252 ANNUAL REPORT SMITHSONIAN INSTITUTION, 1964 



Preliminary architectural plans have now been completed and the 

 architect and his staff are starting on the working drawings. Site 

 borings have been completed. It is hoped that construction on the 

 substructure of the building will begin in the simmier of 1965, with 

 completion of the Center within 30 months. A ground-breaking cere- 

 mony is now being planned. 



FUTURE PROSPECTS 

 The events of the past fiscal year have put us well within sight of our 

 objective to create in the Nation's Caj)ital a national center for the 

 performing arts, as well as an appropriate and living memorial to 

 President Kennedy. 



To comply technically with the matching provisions of the Appro- 

 priations Act $2 million more is needed before June 30, 1965. In 

 addition, it is the intention to raise $3 million to provide working 

 capital and a reserve against increased building costs. 

 Respectfully submitted. 



Roger L. Stevens, 

 Chairman. 

 S. Dillon Ripley, 

 Secretary, Smithsonian Institution. 



The Center's Financial Report for the period July 1, 1963, through 

 June30, 1964, follows: 



AUDIT 



July 25, 19GJ, 

 Washington, B.C. 

 To The Board of Trustees of the 

 John F. Kennedy Center fob the Performing Abts 

 Washington, D.O. 



Gentlemen : 



We have examined the books and records of the JOHN F. KENNEDY 

 CENTER FOR THE PERFORMING ARTS for the period July 1, 1963, through 

 June 30, 1964, and submit our report herewith as follows : 

 Exhibit A— Balance Sheet as of June 30, 1964. 

 Exhibit B — Statement of Income, Expenses and Fund Balance for the Year 



July 1, 1963, through June 30, 1064. 

 Exhibit B-1 Statement of Expenses for the Year July 1, 1963, through June 



30, 1964. 



Schedule 1 — Schedule of Time Deposits, Savings Account and Treasury Bills. 



Our examination was made in accordance with generally accepted auditing 



standards and accordingly included such tests of the accounting records and 



such other auditing procedures as we considered necessary in the circumstances. 



In our opinion the accompanying report presents fairly tlie financial position 



of the JOHN F. KENNEDY CENTER FOR THE PERFORMING ARTS at June 



30, 1964, and the results of its operation for the period then ended in conformity 



with generally accepted accounting principles. 



Respectfully submitted. 



(S) John J, Addabijo, 



Certified Public Accountant. 



