Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-02-05

Il4A A0JueC1uent mas Decn UaKcn =
into consideration In balance
sheet and statement of income
and expense.
No conformation Of depositors' ac-
counts was made by communication
with the individual depositors.
The amounts due depositary banks
mailed to the banks with request for
~verifcation Of balances, referred to
under asset item r~e-deposit Of public
funds, Detail No. 2.
We addressed letters of v%erification
to the public t~reasurers. numbering
approximately our thousand, but the
replies sWere comparatively few, and
tinae1dtd-not permit of a satisfactory
or complete reconciliation of these
balances.
Note payable, in. the amount Of
ST. 900, 900 dated July IL, 1920, due
Loan and Trust company Of Chicago,
Illinois. Interest at Z per cent COM
menced July 81. 1920, when credit
was given by the Trust company. and
at date of audit was paid to and in
GLIDING September 80, 1920.
Cashiers checks, in the sum Of
$~22,382.20. are listed in Detail No. II.
Suspense Account" amounting to
E~$156,262.60, represents item received
from correspondent banks after the
posting for the day had bee closed,
and carried as suspense until the fol-
lowing days business.
Appraisal Fees in Advance.
Appraisal fees, paid in advance, in
J the sum of $8,743.64. represent fees
I collected from prospective borrowers
in advance Of making an appraisal.
The cost Of appraisals are charged
against this account, and the balance
should represent amount to be ac-
counted for either by expense dfstri-
button. or. refund to the borrowers
making the advances. Time did not
permit aa..ass99mmIpllete analysis Of this &C
loonfitsand0Sfha Individual borrowers;
accounts, but a subsidiary record of
Appraisal expense distribution waa
analysed and adjustment Of some
errors effected.
i Sinking fund security deposits, in
the sum Of $47,091.19, represents per
ties, already subject Of comment un-
der corresponding asset items.
Reserve to repay Legislative, ap-
propriation, in the sum Of $24,-
1887, was established in accordance
with the resolution Of the industrial
commission, AZ recorded in their min
| utess of January 2, 1920, and repre-
ssrtts.the amount Of organization and
original expenses by the bank paid
out :of.the legislative appropriation OF
100000. r
Accruals are represented in interes,
and accounts payable, and accrued
interest is computed as follows:
Certificates Of deposit ....$ 1.531.45
Daily balances of deposit
tary banks ..... ..... 521.2(
Daily balances Of city treas
urers 9S5.4(
Daily balances of county
t~reasurers ............. 10,345.5(
Daily balances Of township
treasurers ..........: 2,397.44
Daily balances Of school dis !,
trict treasurer .......... 5,954.6(
Daily balances Of state
treasurer ............... 5,Ss1.s-
Daily balances Of state in
stitution t~reasurers L.. 4s.s:
Public ~treasurers' sinking u.
funds .................. 51,756.1!
10 note payable ,....... 12.274.Ol
1OLdl 1,4oS.4
Accounts payable, in the sum O
$780, represent items incurred IL
November and paid in December. a,
listed = in Detail No. is. No expens,
accruals were set up for the tire,
days from December LIST to 3rd, in
1EluSlye:T. Rc
{ BONDS Are Capital.
: Capital as stated IN the sum o
.j32 ,O0U,0 600 represents total amount o
bonds authorized by the creative stat
ute, which provides that ''the money
so derived and received from the sal,
Of said bonds shall constitute tn,
fund to be designated as the capita
|, Of the Bank of North Dakota an,
shall be so employed by the industrial
commission."
These bonds are dated and matur'
j, as follows:
Date. Maturity: Amount.
July /, 1919 July 1, 1929. $1,000, 90,
July, l., 1915, July l. 1884,. 100000
LOtAl ",
The surplus Of $4,000 wa re
aside out Of tho undivided profts o
thS year 1919. pursuant to resolution
of the industrial commission a re
)! corded in the minutes Of January 2
1890. The remainder Of undivide,
!. proats - computed % at date Of audi
1.-THE income and expense statemen
. following.
n No ReeaFeunent Fund.
|; lsAssyet no earnings have been re
n s8rvSA oEspAld to the state treasure
for the purpose Of providing for tn,
retirement of the bonds. pursuant t
section IS Of act providing for thei
issuance.
Operation.
On rare No. IS ID presented state
raent OF income and expense Tor til