Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-06-07
Report of Special Accountants
to Attorney General.
MORE IS TO COME LATER
Payments by Proper Officers With
Trustees Approval.
ANALYSIS OF ALL ACCOUNTS
Review Of Investments-Expl
ton of Purchase Of President
Needham's Home.

Needham's Home.
The government printing Office today
completed the printing of the preliminary
report OF the financial condition of George
Washington University transmitted by
the Attorney General June to the House
OF Representatives. in compliance with
the terms Of the Wiley resolution adopted
April %
The preliminary report was prepared by
Nelson b. keysor and Sheriff. Smith, spe-
cial bank accountants detailed by the At
torney General for the purposes of this
investigation.
The special accountants report that they
took possession Of the books and rec
ords of the university, verifying the
cash balances and statements of assets AZ
the close Of business April -, 1910. They
found that the accounts prior to the
year 1903 were kept in the form of cash
books, journals and ledgers, this system
being discarded in that year in favor of
q very complete system Of leash sheets
No other books have been kept, but the
necessary supplemental books can be
prepared at any time from the informa-
ton contained in these sheets
Payments by Proper Officers"
The accountants say:
The disposition OF all money received
during the period covered by this report
from the sale OF properties or securities
beionEing to the university or to the Cor
cotan or other trust funds is shown in the
accounts kept. All payments appear to
nave been made by the proper officers in
the conduct OF the business of the uni
Ferslty, and with the knowledge and can
sent of the trustees
IT Is set forth that a detailed statement
OF the receipts and expenditures in each
OF the departments called for by the
resolution of the House will necessitate a
Turner report. The present report starts
with the figures contained in the treasur-
er annual report for the fiscal year end
ing December 81, 1899, as a basis and
traces the various transactions involving
the trust funds up to date.
Condition on April 27, 1910.
The following statement of the as
sets and liabilities Of the university as
OF April -, 1910, is given:
Mortgage Indebtedness, $3.50 900: due
to bank, s61.510; unpaid bills. 1885, ~;
salaries accrued to April %. 1910, SIO.-
1918; accrued interest on borrowed
money, S10,219.21: taxes for 1910,
$4o4.57; due to Corcoran endowment
ana other trust funds for money bor-
rowsd since December 81, 1899. $2o2,-
O14.S5; amount due Corcoran fund De-
cember 81, 1899. $4,000 ts242,O14.sO :;
due to Alumni Hall fund $4,000: pro,
ceeds Of sale of lots granted by Con-
gress, $7O,S72.93; less amount author
lied by act Of Congress February 2S
h~
then existing debts, $1,000 (s63, s7293)-
$S52,39S.22.
The treasurer's report Of 1899 shows the
balance OF the Corcoran fund to be $751;
80, which may be increased by at
least $4,000 as result of more COM
eral small scholarships and prize funds
chiefly invested In G.. and 0. canal bonds
believed in 1859 to be worthless. The &C
countants say:
The liability of the university to the
building site and enlargement fund de-
ponds upon the construction placed upon
the terms of the subscription. The trus-
tees regard the subscriptions as being
made one-half for building and site and
one-half for enlargement of the educa-
t1onal work or general expenses.
Under this construction there would
be liability to replace in the building
site and enlargement fund, one-half OF
SIG. OOS.1 Il, or s1S,OOl.SS. In the account
above stated the general fund is charged
with receiving the amount OF subscrip-
tons and interest, $36,0OS.77: less pay
ments from fund for expenses. $11,O42.0S
$40 061.69. Therefore. if the position
the trustees take is correct, the amount
to be restored by the general fund. as
above, will be reduced by the sum OF
81 .059.81. On the other hand. If the
whole fund is to be treated as for a
building and site. then the general fund
should restore the sum Of sl6.o42.0S paid
out Of the building site and enlargement
fund for expenses in addition t. the
amounts above found.
Assets of General Fund.
assets Of general fund of the George
Washington University, available for pay
ment of liabilities. April %. 1910: Cash
in hands Of the treasurer, $2,210.42; cash
deposited in banks, $12 81 total, S15.-
1869. Withdrawal value of perpetual
FIRE insurance policies, S3,OOS.7j; due
from hospital pay patients estimated
amount COLLECTIVELY, S1,IOOU; claim
against board of charities for treatment
Of charity patients during fiscal years
ending June 80, 1908, and June 30, 1909
dependent upon congressional appropria-
ton. 81. 335OO; books in library( at the
fixed by trusteesD. S31. OO.O0;
equipment owned Cat the valuation fixed
by trustees). $73, 101.O1 real caste: Univer-
sity and law halls. 18th and II streets,
lot containing 900 square feet, assess
ed valuation OF. 1851. 5000: medical hall
and hospital, H street beweent 18th and
18th, lot containing "a, 536 square feet,
assessed valuation of, $215, O49.O0; $572,
$1,000: $7O3 .625.45
The values extended in the above state
ment to the items Of Books in library
and Equipment owned are those fixed
In the inventory and appraisement SUBJ
mitted by the trustees to the Attorney
General. For the real estate the assessed
values are used, as We do not feel that
we are qualified to fix the present market
value of the same
Trust Funds Assets.
assets Of Corcoran endowment fund
and other trust funds not available for
payment of liabilities:
Market value. Cost
6 shares American Tele.
graph Co. stock. $elS.Oo S6OO.O0
100 snares Washington San
itary Improvement Go.
u Go c.. Il. i. ply. Go. ~ ''''
collateral trust per cent
DondS o,Slo.W f.ItS 10
81. 90 c.. r. i. & p ~
Ry. Co. refunding 1 per
cent bOnd6 .lstVu SO,9O9. IL
s31, 10000 s31. Oss. 50
Note c. w CM Needhann,
secured by deed Of trust on
part Of lot u. square 159
u71O streep Interest
sd pes e fhes R Marshall. '''''''' i'o'oo
secured by deed Of trust
on part Of lot g. square
253 Uosekam's cafe. 1925
F. street,, and lot 80,
block 80, Columbia Hgts.
part Of q loan Of S53.
GOO. interest 5 per cent; ..... 100000