The Report ofthe Treasurer - American Antiquarian Society · The Report ofthe Treasurer The Treasurer herewith presents his report of cash receipts and disbursements for the fiscal

The Report ofthe Treasurer

The Treasurer herewith presents his report of cash receipts anddisbursements for the fiscal year ended August 31, 1971, includinga schedule of Fund Accounts.

BALANCE SHEET(Cash Basis) as of August 31, 1971

STATEMENT OF ASSETS AND FUND BALANCES(Arising from recorded cash transactions)

Year ended August 31, 1971

Current andUnrestricted Restricted Development Plant

ASSETS Funds Funds Fund Fund

Cash $ 48,070 $ 95Inter-fund balances (9,682) 9,682Investment in marketable

securities, at cost (approximatemarket—14,186,000) 364,223 $2,952,655 579,769

Property, plant and equipment(Note B):

Land and building $630,678Equipment 75,973

$706,651Less accumulated

depreciation 160,600$546,051

Construction in progress... 86,403$402,611 $2,952,655 $675,949 $546,051

FUND BALANCESCurrent and unrestricted funds.. $402,611"Restricted funds:

Principal only $1,652,713Principal and income 1,255,717Unexpended restricted income 44,225

Development fund $675,949Plant fund $546,051

$402,611 $2,952,655 $675,949 $546,051

See notes to financial statements.

208 American Antiquarian Society

STATEMENT OF CHANGES IN FUND BALANCES

(Arising from recorded cash transactions)Year ended August 31, 1971

Current andUnrestricted Restricted Development Plant

Funds Funds Fund FundExcess of expenses over income

(See Separate Statement) $(17,630)Bequests and donations 15,464 $ 235,909 $154,763 $135,000Interest and dividend income... 52,769 26,695Gain on sale of securities 105,250 842,386 133,908Trust income 40,776Development fund expenditures. (33,193)Investment service fee (1,554) ( 12,821 ) (1,985)Depreciation (11,159)Revolving funds:

Receipts : . . 27,473Expenditures ,. (18,942)

Restricted fund expenditures.... (59,342)Net increase in fund balance $110,061 $1,099,677 $280,188 $123,841

Fund balance,September 1, 1970 292,550 1,852,978 395,761 422,210

Fund balance,.August 31, 1971 $4O2,611 $2,952,655 $675,949 $546,051


STATEMENT OF INCOME AND EXPENSES(Arising from recorded cash transactions)


Income:Interest and dividends $ 94,933Trust funds 32,012Gifts 17,514,Miscellaneous 11,490Sale of books and publications 7,052

$163,001Operating expenses 180,631

Excess of expenses over income $(17,630)


Report of the Treasurer 209

STATEMENT OF CASH RECEIPTS ANDEXPENDITURES


Cash balance, September 1, 1970

Add:Income from: Interest

Investment funds:Unrestricted % 9,270Restricted as to principal.. . 39,815Restricted as to principal

and income 27,289Development fund 13,808

$90,182

Less—investment fee

Payments to C. P. BirkettRussell S. Paine TrustW. K. Bixby TrustGiftsSales of publicationsMiscellaneous

Deduct:Operating expenses:

Salaries and wagesPayroll taxesPensionsBlue Cross—Blue ShieldTravel and entertainmentLibrary supplies and expense..Supplies—binderyOffice supplies and expense....Telephone and telegraphLight, fuel and waterMaintenance—building and

groundsInsuranceA.D.T. protective serviceLegal and accountingCustodian fee

Other expenditures:Publishing

. Purchases of books

Less—unrestricted cash transferTotal forwarded

$24,819

Dividends

% 8,67337,175

25,48012,887

$ 84,215

$118,3715,84812,3214,8764,4582,6043,8805,7352,2428,272

4,7581,8311,3822,0002,623

$181,201

16,80941,661

$239,67119,352

Total

$ 17,94376,990

52,76926,695

$174,397

16,360

$158,037(300)

