To the American Library Association:
In accordance with the provisions of the constitution the finance committee submit the following report:
They have duly considered the probable income of the association for the current year and have estimated it at $19,450, and have approved appropriations made by the Executive Board to that amount. The details of the estimated income and of the appropriations are given in the January number of the Bulletin. The committee have also approved the appropriation to the use of the Publishing Board to any excess of sales over the amount estimated. The receipts and expenditures of the Publishing Board have been included in the figures given, so that they now exhibit the total financial resources and expenditures of the association.
On behalf of the committee the chairman has audited the accounts of the treasurer and of the secretary as assistant treasurer. He has found that the receipts as stated by the treasurer agree with the transfer checks from the assistant treasurer, and with the cash accounts of the latter. The expenditures as stated are accounted for by properly approved vouchers. The bank balance and petty cash, as stated, agree with the bank books and petty cash balances. The accounts of the assistant treasurer have been found correct as cash accounts.
On behalf of the committee Mr. E. H. Anderson has examined the accounts of the trustees for 1911, has checked the securities now in their custody, and certifies to the correctness of the figures, to the bonds on hand, and the balance in bank. He finds that at par value the bonds and securities amount to $102,500 for the Carnegie fund, and $7,000 for the Principal account.
He has examined the vouchers for the amounts transmitted to the treasurer and has compared the reports of the treasurer and trustees in regard to the number of new life memberships. He certifies that to the best of his knowledge and belief all of the accounts as submitted to him are correct.
All of which is respectfully submitted for the committee.
CLEMENT W. ANDREWS, Chairman.
The following reports which had been previously printed, were read by title and accepted.