independient audit report - ipgh
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PAN AMERICAN INSTITUTE OF GEOGRAPHY AND HISTORY
INDEPENDENT AUDIT REPORT
Financial Statements at december 31st, 2015 and 2014
PAN AMERICAN INSTITUTE OF GEOGRAPHY AND HISTORY
INDEPENDENT AUDIT REPORT
Financial Statements at december 31s', 2015 and 2014
Contents Page
Independent Audit Report
Financial Position Statement 3
Statement of Activities 4
Patrimonial Changes Condition 5
Notes to the Financial Statements 6
Relation of Fees to be collected from States Members Attachment 1
Comparative Statement of Income and Expenses Attachment 2
Comparative Statement of Other Income and Expenses Attachment 3
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DESPACHO MUNIR HAYEK, S.C. Contadores Públicos y Consultores de Negocios
INDEPENDENT AUDIT REPORT
Mr. Rigoberto Magaña Chavarría President of the Pan American Institute of Geography and History Present
We have audited the attached financial statements of the Pan American Institute of Geography and History that include the financial position statement at December 31st, 2015 and 2014, the statement of activities and patrimonial changes condition that correspond to the accounting periods terminated on those dates as well as a summary of the significant accounting policies and other explanatory information.
Responsibility of the administration of the Instituto concerning the financial statements
The management is responsible of elaborating and reasonably submitting the attached financial statements according to the Mexican Financial Information Standards issued by the Mexican Council of Financial Information Standards and establishing the internal control that the administration deems necessary to enable the elaboration of these financial statements free of material incorrectness due to fraud or mistake.
Responsibility of the auditor
Our responsibility is to give an opinion about the attached financial statements based in our audit process. We have carried out our verification according to the International Audit Standards. Such standards require that our audit is planned and carried out complying with the ethical requirements and to be reasonably sure that the financial statements are free of material incorrectness.
An audit process leads to applying procedures in order to obtain audit evidence about the amounts and the information revealed by the financial statements. The audit procedures selected depend on the aud;tor's judgrnent, including the risk appraisals of material incorrectness in the financial statements due to fraud or mistake. While carrying out such risk appraisals the auditor takes into consideration the relevant interna! control for the elaboration and reasonable submittal, by the Pan American Institute of Geography and History, of the financial statements, in order to design the most suitable audit procedures depending on the circumstances and not for the purpose to express an opinion, on the effectiveness of the internal control of the entity.
Av. Insurgentes 686-503 Col. del Valle Norte Del. Benito Juárez C.P. 03100, México, D. F. Tel/Fax. 01 (55) 5511-8891 5207-2242 [email protected] www.despachomunirhayek.com.mx
DESPACHO MUNIR HAYEK, S.C. Contadores Públicos y Consultores de Negocios
An audit process also includes evaluating the adequacy of the accounting policies applied and the reasonability of the accounting estimates carried out by the management, as well as the evaluation of the submittal of the financial statements as a whole.
We consider that the audit evidence we have obtained in our revision provides a sufficient and adequate basis for our opinion.
Opinion
In our opinion the attached financial statements reasonably present all the material aspects of the financial position of the Pan American Institute of Geography and History at December 31st, 2015 and 2014 as well as the results of their statement of activities and patrimonial changes condition corresponding to the accounting periods terminated in such dates and the summary of significant accounting policies for the accounting periods terminated in such dates, in accordance with the Financial Information Standards used in Mexico
Attentivly DespachdiMunir Hayek, S.C.
C. /.C. [laye D nínguez ii-ofessional Lic4ise Number 177473
Mexico City, May 23rd, 2016.
