TREASURER'S REPORT TO THE NATIONAL EDUCATIONAL ASSOCIATION JULY 1, 1902, TO JUNE 30, 1903 FOR MEETING AT MINNEAPOLIS, MINN., AND ENSUING YEAR W. M. Davidson, Treasurer, in Acct. with the National Educational Association BALANCE ON HAND JULY 1, 1902 Cash received from Treasurer Keyes, as per last annual report... ...... $2,287.14 SUMMARY OF DISBURSEMENTS Total amount transferred for investment (as per vouchers Nos. 59 and 138)... $10,000.00 The undersigned, Trustees of the National Educational Association, have this day examined and approved the foregoing accounts of William M. Davidson, Treasurer, with all statements of receipts and vouchers for disbursements. Executive Committee, National Educational Association of the United States: GENTLEMEN: In accordance with instructions received from Mr. A. G. Lane, chairman of the Board of Trustees, we have examined in detail the books and accounts of the National Educational Association of the United States, as kept by the Secretary, Irwin Shepard, and the Treasurer, William M. Davidson, for the year ending June 30, 1903. We have verified the Treasurer's report, submitted by Mr. Davidson at the meeting of the Association at Boston, Mass., which we certify to be in accordance with the books. We are pleased to be able to report that the books are correctly and carefully kept, and to state that in our opinion the system of bookkeeping and the check both on receipts and expenditure are very suitable to the needs of the Association. Yours respectfully, THE INTERNATIONAL AUDIT COMPANY. SEVENTEENTH ANNUAL REPORT OF THE BOARD OF TRUSTEES To the Board of Directors of the National Educational Association: The Board of Trustees presents the following report of the Permanent Fund of the National Educational Association, and its income, for the year ending June 30, 1903: Permanent Fund, July 1, 1902: Mortgages on real estate... Kansas school and municipal bonds Illinois and Indiana school bonds Cash on hand for investment. Total. Received from William M. Davidson, Treasurer, from proceeds of Minneapolis meeting, and income from Permanent Fund... Total Permanent Fund, July 1, 1903: Mortgages on real estate Kansas school and municipal bonds.. Illinois bonds...... Total investments. Cash on hand for investment..... Total permanent fund.. STATEMENT OF SECURITIES BELONGING TO THE PERMANENT FUND OF THE NATIONAL EDUCATIONAL ASSOCIATION, JUNE 30, 1903 Approved by the Board of Trustees and ordered transmitted to the Board of Directors. ALBERT G. LANE, Chairman, NICHOLAS MURRAY BUTLER, NEWTON C. DOUGHERTY, F. LOUIS SOLDAN, Board of Trustees. The foregoing securities (except those noted in my detailed report as being in process of collection thru the First National Bank of Chicago, Ill., and the Seward county, Kan., $1,000 bond in judgment) were examined at the National Safe Deposit Co. vaults, in the First National Bank building, in said Chicago, on Saturday, June 27, 1903, and I certify that the above is a correct statement of the investments belonging to the Permanent Fund of the National Educational Association in the custody of Albert G. Lane, chairman of the Board of Trustees. A detailed report on all the securities held was made by me to the Board of Trustees. (Signed) GEORGE E. ADAMS, Examiner. *Interest or principal in default. |