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FOURTH ITEM ON THE AGENDA

Acceptance of contributions and gifts

Endowment Fund

1. Since the 38th Session of the Board, there have been no contributions to the Endowment Fund (as at 31 December 1996).

2. The financial statement of the Institute's Endowment Fund as at 31 December 1996, prepared by the Treasury and Accounts Branch of the ILO, is appended.

Phelan fellowships

3. The sum of 174,181.40 Swiss francs has been received as a first instalment on the Edward Phelan legacy to be used for fellowships bearing his name. As these fellowships would be supplementary to the existing internship and study programmes, their administration would not involve significant extra expense. If accepted, the funds received would be put into a separate account.

4. In accordance with paragraph 1 of article V of the Regulations of the Institute --

... any contribution, gift, legacy or grant from governments, institutions or private persons to the Organization in support of the Institute may be accepted in accordance with the Financial Regulations of the International Labour Organization, provided that these contributions, gifts, legacies and grants are for purposes in keeping with the aims and functions of the Institute and that their acceptance is recommended by a two-thirds majority of the Board.

Current activities of the Institute

5. Paragraph 4 of article V of the Regulations of the Institute provides as follows:

Apart from the arrangements provided for under paragraphs 1, 2 and 3, gifts, legacies or grants offered directly for specific activities of the Institute may be accepted in accordance with paragraph 1 above.

6. The Institute has received a joint contribution of US$5,000 from the employers' confederations of Denmark, Finland, Norway and Sweden to finance a fellowship to enable a candidate from employers' circles to participate in an internship course at the Institute.

7. The Board may wish to recommend that the Governing Body accept the Phelan legacy. It may also wish to recommend the acceptance of the contribution of the employers' confederations of Denmark, Finland, Norway and Sweden and thank the confederations concerned for co-financing the activity mentioned.

Geneva, 7 October 1997.

Point for decision: Paragraph 7.

Appendix

Endowment Fund of the International Institute
for Labour Studies

Income and expenditure account for the year
1 January to 31 December 1996
(in US dollars)
 

Fund balance as at 1 January 1996		4 319 551
Decrease in capital value of the Fund
Net gains on sale of investments	130 159
Loss on revaluation of non-dollar assets	(156 778)
		(26,619)
Income of the Fund		191 613
Investment income
Fund management and other fees and charges		(26 537)
		165,076
Less: Transfer of income to the Institute current account		(165 076)
Fund balance as at 31 December 1996		4,292,932

Endowment Fund of the International Institute
for Labour Studies

Statement of assets and liabilities as at 31 December 1996
(in US dollars)

Assets

Current and call accounts with banks:
Swiss francs		13,728
US dollars plus sundry currencies	516,045
Total		529,773
Investments:
Bonds and shares (at cost)		4,367,868
Accounts receivable:
Recoverable taxes	6,151
Total		4,903,792

Liabilities

Accumulated fund on 31 December 1996	4,292,932
Amount payable to the Institute's current account for income not yet transferred	610,860
Total	4,903,792