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[[underlined]]STATEMENT OF ASSETS & LIABILITIES:-[[/underlined]]

DECEMBER 31ST, 1952

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[[underlined]]ASSETS[[/underlined]]

BANK BALANCE AT CLOSE OF YEAR ............| $ 4830.75

ACCOUNTS RECEIVABLE:
Pending Canadian Certifications...........| $   53.85 (collected)
Membership Dues ..........................| $  509.90 (collected)
Membership Dues (Fair)....................| $  162.50 

(About $225.00 in doubtful dues accounts excluded for the purpose of this statement)| ------

OFFICE FURNITURE AND EQUIPMENT....$559.66 |   
LESS RESERVE FOR DEPRECIATION.... $182.68 | $  376.98
 | [[line]]
TOTAL.........| $ 5933.98

LIABILITIES

ACCOUNTS PAYABLE (all paid since Jan.1st)... $  525.66 | 
[[underlined]]PREPAID MEMBERSHIP DUES[[/underlined]] APPLICABLE TO
1953 ACCOUNT...... $  422.88 | 
 [[line]] | 
TOTAL..................| $  948.54
 | [[line]]
NET WORTH  ............| $ 4985.44
 | [[double line]]

Approved budget for 1952 exclusive of
Canadian certifications...... $ 5319.00 * 
Budgeted expenses in excess.. $  114.38
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TOTAL    $ 5433.38
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* Based approximately on anticipated income, exclusive of Canadian certifications.

ERIC SHRUBSOLE TREASURER
By J.P. Montllor Executive Secretary