March 2015

There are five categories of funds managed or administered by the GS/OAS:

  • Regular Fund
  • Specific Funds
  • Service and Revolving Funds (e.g. ICR)
  • Voluntary Funds (OAS DCF)
  • Trust Funds (e.g. Medical)

The navigation tabs on this website (immediately above) contain detailed financial reports for each of these funds. Each report contained under these tabs may be accessed by clicking on the external link.

The frequency on which these reports are updated (i.e. monthly, quarterly or annually) depends on the statutory requirements of each fund. Additional ad-hoc reports not contained in this website may be furnished upon official request from a Member State.

 

Quarterly Financial Highlights

The Quarterly Financial Report (QFR) contains detailed financial information in compliance with the financial reporting requirements established under resolution AG/RES. 1 (XLVIII-E/14). The following are the highlights contained in that report:

  • Budgetary execution of the OAS Program-Budget. The year-to-date level of execution for the combined Regular Fund, Specific Fund and Fund for Indirect Cost Recovery (ICR) reached 22.7% of the USD 149 million 2015 Approved Program-Budget. The level of expenditures for the Regular Fund and the ICR reached 24.2% and 23.4% of their approved budgets, respectively. Specific Fund expenditures reached USD 12.1 million, slightly higher when compared to the same period last year (USD 11.7 million).
  • Regular Fund Quotas. With respect to year-to-date Regular Fund quotas, out of 34 member states, 13 member states are current and/or considered current with their quota assessment and 21 member states are not current. The latter have not paid their quota assessment for the current year nor have they submitted a written payment plan to the General Secretariat. Five member states within this group have not paid their quota balance in arrears (amounts owed for 2014 and prior years).
  • Regular Fund Liquidity. In terms of liquidity, the Regular Fund began the year with a cash balance of USD 0, increasing to USD 7.65 million by the end of the quarter. The GS/OAS projects a possible maximum cash deficit of USD 20.15 million by November of this year considering member states’ payment plans and payment history (excludes member states with  balances in arrears).  Although the approval of the extension of the temporary loan from the Treasury Fund through CP/RES. 1046 (2013/15) will help to mitigate cash shortages in the short-term, the delay in quota payments continues to be a long-term management concern as it significantly impacts liquidity in the Regular Fund. At this time, the General Secretariat cannot project the repayment of the temporary loan, since it has not received indications from those member states in arrears, as to when the due amounts will be paid.
  • Specific Funds. Contributions to Specific Funds reached USD 8.8 million, almost 31% and 48% lower than the same periods in 2014 (USD 12.8 million) and in 2013 (USD 17.1 million), respectively. In this quarter, member states decreased their contributions by approximately 75% compared to the same period last year. At the same time, however, permanent observers increased their contributions significantly by 255% and institutions and other donors increased their contributions by almost 82%. The combined increase of contributions from permanent observers and other donors has not been enough to offset the overall decrease in contributions to Specific Funds. Although It is too early to tell at this point in time, the overall decrease in contributions may only reflect a timing issue in donor programming.
  • Compliance and Oversight. With respect to compliance and oversight issues, the external audit firm, Ernst & Young, LLC issued unqualified or “clean” opinions on all OAS financial statements for the fiscal year 2014. This is the highest rating that may be received from an external auditor. In terms of external audits requested by donors for specific projects, one financial audit  resulting in a clean opinion was performed on OAS/MAPP “Basket Fund” so far this year. Two more specific project audits are programmed to start in the second quarter of this year and, potentially, up to 17 additional audits may be requested by donors during 2015.

 

“Combined funds” include financial reports and data that contain two or more OAS funds combined.

Financial Reports

MONTHLY

QUARTERLY

The Regular Fund is made up mainly of the quotas collected from the Member States and includes the contributions from other funds for technical supervision and administrative support provided by the General Secretariat.  Funds received for unspecified purposes are treated as miscellaneous income under the Regular Fund.  The purpose of this Fund is to finance: the regular secretariat and general support services provided by the Secretariat; technical supervision and administrative support to the programs; and multilateral integral development programs, as established in Article 32 of the Charter and as specified in the approved program-budget.