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PAN AMERICAN INSTITUTE OF GEOGRAPHY AND HISTORY (Note1)
STATEMENT OF ACTIVITIES From January 1", to December 31" 2015 and 2014
US dollars (Note 2)
Fee Income (Attachment 2) 2015 2014 $ 427.420 $ 465, 176
Of the Year (Note 11) Of prevous years
21,431 56,641
448,851 521,817
Administrative Income (Attachment 3)
Banking interests 7,605 9.952
Recovery for publications 22,440 21.. 016
Services to thrid parties 6,971 6.261
Miscellaneous (4,224) 6,062
32,792 43,291 481,643 565,108
TOTAL INCOME FOR THE YEAR
Regular Fund Expenditures Personnel 234,780 243,859
Technical assistance, information and dissemination and statutory meetings 126,152 147,963
Operating Costs 21.600 26.063
382,532 417,885
Administrative Fund expenses (Attachment 3) 24.532 22,314
Accountable Disbursements of the year (Attachment 2) 19,927 31,135
44,459 53,449
TOTAL EXPENSES OF THE YEAR 426,991 471,334
Surplus for the year 54,652 93 774
Less: Reserve Funds from the year budget (53,355) (32.573)
Net surpius for the year 1,297 61,201
The attached notes are part of this financial statement
Under oath to tell the truth, we declare that these financial statements and their notes are reasonably correct and responsibility of the issuing entity
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Rodri o rriga Vargas Francisco Manuel García Mora
S= retary General Chief of Accounting
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PAN AMERICAN INSTITUTE OF GEOGRAPHY AND HISTORY (PAIGH) Notes to the Financial Statements of
December 31st, 2015 and 2014 (American Dollars)
1. HISTORY AND PURPOSE
PAIGH was created on February 7, 1928 at the VI American Conference performed by the Ministers of the American States in Havana, Cuba, and at request of the Mexican government, Mexico City was established as the headquarters of PAIGH.
Under request of the Mexican government representatives the headquarters were established in Mexico City where Mr. Pascual Ortiz Rubio President by means of a Decree dated May 3, 1930, made the building of 29 Ex Arzobispado street, colonia Observatorio available to the American nations. In 1949 a year after the Organizational Chad of American States (OAS) was signed at the Bogota Conference, the Institute signed an agreement with the Council of the American States and it became its first specialized body. Such agreement was amended and signed in accordance in Washington, D.C. on May 691, 1974.
Since it was founded, more than 80 years ago the Pan American Institute of Geography and History has supported and duly contributed to the advancement of sciences that correspond to its action field.
Goals:
* To foment, coordinate and spread cartographic, geophysical, geographic and historic research as well as the ones of related science that are of interest to America.
To promote and do research, work and training in these disciplines.
* To promote the cooperation among the institutes of their disciplines in America and with the related international organizations.
Juridical Framework:
The sixth American International Conference decided:
To create the Pan American Institute of Geography and History that would serve for coordinating, distributing and spreading the geographic and historic research among the American States.
2013-2017 Organic Statute, Bylaws and Agreements.
Headquarter agreement with the Mexican Government.
Financial Regulation.
At the 20th General Assembly of the PAIGH that was held from November 20th to 22nd, 2013 in Montevideo, Uruguay, it was resolved to choose the following authorities that will hold office until the 21st General Assembly:
Position Name Country
* President Rigoberto Magaña Chavarría El Salvador * Vice President Roberto Aguilar Falconi Ecuador
Secretary General Rodrigo Barriga Vargas Chile President of the Cartography Commission Carlos López Vázquez Uruguay President of the Geography Commission Jean Parcher USAmerica President of the History Commission Patricia Galeana Herrera Mexico President of the Geophysics Commission Walter Fernández Rojas Costa Rica
* The election of the president took place at the 81st Meeting of Authorities that was held in June, 2014 in Mexico City, and the election of the Vice President was at the 45th Meeting of the Board of the PAIGH that took place in Santiago de Chile in November, 2014.
NOTE 2. MAIN ACCOUNTING POLICIES
The criteria for applying the special rules that the management of the Institute considers the most suitable for submitting the information included in the attached financial statements reasonably are:
a) Basis of presentation and disclosure of financial statements
Currency of the financial statements
The financial statements and their respective notes at December 31st 2015 and 2014 include balances and transactions expressed in U.S. dollars. The accounting, as well as the records and financial statements it issues are made using U.S. dollars as currency (exchange rate of December 31st, 2015: $17.3398 pesos for a dollar, and 2014: $14.7348)
Recognition of the effects of inflation on financial information:
As of January 1st, 2008, the NIF B-10 "Effects of Inflation", which establishes de rules for recognizing the effects of inflation on financial information based on the inflationary environment of the country entered into force. According to the guidelines of NIF B-10, as long as inflation does not exceed 26% in the three previous fiscal years, the effects of inflation on financial information shall not apply. We are presenting the cumulative inflation percentages of the three previous fiscal years and the indexes used to recognize inflation until that year, published by the Instituto Nacional de Estadistica y Geografia (National Institute of Geography and Statistics).
