REPORT OF THE EXECUTIVE COMMITTEE 293 



funds for the year then ended. 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. 



Except for certain real estate acquired by gift or purchased from proceeds 

 of gifts which are valued at cost or appraised value at date of gift, land, build- 

 ings, 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 Galleiy of Art, the 

 John F. Kennedy Center for the Performing Arts and other departments, bureaus 

 and operations administered by the Institution under Federal appropriations. 

 The accoimts of 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 fimds presents fairly the assets and 

 funds principal of Smithsonian Institution at June 30, 1964; fiirther, the 

 accompanying statement of current general private funds receipts and dis- 

 bursements and several statements of changes in funds, which have been pre- 

 pared on a basis consistent with that of the preceding year, present fairly the 

 cash transactions of the private funds for the year then ended. 



( S ) Peat, M arwich, Mitchell & Co. 

 Washington, D.C. 

 October 16, 196^ 

 Respectfully submitted : 



( S ) RoBEBT V. Fleming, 

 (S) Caryl P. Haskins, 

 (S) Clinton P. Anderson, 



Executive Committee. 