31,789223

17,5147,05211,490

$225,805

220,319 8,486$30,305


STATEMENT OF CASH RECEIPTS ANDEXPENDITURES (Continued)


Total brought forwardOther receipts and disbursements:

Bibliography receipts f 6,139Less disbursements 58 f 6,081Purchasing fund receipts $20,691Less disbursements 18,162 2,529Specific gifts for purchase of books 643Less disbursements 722 (79)

Excess of other receipts over disbursements

Development fund expenses

Add:Reimbursement from principal cash $ 1,746Trust income 40,776

Accounted for as follows:Worcester County National Bank:

OperatingUnexpended development fund

8,531$38,83633,193

$ 5,643

42,522$48,165

$48,07095̂

$48,165

BEQUESTS OR DONATIONS

Unrestricted

Arthur Adams "̂ YustGeorge S. BartonFrank G. BemisGrace ColtonFrank HarringtonJohn W. HigginsEsther Forbes HoskinsEstate of Albert W. Rice 'Stoddard Charitable TrustGeorge G. WolkinsElizabeth WeisMary S. HigginsHenry R. Viets•General

•Bequests or donations under $1,000 less payments applied thereto.

1971$ 1,000

1,0005,0001,0006,00010,00065,660100,0001,0007,0001,0005,0001,01111,871

$216,542

1970$ 1,000

1,0005,0001,0006,00010,00056,682100,0001,0007,0001,000

11,396

$201,078


Restricted as to PrincipalEbenezer Alden $1 >000Mark Bortman 1,250Clarence W. Bowen 10,000Chandler Bullock 2,500Charles H. Chase 12,000George Watson Cole 9,725Philip H. Cook 5,000Henry W. Cunningham 79,682Mary H. Cunningham • 50,000Andrew M. Davis 10,000John and Eliza Davis 5,000Eliza Dodge 3,000George E. Ellis 7,500Lee M. Friedman 2,500Mable Knowles Gage 20,000Thomas H. Gage 20,000Samuel A. Green 5,000Aldus C. Higgins 25,000James F. Hunnewell 5,000Nathaniel T. Kidder 5,000Herbert E. Lombard 17,650Albert Matthews 1,000Grenville H. Norcross 10,000Nathaniel Paine 37,000James D. Phillips 2,600Charles A. Place 931Stephen Salisbury, Jr 104,500Foster Stearns 1,000George R. Stobbs 10,000Joseph A. Tenney 5,000Henry R. Wagner 30,000Charles F. Washburn 20,000Albert H. Whitin 11,078James L. Whitney 11,082James B. Wilbur 100,000

$640,998

Fund Balance Restricted as to Principal and IncomeCurrent 1971Income Principal

Book binding $ 7,500George Chandler 5,500Issac and Edward Davis 16,000Henry F. Depuy 8,889Francis H. Dewey 8,500Samuel F. Haven 2,500Levi Lincoln 9,500Publishing 32,000Bernard C. Steiner 1,000Isaiah Thomas 2,000

$7,266 $93,389


Funds designed for the purchase of books:Isaiah Thomas—collection and research fundIssac Davis book fund:

GeneralPurchase of books, maps and

charts of South AmericaJohn and Eliza Davis fund—generalBenjamin F. Thomas—purchase of local historiesSamuel F. Haven—purchase of books

for the Haven AlcoveFrancis H. Dewey—biography and writings of

distinguished lawyers and judgesGeorge Watson ColeHenry F. Depuy—books in the field of AmericanaDonald M. Frost—books in the field of

Western AmericanaHarriette Merrifield Forbes fund—

purchase of New England booksGeorge E. Ellis—generalJohn Thomas Lee fundEmma Forbes Waite fund

CurrentIncome

$ 397

43

no396

80

80

1593,583

13,889

802

1,583802

63,958396

$93,544

1971Principal

$ 5,000

500

1,5005,0001,000

1,000

2,00044,000

170,000

10,000

20,00010,000

285,9095,000

$654,298

NOTES TO FINANCIAL STATEMENTS(Arising from recorded cash transactions)


Note AThe accounts are maintained on a cash basis and accordingly,

uncoUected subscriptions amounting to approximately $314,000 atAugust 31, 1971 are not reflected in the financial statements. Cashreceived from the subscriptions will be used for the addition to thebuilding now under construction. The total cost of the project isexpected to be approximately $1,000,000.

