Total revenue and expenses reported in 2017 were $63.6 million. Total revenue increased by $5.2 million compared to 2016, demonstrating CIP’s continued success in securing Window 3 and bilateral funding while stabilizing revenue for Windows 1 and 2.
The financial results depicted here are derived from CIP’s audited December 31, 2017 consolidated financial statements, which contain an unqualified audit opinion. CIP’s complete, audited financial statements can be obtained online at https://cipotato.org/about/finances/
Luís Felipe Mendes
Chief Financial Officer
The ratio of indirect cost to direct cost as an indicator of our operational efficiency remained stable at 15%. The ratio has been calculated following the CGIAR Financial Guidelines No. 5.
LIQUIDITY AND FINANCIAL STABILITY
The long-term financial stability indicator, which measures the number of days of unrestricted net assets that can be used to cover CIP’s forward planned operations, is 86 days (within the CGIAR recommended norms). CIP’s overall financial position continues to be sound and the Center did not need to use any credit facility during the year.