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lic Ownership and Operation. New York, 1907. Political Science Quarterly, June, 1908, pp. 337-339.

DAVIS R. DEWEY.-Review of Oberholtzer's "Jay Cook, Financier of the Civil War." American Historical Review, July, 1908, p. 883.

CARROLL W. DOTEN.-Reviews of McPherson's "The Working of the Railroads" and Dewsnup's "Railway Organization and Working." Economic Bulletin, April, 1908.

MODERN LANGUAGES.

JOHN BIGELOW, Jr.-Review of Trevelyan's "The American Revolution." American Historical Review. Vol. XIII., July, 1908, p. 874. JOHN BIGELOW, Jr.-The Saber and the Cavalry. Journal United States Cavalry Association, Vol. XIX., April, 1908, pp. 690-697.

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Report of the Treasurer.

To the Corporation of the Massachusetts Institute of Technology:

I have the honor to submit herewith statements showing the financial condition of the Massachusetts Institute of Technology as of September 30th, 1908, and all transactions for the fiscal year ended on that date.

Particular attention is called to the comparisons of income and expense for the past twelve years, given on pages 22 and 23. The following gifts and legacies have been received during the year, and call for the sincere thanks of the Institute:

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Technology Union Building

$4,000.00

Donor, "not to be made public," toward New Technology Union Building

500.00

F. R. Copeland, toward New Tech Union Building

250.00

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Donor, through Prof. W. T. Sedgwick, for Sanitary Research Fund,
John C. Haynes Estate, general purposes.

5,500.00

5,000.00

Dr. A. A. Noyes, for Physico-Chemical Research Laboratory
Charles G. Weld, for Naval Architecture Department
Thomas Gaffield Estate, additional .

J. H. Atwood, Melrose, Mass., a Starratt Pump for the Mechanical
Engineering Laboratory valued at

Arthur Cary

Guy Lowell, toward Travelling Scholarship in Architecture
Charles J. Paine, for Naval Architecture Department

3,500.00

1,467.II

1,300.00

Charles W. Hubbard, for Research Laboratory of Applied Chemistry, first payment 3 years

1,000.00

500.00

500,00

500.00

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Mrs. Mary G. Pickering, 1 pr. Projection Lanterns, 1 pr. adjustable Rheostats, 2 Metal Slide carriers for use in Huntington Hall

Mrs. Wm. B. Rogers, for periodicals and magazines

Estate of Caroline A. R. Whitney, for benefit of Women Students .

230.85 225.00 200.00

Francis Blake, toward purchase of Turbine, M. E. Department

Eben S. Draper,

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H. F. Mills,

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100.00

100.00

100.00

100.00

Babcock & Wilcox Boiler Company, Gift, through a substantial reduction in the price of boilers.

The contribution of funds for the current expenses of the Institute received through the Alumni Income Fund Committee continue to be of great assistance to the Institute. As was the case last year, not all of the money contributed from this source has been used for current expenses, but a substantial portion has been applied to permanent equipment. The construction of the new Technology Union has been made possible by an appropriation from these funds supplemented by generous donations from graduates and friends of the Institute. From the amount carried forward from last year's receipts from the Income Fund Committee and the amount since contributed a total sum of $41,809 has been appropriated by the Executive Committee during the past year for the following purposes:

For one-half the cost of erecting and equipping the new Technology Union

$8,500.00

For installing new boilers and improving the heating and power plant

For fittings and installation of the new steam turbine

9,750.00 2,690.00

For steel testing machine for Mechanical Engineering Laboratory, For equipment of the extension of the laboratory of analytical chemistry

500.00

650.00

For maintenance and improvement of Athletic Field

1,600.00

For providing for personal conferences between first-year students and instructors

1,600.00

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FRANCIS R. HART, Esq.,

84 STATE STREET, BOSTON, November 30, 1908.

Treasurer Massachusetts Institute of Technology.

Dear Sir,-According to your request I have made a careful study of the Bursar's books and accounts and of the form of the Treasurer's annual report. After due consideration I recommend the form of report submitted herewith, which comprises the following schedules:

First. A summary of the cash receipts, payments and balances of the fiscal year, October 1, 1907. to September 30, 1908.

Second. A summary of income and expenditure for the year. This summary exhibits the receipts from income under three heads: (1) "Income available for general purposes"; (2) "income available only for special purposes"; and (3) "income added to capital of funds." Corresponding subdivisions are exhibited in expenditure, namely: (1) current expenses from income; (2) special expenses from special income; and (3) additions to capital of funds.

Third. A summary of capital receipts and payments. The receipts from capital sources are set forth under four heads: (1) from "gifts and bequests on capital account"; (2) from "securities matured or sold"; (3) from "loans"-notes receivable which were paid by the borrowers; and (4) from fees and deposits in advance. Capital payments include: (1) “securities bought"; (2) loans on notes-receivable; notes-payable paid; and (3) expenditure for new buildings and equipment.

These receipts and payments are supported by detailed schedules on the pages mentioned, Fourth. An "income and expense" statement (pp. 6 and 7) exhibiting the various sources of income available for paying current expenses, supported by subsidiary tables (pp. 10 and 11) which give further details of income and of expenses compared with corresponding items of the previous year.

In this income and expense schedule the income items represent actual cash receipts which pertain only to the fiscal year 1907-08, while the expense items include cash payments and also audited bills pertaining to the year, which were unpaid when the cash was closed at the end of the year, September 30, 1908. The "excess of expense," $23,131.91, exhibited in this schedule is identical with the net decreases of assets or increases of liabilities during the year as shown on the balance sheet, page 17. A comparison of similar losses (deficiencies of income) for the past twelve years is given on page 23.

Fifth. A balance sheet of September 30, 1908, covering three double pages and exhibiting: (1) securities and other assets; (2) funds and other liabilities; (3) book values of "educational plant"--which are in great part merely nominal values, many of the items having remained on the books at the present figures for twenty years or longer; and (4) the balancing account, heretofore called "M. I. T. Stock" account. The items on this balance sheet are given in full detail, with securities and funds arranged alphabetically in groups, and represent all of the open accounts upon the Treasurer's general ledger at the close of business September 30, 1908.

I recommend that the accounts for the new year be opened upon new ledgers according to this arrangement, funds being kept in a subsidiary "fund ledger" and investments in a subsidiary "investments ledger," each with a summary controlling account in the general ledger only.

Sixth. A statement of the various funds as they stood on September 30, 1908, compared with the corresponding balances September 30, 1907, together with the respective increases of these funds from income, or other sources, and the respective decreases of the funds from payments from scholarships, fellowships, awards, general purposes, etc.

Seventh. A comparison of income and expense as set forth in the Treasurer's cash accounts in his reports of the past twelve years. The year ending September 30, 1908, is included in this comparison with the items arranged according to the classification of previous years. The total income by this comparative statement, $517,878.32, may be reconciled with the total exhibited on "income" statement, $494,630.98 (p. 6), by the following items: Chemical breakage receipts. $12,964.68, deducted from total breakage; receipts from sale of lecture notes. $2,254.26, deducted from printing; income of funds for special purposes, $8,028.40, set up as "special expenses." The total of payments on page 7 differs by the same amounts and is reconciled in the same manner.

Very respectfully,

HARVEY S. CHASE,
Certified Public Accountant,

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