REPORT OF THE EXECUTIVE COMMITTEE 275 



AUDIT 



The report of the audit of the Smitlisonian Private Funds follows : 



The Boabd of Regents, 

 Smithsonian Institution 

 Washington, B.C., 20560 



We have examined the balance sheet of private funds of Smithsonian Institu- 

 tion as of June 30, 1963, and the related statement of current general private 

 funds receipts and disbursements and the several statements of changes in funds 

 for the year then ended. Our examination was made in accordance with gen- 

 erally accepted auditing standards, and accordingly included such tests of the 

 accounting records and such other auditing procedures as we considered necessary 

 in the circumstances. 



Land, building, furniture, equipment, works of art, living and other specimens 

 and certain sundry property are not included in the accounts of the Institution ; 

 likewise, the accompanying statements do not include the National Gallery of 

 Art, the National Cultural Center and other departments, bureaus and operations 

 administered by the Institution under Federal appropriations. The accounts 

 ol the Institution are maintained on the basis of cash receipts and disbursements, 

 with the result that the accompanying statements do not reflect income earned 

 but not collected or expenses incurred but not paid. 



In our opinion, subject to the matters referred to in the preceding paragraph, 

 the accompanying statement of private f imds presents fairly the assets and funds 

 principal of Smithsonian Institution at June 30, 1963 ; further, the accompanying 

 statement of current general private funds receipts and disbursements and several 

 statements of changes in funds, which have been prepared on a basis consistent 

 with that of the preceding year, present fairly the cash transactions of the 

 private funds for the year then ended. 



Washington, D.C, August 29, 1965. 

 Respectfully submitted. 



Peat, Mabwick, Mitchell & Co. 



(S) Robert V. Fleming, 

 (S) Caryl P. Haskins, 

 (S) Clarence Cannon, 



Executive Com/mittee. 



