84 / 106
84
10. PAYABLES
December 31, 2015
December 31, 2014
Accrued expenses
$ 37,055,565
$ 49,714,479
Retained money payable on completed projects
308,004,828
153,867,156
Other payables
211,557,965
162,120,401
$ 556,618,358
$ 365,702,036
11. CONTRACTED PROJECT EXPENSES
For the years ended
December 31, 2015
For the years ended
December 31, 2014
Personnel expenses
$ 445,195,588
$ 453,287,274
Operating expenses
550,021,871
420,512,632
Travel and transportation expense
63,381,686
56,374,809
Equipment investment expense
144,787,072
60,365,526
Total
$ 1,203,386,217
$ 990,540,241
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
2013 have been assessed and approved by the Tax Authority.
13. FUNDS
December 31, 2015
December 31, 2014
Founding Fund
$ 11,614,338,576
$ 11,614,338,576
Donated Fund
854,499,496
854,499,496
Total
$ 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 23, 2015, the total amount of the assets
registered with TaiwanICDF was NT$15,729,181,277.
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, 2015.