REPORT OF THE EXECUTIVE COMMITTEE 175 



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



Washington, D. 0., September 9, 1952 

 To the Board of Regents, 



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, 1952. 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 posi- 

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

 Institution at June 30, 1952 (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, Mabwick, Mitchell & Co. 



Respectfully submitted. 



Robert V. Fleming, 

 Vannevar Bush, 

 Clarence Cannon, 



Executive Committee. 



