REPORT OF AUDITORS. 



Philadelphia, November 22, 1915. 

 The Executive Committee, Carnegie Institution of Washington: 



Dear Sirs: We respectfully report that we have audited the 

 accounts of the Carnegie Institution of Washington for the year ended 

 October 31, 1915, and found them to be correct. 



The investment securities of the Endowment and other funds were 

 examined by us and found to be in accordance Vv^ith the general books 

 of account. The cash on hand was verified by actual count and the 

 balances in banks were confirmed by direct communication with the 

 various depositories. 



The income from the investment securities has been duly accounted 

 for and properly approved vouchers were submitted for all payments 

 made by the Administrative office at Washington. We did not audit 

 the accounts of the various departments, since this is done by the 

 Bursar under authority of your Committee. 



The financial statements on pages 45 to 51, both inclusive, in the 

 Year Book for 1915 correctly summarize the accounts of the Institution. 

 Respectfully submitted. 



Lybrand, Ross Bros. & Montgomery. 



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