REPORT OP THE EXECUTIVE COMMTTTEB 173 



Salaries and expenses $3, 048, 146. 00 



National Zoological Park 048, 000. 00 



These figures include supplemental appropriations to pay salary 

 increases of approximately 7^^ percent voted by Congress effective 

 March 13, 1955. 



In addition, funds were transferred from other Government 

 agencies for expenditure under the direction of the Smithsonian In- 

 stitution as follows : 



Working funds, transferred from the National Park Service, Interior 

 Department, for archeological Investigations in river basins 

 throughout the United States $52, 700. 00 



The Institution also administers a trust fund for pai-tial support of 

 the Canal Zone Biological Area, located on Barro Colorado Island in 

 the Canal Zone. 



AUDIT 



The report of the audit of the Smithsonian private funds follows : 



Washington, D. C, August 8, 1955. 



To THE BOAED OF ReQENTS, 



Smithsonian Institution, 

 Washington 25, D. C. 



We have examined the financial statements and schedules, as listed in the 

 accompanying index, of the Smithsonian Institution relative to its private en- 

 dowment funds and gifts (but excluding the National Gallery of Art and other 

 departments, bureaus or operations administered by the Institution under Fed- 

 eral appropriations) for the year ended June 30, 1955. Our examination was 

 made in accordance with generally accepted auditing standards, and accordingly 

 included such tests of the accounting records and such other auditing proce- 

 dures as we considered necessary in the circumstances. 



The Institution maintains its accounts on a cash basis and does not accrue 

 income and expenses. Land, buildings, furniture, equipment, works of art, 

 living and other specimens and certain sundi-y property are not included in 

 the accounts of the Institution. 



In our opinion, the accompanying financial statements present fairly the 

 position of the private funds and the cash and investments thereof ot the Smith- 

 sonian Institution at June 30, 1955 (excluding the National Gallery of Art 

 and other departments, bureaus or operations administered by the Institution 

 under Federal appropriations) and the cash receipts and disbursements for the 

 year then ended, in conformity with generally accepted accounting principles 

 applied on a basis consistent with that of the preceding year. 



Peat, Marwick, Mitchell & Co. 



Respectfully submitted. 



Clarence Cannon 

 Vannevar Bush 

 Robert V. Fleming 



Executive Gommittee. 