Financial Reports

MONTHLY

  • Regular Fund - Financial position and Statement of Changes in Fund Balance for the Regular Fund.
  • Quota Collection - Regular Fund quota collections and balances due from Member States.
  • Quota Compliance Report - Payment status of Member States’ quota assessment to the Regular Fund.
  • Budget Execution Report - detailed Regular Fund budget execution and transfers between chapters at the object of expenditure level.
  • Liquidity - Year-to-date Regular Fund cash inflows and outflows by month.

 

Specific Funds are made up of special contributions, including those received without purposes and limitations specified by the donor, from member states and permanent observer states of the Organization and from other member states of the United Nations, as well as from individuals or public or private institutions, whether national or international for the execution and or strengthening of development cooperation activities or programs of the General Secretariat and other organs and entities of the Organization in accordance with agreements and contracts entered into by the General Secretariat in exercise of the powers conferred under the Charter.

Financial Reports

MONTHLY

  • Statement of Changes in Fund Balance - Detailed report of cash inflows, outflows and balances sorted by Chapter, Subprogram and project-related activities.

  • OAS Country Offices - Statement of Changes in Fund Balance with detailed cash inflows, outflows and balances for Specific Funds, by OAS Country Office.

QUARTERLY

The OAS manages several activities identified as Service and Revolving Funds, which allows the OAS to handle certain administrative activities not directly related to donor agreements or Trust Funds. These funds include activities such as the Fund for Indirect Cost Recovery (ICR), the Building Management and Maintenance account, Tax Equalization and Parking Services accounts.  Since 2005, OAS has segregated these funds from the Specific Funds’ financial statements to reflect the impact of those Funds.

Financial Reports

MONTHLY

Voluntary Funds have been reorganized into an OAS Development Cooperation Fund (OAS/DCF), which includes the former FEMCIDI and other voluntary contributions. The purpose of OAS/DCF is to contribute to the financing of national and multilateral cooperation programs, projects, and activities carried out under the Strategic Plan for Partnership for Development.  OAS/DCF is financed through voluntary contributions from the Member States and other assets.  The Fund's uses and limitations are defined in the OAS/DCF Statutes.            

OAS/DCF consists of the Integral Development Account, of Sectoral Accounts established in accordance with the priorities of the Strategic Plan, and of the Reserve Account, which shall be established with 10 percent of the annual voluntary contributions of the Member States.  The Reserve Account shall maintain for unforeseen activities a sum equivalent to 3 percent of the amount of resources existing in OAS/DCF.

 

Financial Reports

QUARTERLY

Trust Funds are established by bequests or grants to finance purposes specified by the donor or legator, held in trust, and used in accordance with the pertinent provisions or instruments. The disposition of these funds are restricted by the instruments establishing them and the Board or Committee overseeing the resources. These funds are not part of the program-budget and address specific purposes such as:

  • The Medical Benefits Trust Fund provides medical benefits to OAS staff members. Fund activity is limited to paying covered employees’ health claims. Claim adjudication is handled by an insurance provider.
  • The Rowe Pan American Fund is established to provide loans to students from Member States, other than residents and citizens of the United States, and to make loans to OAS employees for educational and emergency purposes.
  • The assets of the Rowe Memorial Benefit Fund have been accumulated principally from contributions received from Dr. Leo S. Rowe, a former Director General of the Pan-American Union. These assets are held in trust to provide certain welfare benefits for OAS employees.
  • The Trust for the Americas is a not-for-profit organization that works to expand hemispheric cooperation and enhance economic development. Resources have been provided by contributions from corporate donors and U.S. federal grants.

 

Financial Reports

QUARTERLY

  • Medical Benefits Trust Fund - Statement of Financial Position, Statement of Activities and Statement of Cash Flows (Annually).

  • Row Pan American Fund - Statement of Financial Position, Statement of Activities and Statement of Cash Flows (Annually).

ANNUALLY

  • Rowe Memorial Benefit Fund - Extract from latest external annual audit - Audit opinion, Statement of Financial Position, Statement of Activities, Statement of Cash Flows and Notes to the Financial Statement.

  • The Trust for the Americas - Extract from latest external annual audit - Audit opinion, Statement of Financial Position, Statement of Activities, Statement of Cash Flows and Notes to the Financial Statement.