6 MARINE BIOLOGICAL LABORATORY. 



During the year $100,000 was received from the General Edu- 

 cation Board on account of their appropriation of not to exceed 

 $250,000 for the construction of the new apartment house and 

 dormitory, out of which receipt $47,889.86 was paid on account to 

 contractors, leaving a cash balance of $52,247.71. 



The Retirement Fund was set up at the end of 1925 consisting 

 of 5 per cent, of the permanent pay roll, to which additions are 

 made at the end of each year on this basis. At the end of 1926 the 

 Fund consisted of : 



Securities $2,200.00 



Cash 2,443.58 $4,643.58 



most of the cash being the appropriation for the year 1926, which 

 has been subsequently invested. 



During the year the entire balance of the Gansett mortgage, 

 and $5,000 on account of the Drew mortgage, and $1,000 on ac- 

 count of the Danchakoff mortgage, were paid off, and the indebted- 

 ness of the Laboratory at the end of the year consisted of $5,573.25 

 in Accounts Payable, and $44,500 in mortgages on its real estate. 



The actual receipts and disbursements closely approximated the 

 estimated figures and the expenditures were within the income. 



Following is the balance sheet at the end of the year and the 

 condensed statement of income and outgo for the year as reported 

 by the Auditors. 



EXHIBIT A. 



MARINE BIOLOGICAL LABORATORY BALANCE SHEET, 

 DECEMBER 31, 1926. 



Assets 

 Endowment Fund Assets : 



Securities in Hands of Trustee Schedule I.. $ 906,337.50 

 Investment Cash in Hands of Trustee.... 112.00 



$ 906,449.50 

 Lucretia Crocker Fund Assets, 



Securities Schedule IT.... $ 4,011.17 



Cash Schedule II 587.77 4,598.94 $ 911,048.44 



