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About The Texas Aggie. (College Station, Tex.) 1921-current | View Entire Issue (May 1, 1939)
Annual Audit Shows Finances Association in Sound Shape; Membership Growth Pleasing Association of Former Students of the Agricultural and Mechanical College of Texas, College Station, Texas. Dear Sirs: [ J ASSETS: Association of Former Students: ASSOCIATION OF FORMER STUDENTS CAESAR HOHN: ENDOWMENT FUND SEARS-ROEBUCK AND COMPANY LOAN FUND SUNDRY LOAN FUNDS McFARLIN MEMORIAL STUDENT LOAN FUND COMBINED BALANCE SHEET as at February 28, 1939 LIABILITIES AND RESERVES: Association of Former Students: We have made an examination of the financial statements of oy hn 2B 2 uf fp t $ RE C gL oy Danes d 5 4.40 / unicipal bonds, at cos ,150. aesar Hohn Endowment Fund: IM NER STDIN 900 Sates 7 sepltel gh of Compas Prov i contract payments ctivities, a wholly owned sub- to subscribers 17,519.00 Sng oD soup ANY LOAN FUND i sidiary, Ly gost {see note) 900.00 A and ony Loan Fund: ; ote receivable from Campus alance due to Sears-Roebuck and MeFABLIN MEMORIAL STUDENT LOAN FUND Activities (see note) 9,795.98 Company (payable from interest for the fiscal year ended February 28, 1939, and we submit our report Furniture and fixtures 1.00 $ 24,378.67 collections) 9,297.08 thereon, together with statements of assets and liabilities as at Sundry Loan Funds: ! February 28, 1939, and statements of cash receipts and disbursements Caesar Hohn Endowment Fund: Students’ credit balances 130.00 for the fiscal year then ended. Cash in banks . 663.77 s Reserve for losses on student loans 4,924.79 5,054.79 We examined the recorded cash receipts and disbursements for $7,000 United States Treasury the year. We traced the recorded receipts to bank statements and we bonds, at cost 7,000.00 McFarlin Memorial Student Loan Fund: examined canceled checks and/or vouchers in support of disbursements. $7,000 Home Owners’ Loan Cor- Reserve for losses on student loans 727.70 Cash on hand was counted and cash in banks as at the end of the year poration bonds, at cost 7,000.00 Reserve for depreciation on student was reconciled with amounts confirmed by the depositaries. Student $2,500 Municipal bonds, at cost 2,598.62 project house and equipment 769.15 1,496.85 loan notes receivable as at February 28, 1939, were inspected or other- Note receivable from Campus Activities 790.00 18,052.39 wise accounted for, but were not confirmed with the various debtors; - securities reflected on the annexed statements of assets and liabilities Sears-Roebuck and Company Loan Fund: were inspected or confirmed by correspondence with custodians. The Cash in banks 6,667.80 liability to Sears-Roebuck and Company was confirmed. Student loans 18,332.20 25,000.00 Association of Former Students: The office furniture and fixtures of the Association are carried on the books for record at $1.00 and Sundry Loan Funds: have been so shown on the annexed balance sheet. Cash in banks 11,133.73 During the fiscal year ended February 28, 1939, dues were col- $50,000 United States Treasury lected from 2,849 members as compared with collections from 2,083; bonds, at cost 49,445.32 members during the previous fiscal year, an increase of 766, and | $300 Municipal bonds, at cost 300.00 cash receipts from dues and donations amounted to $13,022.70 as com- Student loans 33,649.67 94,528.72 pared with $9,447.30, an increase of $3,575.40. The management of nn SA EXCESS of ASSETS OVER LIABILITIES and RESERVES: the Association is of the opinion that the increase in dues revenue McFarlin Memorial Student Loan Fund: Association of Former Students 24,337.27 resulted largely from the publication during the year of the directory Cash in banks 