76 / 98
76
10. PAYABLES
December 31, 2014
December 31, 2013
Accrued expenses
$ 49,714,479
$ 40,623,025
Retained money payable on completed projects
153,867,156
149,322,718
Other payables
162,120,401
195,599,715
$ 365,702,036
$ 385,545,458
11. CONTRACTED PROJECT EXPENSES
For the years ended
December 31, 2014
For the years ended
December 31, 2013
Contracted project expenses
Personnel expenses
$ 453,287,274
$ 505,428,743
Operating expenses
420,512,632
466,677,292
Travel and transportation expense
56,374,809
62,817,383
Equipment investment expense
60,365,526
22,165,366
Total
$ 990,540,241
$ 1,057,088,784
12. INCOME TAX
Activities and related expenses of the TaiwanICDF are in compliance with “Standard for Non-profit Organizations
Exempt from Income Tax”. Accordingly, the TaiwanICDF is exempt from income tax. The income tax returns through
2012 have been assessed and approved by the Tax Authority.
13. FUNDS
December 31, 2014
December 31, 2013
Founding Fund
$ 11,614,338,576
$ 11,614,338,576
Donated Fund
854,499,496
854,499,496
$ 12,468,838,072
$ 12,468,838,072
1) The founding fund balance (NT$11,614,338,576) was derived from the closure of the IECDF management
committee on June 30, 1996. In the official registration with the court, the total property value filed was based on
the closing balance of assets of the IECDF management committee. As of March 18, 2015, the total amount of the
assets registered with TaiwanICDF was NT$15,888,379,324.
2) The donated fund (NT$854,499,496) of TaiwanICDF consisted of the following items:
A.The amount of NT$4,423,541 from MOFA’s Committee of International Technical Cooperation (CITC) was
consolidated in TaiwanICDF on July 1, 1997.
B.The amount of NT$600,000,000 was donated by the MOFA on January 16, 1999.
C.The MOFA provided the amount of NT$250,075,955 on December 31, 2001 under the Regulation for the
TaiwanICDF in Providing Guarantee for Credit Facilities Extended to Private Enterprises Which Invest in
Countries with Formal Diplomatic Relationships. The TaiwanICDF had fulfilled the obligations of the guarantee
amounting to NT$152,665,834 as of December 31, 2014.