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SMITHSONIAN INSTITUTION   1280

REPORT OF THE EXECUTIVE COMMITTEE

The Chairman of the Committee gave the following report:

The formal report of the Executive Committee for the last fiscal year, ending June 30, 1948, giving the usual statement as to investments and income, is included in the printed report of the Secretary of the Institution, on the table. The following matters are of interest as supplemental to this, relating mainly to the first half of the present fiscal year.

The annual audit of the Smithsonian accounts for years was performed by William L. Yeager, certified public accountant, a good firm, but wholly local in operation. Following the death of Mr. Yeager, which occurred last year, the Secretary recommended to the Committee the employment of an accounting firm that was national in operation since the Institution is a national organization, even though this would be somewhat more expensive. Arrangement, therefore, was made with Peat, Marwick, Mitchell and Company to do this work with the supposition that they will continue from year to year. It was especially fitting to select this firm since it had made a business survey for us four years ago and, therefore, had reasonable familiarity with our affairs. The results of their audit are embodied in the printed report. As this firm has offices here in Washington, our treasurer is able to maintain contact with them through the year as required.

The total book value of our investments under the endowment, as listed in the printed report, is reduced somewhat over that shown the year previous by certain changes in the books during the year which are explained as follows:

A.W.