December 31st of Adjustment Factor Inflation Percentage
Of the year Accumulated 2014 1.0408 4.08 12.08 2013 1.0397 3.97 11.80 2012 1.0356 3.57 12.26
Once the book value of the assets that correspond (base figure) has been defined, we suggest restating each of the items that compose the assets according to NIF B-10 Effects of Inflation, provided that the conditions of an inflationary economic environment are complied with.
b) Cash and temporary investments
This item is made by legal tender in cash and deposits in checking accounts available for operation, valued at face value. Investments are valued at their net realizable value.
c) Accounts receivable and allowance for doubtful accounts
Accounts receivable other than fees from contribution of member countries are presented at their net realizable value. A policy of the Institute is not to create an estimate for doubtful accounts because there have never been punishments for this.
—8—
The Institute does not record in the financial position statement the fees to be collected from
contributions from member countries. These are recorded the minute they are collected as
fee income for the year or for previous years in the statement of activities. The fees to be
collected during that year and previous years are detailed on Attachment 1.
d) Inventory
Inventories are represented by raw material (paper) for the publications to be sold.
Inventories from the Bibliographic Fund Jose Toribio Medina as well as the publications due
to a policy of the Institute are not recorded in the accounting.
Respectively on note 4 a) we refer to the way in which these inventories are made.
e) Property and equipment
Currently the Institute has a physical inventory of its assets. However up to date the
accounting records have not been carried out (Note 6)
f) Heritage
It is made up by the following funds:
a) Regular fund b) Special fund c) Reserve fund d) Budgeted Reserve Fund e) Operational Fund
The detail of each of them is showed on Note 10 of the financial statements.
g) Fee income
The Pan American Institute of Geography and History is a non-profit organization that lives
from the fees paid by member countries. The fee scale is established every four years by the
General Assembly of the Institute. The fees are recorded the minute each one of the
members pays them.
The members are the following countries:
-Argentina -Belize -Bolivia -Brazil -Chile -Colombia -Costa Rica -Ecuador -El Salvador -United States of America -Guatemala
-Honduras -Mexico -Nicaragua -Panama -Paraguay -Peru -Dominican Republic -Uruguay -Venezuela -Haiti
NOTE 3. CASH AND TEMPORARY INVESTMENTS
The cash shown in the financial statements at the closure of the fiscal year was obtained using Exchange rates determined by the PAIGH temporarily considered at the moment the operations were recorded. These exchange rates are provided by the banking system that assists International Bodies and Embassies.
Here is the information concerning this item:
Banks Account
Type Currency Amount Amount
Number US dollars US dollars 2015 2014
Oas Staff Federal Credit Union 7171 Special Account US dollars $ 189,710 $ 215,009 Inbursa, S.A. 15001970027 Entrepreneurial US dollars 12,759 11,497
Account Inbursa, S.A. 15001970019 Entrepreneurial Pesos 18,308 25,763
Account HSBC Mexico, S.A. 00199153132 Master Account Pesos 4,905 5,513 HSBC Mexico, S.A. 00199305252 Special Account US dollars 36,044 14,534 HSBC Mexico, S.A. 6250872670 Daily Investment Pesos 95,044 77,145
Account Sub Total Banks $356,770 $349,461
a) Fixed term deposits
Oas Staff Federal Credit Union 7171 Fixed Term US dollars $659,858 $659,430 HSBC Mexico S.A 7220 Fixed Term Pesos 78,431 78,431
Sub Total Fixed Term $738,289 $737,861
Plus Banks $1,095,059 $1,087,322 Cash 307 1,577
Total Cash plus Temporary investments $1,095,366 $1,088,899
—10—
Fixed Term
They are represented by the following instruments:
At the OAS Staff Federal Credit Union there are certificates of deposit with the following amounts:
Date of Due Term Amount Investment Date
October 26th 2015 January 26th, 2016 3 months $ 104,957 October 29th, 2015 January 2991, 2016 3 months 101,285 December 21st, 2015 March 21st, 2016 3 months 152,383 April 29th, 2015 April 29th, 2016 12 months 100,904 May 22nd, 2015 May 22nd, 2016 12 months 100,152 May 22nd, 2015 August 22nd, 2016 15 months 100,177
Total $ 659,858
At HSBC Mexico, S.A., there are fixed short term investments:
Date of
Due Investment
Date Term Amount
July 14th, 2015
January 11th, 2016 6 months $ 78,431
NOTE 4. INVENTORIES
a) Paper warehouse
The amount shown on the financial statements is due to purchase of paper for the investment of works from PAIGH. These amounts shall be applied to the corresponding expense account the minute they are used. The inventory amount is valued at the cost of purchase by $202.
