The Southwestern Historical Quarterly, Volume 62, July 1958 - April, 1959 Page: 95

Affairs of the Association

Publication Fund
Total book sales were off $4,026.54 from the prior year. The most
significant decreases were in sales of the Handbook and the History
of Young County. The decrease in book sales was offset, in part, by a
publication advance received on the Collin County History (an ex-
pectant publication).
There were no significant disbursements from the Publication Fund
in 1957-58 resulting in a substantial decrease in disbursements from
the prior year. The significant expenditures of the prior year com-
prised expenses of publishing the Young County History and the pur-
chase of U. S. Government bonds.
Other Funds
A disbursement of $355 was made from the Junior Historian Fund
to reimburse the General Fund and the Publication Fund for prizes
awarded in 1956. However, the Junior Historian Fund is indebted to
the General Fund and Publication Fund in respect of prizes awarded
in 1957 amounting to $345, which is more than its cash balance.
Agency Funds
Two funds for which the Association is trustee are set out in Ex-
hibit XI. Balances of these funds are not included in the Association's
statement of financial position.
Comments on Internal Control
Adequate control over cash disbursements is achieved by bonding
the custodial officer and by requiring checks to be countersigned. How-
ever, the size of the Association's staff precludes the division of duties
and responsibilities necessary for the establishment of an ironclad
system of internal control. For this reason, control over cash receipts
does not provide assurance that all cash receipts are recorded.
In my opinion, the accompanying financial statements present fairly
the financial position of the Texas State Historical Association as of
February 28, 1958 and, subject to the limited scope of my work on cash
receipts, the results of its operations on a cash basis for the year
then ended.
I wish to acknowledge the gracious cooperation of the officers and
staff of the Association.
Yours very truly,
/s/ ROBERT L. GRINAKER