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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
ANNAPOLIS, MARYLAND

CERTIFICATE We have audited the books of the United States Vaval 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.

EXHIBIT A
BALANCE SHEET, DECEMBER 31, 1918

ASSETS
Current Assets.
Cash (in bank), Schedule No. 1.

$44,017.33 Investments, Schedule No. 2.

65,805.00 Accounts receivable, Schedule No. 3.

74,257.02 Inventory

15,159.96 Prepaid royalties

1,193.83 Total Current Assets

$200,433.14 Balance

.$157,078.55 Furniture and fixtures,

100.00

$157,178.55 LIABILITIES Current Liabilities. Accounts payable, Schedule No. 4.

$41,475.57 Advanced payments, Schedule No. 5.

1,879.02 Total current liabilities......

$43,354.59 Balance (excess of current assets over current liabilities) 157,078.55

$200,433.14 Reserve fund. Balance, January 1, 1918.

$7,894.09 Cash receipts

240.00

$8,134.09 Surplus. Balance, January 1, 1918...

$95,923.11 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

EXHIBIT A.-SCHEDULE No. I STATEMENT OF Cash RECEIPTS AND DISBURSEMENTS FOR THE YEAR ENDED

DECEMBER 31, 1918 Balance, January 1, 1918..

$13,815.57

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DISBURSEMENTS
Printing and binding Proceedings.
Printing and binding extra publications.
Salaries
Contributors
Authors of books (royalties)
Postage and telegrams.
Expressage, freight and hauling
Board meetings ...
Purchase of books for sale..
Office expense-stationery, supplies, etc.,
Advertising
Prize essay award..
Certified checks
First honorable mention award.
Second honorable mention award.
Engraving prize essay bar and case.
Overpayments
Purchase Liberty Loan bonds.
Sundries
Office furniture
Insurance
Dues-refunded

$20,441.45
144,219.99

8,430.44
3,318.75
21,766.25
3,371.92
2,499.57

637.68 3,164.06 2,167.00

451.20

200.00 1,200.00 200.00 125.00

4.50 122.13 10,000.00

27.90 288.61 181.60 37.50

Balance, December 31, 1918.

$222,855.55 44,017.33

$266,872.88 Balance, December 31, 1918

$44,017.33 Seaman's Bank for Savings, New York City. Balance as per letter dated January 16, 1919.

$3,000.00 Rhode Island Hospital Trust Co., Providence,

R. I.
Balance as per letter dated January 16, 1919.

3,865.10 Annapolis Banking, and Trust Company,

Annapolis, Maryland.
Balance as per letter dated January 15, 1919.

8,106.66 Society for Savings, Hartford, Conn. Balance as

per
letter dated January 16, 1919.

3,921.66 Farmers' National Bank, Annapolis, Maryland. Balance as per statement dated January 3, 1919.

$27,995.00 Less Outstanding Checks. #2747

.$ 2.50 3171

1.80 3439

2.04 3498

1.50 3752

8.00 3926

5.00 4086

10.00 4544

5.00 4590

32.00 4661

30.00 4786

5.00 4801

10.00 4804

11.68 4816

19.25 4817

13.28 4822

63.09 4823

23.40 4824

65.44 4826

401.94 4827

30.83 4829

7.53 4830

273.02 4832

457.43 4833

14.61 4834

603.09 4835

21.48 4836

4.93 4841

3.26 4842

32.68 4844

266.62 4855

65.44 4848

30.00 4850

35.00 4851

20.00 4856

25.00 4858

4.00 4860

18.00 4861

52.00 4862

32.00 4863

26.00 4864

63.00 4865

39.00 4866

19.50 4867

10.00 4868

5.00 4869

10.00 4870

1.00

2,881.34 $25,113.66 $18,893-42 52.59

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$44,017-33 EXHIBIT A.-SCHEDULE No. 2

SECURITIES (BONDS) DECEMBER 31, 1918 Southern Railway (96).

Par

Book 6 $1000 5% registered gold bonds, #M257-247-475

Value Value 476-477-478, due July 1, 1994:

$6,000.00 $5,760,00 Washington Railway and Electric Company (72). 2 $1000 4% 50-year gold consolidated mortgage bonds, #2183-2184, due July 1, 1951...

2,000.00 1,440.00 Northern Pacific and Great Northern R. R. (9572). 8 $1000 joint bonds registered 4%, due July 1, 1921,

# M13253-4-5-11769-70-1-11171-2. 2 $5000 C. B.
and Q. collateral registered 4%, due July 1, 1921,
#5199-5401 ...

18,000,00 17,190.00 Northern Pacific Ry. (602). 4 $1000 3% registered gold bonds, #M1610-1-2

1650. i $5000 3% registered gold bond, #1123.
3 $1000 3% registered gold bonds, # M21543-4-5,
general lien due January 1, 2047....

12,000.00 7,260.00 B. and O. R. R. Company. 1 $5000 ist mtge. 4% 50-year gold registered, due February 17, 1960, #A436 (8072).

5,000.00 4,025.00 1 $1000 ist mtge. 4% 50-year gold registered, due February 17, 1960, #M1230 (8072)

1,000.00 805.00 3 $1000 prior lien 31/2%, due 1925, #S. M. 383-4-5 (89)

3,000.00 2,670.00 ($8,134.09 of these bonds belongs to the

Reserve Fund.) Potomac Electric Power Company (95). 2 $1000 5%, #833-4, due June 1, 1929.

2,000.00 1,900.00 New York City Registered 474% (9612).

I $7000, #588, due March 1, 1962, corporate stock 7,000.00 6,755.00 372% Liberty Loan Bonds Registered. 5 $1000, #6033-4-5-6-7, due June 15, 1947...

5,000.00

5,000.00 4% Liberty Loan Bonds 2d 1917.

3 $1000, #16830-1-2, due November 15, 1927..... 3,000.00 3,000.00 474% Liberty Loan Bonds.

5 $1000, #26484-5-6-7-8, due September 15, 1928... 5,000.00 5,000.00 474% Liberty Loan Bonds, receipts..

5,000.00 5,000.00 $74,000.00 $65,805.00

EXHIBIT A.-SCHEDULE No. 3

ACCOUNTS RECEIVABLE, DECEMBER 31, 1918
Back dues
Subscriptions
Advertisements
Extra publications

$2,400.61

352.62 71,451.20

$74,257.02

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