REPORT OF EXECUTIVE COMMITTEE 175 



The foregoing report relates only to the private funds of the 

 Institution. 



The following appropriations were made by Congress for the Gov- 

 ernment bureaus under the administrative charge of the Smithsonian 

 Institution for the fiscal year 1954 : 



Salaries and expenses $3, 000, 000. 00 



National Zoological Park 625,000.00 



In addition, funds were transferred from other Government agen- 

 cies for expenditure under the direction of the Smithsonian Institution 

 as follows: 



Working fund, transferred from the District of Columbia government, 

 for the National Zoological Park $35, 000. 00 



Working funds, transferred from the National Park Service, Inte- 

 rior Department, for archeological investigations in river basins 

 throughout the United States 71,495.00 



The Institution also administers a trust fund for partial support of 

 the Canal Zone Biological Area, located on Barro Colorado Island in 

 the Canal Zone. 



The report of the audit of the Smithsonian private funds follows : 



Washington, D, C, August 26, 1954. 



To THE BOABD OF EeGENTS, 



Smithsonian Institution, 

 Washington 25, D. C. 

 We have examined the accounts of the Smithsonian Institution relative to its 

 private endowment funds and gifts (but excluding the National Gallery of Art 

 and other departments, bureaus or operations administered by the Institution 

 under Federal appropriations) for the year ended June 30, 1954. Our examina- 

 tion was made in accordance with generally accepted auditing standards, and 

 accordingly included such tests of the accounting records and such other audit- 

 ing 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 position 

 of the private funds and the cash and investments thereof of the Smithsonian 

 Institution at June 30, 1954 (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. 



Clarence Cannon 

 Vannevar Bush 

 Robert V. Flemenq 

 Executive Committee. 



