Trust Fund Committee Approves FY21 Annual Report and Annual Audit Completed
WASHINGTON, D.C. (April 5th, 2022)– The Trust Fund Committee of the Trust Fund for the People of the Federated States of Micronesia (the Fund) approved the Fiscal Year 2021 (FY21) Annual Report on 3/31/22. The FY21 audit report was also completed by the Fund’s independent auditor, Baker Tilly.
The Fund finished the fiscal year with a restricted fiduciary net position of $999,763,601 as of 9/30/21. The increase was primarily due to interest, dividends, and realized and unrealized gains from investment of $182,626,639 plus the scheduled FY21 U.S. government contribution of $35,277,200. The Fund had a weighted annual rate of return of 22.1% for FY21 compared to 8.4% for FY20.
The reports can be found on the File Repository page of the Fund’s web site: https://fsmcfatf.com/file-repository/
As stated in Article III of the Agreement Between the Government of the United States of America and the Government of the Federated States of Micronesia Implementing Section 215 and Section 216 of the Compact, as Amended, Regarding a Trust Fund, the purpose of the Fund is to contribute to the economic advancement and long-term budgetary self-reliance of the Federated States of Micronesia by providing an annual source of revenue after fiscal year 2023. For more information on the Fund, visit the official website at https://fsmcfatf.com/.