IFI: “It is therefore incorrect to say the fund has an uncommitted surplus.”

The Detail’s John Breslin interviewed the chairman of the International Fund for Ireland, Denis Rooney, about the ongoing campaign to re-instate funding.  But when he asked about the accounts, he was referred elsewhere.  From The Detail report

The Detail wanted to talk to someone from the organisation able to walk through the accounts. That did not happen despite two e-mails sent over two weeks ago asking for an interview with someone familiar with the accounts.

As of September 2010, the annual report reveals, the IFI had stg22m in investments and had stg41m in cash in its bank accounts.

It was also owed stg62m in donations due within one year, though that has not happened in recent years, the annual accounts shows. Money owed by the US and the EU date back to 2008.

The approved project expenditure outstanding – for which a claim for payment of a grant had not yet been received – amounted to a further stg62m.

For accounting purposes, the approved project expenditure was subtracted, leaving a total fund balance of stg66m as of September last year.

What is clear is the IFI has a significant amount of money under its control, or on the way, that has not yet been either allocated, or is in the hands of, particular projects. And it has some time to spend it.

What is not clear is whether some politicians and pundits on both sides of the Atlantic are aware of this.