Annual Report 2010 - Comsats

Since the establishment of COMSATS, the Finance and Accounts Department of the Secretariat
is managing the financial activities related to COMSATS Secretariat, including the grant by the
Government of Pakistan for meeting the overhead expenditure of the Secretariat, and theAnnual
Membership Contributions received from the Governments of member countries of COMSATS.
FINANCIALAFFAIRS OF COMSATS
Statements of COMSATS’Account
2010
Annual Report
Annually, in the light of planned technical activities/scheduled programmes, a budget
is prepared by COMSATS Secretariat under the guidance of the Executive Director
COMSATS. The budget is presented at COMSATS’ Management Committee
meetings for detailed discussion. After thoroughly evaluating every head of
expenditure, the Committee recommends the budget for approval of the COMSATS’
Coordinating Council.
M/s Ernst & Young Ford Rhodes Sidat Hyder, Chartered Accountants, have been
conducting the audit of Accounts of COMSATS Secretariat for the last several years.
The Auditors’ Report and audited financial statements of COMSATS Secretariat for
the financial year ended on June 30, 2009 are given in this Section. The audit of
accounts for the financial year ended on June 30, 2010 is in progress and the initialed
Auditors’ Report will be issued by M/s Ernst & Young Ford Rhodes Sidat Hyder by the
end of March 2011.
COMSATS’ member countries contributed US$ 576,208 up to December 31, 2010,
out of which an amount of US$ 395,245.00 was spent on COMSATS’ technical
activities for member countries. An amount of US$ 180,963 is available in the trust
fund as of December 31, 2010.
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