Note BProperty, plant and equipment is stated at cost or the appraised

amount at the date ofthe gift.Depreciation of the building is computed using the declining

balance method based on a useful life of 50 years. Substantially allofthe equipment is depreciated using the straight line method basedon a useful life of 20 years.


STATEMENT BY THE TREASURER

During the year ended August 31, 1971, the Society received giftsfor current use of $17,514, an increase of approximately $1,300over the year before. The pattern of current donations has variedconsiderably from year to year, influenced recently by our Develop-ment Program. The amount received this past year was almostexactly the same as in 1966 but—I can assure you—does not buyas much fuel oil, electricity, etc. for the Society as did the 1966dollars.

Invested funds of the Society on August 31, 1971 had a bookvalue of $3,886,000 and a market value of $4,173,000 (of which69% was in equity investments). This market value was $859,000greater than a year ago.

Income from investments was $174,397, an increase of $15,442over the year before representing a return of 4.2% on the marketvalue of the securities.

During the year, approximately $406,000 was received from be-quests and donations for addition to the principal funds of the So-ciety. Included in this amount was approximately $245,000 fromthe estate of John Thomas Lee.

Some portion ofthe funds raised in connection with the Develop-ment Program will be withdrawn from invested funds this year andapplied to the cost of the changes underway at the Library.

Since May, 1969, the Society has employed FMR InvestmentManagement Service, Inc. as investment advisor. The Finance Com-mittee meets quarterly with the individuals who handle our accountand is satisfied with the results of this arrangement to date.

A. GEORGE BULLOCK, Treasurer


TOUCHE ROSS & Co.MECHANICS NATIONAL TOWER, SUITE 1600

WORCESTER CENTERWORCESTER, MASSACHUSETTS 01608

Mr. A. George Bullock, TreasurerAmerican Antiquarian SocietyWorcester, Massachusetts

We have examined the accompanying statement of assets andfund balances arising from recorded cash transactions ofthe Amer-ican Antiquarian Society as of August 31, 1971 and the relatedstatements of income and expenses and changes in fund balancesfor the year then ended. Our examination was made in accordancewith generally accepted auditing standards, and accordingly includedsuch tests of the accounting records and such other auditing pro-cedures as we considered necessary in the circumstances.

It is not practicable in non-profit organizations to establish ac-counting control over cash received prior to recording it. Accord-ingly, our examination of cash receipts was limited to recordedtransactions. Furthermore we did not obtain confirmation of theuncollected subscriptions from contributors (Note A).

In our opinion, the financial statements referred to above presentfairly the assets and fund balances arising from recorded cash trans-actions ofthe American Antiquarian Society at August 31, 1971,and the income and expenses and changes in fund balances for theyear then ended on a basis consistent with that of the precedingyear.

In connection with our examination of the financial statements,we have also examined the statement of cash receipts and expend-itures for the year ended August 31, 1971. In our opinion, suchinformation presents fairly the recorded cash receipts and disburse-ments although it is not necessary for a fair presentation of financialposition or results of operations.

TOUCHE ROSS & Co.Certified Public Accountants

October 1, 1971

DONORS OF BOOKS AND ANNUAL FUNDS

Frederick B. AdamsAgricultural History Center,

Davis, CaliforniaJohn AldenAmerican Council of Learned

SocietiesFaber K. AmesAmherst Coliege LibraryRodney ArmstrongNorton R. BagieyC. Wailer BarrettFrederick E. Bauer, Jr.James Phinney Baxter, IIIPhiiip C. BealsFrancis L. BerkeleyBeriin (Mass.) Art and

Historical SocietyBernard BailynJames F. BeardRaymond Martin BeilAlfred C. BerolGeorge A. BilliasE. F. BleilerMrs. G. F. BogueBooks for Libraries PressHenry C. Borger, Jr.Boston AthenaeumBoston Public LibraryRobert S. BowditchFredson T. BowersJulian P. BoydMarion V. BrewingtonMrs. Arthur T. BrownBrown University LibraryKirke Bryan

Mrs. Yves Henry BuhlerA. George BullockMr. & Mrs. George H.

