j 6 Report of the President 



IV.— FINANCES, MAINTENANCE, ENDOWMENT 



Early in the year a special committee was appointed by the 

 Board to examine the method of handling the finances of the 

 Museum and to recommend such changes as seemed desirable. 

 Following the recommendation of this Committee, the Board 

 appointed the United States Trust Company of New York 

 Assistant Treasurer of the Museum, and made it the depository 

 for all moneys received by the Museum, with the exception of 

 the funds of the Permanent Endowment, which were to be 

 continued with J. P. Morgan and Company, under the name 

 of the Endowment and Investment Account. The office of 

 Bursar was created, and Mr. Frederick H. Smyth, who had 

 been in the general office for twenty years, was promoted to 

 this position. The Bursar is the representative of the Treas- 

 urer at the Museum and the head of the Treasurer's office 

 there. 



A system of " Bill Sheets" was introduced which provided 

 for the listing of all bills before payment on a sheet which is 

 approved in writing by the Director and one of the following 

 officers: President, Vice-President or Chairman of the Exec- 

 utive Committee. These sheets duly approved with bills 

 attached are submitted to the Assistant Treasurer, who draws 

 a check for the full amount of the bill sheet to the order of 

 the Bursar, who deposits the same in his Bursar's Account and 

 draws against it in payment of the individual bills. Once a 

 month the Assistant Treasurer examines the books of the 

 Museum, including the Bursar's Account, to see that disburse- 

 ments have been properly made. 



The financial transactions of the Museum have been carried 

 as usual in three separate accounts, namely, the City Main- 

 tenance Account, the General Account and the Special Funds 

 Account. The details of the receipts and disbursements thus 

 classified will be found in the Treasurer's Report, pages 79 

 to 93 inclusive. Semi-annually all books and vouchers of 

 these accounts have been duly examined and certified by the 

 Audit Company of New York. 



City Maintenance Account. — In this account are 

 received and disbursed only those moneys which are appro- 



