3O MARINE BIOLOGICAL LABORATORY. 



Moscow University; Sweden, Lund University. The majority of 

 the representatives of these Institutions were Fellows of the 

 General Education Board, The International Education Board 

 and the Rockefeller Foundation. 



6. The Report of the Treasurer is printed on pp. 5-9. It 

 includes the balance sheet as of December 31, 1925 and a con- 

 densed statement of expense and income for the year. These 

 statements are taken from a comprehensive audit of the accounts 

 of the Laboratory made, as in many previous years, by Harvey 

 S. Chase and Company, Certified Public Accountants of Boston. 

 The complete audit is on file at the Laboratory and may be 

 examined by any member. The Treasurer has not included in 

 his report the list of securities in the hands of the Trustee as 

 they have not altered greatly from the list published last 

 year. The total assets of the Laboratory have increased from 

 $1,887,744.14 at the end of 1924 to $2,182,630.50 at the end of 

 1925. This increase is due for the most part to contributions 

 from the Friendship Fund for completion of the new building 

 amounting to $221,608.61, and to purchases of land, buildings 

 and equipment made from current funds of the Laboratory 

 amounting to $33,304.85. No part of the increase is accounted 

 for by valuing up land or other property, but on the contrary a 

 considerable sum has been charged off for depreciation of buildings 

 and equipment. 



The expense of operating the Laboratory increased from 

 $125,118.91 in 1924 to $152,009.20 in 1925; and the income 

 increased from $149,023.43 to $168,436.93 in the same years. 

 The increase of expense is of course due in general to the cost of 

 increased personnel and supplies needed for operation of the 

 enlarged plant. The major part of the increase of income is 

 distributed between the various departments, but a considerable 

 share is due to increase of income from the Endowment Funds 

 owing to the fact that they were established in 1924 and did not 

 yield income for the first part of that year. 



It is essential that the Laboratory should maintain a surplus in 

 current accounts for improvements of a permanent nature, which 

 are constantly needed in various departments of the Laboratory, 

 and which it is impossible to secure in any other way. Such 



