REPORT OF THE EXECUTIVE COMMITTEE 163 
SEPTEMBER 14, 1948. 
To THE BoarpD oF REGENTS, 
SMITHSONIAN INSTITUTION, 
Washington 25, D. C. 
We bave 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, 1948, have reviewed 
the system of internal control and the accounting procedures of the Institution 
and, without making a detailed audit of the transactions, have examined or 
tested accounting records of the Institution and other supporting evidence, by 
methods and to the extent we deemed appropriate. Our examination was made 
in accordance with generally accepted auditing standards and included all 
procedures which 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 80, 1948 (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. 
PEAT, MARWICK, MITCHELL & Co. 
Respectfully submitted. 
Rosert V. FLemine, 
VANNEVAR Busu, 
CLARENCE Cannon, 
Executive Committee. 
