On deposit with National Academy of Sciences Dec. 31, *These items are taken up in section devoted to National Academy under heading National Research Council," see p. 144. Total. JANUARY 15, 1920. $235, 833. 16 F. L. RANSOME, Treasurer. REPORT OF THE AUDITING COMMITTEE. WASHINGTON, D. C., January 15, 1920. We have employed the Capital Audit Co. to scrutinize and report on the treasurer's books. We accepted the certifications, dated January 14, 1920, of the American Security & Trust Co. regarding notes on deposit for collection owned by the Academy, and bonds owned by the Academy pledged as collateral security for an advance of funds on account of the building site; we have examined the securities and papers contained in the box of National Academy of Sciences at the vault of the American Security & Trust Co. We find them to correspond to the list checked by the auditing committee on January 15, 1919, except as modified by transactions of the year 1919 reported by the Capital Audit Co.. and excepting the bonds held as collateral as above. We find that the coupons due in 1919 have been cut and accounted for, and those due January 1, 1920, are detached and are accounted for by appropriate entries in the pass books. We find that interest on loans has been accounted for, including the interest on the Upshur note mentioned in the report of January 15, 1919, as retained by litigation. Correspondence between vouchers, pass books, and accounts of the treasurer is certified by the Capital Audit Co. We find the balance reported by the treasurer as of December 31, 1919, to accord with the statement of the American Security & Trust Co. and with the check book, except for certain outstanding checks to the amount of $712.50 listed by the treasurer and verified by the Capital Audit Co. In addition to the financial statement of the treasurer covering the accounts of the National Academy proper there is also a statement of the accounts of the National Research Council, whose funds are deposited in various separate accounts to the credit of the Academy. These accounts have been included in the report of the Capital Audit Co. We find that the treasurer's balance as of December 31, 1919, agrees with the statements of the American Security & Trust Co. and of Riggs National Bank for these accounts. L. O. HOWARD. C. E. MENDENHALL. 149 |