b) Publications warehouse
The warehouse includes accumulated publications from many years, published by the PAIGH and that are used with promotion, broadcasting and sales purposes.
— 11—
1
The total amount of the inventory is not recorded on the accounting records of the Institute, this is only for information purposes and is not part of the audited financial statements. This decision is known by the management of the Institute.
NOTE 5. SUNDRY DEBTORS
The balance at December 31st, 2015 is made by the loans to personnel from the PAIGH taken from their retirement fund.
Account Concept Amount Amount 0/0
2015 2014
03-01-00 Sundry Debtors $ 6 1% $ 20,964 87% 03-02-00 Officers and 431 3%
Employees 03-03-00 Loans/ Fund 10,762 96% 3,075 13%
Sum $ 11,199 100% 24,039 100%
NOTE 6. PROPERTY AND EQUIPMENT
There was an appraised inventory of fixed assets on February 5th, 2014 by SIMEGA, S.A. DE C.V., in order to know the current value of the property of PAIGH such as furniture and office equipment and land transpon equipment obtaining $75,223 US dollars, of which $39,910 US dollars correspond to the furniture and office equipment and $35,313 US dollars correspond to the land transpon equipment, at a exchange rate of $14.7348 on December 31st, 2014. On December 31st, 2015 such appraisal was not updated.
The amount of the fixed assets is not recorded in the accounting of the Institute and this is only with information purposes.
NOTE 7. PREPAID EXPENSES
The balance of the account integrated by the guarantee deposit on January 20th, 2006 to Estacion de Servicio Observatorio, S.A. for $238 US dollars at an exchange rate of $10.50 for gasoline for the land transport equipment that belongs to the PAIGH where the contract has remained the same.
However, on May 19th, 2015 there was an actualization for $2,500 pesos with the same provider.
— 12 —
NOTE 8. SUNDRY CREDITORS
The balance of the account is made up as follows:
Concept 2015 2014
Social security fees (IMSS) $ 2,080 $ 1,675 UNEP- Agreement with PAIGF (1) 2,978 2,978 Interest from Retirement fund 85 99 ENVIRONMENT AGENCY (1) 25,332 51,904 GN Spain-Expos America (1) 2,905 2,904 GSDI-Bulletins (1) 12,277 23,579 CAF-3rd Agreement (1) 892 1,776 CAF-5th Agreement 7,392 4th Agreement CAF 7,728 - 6th Agreement CAF 16,473 - Funds for projects (2) 3,247 3,247 Funds for publications (2) 958 958 National Information Centre 10,908 Total $ 93,255 $ 89,120
(1) It refers to resources received from institutions to be used for projects that have to be carried out during the current fiscal year or afterwards.
(2) It refers to resources of the Regular Fund of 2013 and 2014 that were not used in these fiscal years and are not susceptible to resource allocation for 2016. These resources were not used during 2015 as a whole so that for 2016 they shall be incorporated as part of the compromised Fund.
NOTE 9. FEES COLLECTED IN ADVANCE
In this chapter the following collected in advance fees are included:
Affiliated Members 2015 2014
Ecuador $ 40 $ 12 Dominican Republic 3,883 Costa Rica 27 31 Colombia 24 Paraguay 3,672 5,875
Total $ 3,739 $ 9,825
NOTE 10. PATRIMONIAL FUNDS
The Patrimonial funds are in accordance with the following articles of the Financial Regulation of the Institution:
Article 38. The resources of the Institute shall consist of the quota payments of the Member States, income from the sale of publications or services, donations, legacies, bank interests, the surplus from previous fiscal years and any other source of income received through the General Secretariat.
