- Accounts Payable
Dre Fs Ce Allen, expenses to International

Se sn, ane at a
3 } une ff

’ Total 4 =—s«§ Wt
Aecounts Receivable § 175.90

This consists largely of meals and Ann
Party for which members were not billed
until July ist.

A review of individual members accounts show them as a whole
in good order, Should the Board so desire, they may review these
accounts with the Treasurer at a regular board meeting,

In i with the previous year, the net worth has in-
creased $268,00 of which $56,25 is appreciation in the value of the
$1,000 Republic of Chile bond,

Budgets The experience gained this past year should be help-
ful. to the Budget Committee in planning the budget for the new fiscal
year. The two “Accounts Payable" items, listed above, should be taken
into consideration in reviewing this past year's expenditures in compari~
son with the budget ad in the preparation of the budget for the ensuing
yearte

We wish to commend Clifton C, Calvin, Treasurer, for the neat
and concise manner in which the records are kept.

Respectfully submitted,