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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 Mo. 1.Statement of cash receipts and disbursements for

the year ended December 31, 1918.
Schedule No. i.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 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, V)i8, 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

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EXHIBIT A.—SCHEDULE No. 1

Statement Of Cash Receipts And Disbursements For The Year Ended

Decembfji 31, 1918

Balance, January 1, 1918 $13,815.57

Receipts

Overpayments $73-63

Dues 10,743.88

Subscriptions 3,365.37

Sale of books purchased 4,310.66

Advertisements 1,603.85

Interest on investments—bank balances 4,080.86

Postage 65.05

Binding 100.60

Life membership fee 240.00

Sale of extra publications 216,078.70

Sale of Proceedings 885.73

Credits IH.46

Sundries 156.52

Certified checks 11,241.00

Total receipts 253,057.31

$266,872.88

Balance, January 1, 1910 $44,017.33

DISBURSKMHNTS

Printing and binding Proceedings $20,441.45

Printing and binding extra publications 144,219.99

Salaries 8,430.44

Contributors 1 3.318.75

Authors of books (royalties) 21,766.25

Postage and telegrams 3,371-92

Expressage, freight and hauling 2,499.57

Board meetings 637.68

Purchase of books for sale 3,164.06

Office expense—stationery, supplies, etc 2,167.00

Advertising 451-20

Prize essay award 200.00

Certified checks 1,200.00

First honorable mention award 200.00

Second honorable mention award 125.00

Engraving prize essay bar and case 4.50

Overpayments 122.13

Purchase Liberty Loan bonds 10,00000

Sundries 27.00

Office furniture 288.61

Insurance 181.60

Dues—refunded 37.50

$222,855.55

Balance, December 31, 1918 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. 3,9.21.66

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 S.00

4590 32.00

4661 30.00

4786 5.00

4801 10.00

4804 11.68

4816 19.25

4817 13.28

48-22 63.09

4823 23.40

4824 6544

4826 „ 401.94

4827 30.83

4§29 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

485.S 6544

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

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EXHIBIT A.—SCHEDULE No. 2
Securities (bonds) December 31, 1918

Southern Railway (96). Par Book

6 $1000 5% registered gold bonds, # M257-247-475 Va,ue Vah,e

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 I, 1951 2,000.00 1,440.00

Northern Pacific and Great Northern R. R. (9554).
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. (6o}4).

4 $1000 3% registered gold bonds, #mi6io-i-21650. 1 $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.

t $5000 1st mtge. 4% 50-year gold registered, due

February 17, i960, #A436 (8oj4) 5,000.00 4.025.00

1 $1000 1st mtge. 4% 50-year gold registered, due

February 17, i960, #Mi23o (80^) 1,000.00 805.00

3 $1000 prior lien 314%, 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 1,000.00

New York City Registered 4%% WA).

1 $7000, #588, due March 1, 1962, corporate stock 7,000.00 6,755.00 3]A% 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

434% Liberty Loan Bonds.

5 $1000, #26484-5-6-7-8, due September 15, 1928... 5,000.00 5,000.00

4l4% 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 $2,400.61

Subscriptions 52.59

Advertisements 352.62

Extra publications 71,451.20

$74,257.02

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