REPORT OF THE EXECUTIVE COIVIMITTEE 225 



In addition, funds were transferred from other Govenunent agen- 

 cies for expenditure under the direction of the Smithsonian Institu- 

 tion as follows : 



Working Funds, transferred from the National Park Service, Interior Depart- 

 ment, for arclieological investigations in river basins throughout the United 

 States $122, 055. 00 



The Institution also administers a trust fimd for partial 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, Septemier 26, 1960. 

 The Board of Regents, 

 Smithsonian Institution, Washington 25, D.C. 



We have examined the statement of private funds of Smithsonian Institution 

 as of June 30, 1960 and the related statement of private funds cash receipts and 

 disbursements for the year then ended. Our examination was made in accord- 

 ance with generally accepted auditing standards, and accordingly included such 

 tests of the accounting records and such other auditing procedures as we con- 

 sidered necessary in the circumstances. 



Land, buildings, furniture, equipment, works of art, living and other speci- 

 mens and certain sundry property are not included in the accounts of the Insti- 

 tution ; likewise, the accompanying statements do not include the National Gallery 

 of Art and other departments, bureaus and operations administered by the 

 Institution under Federal appropriations. The accounts 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 funds present fairly the assets, unex- 

 pended funds and endowments of the private funds of Smithsonian Institution 

 at June 30, 1960; further, the accompanying statement of private funds cash 

 receipts and disbursements, which has been prepared on a basis consistent with 

 that of the preceding year, presents fairly the cash transactions of the private 

 funds for the year then ended. 



Peat, Maewick, Mitchell & Co. 



Respectfully submitted. 



(S) Robert V. Fleming, 

 (S) Clarence Cannon, 

 (S) Caryx, p. Haskins, 



Executive Committee. 



