The Southwestern Historical Quarterly, Volume 51, July 1947 - April, 1948 Page: 69

Report to the Executive Council

ciation has increased during the past year from $27,184.03 to
$67,977.95 or an increase of $40,793.92 within the past twelve
months. This figure does not include the trust and agency funds
which are administered by the Association but from which no
profit to the Association is derived.
Except for small investments in Texas books and in back
numbers of the Quarterly made out of the General Fund, the
funds of the Association are held either in bank accounts or in
U. S. government bonds. No other investments are held.
The General Fund
The General Fund is the operating fund of the Association;
from this fund all Association expenses are paid. The auditor's
report gives a complete breakdown of this as well as other funds,
showing the income derived and the expenditures made. In
comparison with last year's report, the General Fund shows a
decrease in receipts and an increase in expenditures. Several
factors should be taken into consideration in studying this report.
The report shows a decrease in receipts for the following
reasons:
1. As I explained more fully in the section of this report
pertaining to the Quarterly, only three numbers of the Quarterly
instead of four are represented in receipts from dues and adver-
tising.
2. As I explained in the special report on that subject, the
Junior Historian is represented on this auditor's report by a loss
of more than $6oo, while it showed a profit of an even greater
amount the year before.
3. This report shows a decrease in sales of back numbers of
the Quarterly. The year before was an exceptionally good one.
4. No book was published during the past year, and this report
shows no income from the sale of book publications, whereas
considerable profit was derived from this source during the
previous year.
The General Fund likewise shows an increase in expenses,
which may be attributed at least in part to the following reasons:
1. The Association has made several expenditures in the na-
ture of investments which do not show any return this year but
which will result in future income, for example: