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ID-80-28 1 (1980-03-07)

handle is hein.gao/gaobabajy0001 and id is 1 raw text is: COMPTROLLER GENERAL C T141' 'JNITEO STATES WASHINGTON. O.r. 20548 /,,d B-197020 /6> To the Board of Directors Gorgas Memorial Institute of Tropical and Preventive Medicine, Incorporated '. u ursuant to e act of May 7, 1928 ( S C. 278a), we Q have examined thefinancial temen Institute of Tropical and Preventive Medicine, In6ZAX d- - for the fiscal year ended September 30, 1979/ The Institute, a private nonprofit organization, was incokporated in Delaware and registered in the Republic of Panama in 1921 and has its headquarters in Washington, D.C. The Institute is governed by a 47-member Board of Directors which includes officials of the United States and Panama Governments, representatives of national and international agencies, and leading U.S. and Latin American scientists and professionals. Institute officers and Board members serve without compensation. The Gorgas Memorial Laboratory, the biomedical research facility, has been operated since 1929 by the Gorgas Memorial Institute and is funded by the two governments and by other independent agencies. The Labora- tory was established by the U.S. Congress, which authorized an annual contribution for its maintenance and operation, and the Panamanian National Assembly, which ceded the land -and building in Panama City in perpetuity provided they were used for a research facility. In addition, the Labora- tory conducts research in Building 265, Ancon; the Juan Mina Plantation; and Abogado and Aojeta Islands in Gatun Lake. GAO conducts biennial audits of the'Institute's financial records and reports, and an independent public accounting firm conducts audits for the alternate years. EARNINGS ON FEDERAL GRANT FUNDS SHOULD NOT BE RETAINED Interest earned by public or private grantees on funds granted by the United States belongs to the United States rather than to the grantee. The Institute, unaware of this 111890 ID-80-28

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