Accounts

Download the Auditor's Report and Balance Sheets in pdf format (68K)

Treasurer's Comments

Professor John Ward

When reading the bottom line of the income and expense account, the excess of income over expense, one must bear in mind that under the U.S. Generally Accepted Accounting Principles now being used, realized and unrealized gains on our investments must appear as income alongside the operating income. The actual excess of operating income over expense, the surplus, shown in capitals four lines from the foot of the table, is USD 327 612. This figure is some USD 80K better than budget, mainly due to an increase in Publications surplus of USD 48K, a decrease in Secretariat costs of USD 30K, and a decrease of USD 76K in Operation Expense (Divisions, Standing Committees, etc.). The budget figure for the surplus is large, USD 248K, because the Executive Director has been able to reduce by some USD 200K the Secretariat figure in the preliminary budget, which was based on Oxford costs. As a result, the budget for the 1998-99 biennium is USD 202K in surplus, rather than the preliminary break-even figure. This money has been set aside for new projects, and it is hoped that the Divisions and Standing Committees will be able to use at least part of it before the end of the biennium.

The total reserves (cash plus securities) increased over the year from USD 3 525 662 to USD 3 643 748, that is by 3.3%, but due to capital gains and an injection of cash, our marketable securities increased in value by 12.3%. Of the increase, 17.2% was from the equity portion of the portfolio, and 6.0% was from bonds and bond funds.

The reserve fund, that is, the total reserve less the Endownment Funds and the Southern Hemisphere Sinking Fund, is some USD 160K above the target-figure of expenses over the last two years.

So one can conclude that the Union's finances remain strong and give the financial freedom to make modifications needed to meet the changing needs of the chemical community.

Professor John Ward
IUPAC Treasurer




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