Report on Audit of the Inter-American Foundation's Financial Statements for Fiscal Years 2006 and 2005

OFFICE OF INSPECTOR GENERAL Audit of the Inter-American Foundation’s Financial Statements for Fiscal Years 2006 and 2005 AUDIT REPORT NO. 0-IAF-07-003-C November 15, 2006 WASHINGTON, DC The report does not contain recommendations and IAF has elected to not formally comment on the report. The OIG appreciates the cooperation and courtesies extended to our staff and to the staff of GKA during the audit. If you have questions concerning this report, please contact Andrew Katsaros at (202) 712-4902. TABLE OF CONTENTS MESSAGE FROM THE PRESIDENT ..................................................................................................... 1 MANAGEMENT DISCUSSION AND ANALYSIS (OVERVIEW)................................................................ 4 INDEPENDENT AUDITORS’ REPORT ON FINANCIAL STATEMENTS ................................................... 20 BALANCE SHEETS........................................................................................................................... 22 STATEMENTS OF NET COST ............................................................................................................ 23 STATEMENTS OF CHANGES IN NET POSITION ................................................................................. 24 STATEMENTS OF BUDGETARY RESOURCES..................................................................................... 25 ...