About CIP /  Financial Report

In 2005, CIP’s total revenues reached US$22.3M in 2005, 2% below 2004. Total revenues include US$8.1M of unrestricted donations and US$13.9M of restricted donations. At the end of the year, US$3.5M of approved grants (16% of total revenues) had not been released.

Unrestricted contributions fell by 9% from US$9.0M to US$8.1M in 2005, while restricted contributions increased by 3% from US$13.4M to US$13.9M.  Lower than expected contributions from the World Bank, Italy, Japan, and the Swiss Agency for development Cooperation, as well as a stronger US dollar, reduced unrestricted revenues, while new proposals approved by donors helped to increase restricted revenues.

During the year, 41 new restricted proposals, for a total commitment of US$15.8M, were approved by donors. New commitments increased by 26%, compared with 2004. The average donation per proposal approved also increased from US$0.25M to US$0.39M in 2005. The growth in the average donation per proposal approved was greatly influenced by the approval of a large donation, which represented 54% of the total value committed by donors during the year.

Total expenditures increased by 3% to US$22.2M. Research and research support activities, as well as training and operations,  increased, while research management expenditures decreased. 2005 was the third year in a row of program expansion.

CIP achieved a slight surplus of US$0.07M in 2005. The surplus  increased CIP’s financial reserves from US$5.6M to US$5.7M. Programmatic growth and austere and prudent policies reduced CIP’s indirect expenses. Following the CGIAR indirect cost ratio guidelines, the indirect cost ratio declined from 14% in 2004 to 12% in 2005. The Center plans to continue exercising prudent policies to strengthen even further CIP’s financial position.

CIP’s financial indicators continue to be within the recommended ranges by the CGIAR. The liquidity indicator, measured as net working capital divided by the daily average expenditures minus depreciation, reached 93 days in 2005, while the financial stability indicator, measured as the unrestricted net assets divided by the average daily expenditures minus depreciation, reached 91 days . The financial indicators provide the Center with flexibility to deal with short-term negative effects from unanticipated events.

A copy of the complete audited financial statements may be requested from the office of the Director for Finance and Administration (cip-cfo@cgiar.org) at CIP headquarters in Lima, Peru.