REPORT OF AUDITORS. 



Washington, D. C, November 27, 1923. 

 To THE Board of Trustees, 



Carnegie Institution of Washington, 

 Washington, D. C. 



Dear Sirs: We have audited the books and records of the Carnegie Insti- 

 tution of Washington for the year ended October 31, 1923. We did not audit 

 the books of the various departments as this is done by the Bursar and 

 Assistant Bursar. 



The income from investments and other sources has been duly accounted 

 for and disbursements were supported by proper vouchers. 



We counted the cash on hand, and the cash in banks was verified with 

 certificates from the depositaries. 



The securities representing the investments were examined by us. 



We certify that the balance sheet, the schedules of securities and real estate 

 and equipment, and the statement of receipts and disbursements as shown 

 in the regular printed financial statement of the Institution at the close of 

 business October 31, 1923, are in accordance with the books. 



Respectfully submitted, 



F. W. Lafrentz & Co., 

 Public Accountants 

 {Formerly The American Audit Co.) 



Copies of the Financial Statement, certified by 

 the auditor in the above report, follow on pages 

 36 to 40. 



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