5,776.92 Caesar Hohn Endowment Fund 533.39 of former students. The cost of the directory was $1,976.27, of which $106,000 Municipal bonds, at cost 108,201.61 Sears-Roebuck and Company Loan Fund 15,702.92 the amount of $500.00 was paid by the Dallas A. & M. Club, leaving a ‘Student loans 1,375.22 Sundry Loan Funds 89,473.93 cost to the Association of $1,476.27. Student project house and equip- McFarlin Memorial Student Loan Fund 120,083.00 250,130.51 Caesar Hohn Endowment Fund: The provision for contract pay- ment (rented), at cost 6,226.10 121,579.85 ss ments to subscribers, which amounted to $17,519.00 as at February So a 28, 1939, represented accumulated contributions into the fund by sub- $283,539.63 $283,539.63 scribers, plus the proceeds of life insurance policies collected, and less a, AERA. payments to the estates of the deceased subscribers, and insurance NOTE: See balance sheet of Campus Activities. premiums paid during the first year of the fund. During the current year a subscription of $50.00 was received and a payment of $125.00 COMBINED LOAN FUNDS was made to the estate of a deceased subscriber. STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS Student Loans: As at February 28, 1939, student loans carried in Fiscal year ended February 28, 1939 the Association loan funds amounted to $53,357.09, and student loans re Te > carried in the J. R. Astin fund, which fund is administered under the Senys-Rocs McFarlin direction of the College proper, amounted to $6,784.86, or a total of buck and Sundry Memorial $60,141.95. 5s Company Loan Student Following is a comparison of outstanding student loans, other Combined Loan Fund Funds Loan Fund than loans carried in the J. R. Astin fund, as at February 28, 1939, Cath receipts: 1938, and 1937: Interest on student loans $1,72259 $ 510.86 § 1,134.14 § 77.59 Ctudents: Interest on notes transferred to Sundry Loan Funds (contra) 130.95 130.95 February 28, Interest on investments 6,879.74 1,312.50 5,567.24 Rent received on project house 1,101.00 1,101.00 1929 1958 1937 Contributions to sundry loan funds 352.50 352.50 —_— os isa? i Eo ollections on student loans previously charged o : 3 Freshmen $1,298.00 $ 2,563.70 § 2,859.08 Notes transferred to Sundry Loan Funds (contra) 1,954.61 1,954.61 Sophomores 2,320.50 2,832.50 5,212.87 Notes sold to J. R. Astin Loan Fund 10,004.00 : 10,004.00 Juniors 6,181.00 5,740.50 8,941.72 Collections for account of J. R. Astin Loan Fund (contra) 14,021.84 14,021.84 Seniors 1478.67: 1112522" 120MLI5 Lv | \Servive foo collected strom. Je RE Astin Loan Fond 145.18 145.18 Sh $4,000 of municipal bonds called for dedemption 4,000.00 4,000.00 ) : 24,553.17 22,261.92 29,954.82 Funds received for account of students 1,236.61 1,236.61 : Ex-students, including ’ ’ graduate students 28,803.92 27,730.67 32,239.75 71,283.06 9,891.86 49,192.67 12,198.53 J ‘ / ,198. Cash disbursements: $53,357.09 $49,992.59 $62,194.57 Interest on notes transferred to Sundry Loan Funds (contra) 130.95 130.95 A summary indicating the amounts of past due student loans, Apa a RT his 25.00 Boi disregarding renewal notes and excluding loans carried in the Astin Credit reports and collection expenses RE err " fund, as at February 28, 1939, 1938 and 1937, follows: Betuined: checks. (net) Bun (oa E: February 28, Maintenance and repairs on project house 25.83 25.83 1939 1938 1937 Administration charged by Association of Former Students 4,000.00 4,000.00 Withdrawals on G. R. Miller Memorial Loan Fund 40.00 40.00 : mu : WE - Sn Remittances to Sears-Roebuck and Company 641.81 641.81 tu oe - Student loans 43,541.00 15,505.00 28,036.00 Shinen $iNone 58 one § None Notes transferred to Sundry Loan Funds (contra) 1,954.61 1,954.61 Sophomores 205.00 13.00 