Page 9 - May1964

Mey, 1964 NATIONAL BI]:ITON BI'LI,ETTN 1Ur

DISBURSEMEhITS:
Salaries ......................$ 900.00
Befunds 39.50
Expense-Treasurer, Secretary, Other 591.45
Annual Eeetina ......,................... 300.00
N.B.S. Buttons purchased for resale 80.84
Black Glass reprlnt ............. 85.{5
Grant to Juniors 50.00
Grant to Shut-lns 25.00
Mlscellaneous 10,50
Bulletlng 5W4.28
Natlonsl Show-1962 414.00
NatlorEl Show-196:l 1,795.39 $ 9,146.36
CASH IN BANK Decenber 31, 196:!:
lank balance, December, 1963 .................... ................i 3,166.917
-outstandlng
Less-Checks -i182.35 $ 2,784.82
$ ll,rsors
LIFE FUI{D
Balmce o! deposit Jmuary 1, 196:l ............... $ 6,9114.28
New Eemberahlps (4) ..,..,......... 200.00
Dlvldends credlted (June & Decehber) a2.a9 482.89
Balance on deposlt December 31, 1953 $ 7,4zt.L?

Ja,nuaqy 30, 1964
Judge Chester Pendleton, Chairman
Board of Directors
National But0on Society
We have exaJnined tJre flna,ncial a,trd accounting records of ttre National
Brrtton Society for the calendar yea,r ended December 81, 1968, a^rrd the Abeasurerk
stotements of income and expense for tha,t period, copiei of which are enclosed.
Our examination was made in accordance wittr generally apceptd auditing
prpcedures and practices and accordingly, included such tests of ttre apcounting
r@ords as we considerd necessary in the circumstances except ttrat our examine:
tion did not include tests of inventories of merchandise held fo sale and other
properfy and equipment of the Society because such asset records are not main-
tafned. Therefore, these assets are omitted from stateme.nts enclced.
The Board of Directors by resolution adopted in its meeting of October 21,
196f authorized a loa,n of money from ttre Life Frund to ttrre Genera,l tr'und for
tJre- purctrase of tJrirty-five (35) metal display racks and stipulated repayment of
zuch loan wittr furterest,, on an incremental basis, over a period of approximately
four (4) years. Our examination did not disclose eviderce of a^ny iepayments
having been made. fn the meeting of the Boa,rd of Directors held October 5, 1968,
it was the consensrs of ttre Board that the balance on the disptay racks should be
reflected in the Life Fund.
a=_r
In our opinion ttre accompanying financial statements present fairly ttre
fina,ncial position of flre General Fund and Life Fund and ttre results of their
transactions for tJre year then ended. However, beca.use of tJre nonestablistrment
of asset records refemed to above, and the deferal of repayments wittr interest on
money loa^ned from the Life Fund, we cannot express a,rr opinion that the enclosed
statements present the complete financial position of the Society.
L. G. Ilolman
John Sprnng
Auditing Oommittee