UNITED STATES NAVAL INSTITUTE ANNAPOLIS, MD. REPORT OF AUDIT FOR THE YEAR ENDED DECEMBER 31, 1918 BALTIMORE, MARYLAND, January 14, 1919. TO THE OFFICERS AND MEMBERS OF THE UNITED STATES NAVAL INSTITUTE, ANNAPOLIS, MARYLAND. Gentlemen.-We have audited the books of the United States Naval Institute, Annapolis, Maryland, for the year ended December 31, 1918, and submit herewith a certificate, one page of comments and the following exhibits and schedules: Exhibit A.-Balance sheet as of December 31, 1918. Schedule No. 1.-Statement of cash receipts and disbursements for the year ended December 31, 1918. Schedule No. 2.-Investments. Schedule No. 3.-Accounts receivable. Schedule No. 4.-Accounts payable. Schedule No. 5.-Advanced payments all as of December 31, 1918. Schedule No. 6.—Statement of income and expense for the year ended December 31, 1918. Respectfully, BLACK AND COMPANY, Certified Public Accountants, By WILMER BLACK, C. P. A. (Member American Institute of Accountants.) UNITED STATES NAVAL INSTITUTE CERTIFICATE We have audited the books of the United States Naval Institute, Annapolis, Maryland, for the year ended December 31, 1918, and We hereby certify that the accompanying balance sheet and statement of income and expenses are correct and in our opinion, subject to the attached comments, clearly set forth the true financial condition as of December 31, 1918, and result of operations for the year ended December 31, 1918, respectively, as disclosed by the books of account. BLACK AND COMPANY, Certified Public Accountants, By WILMER BLACK, C. P. A. (Member American Institute of Accountants.) Baltimore, Maryland, January 14, 1919. UNITED STATES NAVAL INSTITUTE ANNAPOLIS, MARYLAND COMMENTS ON THE AUDIT OF THE BOOKS FOR THE YEAR ENDED DECEMBER, 31, 1918 Exhibit A, Schedule No. 6, shows the Cost of Publications sold. The overhead this year is $11,852.64 and 5.45 per cent should be added to the cost to include these items. Notwithstanding a marked reduction in the value of the inventory and a charging off such an amount as will bring the value of investments (bonds) on the book at the market value the Net Profits for the year is $53.121.35. There has also been charged into this year's expenses, cost of books, etc., sold during the year ended December 31, 1917, to the amount of $2,359.81, which makes the Net Profit for this year just that much less. Heretofore all receipts from Dues, Advertisements and Subscriptions have been taken up as an earning for the year in which they were received. This year, however, there has been taken up as an earning only those items that have actually been earned during the year and all items paid in advance have been carried as a payment in advance, for details see Exhibit A, Schedule No. 5. Our examination has been very carefully made and no discrepancies or inaccuracies were disclosed. The records, books, accounts, etc., were found to be in good condition and worthy of commendation. Balance (excess of current assets over current liabilities).. 1,879.02 $43,354.59 157,078.55 $200.433.14 Add: Net profit for the year ended December 31, 1918 (for details see Exhibit A, Schedule No. 6) 53,121.35 149,044.46 $157.178.55 $7,894.09 240.00 $8,134.09 EXHIBIT A.-SCHEDULE No. I STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS FOR THE YEAR ENDED DECEMBER 31, 1918 Balance, December 31, 1918 Seaman's Bank for Savings, New York City. Balance as per letter dated January 16, 1919. Balance as per letter dated January 15, 1919. Society for Savings, Hartford, Conn. Balance as per letter dated January 16, 1919. Farmers' National Bank, Annapolis, Maryland. Balance as per statement dated January 3, 1919 Less Outstanding Checks. $44,017.33 $3,000.00 3,865.10 8,106.66 3,921.66 $27,995.00 Southern Railway (96). 6 $1000 5% registered gold bonds, #M257-247-475 Washington Railway and Electric Company (72). Northern Pacific Ry. (60%). 4 $1000 3% registered gold bonds, #M1610-1-21650. I $5000 3% registered gold bond, #1123. 3 $1000 3% registered gold bonds, # M21543-4-5, general lien due January 1, 2047... B. and O. R. R. Company. 1 $5000 1st mtge. 4% 50-year gold registered, due February 17, 1960, #A436 (80%).. I $1000 Ist mtge. 4% 50-year gold registered, due 3 $1000 prior lien 32%, due 1925, #S. M. 383-4-5 ́ 3 $1000, #16830-1-2, due November 15, 1927...... 44% Liberty Loan Bonds. 5 $1000, #26484-5-6-7-8, due September 15, 1928... 44% Liberty Loan Bonds, receipts.... |