48 
THE PERC HERON REVIEW 
COMMENTS 
Cash in Banks, $10,640.92. This amount combines the Treas- 
urer's and Secretary's accounts and they are in agreement after 
taking into consideration checks not presented for paj'ment, 
witli certificates furnished us by tlie following depositories: 
Treasurer's Account — 
Stock Yards Savings Bank, Cliicago, 111 $12,440.59 
Secretary's Account — • 
Live Stock Exchange National Bank, 
Chicago, 111 $3,915.97 
Du Page Countv State Bank, Glen 
Ellyn, 111. 3,284.36 7,200.33 
Total $19,640.92 
Investments, $111,443.58. Securities vvliich we have classified as 
follows, were produced for our inspection and examined by us: 
Par Value Cost 
Liberty Bonds $ 64,450.00 $ 62,976.58 
Other Bonds 36,000.00 36,089.00 
Mortgages 12,300.00 12,378.00 
Totals $112,750.00 $111,443.58 
All the income due therefrom for the fiscal year just ended 
has been received by the Society and verified by us. During the 
year payment was received on $32,500.00 of maturing securities 
and reinvested in Victory Notes with a par value of $39,350.00 
at a cost of $33,876.58. 
Office Equipment, Depreciated $2,893.56. We have provided 
for depreciation of this Equipment at the rate of 5%. 
Accounts Payable, $1,653.23. Included under tliis heading and 
scheduled on page 49 are, we believe, all the amounts due to 
creditors. 
Due to Officers and Directors, $195.75. This account repre- 
sents current expenses in behalf of the Society. 
The Capital Stock was increased from $100,000.00 to $350,- 
000.00 during the year <and records a net increase of paid in 
Capital amounting to $6,970.00. 
The Statement of INCOME AND EXPENSE is prepared in 
the same form as for the year ended October 31, 1919. In con- 
nection with these figures we summarize below witli similar fig- 
ures for the preceding year: 
1920 1919 
Income $72,799.01 $58,387.76 
Expense 65,840.99 61,822.04 
Excess of Income Excess of Expense over 
over Expense. . .$6,958.02 Income $3,434.28 
All cash as shown by the books to have been received has been 
deposited in banks and properly accounted for. We have accepted 
the cancelled checks as authority for disbursements. 
Your books have been kept in a careful manner and we closed 
and brouglit them into agreement witli tliis report. 
Respectfully submitted, 
ALBERT T. BACON & CO., 
Certified Public Accountants. 
Reserved for Printing Stud Books $ 1,800.00 
Percheron Registry 240.00 
Capital Stock — ■ 
Authorized $350,000.00 
Less Unissued 244,240.00 
Issued and Outstanding . ..$105,760.00 
Accumulated Revenue 17,454.63 123,214.63 
Total $148,594.59 
THE PERCHERON SOCIETY OF AMERICA 
BALANCE SHEET 
October 31, 1920 
ASSETS 
Cash in banks $ 19,640.92 
Investments ^111,443.58 
Accrued Interest 1,457.78 112,901.36 
Accounts Receivable 82.60 
Inventory — Ring Binders and Fillers 946.15 
Office Equipment, less depreciation 2,893.56 
Books and Records of American Percheron Horse 
Breeders' Association and Percheron Registrv 
(Cost) ". 12.130.00 
Total $148,594.59 
LIABILITIES 
Accounts Payable $ 1,653.23 
Due to Officers and Directors 195.75 
Breeders' Balances, representing prepayments for un- 
completed work and miscellaneous credits 21,319.98 
Application for Shares of Stock 90.00 
Futurities 81.00 
THE PERCHERON SOCIETY OF AMERICA 
STATEMENT OF INCOME AND EXPENSE 
Year Ended October 31, 1920 
Percent of in- 
crease or de- 
crease, ac- 
cording to 
Auditor's 
report for fls- 
INCOME : cal year end- 
Fees- — '"^ ^^^^ 
Uncompleted ^^'ork — Balance 
Nov. 1, 1919 $24,596.89 
Registrations 40,279.65 — ll%_j- 
Transfer Certificates 21,729.80 — 29%+ 
Rcvvritten Certificates 545.25 — 28% — 
Duplicate Certificates 463.00 — 677o+ 
$87,614.59 
Deduct Uncompleted Work — 
Balance Oct. 31, 1920 21,319.98 $66,294.61 
Burgess Case — Litigation 603.13 - 
Stud Books ^. 277.13—36%— 
Application Stub Books 94.40 — 37% — 
Tabulated Pedigrees 23.00 — 32% — 
Stock Record Books 19.00 — 82% — 
Income from Investments 5,184.64 — 6% — 
Interest on Bank Balances 303.10 — 26%-(- 
Total Income $72,799.01— 20% + 
EXPENSE: 
Premiums $15,715.44 — 40%+ 
Salaries : 
Treasurer $ 300.00 
Secretary 5,000.00 
Office 22,558.88 27,858.88— 8%+ 
General Printing 1,971.7.3—46%— 
Printing Stud Books 1,328.70—20%— 
Photographing Pedigrees 14.75 — 12%+ 
Publicity 659.39—60%— 
Postage 3,903.75— 9% + 
Advertising 2,185.78—30%+ 
Field Work 467.53—67%— 
Percheron Review 625.39—61%— 
Inspection and Investigation 465.91 — 45% — 
Proxy Committee Expense 298.41 — 47%+ 
Fair and Sales Expense 458.39—55%— 
National Society of Records Assns 125.00 
Directors' Expense 1,818.14—16%— 
Rent 481.00 
Office Expense 616.73—13%— 
Office Supplies 627.94—36%— 
Stationery 995.09| 
^ I +-03 
Premiums on Suretv Bonds 344.78 — • 2% + 
Telephone and Telegraph 301.23—13%— 
Express 55.90—73%— 
Annual Banquet 253.70— 3%-- 
Reporting Annual Meeting 68.60 — 14% — 
Warehouse Charges 220.15—33% + 
Miscellaneous 287.71 — 41%— 
Taxes 329.48—30%+ 
War Revenue Tax 696.10—57% + 
Membership — Horse Assn. of America.... 1.000.00 
Judging Fees 300.00 
Legal Expense 240.00—24%— 
Audit Fees 387.50—40%+ 
Entertainment 141.60—30%— 
The Horse in tlie War 444.00—18%— 
Depreciation of Office Equipment 152.29 
Total E.xpense $65,840.99 
+ sisn means increase. 
— sign means decrease. 
