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ID-78-20 1 (1978-02-17)

handle is hein.gao/gaobaawrc0001 and id is 1 raw text is: DOCUMIN! 33SOUX 05065 - (505855041 1The American University in Cairo: alternatives for O.S. Government Support. ID-78-20; B-I56766. Felbrarl 17, 1978. 2 -pp. * 3 appendices (29 pp.). Report to Sen. Daniel A. Inouye, Cbairuan, Senate Committee *n Appropriations: Foreiqn Operations Subcommittee; )by 3ler B. Staats. Comptroller General. Contact: International Div. Budget Function: Edcation, ianpower, azd Social Services: Niqher Education (151); International Iffairs: Foreign Economic and Financial Assistance (502). Orqanization Concerned: Agency for international Development; American University in Cairo (egypt). Conqressional Relevauice: House Committee on laternational Relations; Senate Committee on Appr pciatioas: Peseign Operations Subcommittee; Senate Committee o Foreign Relations. Sen. Daniel L Iaouye. Authority: Foreign Assistance Act of 1961v as amended. The University Educational Endoument Fued of the ameAican University in Cairo. zg pt, was established in 1976 by the Agency for International Development (11D vith a local currency qxeas equivalent to $36 nillion. 2he Undoument Fund was intended to earn income to support the University k;y investing in Egyptian enterprises and business ventures. An audit by AID in July 1976 revealed serious management, financial# and operational deficiencies in the Pund's administration and questioned whether such investment was feasible given the uncertain economic climate in Egypt. Findings/Conclusions: U.S. officials in Egypt strongly support continued financial assistance for the American University in Cairo and believe that the University contributes greatly to United Stetes-Bgjpt relations. Although AID's severe criticisms of the 3ndoument Fund administration were valid. circumstances In gypt appoax to have chanqed since the 1unds original investments were mad., and the investment climate is greatly improved. Ean of the managerial and administrative shortcomings have bean corrected or improved. To be succqssful, the fund needs good neatnent critecia and adequate supervision by the University's Board of Trustees. It also needs to %3ar investment goals towaxd income-proeiucing investments which will provide needed cash revenues. alternative considerations involve liquidation of the fund, replenishment r'f the tund, and a long-term loan. Recommendations: The Administrator of AID should consider the alternatives. especially a loan and, in consultation with appropriate congressional committeea. implement a strategy for financial assistance that will satisfy the log-ters needs of the University at an acceptable level of cost and rLsk to the U.S. Government. He should also: see that the University's Board of Trustees adopts and uses investuent criteria fo potential

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