Subject: CPA Report on IFCSS Financial Situation

From: IFCSS HQ <[email-masked]>
Date: Tue, 8 Feb 1994 16:11:30 -0500

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IFCSS Headquarters News Release No. 5106  February 8, 1994 
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Independent Federation of Chinese Students and Scholars (IFCSS)
   733 15th Street, N.W., Suite 440, Washington, D.C.20005
         Tel. (202)347-0017  Fax: (202)347-0018
                Email: [email-masked]

     Special Report from IFCSS Working Meeting (1): 
          CPA Report on IFCSS Financial Situation
     ==============================================

In the past months, a considerable amount of suspicion has been
generated over IFCSS's financial situation, which naturally
became an overriding concern of those who attended the Working
Meeting (February 5-6). To clarify the situation, the IFCSS HQ
asked Mr. Jeff W.S. Lin, a certified public accountant, to
compile a set of comprehensive financial statements to be
reported to the IFCSS Council as well as to other members of the
IFCSS Working Meeting.

On the first morning of the Working Meeting, Mr. Jeff W.S. Lin
provided the delegates with a set of financial statements
covering the period from July 1, 1992 to June 30, 1993 (IFCSS 4th
term). The documents included the balance sheet of IFCSS
Foundation, Inc., Statements of Revenue & Expenses (combined,
general fund, council, June 4th Fund, Insurance Program, CSPA,
CSS-Protection, 4th Congress, 5th Congress, Supervisory
Committee, Working Committee, Project, Fund Raising, NED, and
Round-table Meeting), Statement of Changes in Fund Balance,
Statement of Cash Flows (Increase [Decrease] in Cash or Cash
Equivalents) along with CPA notes. 

Mr. Jeff W.S. Lin presented and explained these documents to the
delegates, and answered their questions. One of the major
concerns at the meeting was whether any IFCSS funds had
disappeared or were unaccounted for. When asked this question, Mr.
Jeff W.S. Lin answered that for the period ending June 30, 1993,
he had not found any indication of such disappearance. Mr. Jeff
W.S. Lin added that he had almost completed compilation of the
financial statements for the current term (IFCSS 5th term), a
draft of which was also presented to the Working Meeting, and
that he had not found any traces of disappearing funds, either.
Mr. Jeff W.S. Lin expressed a fairly good opinion of IFCSS
financial system and of the work by IFCSS treasurer Ms. Jiang
Zuihong, but also identified areas for improvement in IFCSS
financial system. 

The delegates were satisfied with Mr. Jeff W.S. Lin's report and
expressed appreciation for his working overtime to prepare the
financial statements for the meeting. Later on, the IFCSS Council
passed a resolution approving Mr. Jeff W.S. Lin's report.

To be responsible to the CSS community, the IFCSS HQ will make
available on the E-mail network the aforementioned financial
statements and the complete text of the question-and-answer
session conducted by Mr. Jeff W.S. Lin. We will notify you how to
access this information when it is ready. 

The IFCSS HQ appreciates all the concerns over the organization's
financial situation and sincerely hopes that the CSS Community
will continue to monitor its finances. We will be pleased to
answer any questions in this regard.

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