219.3 $4,000 of municipal bonds purchased 4,068.60 4,068.60 Juniors 420.00 95.00 42.83 Student project house equipment 366.54 366.54 Seniors 324.00 110.00 385.15 J. R. Astin Loan Fund collections remitted (contra) 14,021.84 14,021.84 1,039.00 990.00 707.42 Payments on student credit balances 1,156.61 1,156.61 Ex-students, including graduate students 8,843.82 17,891.22 15,182.25 Parra lan, Ba Excess of cash receipts over cash disbursements during fiscal year 1,007.13 6,254.95* 3,680.61 3,581.47 $9,882.82 $8,111.22 $15,889.67 | 22,571.32 12,922.75 7,453.12 2,195.45 The policy established several years ago of crediting to the reserve Cash In banks at begitning wf fsealiyesr $23,578.45 $ 6,667.80 $11,133.73 $ 5,776.92 for losses the amounts of interest collected and interest included in renewal notes relating to student loans carried in the McFarlin Memori- al Loan Fund and in the Sundry Loan Funds has been continued during the current year; also $3,389.50, representing the net amount Cash in banks at end of fiscal year *Excess of cash disbursements over cash receipts. of accumulated interest revenue from student loans in the Sundry Loan Funds as of the date aforementioned policy was established, was appropriated to the reserve for losses as of February 28, 1939. As ASSOCIATION OF FORMER STUDENTS STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS Expenses of meetings Stiteler dinner 201.19 95.00 82.27 at the end of the year the amount of $5,652.49 was carried as a re- serve for losses on student loans. The changes in the reserve during the year are summarized following: Additions: Net amount of accumulated interest revenue from Sundry Loan Funds as of date policy of appropriating interest was established $3,389.50 Interest collections and interest included in renewal notes 1,537.83 Collection on notes previously charged off 131.25 5,058.58 Deduction: Notes charged off during year, $1,026.76, and collection expenses, $138.93 1,165.69 Increase in reserve during year 3,892.89 Balance, March 1, 1938 1,759.60 Balance, February 28, 1939 $5,652.49 We recommend continuation of the policy of appropriating to the reserve for losses the entire amount of interest collected and in- cluded in renewal notes on student loans carried in the MeFarlin Memorial Loan Fund and in the Sundry Loan Funds. Very truly yours, Lybrand, Ross Bros. & Montgomery Fiscal year ended February 28, 1939 Cash receipts: Dues and donations $13,022.70 Advertising in Texas Aggie 612.59 Administration of student loan funds 4,000.00 Received from Campus Activities, a wholly owned subsidiary: Supervisory fee $1,200.00 Interest 781.50 1,981.50 Interest on municipal bonds 300.00 Mailing lists and miscellaneous 432.38 20,349.17 Cash disbursements: Salaries 9,096.30 Traveling expenses 891.66 Texas Aggie expenses 1,625.64 Furniture and fixtures purchased 519.47 Postage 1,044.77 Stationery, printing and office supplies 671.32 Pictorial Bulletins of the Texas A. & M. College 125.00 Telephone and t-legraph 145.77 Insurance and fidelity bond premiums 97.39 Auditing expense 145.52 Returned checks (net) 73.16 Pay roll taxes Sundry expenses Cost of publication of former students directory Less, Contribution by Dallas A. & M. Club 98.32 $1,976.27 500.00 1,476.27 16,389.05 Excess of cash receipts over cash disbursed during fiscal year Cash in banks and on hand at beginning of fiscal year Cash in banks and on hand at end of fiscal year CAESAR HOHN ENDOWMENT FUND 3,960.12 4,571.57 $ 8,631.69 STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS Fiscal year ended February 28, 1939 Cash receipts: Interest on investments Interest on note receivable from Campus Activities Received from subscriber (Continued on Page 4) $ 516.25 47.25 50.00 613.50
