EXECUTIVE COMMITTEE REPORT 165 



tion 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. 



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 sundry property are not included in 

 the accounts of the Institution. 



In our opinion, the accompanying financial statements present fairly the posi- 

 tion of the private funds and the cash and investments thereof of the Smith- 

 sonian Institution at June 30, 1953 (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. 



Robert V. Fleming, 

 Vannevar Bush, 

 Clarence Cannon, 

 Executive Committee. 