Bumgardner, Jr.Walter J. BurnhamRoger ButterfieldHenry J. CadburyCambridge (Mass.) Institution

for SavingsHarlan R. Campbell

Canadian GovernmentMrs. Clovis T. CarpenterRalph E. CarpenterWalter S. Carpenter, Jr.James R. CaseJesse W. CastleberryBruce CattonJohn Hale Chipman, IIIPeggy ChristianVerner W. ClappClark UniversityPaul S. ClarksonWilliam L. Clements LibraryCharlotte B. CliffordCharles R. CluleeJ. Winston ColemanColorado Historical SocietyMrs. John B. ColwellCara CookLammot du Pont CopelandRoberto CopelmayerLawrence A. CreminGrosvenor M. CrooksJohn W. CurtisJohn D. CushingBruce G. DanielsWarren G. DavisMrs. Robert DawesEverett L. DeGolyer, Jr.Robert DechertFrancis H. Dewey, Jr.Henry B. DeweyMrs. Marguerite S. DickinsonDodd Mead & CompanyErnest S. DodgeGaylord DonnelleyLouisa DresserW. Winslow DunnellsRay Lowther EllisLinwood M. Erskine, Jr.Mrs. Ralph ErskineMrs. Harland B. EstabrookDaniel FärberFederal Reserve Bank of

New York


Theodore M. FinneyFirst Congregational Church,

Princeton, MassachusettsParis FletcherClayton F. FowlerMrs. Laurence FrankRaymond B. FreemanHannah D. FrenchL. Theron FrenchRoger FrostMrs. Jesse N. FurmanPierce W. GainesMaxwell GeismarGeorgia Historical SocietyMrs. George GibbyGilman's BookshopSanford C. GladdenDorothy M. GleasonWilliam GlickFrederick R. GoffMr. & Mrs. Walter GoldwaterGeorge T. GoodspeedGoodspeed's Book ShopDudley GordonNicholas GrossJudith M. GutmanCecil G. HamiltonEdward P. HamiltonHarlan B. HamiltonSinclair HamiltonOscar HandlinLewis HankeDoreen P. HannaTarmo A. HannulaDorothy H. HardingGeorge L. HardingFrank L. Harrington, Sr.Richard B. HarwellRichard A. HealdHarold HeardMrs. Harry S. HendricksJacob HiattHistorical Society of

PennsylvaniaRobert B. HitchmanMilton P. HigginsRichard C. HigginsDonald L. Hixon

Hudson HoaglandMrs. Edward W. HolmesPenrose R. HoopesH. Leavitt Horton, Sr.Arthur A. Houghton, Jr.Houghton Library, Harvard

UniversityRobert M. HubbardHarold HugoWilliam O. HultgrenHenry E. Huntington LibraryHenry H. HurleyHerbert F. HutchesonImprint SocietyIndiana University LibraryLeonard F. JanesHoward B. JeffersonJefferson County Archives and

County and Records ServiceJohn Melville JenningsJohn Jeppson, 2ndAlden P. JohnsonMalcolm JohnsonMrs. Vernon JonesMrs. H. Donaldson JordanWinthrop D. JordanJosephine County Historical SocietyDavid KaserFrederick M. KimballEdward C. KirklandAnna A. KlossRussell W. KnightJohn S. Van E. KohnBertram W. KornMr. & Mrs. Oscar C. KurtzRosamond and Aimee LambHarold LancourJohn B. LangstaffKenneth LeachBruce Le RoyLibrary of American Church