Article 39. The resources referred to shall be administered through funds that are as follows:
Account
2015 2014
Reserve Fund (1) Operational Fund (2) Special Fund (3) Budgeted Reserve Fund (4)
$ 26,670 $ 28,578
196,848 196,848
688,831 708,271
6,111 42,573 Total $918,460 $976,270
(1) Article 42. The Reserve Fund is constituted to confront any severance payments that may have to be made to the staff of the General Secretariat who no longer work at the Institute. The total of this fund shall be determined by the approximate sum of these payments.
(2) Article 44. The Operational Fund has been constituted to cover the budgetary contingencies of the Institute. The amount of this fund cannot be in excess of 35% of the Regular Fund for that year.
(3) Article 41. The Special Fund is made up of any surplus income received from quota payments, which exceeds the Regular Fund and shall be utilized for the special projects approved by the Directing Council or General Assembly. The Secretary General is authorized to deduct up te 5% from each project within the special projects fund for administrative expenses.
—14—
(4) Article 43. The Budgeted Reserve Fund is made up of those funds that were un-expended during the fiscal year and which have been reserved for the next period, in accordance with Article 14 of these rules of procedure.
(5) Article 40. The Regular Fund is constituted by the quota payments from the Member States, with a maximum limit similar to the budget of the year to which it refers, approved by the previous General Assembly or Directing Council.
This fund shall be utilized to cover the expenses that have been considered in the program-budget, that is approved by the Directing Council or General Assembly
NOTE 11. COLLECTED INCOME
Concept 2015 2014
Argentina $ - $ 37,194 Belize 3,888 3,888 Chile 4,134 4,134 Colombia 7,164 7,176 Costa Rica 3,900 3,900 Ecuador 3,900 3,900 El Salvador 3,873 3,885 United States of America 323,900 323,900 Guatemala 3,900 3,900 Haiti 3,836 3,868 Honduras 3,260 3,803 Mexico 46,176 46,176 Panama 3,900 3,900 Paraguay 3,900 3,900 Peru 3,900 3,888 Dominican Republic 3,900 3,900 Uruguay 3,888 3,864
Total $ 427,419 $ 465,176
NOTE 12. FINANCIAL POSITION
The financial position of PAIGH is based on the Convention on Privileges and Immunities of the United Nations that among other articles establishes the behavior guidelines for the Diplomatic Representations as it is stipulated on article II concerning property funds and assets. Section seven of this article mentions that "the United Nations, as well as their property, funds and assets shali be:
-15-
a) Exempted from whatever direct contributions; provided that the United Nations shall not be able to claim any exemption for contributions that, in fact, constitute charges for public services.
Section 8. While the United Nations as a general rule will not claim exemption of rights to consumption or sale tax for real estate or furniture that are included in the price to be paid, when the United Nations carries out important purchases of goods intended for official use, over which certain rights or taxes have been paid or have to be paid, the Members shall make the pertaining administrative previsions for the remission or return of the amount that corresponds to the right or tax.
Article 105 of the aforementioned Charter "stipulates that the Organization shall have, in the territory of each of its members, the prerogatives and immunities that are necessary for accomplishing their purposes and that the representatives of the members of the Organization and the members of this one shall also have the necessary prerogatives and immunities for exercising their functions independently concerning the Organization".
NOTE 13. RESPONSIBILITY OF THE FINANCIAL INFORMATION
The financial statements have been approved for their issuance on May 23rd, 2016 by Mr. Rodrigo Barriga Vargas, Secretary General of the Institute and Mr. Francisco Manuel Garcia Mora in charge of the financial information and are subject to the approval of the Directive Board of the Institute.
The attached notes are part of these financial statements
Under oath to tell the truth, we declare that these financial statements and their notes are reasonably correct and responsibility of the issuing entity.
