The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1926-01-30
Total ASSETS
or STATE ARE
FIFTY MILLION
Distribution lis Shown in Au-
dit Of the State Treas
: urer's Office

Total assets Of the state of North
Dakota are $50, 8O9, 844.98, the audit
Of the state trcasurcr's office by O.
D. Lund. auditor and accountant,
shows.
or this sum S12,3so, 5l3.4O are
bonds credited to the accounts of
various state funds, most of them
funds credited to the. accounts Of
various state institutions since the
money invested was realized from
the sale of lands apportioncd to
them.
An additional $6,s46, 500 is in farm
loans credited to the, accounts Of
various institutions and $22,288,391.-
81 are in state real estate loans. In
addition to these items the statement
shows 13,783.51 in insurance and
trust company deposits and $3.50 in
registered warrants and receivers
certificates not rcccipted for, be-
longing to the general fund.
At the close Of business on Decem-
Der 81 the treasurer had $7,035,55
u in cash on hand Of which $4,97O,-
1929 was in the bank Of North Da-
kota subject to check; $1,6l4, 272.39
in certificates Of deposit; $70.57 in
uncollectible items; $3,337.49 in GER.
tificates Of deposit received from
school districts; $110,744.17 in bond
interest paid pending auditors war
rants; $336,958.7l in. state auditors
cents in interest on hail warrants.
Against this was charged 1888. O97.-
45 in farm loan remittances not yet
receipted for by the treasurer, max
ing the balance actually available
$S,747,454s2.
All Funds Accounted For
In forcword to<thc report Lund
said: "All cash funds coming into
the department were found to be
properly deposited with the Bank of
North Dakota to the account of the
state treasurer. We added all re-
ceipts issued by him and we COM
pared the expenditures with the re-
cords of the state auditors office,
and all cash funds coming into his
hands were found to be properly &C.
counted for.
eve call special attention to GER
tificates Of deposit amounting to
$1,000 carried in the general ledger
funds cash, and $lO,36O belonging to
the teachers insurance and retire.
ment' fund. issued by various state
banks during the year 1920, that are
still carried in these funds. The
certificates are all over four years
past due, without showing interest
or principal payments. It would
seem that at this date the banks
have had ample time to take up their
obligations and we believe some eff
fort should be made to collect on
them"
- Att -
the trcasurcr's Office it was explain
these certificates had been fruitless
treasurer would be to, bring suit
John Stccn, who preceded G. A. Fish
CIR as treasurer, also tried to collect
them but failed, it was said. The
banks which issued the certificates
have apparently been in hard straits
and have simply refused to pay, it
was explained.
Changes In Systems Urged
Continuing the report Lund said:
"Thc investments in bonds and farm
loans belonging to the permanent
University and School lands cndow-
mcnt funds were checked and totals
compared with the records of the
state land department. We found
considerable difficulty in identifying
the state treasurcr's receipts with
collections to these accounts, owing
to lack of information placed on the
receipts, and believe more attention
should be given to the issuance of
same. giving Information in a man
ner that will show convenient refer
ence to items or funds affected.
"A large number of farm loans be-
longing to the school funds have
been foreclosed, requiring payment
of taxes and foreclosure costs from
the permanent funds. No attempt
was made by us to show these expen-
diturcs against the loans.
"The system Of recording the in
vcstmcnts Of the board of university
and school lands and handling same
between the land department and
state treasurer was formulated to
fit the needs when the volume was
only small percentage of what it
is today. believe changes might
be made in their systems that would
give more accurate information and
facilitate the auditing of same with
out increasing the work required to
nrOnOr1v hmm thu fc a,nlnr TIN