President. President. President. Vice-President. Library EDWIN WHITE GAILLARD, New York Public Library W. L. BROWN, Librarian, Buffalo Public Library. Special New York, N.Y. JOHN W. JONES, Supt., Ohio State School for the Deaf....... Columbus, Ohio School Patrons MRS. O. SHEPARD BARNUM, Principal, Cumnock School...... Los Angeles, Cal. Secretary............ ERNEST E. BALCOMB, State Normal and Industrial College... Greensboro, N.C. TREASURER'S REPORT OF THE NATIONAL EDUCATION ASSOCIATION JULY 1, 1910, TO JUNE 30, 1911 Durand W. Springer, in Account with the National ● BALANCE ON HAND, JULY 1, 1910 Balance brought forward from Treasurer's Report for year ending June SUMMARY Balance brought forward from the Treasurer's report for year ending June 30, 1910 GENTLEMEN: We have audited the books and accounts of the National Education Association of the United States, kept by Secretary Irwin Shepard, and Treasurer Durand W. Springer, for the period from 1st July, 1910, to 30th June, 1911, and compared them with the relative vouchers and cheques, and find the books to be correct. We compared the Treasurer's records with those kept by the Secretary and find them to be in accord. We annex herewith a statement of the Receipts and Disbursements for the period under review, which we have checked with the books. We certify it to be in accordance therewith. Yours very truly, THE INTERNATIONAL AUDIT COMPANY, TWENTY-FIFTH ANNUAL REPORT OF THE BOARD OF TRUSTEES OF THE NATIONAL EDUCATION ASSOCIATION FOR THE YEAR JULY 1, 1910, TO JUNE 30, 1911 SAN FRANCISCO, CAL., July 8, 1911 To the Board of Directors of the National Education Association: The Board of Trustees of the National Education Association has the honor to submit its report on the Permanent Fund of the Association for the year ending June 30, 1911. The amounts collected as income from the Permanent Fund and the disposition made of the income are shown in the following Income Account. The amount of the net income paid to the Treasurer of the Association is $6,456.78. During the year the sum of $9,900 has been added to the principal of the fund, in accordance with the provisions of Article 7 of the Act of Incorporation. The Fund now amounts to $180,000. New investments for the fund, as shown in the Principal Account below, are $7,000 Atlantic Coast Line R.R. Co. first consolidated mortgage gold 4 per cent bonds, and $4,000 Manhattan Railway consolidated mortgage gold 4 per cent bonds. The present state of the investments held for the Permanent Fund is shown below in the Statement of Securities Held for the Permanent Fund, in which each item of the investments is named in detail. Statement A shows the net income of the property at 4762 Lake Avenue, Chicago, Ill., title to which, as has been noted in earlier reports, was taken by the Trustees in 1907 under proceedings for foreclosure of mortgage. While the expense of carrying this property is large, the Trustees have not yet been able to dispose of it at a satisfactory figure. The accounts and statements which follow set out in detail the financial operations of the year and the present state of the Permanent Fund: INCOME ACCOUNT RECEIPTS $7,000 St. Louis and San Francisco R.R. Co. refunding bonds, 1951, at 4 per cent.... $ 280.00 15,000 Terminal R.R. Association of St. Louis general refunding bonds, 1953, at 4 per cent 600.00 20,000 Pittsburg, Lake Erie and West Virginia System refunding bonds, 1941, at 4 per cent. 800.00 10,000 Oregon Short Line R.R. Co. guaranteed refunding bonds, 1929, at 4 per cent. 17,000 City of New York registered bonds, 1957, at 4 per cent... 400.90 765.00 2,500 Village of Morgan Park, Ill., gold bonds, 1911) 1,000 Village of Morgan Park, Ill., gold bonds, 1912 at 4 per cent. 1,000 Lemont, Ill., school bonds, 1912-13, at 5 per cent.. 10,000 Chicago Sanitary District bonds, 1916 40,000 Chicago Sanitary District bonds, 1917) at 4 per cent 9,000 West Chicago, Ill., park bonds, 1918) 157.50 50.00 2,000.00 10,000 West Chicago, Ill., park bonds, 1919 at 4 per cent....... 760.00 10,000 Pennsylvania R.R. Co. convertible bonds, 1915, at 3 per cent 350.00 3,000 Atlantic Coast Line R.R. first consolidated bonds, 1952, at 4 per cent.. Fee of First Trust and Savings Bank, Chicago, Ill., for care of principal of Permanent Fund Accrued interest on $7,000 Atlantic Coast Line Railroad Co. bonds purchased.. $ 206.88 73.11 28.44 5.00 27.50 6,456.78 $6,797.71 |