Rodrigo Barriga Vargas Francisco Manuel García Mora
Secretary General Chief of Accounting
Attachment 1
PAN AMERICAN INSTITUTE OF GEOGRAPHY AND HISTORY (Note 1)
RELATION OF FEES TO BE COLLECTED FROM STATES MEMBERS At December 31'1, 2015
(US dollars)
Member Countries Fees to be collected Fees
at Dec. 31, 2015 of 2015
Of Previous
Exercises
Argentina $ 37.218 $ 37,206 $ 12 00 Belize 12 12 _ Bolivia 15,600 3,900 11.700
Brasil 324,492 64,896 259,596 Colombia 12 12 Costa Rica (1) Paid - Chile Paid Ecuador (2) Paid
- El Salvador 27 27 United States Paid Guatemala Paid Haiti 64 64 Honduras 639 639 Mexico Paid Nicaragua 43,252 3.900 39,352 Panama Paid Paraguay (3) Paid Peru Paid _ Dominican Republic Paid - Uruguay 12 12 _ Venezuela 48.672 24,336 24 336
Total 470,000 $ 135,004 $ 334,996
(1) Costa Rica US$ 27.24 on account of future payments. (2) Ecuador US$ 40.00 on account of future payments. (3) Paraguay US$ 3,671.74 on account of future payments.
Rodrigo Barriga Vargas Francisco Manuel García Mora
Secretary General Chief of Accounting
Attachment 2
PAN AMERICAN INSTITUTE OF GEOGRAPHY AND HISTORY (Note 1) COMPARATIVE STATEMENT OF INCOME AND EXPENSES
BUDGETED VS ACTUAL As December 31", 2015
(US dollars)
Regular Fund At December 31", 2015
Accounts Regular Income Funds
Fees of the fiscal year Arrears
Total Income of the Regular Fund
Buddeted Actual
$
Differences
562,424 356 427
918,851
$ 427.420 21.431
( - )
135 , 004 334 996
$ 448,851 470,000
Expenses of the Regular Fund Salaries 190.280 159 519 30 ,761
Social Security 37,172 31 :397 5 775 Infonavit 5,806 4,127 1.679 Gratuities 18.052 15,977 2.075 Subsidies 12 960 12,960 _ Acknowledgement for services 8,597 8.023 574 Indemnifications to employees 7,000 7,000 Merit Bonuses 6.000 _ 6.000 Visits to the place of origin 1,740 1.740 _ Representation 2,585 2,585 _ Per diem 67,015 62 ,709 4.306 Travel Expenses 2 :600 2,010 590 Passage money 86.920 37,965 48,955 Scholarships 13,693 1 956 11.737
Right for Drinking Water 590 586 4 Financial Services 2.400 2 400 _
Postal Service 500 133 367 Telephone Service 3,750 3 071 679
Website and email 10,600 6,621 3,979
Messenger Service 1.150 385 765
Fees 15,665 5,014 10.651
Electricity 2,370 2 :362 8
Insurance 832 770 62
Gasoline 2 400 2,011 389 Transport Equipment Repair and Maint. 2 .200 2.185 15
Computer Equipment Repair and Maint. 1,000 92 908
Office Supply 2,300 1,812 488 Sanitary and cleaning material 800 786 14
Kitchen Items 800 701 99
Fees 700 700
Rewards 4 ;510 _ 4,510
Publications 25,370 1,438 23,932
Statutory Meetings Documents 5.314 4.635 679
Editorial Committee 3.000 600 2.400
Miscellaneous Expenses 13,367 5,961 7 406
Incidental expenses 2.A136 2.,136
562,424 $ 382,531 $ 179,893
Disbursements of the year to account 19 927
402,458 $ 179,893 Total US 582,424
Rodrig Barriga Vargas Francisco Manuel García Mora
Secretary General Chief of Accounting
Attachment 3
PAN AMERICAN INSTITUTE OF GEOGRAPHY AND HISTORY (Note 1) COMPARATIVE STATEMENT OF OTHER INCOME AND EXPENSES
BUDGETED VS ACTUAL As December 31«, 2015
(US dollars)
Administrative Fund Accounts
At December 31", 2015 Budgeted Actual Differences
- )
Administrative Fund income Earned interests $ 5,000 $ 7,605 $ (2.605) Publications 15,000 22,440 (7.440) Miscellaneous 10,000 2.747 7,253
Total revenues of the administrative fund 30,000 $ 32,792 $ (2,792)
Administrative Fund Expenses Miscellaneous Expenses 7.000 8.691 (1.691) Postal Service 100 973 (873)
Purchase of Equipment 1.000 68 932 Miscellaneous 21.900 14,800 7.100
Total expenses of the administrative fund $ 30,000 $ 24,532 $ 5,468
Surplus income over expenses of the administrative fund 8260
Rodrigo Barriga Vargas Francisco Manuel García Mora
Secretary General Chief of Accounting
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