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IUCr 1993 Triennial Financial Report - General Financial Development

Table 1 shows a comparison of the fund accounts at the beginning and the end of the triennium. No new funds were established in this period. The total assets of the IUCr have increased by CHF142 741, or 2.7%, over the triennium. One should note that the fluctation in rates of exchange during this period has been CHF-714 856.

Table 2 shows the distribution of the assets. The amount of CHF 356679 for debtors at 31 December 1992 is normal. It includes, in part, the IUCr's funding of the XVI General Assembly and Congress paid in advance, but the largest part relates to amounts due at that date in respect of the publishing operations during 1992, from Munksgaard for the journals and from Kluwer for International Tables, Structure Reports and other publications. These amounts, due in early 1993, and the great majority of the other amounts under debtors and creditors, have since been settled.

The total investments at 31 December 1992 are CHF 4583 625, as shown in Table 2, of which 30.7% is held by Merrill Lynch, 51.5% by Foreign & Colonial and 17.8% is a one-year National Westminster (CI) deposit. The IUCr bank accounts and short-term deposits are held with the Union Bank of Switzerland, the National Westminster Bank, the Amsterdam-Rotterdam Bank, and Merrill Lynch, involving the currencies CHF, GBP, NLG and USD.

As an association incorporated in Switzerland, the IUCr is exempt from Swiss Federal and Geneva Cantonal Tax. Under the terms of the United Kingdom/Switzerland Double Taxation Agreement dated 8 December 1977, investment income arising within the UK under present circumstances is not subject to United Kingdom tax. Investment income received from other countries with which Switzerland has a Double Taxation Agreement is also exempt from tax. In October 1985, a recognition of tax exempt status in the USA was received from the Internal Revenue Service, Department of the US Treasury.

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