occurred withregularity in1984foraparticular groupofnewpension entitlements determined underthetwo-track systemofcalculating benefit entitlements. An erroneous refundof$17,183.67 wasmadetoamemberorganization duetoa misapplication oftherulesoftheFund.Ouranalysis ofthebenefits payable -49-" .~ 'Iaccount disolosed 193periodic benefitliabilities, withacombined balance of $283,320.23 pthathavebeenoutstanding formorethanthreeyears,andanamountof $20,289.30 fordeferred retirement thathasbeenoutstanding sincetheendof1980. 7.Thereconciliation statements forthethreeprincipal bankaccounts disclosed thatcheques anddraftsissuedin1981,1982and1983,withanaggregate balance of $157,706.44, continued tobeshownasreconciling items. Welikewise observed that thereconciliation andclosure ofthepension benefits accounts andthewithdrawal settlement account werecompleted onlybymid-April 1985. 8.Ourexamination oftheaccounts oftheEmergency Fundrevealed thattheannual appropriation isrecorded onlyatyear-end ratherthanatthestartoftheyear whentheauthorization isreceived andtheunexpended balance oftheappropriation isnotclosedattheendoftheyear. Investment accounts Realestateaccount 9.Ouranalysis oftherealestateinvestment account disclosed atotal understatement of$5,766,812.31 intwoinvestments asatyear-end. Thisamount represents theunrecorded reinvestment ofincomefor1983andforthefirstthree quarterR of1984. 10.Although theoversight wassubsequently rectified bythecustodian in~985,we nevertheless recommended thatadjustments bemadeintheyear-end accounts. We alsorecommended thatdiscrepancies requiring settlement, especially those involving material amounts, shouldbefollowed upmoreclosely sothatsettlement ismadewithinareasonable periodoftime.TheAdministration accepted our findings andrecommendations andinformed usthat,although adiscrepancy letter wassentinMay1984andseveral discussions wereheldwiththecustodian, the differences werenotfinally settleduntilaftertheyear-end closing. However, theadjustments havebeenreflected inthe1984accounts. Saleofrights 11.DuringtheyearunderaUdit, wenoted17caseswheretheproceeds fromthe saleofstockrightsweretakenupbyth~custodian asgainonsaleofinvestments ratherthanasareduction intherecorded costoftheinvestment. Although most ofthesecaseshadalready beencorrected, therestillremained sixuncorrected errorsamounting to$741,423.38 attheendoftheyear. 12.Werecommended andtheAdministration agreedthatadjustments shouldbemade tothe1984accounts. Although discrepancy letters weresenttothecustodian in 1984,thedifferences werenotcleared untilthefollowing year.The Administration further assured usthatstarting in1985aprocedure wouldbe instituted sothatdefinite errorswouldbeimmediately adjusted inthebooksof theFundandthecustodian hadbeenaskedtodothesameinitsrecords. Otheradjustments 13.Ourexamination alsodisclosed thatasaleofstockwaserroneously costedat $253,860.94 ratherthanat$293,517.44,. adifference of$39,656.50. Inourreview ofinterest income, wenotedatransaction involving $69,131.93 thatwasrecorded -50-tw th re cr of Or 14 ad of ad Cu 15. th is th te th no ex wa 16. pr pay lik com 17. bal par dif pr una dif an dif 18. co rec but ree acc ide 19. alr Adm timof ,0. d of lat 11 we .8 t wtwice. Ouranalysis oftheliability account forsecurities purchased disclosed thattheyear-end balance included anamountof$44,921.11, representing the reinvested incomeontherealestateinvestment account, thatwaserroneously credited totheliability account andanamountof$71,952.67 thatwasthebalance oftheestimated expenses forthesaleoftheWorldIntellectual property Organization (WIPO)investments. 14.TheAdministration accepted ourfindings andagreedtomakethenecessary adjustments. Inaddition, theAdministration informed usthatsincethesettlement ofthesaleoftheWIPOinvestments hadbeenfinalized inSeptember andno
**Analysis**
The text appears to be an audit report of a pension fund, detailing various errors and discrepancies found in the fund's accounts. The report highlights issues with calculations, investments, and accounting practices. The tone is formal and technical, suggesting that the report is intended for an audience with a background in finance or accounting.

**Category**
Finance, Employment