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News & Notices

Minutes of 72nd Meeting of Bureau
11-12 August 1999, Berlin, Germany


16. REPORT OF TREASURER AND FINANCE COMMITTEE

16.1 RECOMMENDATION ON APPOINTMENT OF AUDITORS FOR 1997-8 [COUNCIL ITEM 8]
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Prof. Ward described the difficulties that been experienced with IUPAC's long term auditors, Neutra Treuhand in 1998. Neutra Treuhand had in effect resigned as auditors by not arranging for an audit as requested. This had led to the employment of a local firm in Raleigh, North Carolina, USA, Batchelor, Tillery, and Roberts. The Bureau was asked to recommend to Council that the decision to employ Batchelor, Tillery and Roberts to conduct the audit of the 1997 and 1998 accounts be approved. The Bureau was also asked to approve the use of the same firm for the audit of the 1999 and 2000 accounts. The Bureau recommended to Council that the appointment of Batchelor, Tillery and Roberts as IUPAC auditors be approved.

16.2 STATEMENT OF ACCOUNTS FOR 1997 AND 1998 [COUNCIL ITEM 8]
Prof. Ward reviewed the operational income and expense performance of the Union for 1997 through 1999. The net income for this period has been better than budget due to somewhat higher than budgeted publications income and lower than budgeted expenses at the Secretariat and in the Divisions. The Union's reserves are strong and the investment portfolio has performed well. Prof. Ward pointed out that the excellent investment performance cannot be expected to continue and some investment losses must be expected when the market enters the expected down phase of its cycle. Prof. Ward then gave an overview of the Union's finances in the period 1990-1999 (see Attachment 4). He noted that the Union has recovered from its difficulties in 1990-1 and has kept expenses in control and built up its reserves. Divisional allocations have been increased in recent years and are now at a higher level, in real terms, than in 1990.

16.3 RECOMMENDED BUDGETS FOR 2000-1 [COUNCIL ITEM 15]
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Prof. Ward discussed the proposed budget for 2000-1 (see Attachment 5 > pdf file 329KB). The budget increases the Divisional Allocation and also contains an operating reserve for use in funding new projects. Prof. Somsen hoped the Divisions would be able to effectively use the increased allocation since in the past they generally underspent their budgets. Dr. Becker observed that the Union is fortunate in having sufficient funding available for operating both the Commission system and the project system for this period. He noted that the reduced spending by the Secretariat compared to historical levels was not expected to continue. He expected that, as the project system developed, the Secretariat would add staff to provide additional support to Task Groups and other IUPAC bodies.
The proposed Budget was unanimously approved and recommended to Council.

16.4 RECOMMENDED NATIONAL SUBSCRIPTIONS FOR 2000-1 [COUNCIL ITEM 15]
Prof. Ward noted that the total National Subscription was being increased by only 1% in each year. He strongly urged that an increase, even a small one, be approved to avoid the situation of the period before 1990. The freezing of National Subscriptions for a number of years had led to the difficult financial situation in the early 1990s described above. The proposed National Subscriptions were unanimously recommended to Council.

16.5 ALLOCATIONS TO IUPAC BODIES, 2002-3
Prof. Ward described the expected situation in the biennium 2002-3. The new structure of the Union should lead to a less expensive General Assembly. The proposed scheme would use these savings to increase Division Allocations and would also create a fund to be used for additional projects. This fund would enable the Union's resources to be used for those areas that require extra funding, rather than making a fixed allocation to each Division.

16.6 ENDOWMENT FUND
Dr. Jost briefly reviewed the commitments that had been made from the income of the Endowment Fund to date.

16.7 FINANCE COMMITTEE MEMBERSHIP
Prof. Ward noted that with the addition of Dr. G. Martens, the Finance Committee was now at full strength. He also noted that Dr. Przybylowicz had assumed the Chair of the Committee at the 1999 meeting.


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