RecordsLibrary Company of

PhiladelphiaLibrary of CongressDaniel Waldo LincolnIn Memory of Daniel Waldo

Lincoln


Mr. & Mrs. Bertram K. LittleDavid B. LittleAlbert E. LownesKenneth S. McCannMrs. Joseph Lyle McCorisonMarcus A. McCorisonJohn F. McDermottMuriel L. MacFarlaneMrs. Anna N. McGrathGeorge L. McKayUniversity of Maine LibraryMrs. R. DeWitt MallaryDumas MaloneMrs. L. C. MansurHenry Bradley MartinMaryland Historical SocietyMassachusetts Historical SocietyArthur B. MazmanianRobert F. W. MeaderDavid C. MearnsPaul MellonHerbert W. MerrillKeyes D. MetcalfUniversity of Michigan PressMississippi Historical SocietyCharles F. MontgomeryFlorence M. MontgomeryRobert E. MoodyJames E. MooneyEdmund S. MorganSamuel Eliot MorisonHoward S. MottKenneth B. MurdockSamuel MurrayJohn S. MuscalusNational Portrait GalleryKenneth NebenzahlNew York State LibraryNew York State UniversityNewberry LibraryNewcomen SocietyW. W. Norton Company, Inc.Mrs. A. Evelyn NourseRüssel B. NyeOld Sturbridge VillageAndrew OliverOregon State University LibraryUniversity of Oregon Library

Lewis OsborneWilliam B. OsgoodWyman H. ParkerAlbert L. PartridgeHoward H. PeckhamPetersham Historical SocietyPhiladelphia Museum of ArtPilgrim Hall LibraryMrs. James A. PorterRalph W. PowellJules D. PrownQuinsigamond Community

CollegeLandon RaymondSamuel E. RaymondReadex Microprint CorporationDonald V. ReidReigate GalleriesRhode Island Medical JournalMrs. Albert W. RiceMrs. Charles K. RichardsonCarleton R. RichmondMr. & Mrs. Kenneth D. RobertsGeorge C. RockefellerLessing J. RosenwaldAlice Boardman RousselDoris M. RowlandLouis E. RoySt. Spyridon Greek Orthodox

ChurchThe Scarecrow Press, Inc.N. David ScottiRalph R. ShawMrs. Alice Morse ShearerEstate of Margaret E. ShermanStuart C. ShermanClifford K. ShiptonWilliam A. Small, Jr.Nolan E. SmithSmithsonian InstitutionEileen SouthernAlbert B. SouthwickWillman SpawnRobert E. SpillerFrederic L. StaffordMrs. Raymond P. SteamsRussell StewartRoderick Stinehour


Robert W. Stoddard John J. WalshRoger E. Stoddard Michael J. WalshG. D. Stoops Wilcomb E. WashburnHerbert R. Strauss Watkins Library, Trinity CollegeBradford F. Swan Mary Elizabeth WayClare Talbot Charles A. WebbertJames R. Tanis Mrs. d'Alté A. WelchG. Thomas Tanselle Richard E. Welch, Jr.David Tatham Wellcome InstituteTemple Emanuel, Worcester Wells Fargo BankTemple University Libraries Nathaniel WheelerM. Halsey Thomas William A. WheelerMrs. Ralph L. Thresher James Russell WigginsBenjamin Tighe Mrs. Arthur M. WilsonTinker Foundation Winterthur MuseumCharles H. Toll University of WisconsinCharles J. Twomey Library SchoolUnion College Library Edwin Wolf, 2ndUnited States of America Richard J. WolfeCharles van Ravenswaay Gary W. WoolsonFrederick E. Vandaveer Worcester Art MuseumVermont State Library Richard S. WormserCarl E. Wahlstrom Mrs. Alexander WylieEstate of Albert G. Waite Hollis R. YarringtonFrancis G. Walett Grace H. YerburyAlexander J. Wall George B. Young

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The Report ofthe Treasurer - American Antiquarian Society · The Report ofthe Treasurer The Treasurer herewith presents his report of cash receipts and disbursements for the fiscal