REPORT OF AUDITORS. 



New York, November 15, 1920. 

 To THE Board of Trustees, 



Carnegie Institution of Washington, 



Washington, D. C. 



Dear Sirs : We beg to report that we have audited the accounts of 

 the Institution for the year ended October 30, 1920. 



The securities representing the investments have been exhibited to 

 us, and we have ascertained that the income therefrom has been duly 

 accounted for. We counted the cash on hand and verified the cash in 

 bank with certificates from the depositaries. 



Cancelled checks have been exhibited to us for all payments made 

 during the period by the administrative office at Washington, and we 

 have tested these payments with properly approved vouchers. 



The books of the various departments were not audited by us, as 

 these departments are audited by the bursar under authority of the 

 Executive Committee. 



The appropriations and allotments were checked with certified copies 

 of the minutes of the Trustees and of the Executive Committee. 



In accordance with the established practice of the Institution, real 

 estate and equipment are carried at cost, and all publications on hand 

 at their selling value, and both the unexpended appropriations and the 

 balance of income receivable for the calendar year are taken up in the 

 balance sheet of October 30, 1920. Securities owned are carried at 

 original valuation or cost. 



Subject to the foregoing explanation, we certify that the statements 

 printed on pages 43 to 48 of the Year Book for 1920 are in accord 

 with the books of the Institution and are correct. 



We found the books to be accurately and carefully kept, and every 

 facility was afforded us during the course of our audit. 

 Yours very truly, 



(Signed) Price, Waterhouse & Co. 



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