32 REPORT OF THE EXECUTIVE COMMITTEE. 



The Executive Committee begs to recommend, with concurrence of 

 the Chairman of the Finance Committee, that the American Audit 

 Company be appointed to audit the accounts of the Institution for the 

 fiscal year ending October 31, 1922. 



At the meeting of the Executive Committee of May 13, 1921, the 

 following resolutions were passed, and these recommendations have been 

 effective in the preparation of a budget of the Institution for 1922: 



Resolved, That the income of the Colburn Fund which may accrue 

 on and after January 1, 1922, shall be regarded as available for appro- 

 priation. 



Resolved, That the Executive Committee recommend to the Board of 

 Trustees, at its annual meeting in December 1921, that appropriations 

 on account of the Insurance Fund be continued, beginning with the 

 year 1922, in such amounts as may be sufficient, together with the 

 estimated income on this Fund, to total $25,000 annually, said total to 

 be added to the principal of the Fund until otherwise ordered. 



It may be noted especially that the Executive Committee considers 

 it desirable that special designation of the source of income shall be 

 given in connection with any future allotments which may be made on 

 account of the income of the Colburn Fund. 



No vacancies exist in the membership of the Board of Trustees. The 

 tenure of service of the following officers of the Board of Trustees will 

 expire at the annual meeting on December 9 : Mr. Root as Chairman 

 of the Board; Mr. Walcott as Vice-Chairman ; Mr. Dodge as Secretary; 

 Messrs. Parsons, Baton, and Pritchett as members of the Executive 

 Committee; Messrs. Dodge, Pritchett, and Wickersham as members 

 of the Finance Committee; and Messrs. Brookings, Hutchinson, and 

 Wickersham as members of the Auditing Committee. 



Charles D. Walcott, Chairman. 

 Cleveland H. Dodge. 

 John C. Merriam. 

 Wm. Barclay Parsons. 

 Stewart Paton. 

 Henry S. Pritchett. 

 Elihu Root. 

 Henry White. 

 November 15, 1921. 



